LAUSR

P hysicians, despite years of formal training and education, are notorious for poor financial literacy. The underlying causes are multifactorial: high school curricula with a paucity of financial education; numerous years spent in tertiary education with a focus on science and medicine; and modest income during residency, which inhibits opportunities to save and invest. As such, upon graduation from residency, plastic surgeons are often quick to embrace lifestyle inflation and are prone to make poor financial decisions. Most medical schools and residency programs do not have a curriculum for personal finance or for the business of medicine, even though the value of such training is recognized and desired by trainees. Surgeons have a unique set of financial challenges and opportunities, distinct from those in other professions. In addition to delayed income, surgeons are burdened by high debt from educational loans and a greater tax burden once income increases after residency. In addition, by the time plastic surgeons begin practice, many will have a family and/or other financial obligations, such as a mortgage or auto loan. Those pursuing solo private practice are faced with the additional financial strain of obtaining start-up funding. Other unfortunate personal or family circumstances may exacerbate these challenges. Studies have shown that educational debt and poor financial health are correlated with burnout, depressive symptoms, and stress. In the absence of a spouse, partner, or family able to provide a cushion from these challenges, overcoming financial barriers can be challenging. Fortunately, plastic surgeons represent an elite group of professionals with high human capital. With proper financial education and planning, plastic surgery residents are able to position themselves for a life of financial security. The purpose of this article is to provide plastic surgery residents an overview of the most pertinent financial subjects that form the foundation of financial literacy and necessitate consideration, planning, and further self-education during these critical training years (Fig. 1).