BEHAVIORAL FINANCE: Cash is Still “King”

Posted on August 8, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

TREATING YOURSELF WITH CASH

By Staff Reporters

http://www.MarcinkoAssociates.com

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Folks are more likely to reach for dollar bills than credit cards when making a guilty pleasure purchase, according to new Stanford research.

MORE: https://medicalexecutivepost.com/2022/06/22/behavioral-finance-for-doctors/

In more than 118,000 real transactions at the university bookstore, buyers tended to slap their plastic on the counter for school supplies but pay with cash for “harder-to-justify” items like a stuffed plush mascot. And when asked how they’d pay for a hypothetical Reiki session, participants leaned toward credit card when the treatment was described as doctor-recommended but toward cash when they were told it was just an impulse purchase.

RELATED: https://medicalexecutivepost.com/2023/02/28/dr-richard-h-thaler-and-behavioral-economics/

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CAREER: Physician Coaching and Development

Posted on August 8, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

MARCINKO ASSOCIATES, Inc.

SPONSOR: http://www.MarcinkoAssociates.com

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Did you Know?

Experts estimate that it can cost more than $1 million to recruit and train a replacement for a doctor who leaves the profession because of burnout. But, as no broad calculation of burnout costs exists, Dr. Tait Shanafelt [Mayo Clinic researcher and Stanford Medicine’s first Chief Physician Wellness Officer] said Stanford, Harvard Business School, Mayo Clinic and the American Medical Association (AMA) are further cost estimating the issue. Nevertheless, Shanafelt and other researchers have shown that burnout erodes job performance, increases medical errors, and leads doctors to leave a profession they once loved.

CITE: https://www.r2library.com/Resource

Fortunately, we can help. From formal coaching to second career opinions, mentoring and advising, we can help with our remediation executive career programs. Regardless of what is happening in your life, it is wonderful to have a non-partial, confidential and informed career coach and sounding board on your side.

CITE: JAMA Internal Medicine [Effect of a Professional Coaching Intervention on the Well-Being and Distress of Physicians].

NCBI: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6686971/

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CONTACT US: https://marcinkoassociates.com/process-what-we-do/

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