Physician Financial Wellness Matters

New course battles financial stress and physician burnout

Because financial anxiety is one of the primary drivers of physician depression, burnout, and suicide, a third-year medical student has created Financial Wellness for Physicians course available to students at the School of Medicine and Public Health at UW-Madison.

In this series of podcasts, course co-creator Rufus Sweeney speaks with Wisconsin Medical Society COO, Peter Welch about each of the course modules.

Rufus has is also writing a blog about each module and they are available in our FYI section of the Wisdom Bank.


PODCAST #1: Why This Course and Give Your Money a Job

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health

After being talked into buying an insurance product that did not fit his financial needs and goals, third-year medical student Rufus Sweeney decided to do something about it. Funded by a grant from the Wisconsin Medial Society Foundation, he developed a financial wellness course that is being offered to students at the School of Medicine and Public Health at the University of Wisconsin-Madison. He also recorded a series of podcasts about each course module.

In this first podcast in the series, Rufus and former Wisconsin Medical Society COO Peter Welch discuss why the course is important and how to identify and achieve your most important financial goals.


PODCAST #2: Live Like A Resident

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health

After scrimping for years of medical school and residency, it’s completely understandable to want to enjoy your hard-earned salary once you become an attending. But, how you manage your money will determine how big your payback will be for all those years of hard work.

In this second podcast in the series, third-year medical student Rufus Sweeney and former Wisconsin Medical Society COO Peter Welch explore how living like a resident can help you become financially independent in 10 to 12 years.


PODCAST #3: Rent or Buy?

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health

There are many factors to consider when deciding whether to buy or rent a home, especially during residency. Additional expenses such as closing costs, maintenance and repairs and the potential for declining home values may make home ownership much more costly than anticipated. Additionally, residents won’t know where they’ll be practicing once becoming an attending.

Third-year medical student Rufus Sweeney and former Wisconsin Medical Society COO Peter Welch discuss the financial implications of buying versus renting a home as well as why emotions might sway someone to make decisions against financial advice.


PODCAST #4: Different Kinds of Debt

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health


PODCAST #5: How Different Interest Rates Work: A Doc. Jekyll and Mr. Hyde Affair

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health

Knowing the difference between simple and compound interest as well as loan capitalization is critical to understanding how to manage your debt and maximize your savings.

In this fifth podcast in the series, Rufus and former Wisconsin Medical Society COO Peter Welch, discuss the various types of interest and how, when it works for you, that’s good like Doc. Jekyll… and, when it works against you, well, that’s bad like nasty old Mr. Hyde.

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Podcast Episode #6: Income Driven Repayment Plans

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health

Choosing the best plan for repaying your federal student loans depends on your ability to pay and your financial goals. In this sixth podcast in the series, Rufus and former Wisconsin Medical Society COO Peter Welch, discuss the commonalities and differences of the various types of Income Driven Repayment plans available.


Podcast Episode #7: Public Service Loan Foregiveness

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health

In this seventh podcast in the series, Rufus and former Wisconsin Medical Society COO Peter Welch, dig into the ins and outs of Public Service Loan Forgiveness (PSLF). Specifically, they explore why you should or should not pursue PSLF and, if it is right for you, how to go about qualifying for PSLF.

For a detailed FAQ on Public Service Loan Forgiveness visit: https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service/questions