As a trusted provider of financial education to the medical community in BC, Financial Literacy Counsel (FLC) has heard from a growing number of resident doctors who feel unprepared and, even paralyzed, when it comes to making financial decisions. This presents a unique opportunity and challenge for medical schools and associations to provide resources to address this financial literacy gap.
Resident Doctors of BC (RDBC) is meeting this challenge head-on, as part of their mission to improve the financial well-being of their members.
In association with FLC, RDBC provides the following financial wellness resources as part of their member benefits:
1. Financial Education
Since 2003, FLC has been bridging the financial literacy gap by helping resident doctors learn the language of money and prepare for the financial realities of becoming a new to practice doctor.
FLC delivers educational workshops and transition to practice programs through RDBC, UBC Medicine, UBC Continuing Professional Development, BC Anesthesiology Society, Hospital Medical Staff Associations, and Divisions of Family Practice. Their programs are free of commercial bias from banks and insurance companies, and do not promote any financial products.
As an RDBC member, you can request and customize a group workshop for an academic day or non-clinical retreat, anytime throughout the year.
2. Financial Wellness Coaching
With 18 years of experience working with doctors, FLC has developed unique insights and expertise to effectively coach doctors as they make financial decisions. Successful doctors understand that even professional athletes have coaches to help them reach new milestones; a financial coach can help you stay focused and accountable so you can reach your financial goals.
Whether your goal is to start saving for the future or pay off debts, or you are concerned about taxes and when to incorporate, financial wellness coaching is available to you!
As an RDBC member, you and your partner are eligible for 2 financial wellness coaching sessions every year that you are in residency.
Over 1,200 resident doctors have used these sessions to get answers for their top financial concerns or to receive a second opinion on past and future financial decisions.
3. Tax Preparation Clinic
Since 2011, FLC and RDBC have been working together to provide a safe space for resident doctors to get their tax returns prepared by a professional accountant.
This is a great opportunity for resident doctors to learn and ask questions about taxes, incorporation, and how to keep more of what they earn, through tax planning.
Look out for a registration link from RDBC early each year to sign up.
There is no need to feel unprepared or paralyzed when it comes to making financial decisions throughout your residency and as you transition into practice. Resources are available to help you increase your financial literacy and improve your financial well-being, through coaching and tax clinics.
You can access your financial wellness benefits by contacting Financial Literacy Counsel directly, at [email protected] | 604.620.6630, or booking an appointment.
This article was written for the RDBC Pulse newsletter.