You spend years studying and thousands of dollars to help children with their physical and mental well-being. But have you taken the time to assess your own financial wellness? The Section on Pediatric Trainees (SOPT) and the Section on Early Career Physicians (SOECP) are pleased to promote the annual American Academy of Pediatrics (AAP) Financial Wellness Challenge from the AAP Insurance Program. Congratulations! By taking part in AAP’s Financial Wellness Challenge, you’ve just taken the first step in assessing your financial health. The AAP Insurance Program is kicking off its financial wellness series to help encourage fiscal responsibility and to educate AAP members on a range of monetary topics. Over the next few weeks, we challenge all members and residents to think about their financial habits.
The AAP Insurance Program has developed a series of short videos to help you understand what it means to have a healthy wallet. From what makes up your credit score to the differences among retirement accounts, these videos cover all the basics to give you a better understanding of how to properly build long term financial success.
What does Financial Wellness Mean?
We all make decisions daily that directly impact our finances in either the short or long term, often without thinking twice about the rationale behind the choices we make. This is where the importance of Financial Wellness comes in. Financial wellness is not about your annual income or just about how much money you have saved in the bank- it is about consistency. Having financial consistency in the following areas is a key indicator as to your overall financial wellness: 1) Living within your means; 2) Sticking to your spending plan; 3) Meeting your savings goals; and 4) Paying your bills on time. Additionally, it is important to understand the four categories of financial wellness that we will be discussing over the next few weeks: 1) Money Management, 2) Credit and Credit Score, 3) Savings and Retirement, and 4) Insurance.