This article originally appeared on The Wealthy Physician Blog.
What is willful blindness?
Willful blindness is a term used to describe when a person knowingly ignores facts about a difficult problem in order to not have to deal with the particular issue at hand.
Here are two important examples of willful blindness that affect many aspiring doctors.
Every year medical students across the country apply to the residency match in the hopes of securing a coveted residency spot. Unless you’re actually a medical student this process is probably not familiar to you.
Most people assume that getting into medical school ensures that a medical student will become a doctor once that student graduates, however, this is far from the truth. Getting into medical school is a huge accomplishment but it is only one step in a gruelingly long, arduous process to becoming a doctor.
Matching into residency is the culmination of medical school and the next step for a future doctor but still not the final one. The problem with the residency match process arises when a medical student who applies to the residency match fails to actually get a residency spot.
Unfortunately, this is a common reality for many medical students that occurs at an absurdly high rate. In addition, many medical students match into a residency spot that they don’t really want just to make sure they end up somewhere. Doesn’t sound like what most people would imagine what it is to become a doctor does it?
As you’ve probably heard a great deal about in the news lately there is a shortage of doctors in our country. Despite the media coverage this issue receives there is confusingly nothing being done to correct it.
No new residency spots are being created and whats even worse is that there are new medical schools opening up each year creating an even larger gap between the number of medical students and residency spots available for them to match into and doing nothing to fix the doctor shortage!
There are more than forty thousand medical students who apply to the residency match each year and this number is growing because of the addition of new medical schools. Since many of these medical students will not match into residency at all or will match into an undesirable residency spot Docs of Tomorrow was developed to provide expertise and guidance to medical students to help them match into their top choice for residency.
Docs of Tomorrow is also speaking up about the problem with the residency match on behalf of all medical students so they can spend their time focusing on what they need to do to secure their top residency choice.
2) FINANCIAL PLANNING
When it comes to planning for the future nothing is bigger than finances, however, many doctors don’t have the slightest clue how to manage them. Doctors spend years learning medicine but this often leaves them with little time to learn about money.
With the rapid increase in student loans and the lessons from the financial crises in recent years it is very clear that ignoring one’s finances is a problem that can’t be ignored any longer. There is no such thing as starting financial planning too early.
Although medical school is very challenging in its own right this is often the time when financial problems first arise because of the initiation of large amounts of student loan debt to cover the rising costs of medical school. It is also a time when finances are typically tight because of lack of income.
Now this lack of income means medical students have less money to spend it also means they have less to lose. The reality is medical school is actually the ideal time to start learning about financial planning.
Medical students should take advantage of the opportunity to learn how to manage their finances before becoming a doctor rather than waiting until they are one. Just like how becoming a doctor requires years of learning and practicing medicine financial planning should be approached in a similar way.
One can’t expect to simply jump into difficult financial decisions without any financial knowledge like one can’t expect to perform open heart surgery with no medical and surgical training.
Chandler Advisors, the parent company of The Wealthy Physician focuses on educating and helping doctors manage their wealth. They advise on retirement and investment planning, insurance protection, and wealth management strategies.
Doctors are targets because of their reputation in society as wealthy individuals, regardless of whether or not this is even true nowadays. As a result, every future doctor should acquire financial knowledge early on with the help of qualified professionals much in the same way medical knowledge is acquired in medical school and residency training.
In this way future doctors will be appropriately prepared for how to manage their career earnings, ultimately achieving financial success and happiness in life.