ARRS 2022 Abstracts

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E1797. Financial Planning for Radiologists and Trainees: Building a Foundation to Allow for Long-Term Success
Authors
  1. Wendi Li; NYU Langone Hospital Long Island
  2. Nathan Mickinac; NYU Langone Hospital Long Island
  3. Gabriel Felder; NYU Langone Hospital Long Island
  4. Emmanuel Ansong; NYU Langone Hospital Long Island
  5. Jason Hoffmann; NYU Langone Hospital Long Island
Background
Physicians, including radiologists, typically have a high earning potential over their career, but most physicians receive no formal training in financial planning and how best to spend and/or save their earned money. The purpose of this exhibit is to provide radiologists and trainees with some key concepts and framework in financial planning.

Educational Goals / Teaching Points
Radiologists and trainees at all ages and career stages should have at least a basic understanding of the importance of financial planning, various components of short- and long-term planning strategies, and the types experts that may be important to them during their careers. Although certain financial planning themes and approaches apply to a majority of radiologists, a variety of unique scenarios and strategies may also apply.

Key Anatomic/Physiologic Issues and Imaging Findings/Techniques
The key points of this exhibit are as follows. Describe why financial planning is important. Detail why starting early in your career, even if saving relatively small amounts of money, can be beneficial to long-term financial success. Review key concepts in financial planning, including debt repayment (student loans, personal loans, mortgage, etc.), types of retirement savings accounts, types of insurance (malpractice, life, disability, health, etc.), diversification, taxes, estate planning, and deciding how to personalize/individualize this based on your own personal, family, and career goals. Highlight a number of texts, websites, and other resources that may be helpful for an individual radiologist's financial planning. Review the types of professional advisors that may be important for a radiologist to maximize their financial planning.

Conclusion
An understanding of key financial planning concepts and what types of professionals are best to seek for help is important for radiologists to maximize planning for the future.