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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:

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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