True Luxury for Single Mom Physicians: Peace of Mind and Financial Stability
Oct 10, 2024
As single mom physicians, our perspectives on what constitutes true luxury can evolve significantly over time. I recently came across an enlightening article by Christine Benz, the Director of Personal Finance & Retirement Planning for Morningstar and co-host of The Long View Podcast. Christine’s reflections on luxury are incredibly relevant for us, as they highlight how our values and priorities can shift as we navigate our careers and personal lives.
Christine Benz shares how her definition of luxury has evolved over the years. It’s a refreshing read, especially in today’s world where social media often pressures us to flaunt our success. Instead, Christine discusses luxuries that might go unnoticed by others but bring immense value to our lives. Let’s explore some of these insights and see how they resonate with us as single mom physicians.
- Putting Money in Its Place
The biggest luxury Christine talks about is ensuring that money doesn’t dominate major decisions or cause stress. Imagine the peace of mind that comes with knowing a financial setback won’t derail your plans. As physicians, our careers are demanding enough without the added pressure of financial insecurity. Prioritizing financial stability allows us to focus on what truly matters—our families and our patients.
Over my career, that’s meant having an emergency fund with at least 9 months worth of expenses because you can be without a job or income for that long as so many learned due to job shifts or unemployment during the pandemic.
- Not Having a Budget
Christine shares the luxury of not needing a strict budget. Early in her career, she and her husband tracked every expense. But as their financial situation improved, they automated their savings and investments, freeing themselves from the meticulous budgeting process. For us, this means setting up automatic contributions to our retirement accounts and letting our money grow, allowing more time to focus on our practice and family life.
Establishing and maintaining an intentional spending plan remains important for long term financial health but it’s been free-ing to not have to worry about the checkbook knowing with a quick thought or look at the balance if it was easy to afford something my family wanted like an extended trip or had an emergency. It’s very comforting when you get to the point that you don’t have to track every expense, though I still like the image of Warren Buffet’s wife clipping coupons on their sofa as so many did on their block.
- Holding Cash
Having a cash cushion provides tremendous peace of mind. Christine admits that holding too much cash might have detracted from her investment returns, but the security it offers is invaluable. As single mom physicians, having readily available funds for emergencies—whether it’s a car repair or a medical expense—can alleviate a lot of stress.
My daughter just made me laugh when she shared that she’s been holding cash and thought it was time to deposit some into her high yield savings account. Of course, her desire to deposit was as much a result of recognizing the benefit of using her credit cards with the loyalty programs offered, but I appreciate that the cash didn’t just flow threw her fingers.
- Not Having Debt
Debt can be a significant burden. Christine highlights the luxury of being debt-free, emphasizing the peace of mind that comes with not having to worry about mortgage payments or other debts. For us, minimizing debt allows us to invest more in our children’s future and our own financial well-being.
It was truly a joy when I stopped having debt – and a purposeful choice when I accepted a car loan rather than pay cash for a car when I started working in another state. Turns out, it was smarter to keep that payment as a legitimate business expense and keep cash liquidity and investment funds intact. You’ll realize it’s all about what is best for your situation at different times in your life.
- Keeping It Simple
Christine values simplicity in her financial life. Instead of complicated investments, she and her husband focus on streamlined accounts and clear financial goals. This simplicity can be a luxury for single mom physicians too, reducing the mental load and allowing us to focus on what’s truly important—both professionally and personally.
For me, part of this is still trusting my financial planner because I find no joy in tracking the markets. If anything, the stock market rise and fall makes me sick to my stomach. So I’m glad to have my financial planner, recommended by financially and personally successful colleagues whom I treasure, monitor those investments for me and update me regularly so I needn’t lose sleep over them.
- Being Able to Help
One of the most fulfilling luxuries Christine mentions is the ability to help others financially. Whether it’s supporting a family member or contributing to a charitable cause, the joy of being able to say, “I can help with that” is unparalleled. As single mom physicians, our ability to help others—be it through our work or our financial resources—is a powerful reminder of why we do what we do.
As those of you who have known me for a while are aware, I started supporting my parents and sister when I was 18. It wasn’t a smart financial decision, but it was necessary to keep them afloat. My parents lived with me for part of my surgical residency. It became a bigger commitment when I went into private practice. My second year out, I accepted the commitment of purchasing a house for them near four of my sisters with space for my daughter and I to go visit. I’d have to recommend against taking on that kind of financial commitment to anyone yet felt I didn’t have much choice in the matter. The kind of things Christine mentions are much more short lived and reasonable in the scheme of things. Try to stick with those.
Christine Benz’s reflections remind us that true luxury isn’t about outward shows of success but about internal peace and fulfillment. As we navigate our busy lives, let’s take a moment to appreciate the luxuries we have—financial stability, simplicity, and the ability to help those around us. Remember to prioritize what truly matters and let go of the pressure to keep up with societal expectations.
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