Bonnie Koo, MD on taking control of your finances and pursuing financial independence
“While much of the conversation around financial independence is tied to the ability to retire early, the real prize is flexibility.
I hear a lot of ‘I love what I do and will work until I die’ amongst physicians. Not so fast. Your goals and priorities will likely change as you get older. And sometimes, you don’t have a choice. A close family member needs extra care or passes away. Your child has special needs or other needs that require your time and attention. You never know what life may bring.
Working toward financial independence as a woman physician allows you to create your dream job. You have the ability to scale back your hours, take a leave of absence, or make other arrangements to optimize your day and your life. In short, you have a fall-back when life throws you curveballs.
By taking control of their finances and pursuing financial independence, women physicians are able to be better physicians, better mothers, and better partners. Being debt free, spending mindfully, and employing other strategies to reach financial freedom gives the woman physician choices and flexibility to live on her terms.”
Bonnie Koo is a dermatologist and founder and editor, Wealthy Mom MD.
She shares her story and discusses her KevinMD article, “Why women physicians should take control of their finances.” (https://www.kevinmd.com/blog/2019/05/why-women-physicians-should-take-control-of-their-finances.html)