How can I turn my children to WCI?

[Humilem]

I have two physician in the family. Both are still residents. As much as I have tried to turn them on to WCI they have not been very responsive. I know they have brutal work schedules. I thought if I can turn them on early to WCI to see how other physicians are dealing with finances it would pay off on the long run. So far not much success. Any suggestions.

Thank you.

[ENT Doc]

See the X factor post. It may not be strong with them.

[Wiscoblue]

Could you link that post please?

[CM]

Humilem wrote:

I have two physician in the family. Both are still residents. As much as I have tried to turn them on to WCI they have not been very responsive. I know they have brutal work schedules. I thought if I can turn them on early to WCI to see how other physicians are dealing with finances it would pay off on the long run. So far not much success. Any suggestions.

Thank you.

Click to expand...

Sounds like you've done what you can, but don't despair. They are still residents.

Financial matters weren't a high priority for me as a resident either. The light bulb turned on after I became an attending.

Thanks to you they know about this resource and they may end up coming here for information later.

[StarTrekDoc]

You have them over for food and laundry?  Perfect hostage time.....my parents used that to perfection.

 

[ACN]

Tough to break through to residents. I tried within my own program and was pretty successful in getting about half to listen.

One day we had a financial advisor (ie. Salesman) come to our morning report. He offered to help start investing with 1% aum and loaded funds. I questioned him about his fees and loaded funds and gave examples of index funds. He had no good answers and then my chief resident yelled at me afterwards for being disrespectful. Lol. I told him the guys a crook.... Turns out the chief had already invested with him years ago.

[Wiscoblue]

StarTrekDoc wrote:

You have them over for food and laundry?  Perfect hostage time…..my parents used that to perfection.

 

Click to expand...

What if there’s a distance of 5 states between you and the kids?

[wideopenspaces]

Maybe start telling your kids you are in a dire financial situation and will require them to bail you out and allow you to live with them. Then they might come post here, asking for advice.

Just kidding! Maybe give them the WCI book or the millionaire next door or something like that as a gift and see if you can get them interested. Ultimately though, they are adults so I wouldn't force the issue too much. They have to figure some things out for themselves.

[The White Coat Investor]

Wiscoblue wrote:

Could you link that post please?

Click to expand...

https://www.whitecoatinvestor.com/the-x-factor/

When the student is ready, the teacher will appear. For most docs it's a few years out of residency when they pick their head up, look around, and wonder, "Is this all there is?"

[Neuro-doc]

Start earlier, and don't wait till they are residents.

Starting in their mid teens, I sat beside my kids and talked them through buying and rebalancing in their accounts using a simple 3-fund portfolio.  With the tailwind of a 9-year bull market their accounts have seen great returns, and they think that saving and investing are simple, fun and easy. No doubt there will be more lessons to learn when they go through their first market correction.

[G]

Humilem wrote:

I have two physician in the family. Both are still residents. As much as I have tried to turn them on to WCI they have not been very responsive. I know they have brutal work schedules. I thought if I can turn them on early to WCI to see how other physicians are dealing with finances it would pay off on the long run. So far not much success. Any suggestions.

Thank you.

Click to expand...

Buy them the WCI book along with a "regular" birthday present.  (Jim, no disrespect meant by that.)  A little different, but I often send links to relevant articles that I read to appropriate friends/family/mentees/mentors.  "Hey, I read this today and thought of you--what do you think?"

As others have mentioned, they might not even need to be turned on to WCI right now--assuming no disasters are looming, the best thing they can do at this point is learn to be great doctors!

[q-school]

Humilem wrote:

I have two physician in the family. Both are still residents. As much as I have tried to turn them on to WCI they have not been very responsive. I know they have brutal work schedules. I thought if I can turn them on early to WCI to see how other physicians are dealing with finances it would pay off on the long run. So far not much success. Any suggestions.

Thank you.

Click to expand...

have they given you reason to worry about their habits?  let them learn medicine and try to survive and have a good time if possible.  I would much more appreciate a paid for vacation and then instructions on how to save money at that time in my life.  you can make your point about financial independence later and there is still plenty of time for them to develop savings skills.  if that is even a priority for them.

jmo

 

 

[StarTrekDoc]

I learned that Personalcapital is a very effective and easy way to get the 30000 ft view in just a few minutes.

That's the first step than anything....know where you stand and where all the pieces are.

Graphs work with patients nicely. Same goes with us financial patients.

That may get them engaged a bit more

[PhysicianOnFIRE]

I realize they're "adult children," which is a fun visual, but the title had me picturing the illustrtated WCI Children's book, which is no doubt due out sometime in 2019. The animated series is likely to follow in 2020 or 2021. #Empire  

Cheers!

-PoF

[jhwkr542]

Maybe try again when they get job offers and need to realize what their compensation looks like and how much in taxes they'll owe