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.
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.
BASICS OF PERSONAL FINANCE
Link:
Overview - Video Curriculum on Financial Literacy
Presenter:
Dominick Tammaro, MD - Vice Chair for Education, Department of Medicine, Alpert Medical School
Description:
This is a brief video describing the structure and intent of the DGIM Financial Literacy Program – a great place to start for residents and junior faulty.
Take Home Message:
- Our target audience is new interns and residents, as well as fellows and students. New faculty may find many of the topics here valuable as well.
- Five General Categories:
I. Basics of Personal Finance
II. Saving & Retirement Planning
III. Debt Management
IV. Insurance
V. Milestones
Additional Resources:
- FDIC Smart Money for Young Adults Financial Literacy Curriculum.
- The AAMC Financial Wellness Program.
- The White Coat Investor – This has grown from a short paperback to a website/podcast/blog covering multiple personal finance topics and offering consultations.
- Consumer Financial Protection Bureau. Tools & Resources to Use with the People You Serve. - Although
targeting financial professionals, this website has information to help non-financial professionals consider options for saving and managing money.
Links:
Anatomy of a Paycheck - Entire Presentation
Subsections:
Anatomy of a Paycheck - Breaking Down Your First Paycheck
Anatomy of a Paycheck - Is There Anything Important I Should Double-Check on My Pay Stub?
Anatomy of a Paycheck - Understanding FICA, Federal Insurance Contributions Act
Anatomy of a Paycheck - How Moonlighting Affects Your Paycheck
Anatomy of a Paycheck - Understanding ADP, Automatic Data Processing
Anatomy of a Paycheck - How Are Reimbursements Reflected in My Payroll?
Presenters:
Matthew Genelin MD - PG2 Internal Medicine Resident, Alpert Medical School
Rayna Funes, Senior Payroll Manager, Brown Physicians Inc.
Description:
A payroll specialist from the Human Resources Office demystifies the information contained in a typical payroll statement and answers questions from an internal medicine resident regarding how to use the information contained in such a statement.
Take Home Message:
- Payroll statements are organized into sections – salary, taxes, benefits, etc. It is important to check your statement each time to look for consistency and accuracy of salary and benefits.
- Your end-of-year pay statement is important to review as it will inform you of the content of your annual “W-2” tax document. The W-2 reflects the summary of salary and taxes withheld during the preceding calendar year – your employer shares this information with the federal, state and local government agencies and you will use the information in preparing your annual tax return.
- Some employers use payroll providers (such as ADP or Workday) to automate paychecks.
- FICA is a tax withheld to fund your Medicare and Social Security benefits
- Pay attention to these important documents!
Additional Resources:
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.
Link:
The Basics of Taxes
Presenters:
Loree B. Dubois , CPA, MBA, Partner, Kahn, Litwin, Reza & Co., Providence, RI
Dominick Tammaro, MD, MACP - Vice Chair for Education, Department of Medicine, Alpert Medical School
Description:
In this module, Ms. Dubois, an experienced tax advisor reviews the fundamentals of tax awareness and preparation. This information should help build sound tax practices and avoid supreises throughout your career.
Take Home Message:
- The W-4 Form is the means by which you instruct your employer how much tax to withhold from your salary.
- The W-2 form is received each January and summarizes the previous year’s income and witholdings.
- Moonlighting income is often paid without having taxes withheld – taxes will need to be paid on this income, either at the time of filing your tax return or on a quarterly basis
- Some expenses are tax-deductible and will serve to reduce your tax bill in a particular year.
- Assistance in filing tax returns or obtaining assistance in tax planning ranges from do-it yourself software to working with an accountant/tax-professional.
Additional Resources:
SAVINGS & RETIREMENT PLANNING
Link:
Saving Strategies 101 - The Basics
Presenters:
Dominick Tammaro, MD - Vice Chair for Education, Department of Medicine, Alpert Medical School
Zach Morris, CFP. Strategic Retirement Partners, Providence, RI
Description:
Zach Morris is a Certified Financial Planner and a Fiduciary at a firm which provides advice and guidance on personal
finance, savings and retirement planning. He answers questions and reviews the major priorities for developing a habit
of saving money to reach your goals.
Take Home Message:
- Budgeting allows you to track what you spend your money on, an essential step in saving.
- It is important to establish an Emergency Fund to pay for unforeseen important expenses like auto repairs. This
allows your savings to remain intact and earning interest. - Reducing high-interest debt such as credit card balances and some student loans will allow you to redirect spending to
other important goals and priorities. High interest rates will quickly interfere with your ability to save. - It is important to live within your means and incorporate savings, debt reduction, retirement savings and the
maintenance of an emergency fund in your budget. - Automatic bank transfers make savings easy and…well, automatic. Pay yourself first (savings, etc.) and have fun with
what’s left over. - While it is important to live in and fund “the moment”. Planning for the future is also important.
Additional Resources:
Link:
Saving Strategies - Planning for Retirement
Presenter:
Dominick Tammaro, MD, MACP - Vice Chair for Education, Department of Medicine, Alpert Medical School
Zach Morris, CFP. Strategic Retirement Partners, Providence, RI
Description:
Zach Morris is a Certified Financial Planner and a Fiduciary at a firm which provides advice and guidance on personal
finance, savings and retirement planning. In this video, he defines some common terminology and provides an
overview of retirement saving strategies, aimed at young adults.
Take Home Message:
- Many residencies and most employers offer retirement plans with choices such as 401k or 403b accounts or IRAs.
These are tax-deferred opportunities to begin early saving for retirement. The EARLIER one starts saving for
retirement, the longer your money will have to grow over time. - Employer matching programs are an important component of compensation and it should be a priority to contribute
enough to your retirement account to receive all of your employer’s match whenever possible. - Roth versions of retirement accounts and IRAs are after-tax retirement savings programs particularly suited to
professionals just starting out in their careers since the money is taxed at a low rate while you are in a relatively lower
tax bracket and can be withdrawn during retirement when your tax bracket will likely be higher. - Contributing to a retirement account, even at a low level, has a potential for excellent growth since it will have a very
long time – decades – to grow. - Social Security payments are not meant to be the sole source of retirement income, making it important to take
advantage of these self-funded tax-advantaged retirement savings opportunities.
Additional Resources:
- How to Make Your Money Last. Jane Bryant Quinn. Simon & Shuster 2020. ISBN:1982115831
- How to Retire: 20 lessons for a happy, successful, and wealthy retirement. Christine Benz. Harriman House
2024. ISBN:1804090697
DEBT MANAGEMENT
Link:
Preparing for Student Loan Repayment After Graduation
Presenters:
Stephanie Hunt, M.Ed. Director of Financial Aid, The Warren Alpert Medical School of Brown University
Jasmine Samuels, Associate Director of Financial Aid, The Warren Alpert Medical School of Brown University
Description:
This comprehensive, detailed video covers an important and nuanced topic in a clear, organized manner. Anyone with medical school student debt should watch this video!
Take Home Messages:
- Loan repayment policy changes with federal regulations – pay attention to mailings
- Get Organized! Gather documentation from all of your loans, keep them organized in a file (files?), either on paper or electronic (if electronic, be sure to back up!)
- Create a spreadsheet with your debts listed and tallied so that you can track what you owe.
- Use the AAMC MLOC Calculator to collect your loans and provide a picture of what payment forecast you might be facing.
- AAMC MLOC is more accurate for medical student debt than FSA Calculator.
- Use the PSLF (Public Service Loan Forgiveness) program website to track your loan forgiveness eligibility and to certify your employment each year.
- PSLF Success: The four R’s: Right Loan, Right Work Status, Right Employer, Right Repayment Plan
Repayment Options:
- Repayment Plans: RAP (Repayment Assistance Plan) or Tiered Standard Plans
- At 12:00 min in video – see table of federal student loan pathways
- Check out the AAMC and NASPA websites for the most current loan information.
- Stay connected with your financial aid office – even after you have graduated!
Additional Resources:
INSURANCE
Link:
Understanding Health Insurance
Presenters:
Julio Blasco Jimenez, MD, Internal Medicine Faculty, Alpert Medical School
Gabriel Shepherd, Director, HRIS & Benefits Administration, Brown Medicine
Description:
Mr. Gabriel Shepherd has been explaining the intracies of health insurance benefits to members of the Brown Medical Community for many years. In this module, Dr. Julio Blasco-Jimenez discusses some of the choices that young physicians must navigate in considering health insurance options and tradeoffs.
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:
- Health Insurance Basics
- Understanding Health Insurance - University of Oregon.
- My Healthcare Finances
Link:
Introduction to Medical Malpractice Insurance
Presenter:
Joan M. Porcaro, RN, BSN, MM, CPC, CPHRM, DFASHRM
Senior Vice President | Risk Services - Healthcare
North America Healthcare & Life Sciences Industry
Facilitator: WTW Client Innovation Advisory Board
WTW | Willis
Description:
For many clinicians. Malpractice insurance is something regarded as essential but often shrouded in mystery. This module reviews the basics and the terminology used to describe various aspects of coverage. The presentation uses clinical vignettes to describe the differences between the two major “flavors” of malpractice insurance. This knowledge will help trainees evaluating employment options in a more informed manner.
Take Home Message:
- Malpractice Insurance comes in two major forms:
- Claims-made
- Occurrence
- “Claims-Made” policies cover the clinician for incidents that take place while the policy is in effect, as long as the claim for such incidents is also made while the policy is in effect.
- Claims-made policies may allow coverage for claims made after the policy has lapsed (such as upon retirement or change in jobs) for incidents that took place while the policy was in effect. This “extension” to the period during which claims may be covered is called a “Tail” policy and is purchased separately. It’s like extending your insurance “subscription”
- You can have “tail” coverage from a current claim’s made policy to cover claims made after you leave that job. Alternatively, you might purchase “nose” coverage from your subsequent employer to cover late claims made from incidents occurring during your previous claims made policy.
- “Occurrence” policies cover the clinician for incidents that occur while the policy is in effect, regardless of when the claim is submitted (even if years later).
Additional Resources:
Link:
Long-Term Care Insurance
Presenters:
Dominick Tammaro, MD - Vice Chair for Education, Department of Medicine, Alpert Medical School
Joseph Imparato - Managing Director, Tucker & Shepley Benefits and Insurance
Description:
Approximately x% of Americans will need some type of long term care as they age, whether it be in the home, in an assisted living environment or nursing home. Medicare does not pay for such services. Options for payment in these largely private agencies are (a) to self-fund out of your savings, (b) purchase long-term care (LTC) insurance or hybrid Life/LTC insurance or (c) deplete your assets and rely on Medicaid for payment (nursing home only). Mr. Imparato explains the nature of LTC policies and the options available.
Take Home Message:
- Long Term Care Insurance is a means of paying an insurance company to share the financial risk of funding such needs should they arise.
- Long Term Care can be extremely expensive and cost varies by region
- LTC insurance can be purchased as a stand-alone policy or as a hybrid life/LTC policy, with benefits paid upon death or the need for LTC payments. These are the most prevalent type of policy sold.
Additional Resources:
- Retirement Answer Man Podcast Episodes 311-314
Episodes 311-314 are a series focusing on long term Care. Although this series aired in 2020, it covers important basic principles and includes a discussion of the more prevalent hybrid LTC/Life Insurance policies.
Links:
Video 1 (ACP): Coming Soon
Video 2 (RTR): Understanding Disability Insurance
Video 3 (RTR): Guaranteed Standard Issue (GSI) - Specific Disability Insurance (RTR)
Presenters:
Video 1 (ACP)
- Lisa Gavin, CPA, Vice-President, Finance, American College of Physicians
- Kymberlee Kowalski-Ortiz, Vice President, AGIA Affinity Agency
Video 2 (RTR) & Video 3 (RTR-GSI)
- Peter J. Heckman, Founder & Managing Partner, Residency to Retirement (RTR) Wealth Services
- Christopher Weber, RICP, Residency to Retirement (RTR) Wealth Services
Description:
Whenever possible, we try to provide two perspectives from experts on the topics we cover in this financial literacy curriculum. Often, as is the case here, these perspectives demonstrate substantial overlap and are rooted in sound financial planning and advice. These videos review the concept of disability insurance – a way of protecting yourself, your assets, your obligations and your dependents in situations where you might not be able to earn an income to pay the bills for a period of time. Many residents and faculty will have some form of short-term disability insurance provided by your employer and/or state. This module reviews individual disability insurance policies that you may purchase independently to assure adequate coverage in a broad range of circumstances.
Take Home Message:
- See description above.
- The purpose of disability insurance is to provide some form of income, usually a percentage of your salary, to help cover your expenses and financial obligations during a period of disability which may prevent you from earning a salary.
- Disability policies will have lower monthly/annual premiums if purchased early in life. Such individual policies are portable and maintain that lower rate for the life of the policy for that amount of coverage.
- Disability insurance policies are only offered by a small number of insurance companies and policies must be sold through approved brokers (such as our presenters in this module’s videos). It pays to shop around among the insurance companies to identify strengths and limitations of policies between companies - brokers can assist with appreciating the nuance inherent in these policies.
- With some exceptions, pre-existing medical conditions may lead policies to decline or place limits on coverage of an individual for disability relating to those specific conditions.
- There are some disability insurance programs specific to residents/fellows which will guarantee coverage without medical underwriting - see the RTR discussion on this topic in Video 3.
- There are some disability insurance programs sponsored by professional organizations such as the American College of Physicians which may offer subsidies for member residents & fellows, resulting in reduced rates (See Video 1 – ACP)
Additional Resources:
Link:
Video 1 (RTR): Life Insurance Basics
Video 2 (ACP): Coming Soon
Presenters:
Video 1 (RTR)
- Peter J. Heckman, Founder & Managing Partner, Residency to Retirement (RTR) Wealth Services
- Christopher Weber, RICP, Residency to Retirement (RTR) Wealth Services
Video 2 (ACP)
- Lisa Gavin, CPA, Vice-President, Finance, American College of Physicians
- Kymberlee Kowalski-Ortiz, Vice President, AGIA Affinity Agency
Description:
As with disability insurance, life insurance provides you (that is, your successors or family) with funds to cover your financial obligations when you are no longer able to earn a salary due to untimely death.
Take Home Message:
- A life insurance policy should provide funds to cover major existing financial obligations (for example, mortgage, private educational loans, funeral expenses) and future existing financial obligations (for example, rent for your dependents, children’s future educational expenses).
- As with disability insurance, the earlier a policy is purchased and the healthier you are at that time of purchase, the less expensive the policy will be.
- Term life insurance is the least expensive and complicated version of life insurance policies and lasts only for the “term” of years for which it is purchased. Other, more complex policies mix investments and cash value with the death benefit and may offer tax advantages – such policies are beyond the scope of this curriculum and may be discussed with a financial or investment advisor. Term policies are usually the right choice for young adults in their early career years. When the "Term" of x years is over, or when you stop paying the premiums, the policy lapses and death benefit will no longer be paid.
Additional Resources:
MILESTONES
Link:
COMING SOON!
Presenters:
Description:
Take Home Message:
Additional Resources:
Link:
Top Ten Tips for Contract Review
Presenters:
Katie Evey, DO – PG3 Brown Internal Medicine Residency
Zain Alfanek, MD – PG4 Chief Resident Brown Internal Medicine Residency
Tammy Lederer – Chief Human Resources Officer, Brown Physicians, Inc.
Description:
Two senior residents in the midst of the job search process speak with Tammy Lederer, an experienced Human Resources director about the process of evaluating a contract in an early career setting.
Take Home Message:
- When negotiating a contract, be aware of your value and what you bring to the organization to help your negotiation.
- You can always ASK for items in your contract – it will not hurt. The prospective employer may say yes, no, or may propose an alternate solution which meets your needs as well as what you asked for initially.
- Loan forgiveness programs vary from state-to-state and among institutions – online loan calculators will help you decide what you need and how to evaluate your compensation.
- Do your homework – speak with other physicians in the group.
- In person? Dress for success!
Additional Resources:
Link:
First-Time Home Buyers Part 1 - Laying the Groundwork
First-Time Home Buyers Part 2 - Choosing Your Realtor
Presenters:
Dominick Tammaro, MD - Vice Chair for Education, Department of Medicine, Alpert Medical School
Bonnie Lai - Realtor, Luxe Home Team, REMAX Real Estate Center
Charlie Fang - Realtor, Luxe Home Team, REMAX Real Estate Center
Description:
A team of greater-Boston area realtors with extensive experience working with recent residency graduates and new faculty share advice on how to look for, and most importantly, find a house or condo that’s right for you.
Take Home Message:
- Realtors and Financial Advisors can help to determine whether rental or purchase is the best option for someone starting out in their careers. If the decision is made to purchase, the amount of house that one can afford does not mean that you should seek to spend the max. The advice of “Live within your means” remains applicable here.
- The length of time one may live in a home is a critical determinant of the buy/rent decision.
- Purchasing a home results in significant associated costs – “closing costs”, home insurance, personal mortgage insurance, utilities, real estate taxes – all of which must be considered in the purchase decision.
Additional Resources:
- Investopedia.com
- Nerdwallet.com - First time homebuyers guide.
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.