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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38 WINTER 2015 2 0 1 5 AN N UAL Quality of Life issue secure, comfortable, wealthy—or even rich—then do what rich people do. In their classic treatise The Million- aire Next Door, Thomas Stanley and William Danko enlightened America on what millionaires really look like. It turns out they drive Ford F-150s, hate caviar, wear inexpensive watches and suits, and are more concerned with being f nancially free than living an ostenta- tious lifestyle. Income matters, of course, but it turns out that "out-go" matters far more. The physician's guide to frugality Want to embrace frugality and f nancial freedom? There are f ve principles to follow. Principle 1: Realize that money does not and cannot buy happiness. That statement, of course, is not entirely true. It turns out that money does buy happiness, up to a certain point. Academic studies suggest that point is about $75,000 per year, far less than almost all physicians make. Many physicians can, within reason, buy anything—but not everything— they want. The art of frugality consists of using your money to purchase those things that will bring you the most happiness. Experiences, especially experiences shared with those we care about, are generally much more likely to bring happiness than actual things. As such, a physician may be faced with the choice of purchasing a $60,000 sedan or taking his family to Europe six times. When faced with similar deci- sions, choose the one that will make you happiest. Principle 2: Avoid growing into your income all at once. This is incredibly important that f rst year out of residency when your income jumps from $50,000 a year to perhaps Forget the Joneses Continued Love what you do (and who you work for). CareerLink is more than a job board — it's a powerful, interactive job search engine dedicated to family physicians. Find it at Work.Life.Balance. "It took two years of seeing my hard-earned money going out so quickly to energize my resolve to start changing my ways," says neuroradiologist Rakesh Chaudhari, M.D.

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