Financial Unity Is a Key to a Successful Marriage
Over the years, I have spoken with many patients whose marriages were experiencing duress. By far the most common root cause of marital discord has been finances. Managing money successfully is an essential element for making marriages lasting and rewarding.
There can be some built-in advantages in physician marriages. Physicians tend to get married later in life, which has been one of the few reproducible correlations for reduced risk for divorce. It is also true that money cannot buy happiness, but it can rent it, at least for a while.
The overall higher median level of physician compensation, however, is no guarantee of either the financial success or the ultimate success of a marriage. Although it is true that overall rates of divorce are falling in the United States,[1] and that physicians as a profession tend to have lower rates of divorce than other professionals,[2] many physician marriages fall short of enjoying unity and success because of differences in attitudes on finances.
It is uncommon that two participants in any marriage enter the union with identical philosophies regarding many things, particularly spending and saving. Typically, one spouse will be more of a planner and more detail oriented, and one spouse will be more of a spender and more impulsive.
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Any views expressed above are the author's own and do not necessarily reflect the views of WebMD or Medscape.
Cite this: Gregory A. Hood. Managing Money in a Physician's Marriage - Medscape - Apr 23, 2019.
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COMMENTARY
Managing Money in a Physician's Marriage
Gregory A. Hood, MD
DisclosuresApril 23, 2019
Financial Unity Is a Key to a Successful Marriage
Over the years, I have spoken with many patients whose marriages were experiencing duress. By far the most common root cause of marital discord has been finances. Managing money successfully is an essential element for making marriages lasting and rewarding.
There can be some built-in advantages in physician marriages. Physicians tend to get married later in life, which has been one of the few reproducible correlations for reduced risk for divorce. It is also true that money cannot buy happiness, but it can rent it, at least for a while.
The overall higher median level of physician compensation, however, is no guarantee of either the financial success or the ultimate success of a marriage. Although it is true that overall rates of divorce are falling in the United States,[1] and that physicians as a profession tend to have lower rates of divorce than other professionals,[2] many physician marriages fall short of enjoying unity and success because of differences in attitudes on finances.
It is uncommon that two participants in any marriage enter the union with identical philosophies regarding many things, particularly spending and saving. Typically, one spouse will be more of a planner and more detail oriented, and one spouse will be more of a spender and more impulsive.
Medscape Business of Medicine © 2019 WebMD, LLC
Any views expressed above are the author's own and do not necessarily reflect the views of WebMD or Medscape.
Cite this: Gregory A. Hood. Managing Money in a Physician's Marriage - Medscape - Apr 23, 2019.
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References
Authors and Disclosures
Authors and Disclosures
Author(s)
Gregory A. Hood, MD
Internist, Lexington, Kentucky
Disclosure: Gregory A. Hood, MD, has disclosed no relevant financial relationships.