Dr. Abhirami Hallock, Radiation Oncology at the Niagara Health Centre talks to Capital Wealth MD Financial Advisor David Somerville about being a doctor and the challenges of managing her financial decisions throughout a changing career, from medical student to a specialist in Oncology.
WHEN DID YOU REALIZE YOU YOU WANTED TO PRACTICE MEDICINE? I always knew I wanted to be a Doctor but I was afraid of the balance of work to lifestyle. The minute I became a mother, my fear was gone and I preach to my daughter,always follow your dreams.
WHY DID YOU CHOOSE YOUR CURRENT SPECIALITY? This profession keeps me humble. What amazes me is the resiliency of the human spirit to fight cancer. The patients I serve make me a better human being and how cancer affects all families, it’s a privilege to serve.
WHAT IS THE BIGGEST CHALLENGE PRACTICING MEDICINE? The biggest challenge is when the treatments don’t work. It’s hard to let patients know that there are no further treatments to continue with it’s difficult to be the one person who takes away their hope.
COMING OUT OF MEDICAL SCHOOL, WERE YOU PREPARED FOR ALL OF THE FINANCIAL ISSUES COMING YOUR WAY? I was not at all prepared financially coming out of medical school. It’s important early in your career to get some understanding of all relevant topics like billings, taxes, debt and professional corporations.
DID YOU HAVE A FINANCIAL PLAN COMING OUT OF SCHOOL? I had no financial plan coming out of school. The initial firm recommended to me was no help and did not give me any direction.
WHAT RESEARCH DID YOU — USE IN PREPERATION OF YOUR WEALTH ACCUMULATION? I was always interested in finance. I had some common sense about money seeing I read a number of books early about money. I realized early to live below your means and debt was a bad thing. I have my personal philosophy about money which has guided me well. I’ve set long term goals for my money, my wealth and I reflect back yearly on my goals. Money issues I have learned can also be a high stress on family relationships so, being on the same page is important.
WHAT IS YOUR BEST FINANCIAL ADVICE TO YOUNG PHYSICIANS? My best advice to young physicians is to have some basic education about finances, make sure the recommendations about money make sense to you and you and live beneath your means.
DID YOU MAKE ANY FINANCIAL MISTAKES EARLY IN YOUR CAREER? The biggest mistake I made about money early in my career was not incorporating my medical corporation. I initially has some bad advice and this was costly.
WERE YOU PREPARED TO EFFECTIVELY MANAGE THE CASH FLOW RESPONSIBILITY? I was prepared early in my career to effectively manage the new cash flow. I was fortunate that I had some knowledge about money which really helped me. I’m grateful I had an interest in finances.
WHAT WOULD YOU SAY WAS YOUR BEST FINANCIAL DECISION / INVESTMENT? One of the best decisions about investing I ever made was to borrow to invest when the markets were low and there was potential for upside.
IF YOU COULD GO BACK, WHAT WOULD YOU DO DIFFERENTLY REGARDING YOUR MONEY? Looking back, the one thing I would change is to avoid impulse spending. I think using the 24 hour rule on luxury purchases would be a good habit.
DO YOU FEEL A PRESSURE TO “KEEP UP WITH THE JONESES”? I do feel pressure to keep up with the Joneses but it’s important to choose your circle of friends wisely.
WHAT DOES A GREAT RETIREMENT LOOK LIKE TO YOU? I’m not looking forward to retiring because my profession gives me great joy
and satisfaction. I do see possibly a transition one day to a new purpose.
SO…WHAT DOES YOUR LEGACY LOOK LIKE? I would like to be remembered as someone who always went above and beyond what was expected of them to improve the lives of others and who used every opportunity to learn and grow from that experience. Also, that I learnt early on that it was your kindness that people remembered most.