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Resident financial education – interactive ideas?

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  • Avatar Wings3496 
    Participant
    Status: Physician
    Posts: 28
    Joined: 11/05/2016

    I’ve been tasked for the last several years with providing the financial education for the residents in our (family medicine) program. What I’ve been doing in the past is giving a series of 2, one-hour didactic lectures which cover the basics (budgets, emergency fund, savings/retirement, student loans, investing basics, credit, insurance, financial advisors) each year, so that every PGY class likely gets to see them twice. I also provide them copies of the WCI book as a holiday gift when they are interns.

    I’ve been given an opportunity for a longer, 2-3 hour session in an educational block to use for further/bonus financial education. Rather than rehashing what I already go over in the other sections, I was thinking of trying to make something interactive. I did a bit of searching online for interactive financial education but it’s mostly aimed at school-age children.

    I was hoping maybe this group could help me brainstorm some ideas or point me toward some resources – it’s a group of up to 24 residents, but more typically it’ll be about 18-20 based on rotations, with maybe 2-5 faculty thrown in based on who is in office as well. I have standard multimedia stuff and good amount of meeting space. Any ideas would be greatly appreciated!

    #221650 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3517
    Joined: 01/14/2017

    Go through the major points:

    Plan, start early and often
    Budget
    Asset allocation
    Cost control
    Tax efficient allocation

    Except make it interactive by showing sequential graphical/numerical outputs given certain decisions:

    “Let’s say you decide to start early and invest $X a month for 10 years only. In 30 years you have $Y at 6% annual growth. (Graph with numbers shown)
    Now let’s say you wait 10 years, spend $X on new clothes, more expensive apartment, etc., and then start saving monthly at 2x$X. How much will you have in 20 years, at the same time point as in the first situation? (Take guesses) Mind you, you did wait BUT you are saving TWICE as much per month. How much will you have? … (show the shocking graph with numbers to ram the point home) < >”

    #221665 Reply
    MPMD MPMD 
    Participant
    Status: Physician
    Posts: 2509
    Joined: 05/01/2017

    One pretty simple but interactive thing that I do is to let residents do “chose your own adventure.” I’ll flash up a slide with various topics (loans, investing, insurance, etc) and then let the group decide what they want to talk about.

    I also have a checklist that I created, PM me if you want it you are welcome to steal it. When I use it in lectures I do it almost like a workshop e.g. let’s work down through this together and talk about each item. This lends itself easily to a 2 hour discussion.

    #221670 Reply
    Liked by Anne
    LBKCLU LBKCLU 
    Moderator
    Status: Website Sponsor, Insurance Agent
    Posts: 261
    Joined: 01/08/2016

    I have done several workshops and either at the end or along the way, I do an interactive quiz with the participants. You create the questions and then each participant can log into the game with their computer, phone or tablet. Everyone makes up their own screen name and it is scored based upon accuracy and speed. If you tell them you will be doing this, they will even pay more attention and it is a lot of fun. You can even offer prizes along the way to the winner(s) of each section. Check out https://kahoot.com/

    Lawrence B. Keller CFP®, CLU®, ChFC®, RHU®, LUTCF
    http://www.physicianfinancialservices.com I (800) 481-6447

    #221712 Reply
    Liked by mapplebum
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 1860
    Joined: 02/11/2019

     “chose your own adventure.”

     

    I always seem to be eaten by a dragon in those;

    https://www.youtube.com/watch?v=DHI1cGvm9-c

     

    More seriously WCI made a few Power point presentations a while back for use in situations like these.  Not very interactive but educational and free.

    You can Have them all invest a fake 10K and see who wins at the follow up presentation or at the end of residency.

    Keep teaching!

    “Never let your sense of morals prevent you from doing what is right.”

    #221882 Reply
    SerrateAndDominate SerrateAndDominate 
    Participant
    Status: Physician
    Posts: 487
    Joined: 02/01/2018

     “chose your own adventure.”

     

    I always seem to be eaten by a dragon in those;

    https://www.youtube.com/watch?v=DHI1cGvm9-c

     

    More seriously WCI made a few Power point presentations a while back for use in situations like these.  Not very interactive but educational and free.

    You can Have them all invest a fake 10K and see who wins at the follow up presentation or at the end of residency.

    Keep teaching!

    Click to expand…

    Yeah, I used the WCI powerpoint with my own tweaks a few weeks ago when talking to residents at my program. Since the crowd was mostly IMG, I cut out the student loan stuff, which helped me stay on track in time. Instead, I brought in some slides showing the power of compound interest and expense ratios.

     

    As for interactive, I was torn on how to do this since it was a noon conference, and I really wanted to be low key with everything. I did a mix of gross specimen images and pop culture references. The top two scoring folks got a free book (choice among Bogelheads, WCI Boot Camp, and TPP). I think polleverywhere can integrate into your PPT; not sure if you need to pay to keep track of things. People like competition

     

    Oh, and read up on Jason Mizell’s stuff. He’s a colorectal surgeon at the University of Arkansas. Really great guy. I’m sure he would share his course outline and other ideas. As a resident, I sat in on his M4 Business in Medicine Class, and it’s very well done.

    Earn everything.

    #222065 Reply

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