PracticeLink Magazine


The career development quarterly for physicians of all specialties, PracticeLink Magazine provides readers with feature articles, compensation stats, helpful job search tips—as well as recruitment ads from organizations across the U.S.

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WINTER 2015 31 2 0 1 5 AN N UAL Quality of Life issue Embracing frugality and dismissing the "doctor lifestyle" will help guarantee your fi nancial and professional freedom. B y Jame s M. Dahle, M.D. , FACEP P hysicians are among the most studi- ous, learned, industrious, sober, temperate and virtuous people with whom I have ever had the pleasure to interact. However, for some reason, the virtue of frugality seems to escape physicians entirely too often. In fact, doctors are nearly universally regarded by f nancial professionals as excep- tionally poor at managing money compared to other professions. Frugality is, in essence, the opposite of "keeping up with the Joneses," the mythical family that lives next door who always seems to have the larger kitchen, the newer boat and the f ashier car. Our society at large struggles with frugality, and often even derides it. Thrifty people who spend their money carefully on the things they most value are described as "cheap," "miserly" or "stingy." Scrooges. The truth, however, is that frugality is a core principle in not only acquiring wealth, but in acquiring happiness. As Matthew Cassell, M.D., an oncologist in Marion, Mississippi, puts it: "Having healthy kids, a loving spouse, vehicles that run, a roof over our head, and a stable job is about as good as life can get. The size of my house and the symbol on the front of my vehicle have no Forget the Joneses Be studious in your profession, and you will be learned. Be industrious and frugal, and you will be rich. Be sober and temperate, and you will be healthy. Be in general virtuous, and you will be happy. –BENJAMIN FRANKLIN Continued

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