Normalizing Conversations About Money

Date: November 7, 2024 Guest Skeptics: Shirley Ngo is a Digital Product Director at RBC. She has extensive experience working with top financial organizations such as General Electric, Citibank, and CIBC in both Canada and Singapore. Additionally, she is co-host and producer of the "Make It Shine Money” podcast, which offers a unique perspective that blends financial expertise and creative vision. This is an SGEM Xtra. We have previously discussed physician mental health and burnout on the SGEM. SGEM#178: Mindfulness – It’s not Better to Burnout than it is to Rust SGEM Xtra: On the Edge of Burnout ACEM18 SGEM#289: I Want a Dog to Relieve My Stress in the Emergency Department SGEM Xtra: The Water is Wide SGEM Xtra: Everybody Hurts, Sometime A few episodes have addressed burnout, wellness and moral injury. However, we have not discussed physicians’ financial health. This is an important thing to consider and can contribute to physician well-being. One thing that can contribute to burnout is the gender inequity that has been reported in the House of Medicine. We have discussed this a few times on the SGEM. I suspect there are similar gender biases in the financial world. SGEM Xtra: I’m in a FIX State of Mind SGEM#248: She Works Hard for the Money – Time’s Up in Healthcare SGEM Xtra: Money, Money, Money It’s a Rich Man’s World – In the House of Medicine SGEM Xtra: From EBM to FBM – Gender Equity in the House of Medicine SGEM#352: Amendment – Addressing Gender Inequities in Academic Emergency Medicine Both Shirley and I are in our final semester of an Executive MBA at the Ivey School of Business, Western University.  Before we jump into this podcast, here are five questions about the EMBA.   Why did you decide to do an EMBA, specifically at Ivey? What have you enjoyed the most about the program? What has been the hardest part of the program? Is there a specific skill or knowledge from the program that you found most valuable (example)? Would you recommend the Ivey EMBA to others (ie do you think it provides a good ROI)? Disclaimer: This episode of the Skeptics' Guide to Emergency Medicine is intended for informational and educational purposes only. Neither the host nor the guest are licensed financial advisors. We offer education, not prescriptive advice. The information discussed is our opinion and should be taken as such. Any views or opinions represented in this podcast are personal and belong solely to the podcast creator and do not represent those of people, institutions or organizations that the owner may or may not be associated with in a professional or personal capacity unless explicitly stated. Always consult with a qualified financial professional before making any financial decisions. Physicians are super smart in a particular area, the practice of medicine. You don’t get through undergrad, residence and specialty training without acquiring some expertise in clinical medicine. However, what physicians are generally not experts in is finance (planning and investing). The danger many physicians face is to think that because they are experts in one area (medicine) they are also experts in other areas. Doing the EMBA has taught me how much I don’t know in the world of business.  Financial Challenges and Solutions by Career Stage Now, let’s break things down into some digestible financial bites. We can frame the financial challenges and solutions physicians face at three stages of their careers. The first stage is a new grad, followed by mid-career physicians and finally, those nearing retirement. I asked Shirley what were the key challenges and key solutions for each stage of their career. Listen to the podcast to hear her responses.  This SGEM Xtra ends by asking Shirley her big takeaways, main message, final thoughts and some final questions.  The SGEM will be back next episode doing a structured critical ap...