Grand Rounds: Mind On My Money And Money On My Mind
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Welcome to this session of grand rounds, a collection of posts I have discovered in the blogosphere and have found of interest and hope you do too.
This offering of Grand Rounds looks at articles from around the web that deal with psychology and money.
Both pharmacology and psychology are two important subject matters we encounter in our medical school training.
In psychology I learned about Freud and the model of the psyche, which described the concepts of the superego, ego, and id.
In pharmacology I was inundated with all the various pathways a particular medicine used to achieve the desired effects.
What does this have to do with finance?
Well in an incredibly humorous post, Crispy Doc combines these two subjects together and describes a novel way of viewing a physician’s income in, “The Doctor Salary Is A Drug: Pharmokinetics.”
Crispy Doc does a follow up post continuing the theme of the physician salary being similar to drugs.
And just like any drug can be abused, so can a doctor’s income, as evidenced in, “The Doctor Salary Is A Drug: Potential For Abuse.”
It is easy to say you will stay the course and not sell assets in panic when the next recession hits (when, not if).
We have become quite spoiled with how Mr. Market has been giving his bounty to all the investors for over a decade now.
Everyone and their mother is an investing genius.
But when the dark side rears its ugly head, can you indeed stay on target and not sell in panic?
David Graham, of FI Physician, uses the force to help us protect our nest egg in, “Stay On Target…Fear &Greed”
Only a certain percentage of the population will ever know what it is like to actually don the white coat.
Sure TV shows and movies glamorize physicians and of course the media is always pointing out the incomes doctors make.
This media onslaught gives a very distorted view of the doctor and typically minimizes the sacrifices it takes to earn that medical degree.
Many of us still carry emotional scars from our past, none more significant than when a patient in our care dies.
Dr. McFrugal gives us an incredible peek into this hidden part of medicine in, “Don’t Forget About The Second Victim, We Suffer Too.”
Let’s face it.
As vast as the world is, there is still only a finite amount of resources it contains.
Do you feel that if someone has a larger slice of the pie, that automatically means that someone else has to get a smaller piece?
That is the very concept behind the Scarcity line of thinking.
Would it not be better to adopt the Abundance mindset instead?
We have often heard that a “rising tide lifts all boats.”
It is similar to the age old debate between the pessimist and the optimist whether or not the glass is half empty or half full.
Semi-Retired MD gives some great tips on how you can view your glass as the latter in, “Do You Believe In An Abundance Or Scarcity Mindset?”
Hope you enjoyed the reading material.
Have a great rest of the week.
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