We spend a lot of time here at PhysicianSense encouraging minimalism, thrift, and frugality. Ultimately, these philosophies or virtues can bring you a more fulfilling life when applied to personal finance. However, it’s undeniable that when you have some wealth, using it to make your life a bit easier or more comfortable can be money well spent. Sometimes, a splurge purchase is money well spent. This begs the question, what is actually worth it for a doctor to splurge on? Everything you’ll find on this list will help keep you healthy or comfortable, make you more efficient, protect or boost your ability to earn income, and free up time. Here are the 10 things a physician should splurge on. Shoes A recent MDLinx survey revealed the extent to which shoes are a priority for doctors. Of the 255 people who responded, 29% agreed and 70% strongly agreed that their choice of footwear was important. And it makes perfect sense — you’re on your feet all day. Fifty-one percent of physicians who responded said they’re on the go all day long and 37% said they alternate between sitting and standing. Splurging on a high-quality pair of shoes won’t just make you look good, but it may save you some pain. Fifteen percent of respondents said they had flat feet, 13% said they had plantar fasciitis, 11% experienced pain, and 7% had bunions. Personal technology Do you really need an iPhone 11 Pro? Perhaps dermatologists and plastic surgeons looking to showcase their latest work would benefit from its impressive camera, but the rest of our readers can likely save some cash get by with an older model. It’s time to upgrade when your outdated phone, or other personal technology, is slowing you down. Maybe apps, your camera, or screen refreshes aren’t loading as fast as they used to. Maybe your laptop would make a better paper weight. The reasoning is simple. Your time is money. Any time spent waiting for pages to load, programs to run, or applications to quit is time and money lost. If your personal technology is broken, or lagging, it’s time to fix it. Work clothes It helps to look the part, and according to a 2018 study published in BMJ Open, patients have definitive preferences for how their physicians dress. More than 4,000 patients from 10 U.S. academic hospitals were presented with pictures of physicians in various types of work clothing. The patients then rated the physicians across five domains: knowledgeable, trustworthy, caring, approachable, and comfortable. Fifty-three percent of the patients said what doctors wear is important to them while they are receiving care. Surprisingly, more than a third said it influenced how satisfied they were with their care. If your job allows it, you might want to stock up on formal attire, pairing it with white coats. This combination was a patient favorite. Continuing Medical Education It pays to stay at the top of your field. There’s no better way to stay in demand as a doctor than to continue expanding your knowledge and skills. Yes, your employer and your state medical board likely require you to complete CME. You can look at it as checking the box, or you can look at it as a growth opportunity. Surgeons can master new skills, such as the use of robots in the operating room. Physicians can acquire more knowledge, positioning themselves as resources worthy of promotion within their institutions. Both splurge examples may help you provide better care and may lead to increased earnings. Health and wellbeing As the saying goes, health is wealth. At the very least, if you’re not healthy and feeling well, it becomes harder to make money. Splurges that bolster both are encouraged. What does this look like for a busy physician? It might mean not just getting the gym membership, but also splurging on the personal trainer for an added level of expertise and accountability. It could be that once a month, you book a therapeutic massage session to ease the aches and pains of days spent on your feet. Or, it could take the form of working with a counselor or other mental health clinician to create healthier ways of coping with the stress of being a physician. Take care of yourself so that you can take better care of others. Quality nutrition You wouldn’t put watered-down gas in your sports car, so why are you putting food with little to no nutritional value in your body? Cruise the cafeteria in the average American hospital, and you’ll likely see the very foods that endocrinologists rail against with their patients. It’s crazy, but it takes time and money to eat well in America. Time comes in the form of planning what you want to cook, sourcing quality ingredients, and then preparing the food. And of course, quality, organic ingredients are costlier. If you’re so busy that lunch or dinner often looks like what your employer’s cafeteria is calling pizza, then it’s time to splurge on a meal prep service. Services In keeping with meal prep services, there are other things that you can, and should, outsource. Money won’t buy you happiness — unless you’re using it to buy time. Your time outside of work is finite. Do you really want to spend it running to and from the cleaners, scrubbing your toilets, purchasing new clothes, or fixing your home? Maybe you truly enjoy doing some of these things. If that’s the case, then don’t stop doing them. But if you loathe them, put your money to work by outsourcing them. Here’s a list of 22 things you could outsource, if you’re so inclined. Insurance If you become disabled due to an accident or injury, you can’t make money. Your ability to practice medicine is your largest asset. Splurging on protection for that asset is a must. Disability Insurance is high on our financial priority list for doctors, falling at number four behind 1) Setting a budget 2) Building an emergency fund and 3) Paying down student loan debt. Once you’ve taken care of those first three priorities, familiarize yourself with our disability insurance purchasing guide. A good mattress A third of your life will likely be spent sleeping. Let’s break that down. Average life expectancy in the U.S. now stands at 78.6. That means you’ll likely sleep for a staggering 26 years! Research continues to show how inexorable sleep is to overall health. Studies have shown that sleep loss is linked to hypertension, coronary heart disease, and diabetes. Despite this, people are sleeping about 1.5 fewer hours than they were a century ago. Investing in quality sleep by purchasing a good mattress might just be one of the most health-conscious moves you can make for yourself. TL;DR Physicians should splurge on these items or services: Shoes Personal technology Work clothes Continuing medical education Health and wellbeing services, such as personal training and massage Quality food Outsourcing services, such as cleaners, dog walkers, and home repairs Disability insurance A good mattress Source
