Department of Medicine

Financial Literacy Curriculum

This in-depth program dives into the resources available to residents and junior faculty who are interested in learning more about how to manage their finances throughout their career at Brown.

Financial Literacy Curriculum

This in-depth program dives into the resources available to residents and junior faculty who are interested in learning more about how to manage their finances throughout their career at Brown.

The information provided in this program is for general educational purposes only and does not constitute legal, financial, business, or employment advice. The content is not intended to replace advice from qualified professionals. Participants should consult their own legal, financial, or other professional advisors regarding their specific circumstances. The views expressed are those of the presenter(s) and do not necessarily reflect the views of any affiliated organization.

BASICS OF PERSONAL FINANCE

Module 1 - Overview

Module 2 - Anatomy of a Paycheck

Module 3 - Financial Advice from Residency Leaders

Links:
Financial Education from Program Directors - Session A
Financial Education from Program Directors - Session B

Presenters:

Session A:
Ross Hilliard, MD – Internal Medicine Residency Director, Maine Medical Center, Portland, ME
Patricia Ng, MD – Internal Medicine Residency Director, Renaissance School of Medicine at Stony Brook University. Stony Brook, NY 11794-8434

Session B:
Ravi Gupta, MD, MHA – Chief Medical Officer, NYU Langone – Suffolk

Description:

Residency Directors and trusted faculty mentors are often asked by their residents for life advice, including financial advice. While these individuals are usually not experts in this area, they have likely encountered similar questions and a range of outcomes over years of experience. In this module, we hear thoughtful financial and organizational guidance from internal medicine leaders who have years of experience looking out for the well-being of their residents.

Take Home Message:

A common theme throughout these modules is the importance of living within one’s means as a way to avoid financial peril.
An “emergency” fund (perhaps a better term is a “fund to cover unexpected large expenses such as a major auto repair bill…”) is an important initial saving step which will help avoid adding to high-interest credit card debt.
Balancing loan repayment with retirement saving is an important tug-of-war. The earlier one begins to save for retirement, the more time that money will have to grow.
Take advantage of any retirement savings employer matching programs – that’s part of your compensation. Failing to do so is like refusing to accept a birthday gift.
Disability insurance helps to protect the financial house you have built in the event of inability to work and earn income. This is an important strategy to protect your earning potential.

Additional Resources:

Ng, P. et. al. Money Talks: Pilot Financial Wellness Programs to Promote Positive Financial Planning Behaviors Among Residents Acad Med 2022 Mar 1;97(3):380-384. doi: 10.1097/ACM.0000000000004429. PMID: 34554942
FDIC Smart Money for Young Adults Financial Literacy Curriculum.
The AAMC Financial Wellness Program.

Module 4 - Introduction to Tax Basics

SAVINGS & RETIREMENT PLANNING

Module 5 - Saving Strategies 101

Module 6 - Retirement Planning & Saving 101

DEBT MANAGEMENT

Module 7 - Basics of Student Debt Management

INSURANCE

Module 8 - Understanding Health Insurance

Module 9 - Malpractice Insurance 101

Module 10 - Long-Term Care Insurance

Module 11 - Disability Insurance

Module 12 - Life Insurance

MILESTONES

Module 13 - Making the Transition from Trainee to Attending

Module 14 - Tips for Contract Review

Module 15 - Buying a House

ACKNOWLEDGEMENTS

This Curriculum is the result of many hours of hard work and thoughtful effort by a number of talented individuals over the last 2 years. I extend my thanks to them here.

I want to thank the talented staff at Main Street Media in Providence. Producers Sara Boldt and Paul Houle, together with Videographer Alex Haggert, brought their considerable technical and aesthetic abilities to create uniformity of theme and clarity of message. And thanks to John Houle for creating such an outstanding team.

Drew Naumann, Web Production Specialist at Brown University Health, crafted a home for this curriculum that allows learners to easily access the material and modules and to identify the manner in which each module fits into the larger picture. Drew brings clarity and ease of navigation to our online presence.

I want to thank Dr. Louis B. Rice, Chair of the Department of Medicine at the Alpert Medical School at Brown University, for his support of this project and encouragement of my plans for it.

Finally, and most importantly, I wish to thank the many experts who contributed their knowledge, expertise and teaching skills to create this valuable curriculum. Each one did so with generosity and a shared appreciation for the importance of sharing this knowledge. The quality of their contributions is evident throughout this curriculum. I am grateful for their time, flexibility and good humor along the way.