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Financial Education and Wellness
The Financial Education and Wellness curriculum developed by the
AAMC's Committee on Student Financial Assistance (COSFA) provides
medical students with the practical knowledge and tools necessary
to make effective financial decisions compatible with their personal
financial philosophy. Financial wellness is achieved through knowledge
of the basic principles of money, the ability to make financial
decisions based on facts and sound reasoning and a fully developed
and well balanced plan for managing one's financial life that is
integrated with personal values and goals.
The five financial competencies are:
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Identifying
Values About Money (PowerPoint, 27 slides)
Explores the concept of value-based money management.
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Identifying
and Understanding the Concept of Goal Setting (PowerPoint,
18 slides)
Helps to identify short-, mid-, and long-term goals and create
a strategic action plan for reaching those goals.
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Creating
and Maintaining a Budget (PowerPoint, 12 slides)
Living within a budget is crucial during all phases of education.
This phase examines how student lifestyle choices continue to
impact the future physician's lifestyle.
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Understanding
Credit and the Cost of Borrowing (PowerPoint, 25 slides)
Addresses how to properly use credit, good credit or bad credit,
credit history, obtaining and reading a credit report.
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Understanding
the Mechanics of Earning and Saving Money (PowerPoint,
22 slides)
Examines the close relation of financial resources in respect
to fixed expenses, loan commitments, and desired/planned purchases.
MAStery of these competencies is a slow and evolutionary process.
They should be taught in order and one at a time, as each builds
upon the previous one. In addition, values and priorities sometimes
change with age. It's important that these lessons be revisited
and financial aid professionals be consulted when making major life
decisions.
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