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Planning a Personal Financial Health Workshop for Medical Students and Residents

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  • Planning a Personal Financial Health Workshop for Medical Students and Residents

    Hi everyone,

    My name is Jonathan, and I'm a first year medical student at NYU School of Medicine. I recently became involved in BEAM, the Business and Entrepreneurship in Medicine club at NYU. I proposed that the club should host a workshop regarding personal financial health for medical students and residents, and the other members were very receptive to this. The workshop would mainly focus on debt management, but also ideally include a small section on investing. In talking to my classmates, so many really need a workshop on this.
    I'm reaching out for your suggestions of people in NYC to lead this type of workshop (I don't think I'm qualified). I figured this community would have a lot of contacts. I could, of course, blanket email accountants in the area, but I think students would be more engaged if there was an MD in NYC who had financial knowledge he/she was willing to share. Anyone have any ideas of people from NYC who you think might be able and willing to lead a workshop? I also appreciate any ideas and advice you have for the workshop.

    Thank you. Hope you had a great holiday season.

  • #2
    Are you planning on paying an individual for this service, or hoping they provide it for free?

    I bet WCI would come out for a fee.


    • #3
      I'm in NYC and give lectures to my residents and surrounding on finance


      • #4
        Conniebird is your answer!


        • #5
          Thanks everyone!

          Conniebird, I reached out to you.

          Obviously, the ideal situation for us is that the speaker would be willing to donate their time. We can, however, request funding from student council, but not enough to cover flying someone out. I'm still working with Student Council to figure out how much we can afford.

          I'm also planning to share as much of the workshop as is permitted on the internet so that others can benefit, too. I'll post a link on this forum once it's up.



          • #6
            I've read Bonnie's presentations...they're pretty solid


            • #7
              DRB Student Loan has an office in NYC and we would be happy to have someone come and address the debt side-Federal and private options. We could also do the investment side. We have actually spoken to NYU dental students multiple times.

              We would not charge a fee and likely can sponsor some snacks, etc.


              • #8
                As a non MD lurker for the last three years, depending on how much time you have, my impression is a section specifically on term vs cash value life insurance would be helpful, and wouldn’t have to be too long.

                1. I believe people unhappy/seeking advice in regards to  their whole life policies is one of the biggest email generators for the WCI

                2. It seems to be the first big financial decision (after deciding to attend med school/loans) that med students/residents make.

                3. Two of the entries in the “Classics”  section deal with whole life.  It is the only topic with two entries.

                4. If you do a blog search on “whole life” there are a large number of posts on it. Most of the comments are very negative about the sales reps with some people stating they were outright lied to. Oh yeah the agents selling it tend to get testy when the wonderfulness of it is questioned. This post has over 860 comments! running from 01/12/2012 to  12/27/2016.

                5. While not entirely a black or white decision the vast majority of people upon learning the facts will opt for term.

                6. Whole life can act as the “canary in the coal mine” when dealing with “financial advisors”. If he/she starts pimping it right away, it is a good sign to look elsewhere for advice.


                • #9
                  I'm in New York and would be happy to help as well. I could even join Conniebird.

                  Lawrence B. Keller, CFP, CLU, ChFC, RHU, LUTCF


                  • #10
                    With a name like Tevye, you are hereby compelled to include "If I Was a Rich Man" as part of the presentation.