Job Stability In Today's Climate

Headlines, federal government funding issues, and stock market volatility can lead people to question how secure their own place is in the economy. How will this impact my job and my income?  In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff, walk through a few things that MAY impact the job market for physicians and other medical professionals.

As always – It depends!

• Policy at the federal government level may affect your job, but this is so hard to predict ahead of time!
• Those effects could be a reduction in staff, changes in pay, or potentially just more work (if other staff is reduced).
• You may need to make some adjustments in the future if:
  • You are a federal employee
  • Your position is funded (even partially) by grant money from federal institutions
  • You have many patients on Medicaid and/or Medicare
  • You work for a hospital or university with non-profit status. This could be challenged in the future, which could potentially affect student loan repayment and your employer’s cash flow.
• These adjustments may be a change in how much you work, how much time you are spending on research, or even finding a different job entirely.

Keep in mind that as a medical professional, you generally have more job security than the average person.  But it’s still important to have adequate emergency reserves and a backup plan no matter who you are.

For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.