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81 2. Financial planning with increased salary. Physicians entering private practice increase their salary seven- to 10-fold from residency and fellowship. However, the smartest surgeons don't go on a spend- ing spree. Instead, they learn about budgeting and money management. Around 48 percent of physicians report they are behind on retirement savings. "e second issue becomes financial planning; how much money should surgeons save? How much protection should they have with disability in- surance? Should they buy that new BMW?" says Dr. Duffy. "ey worked so hard at learning medicine, now they need to work hard at planning for the future and spending appropriately." 3. Choose the right practice setting — group or solo. ere aren't as many solo surgeons today as there were even 10 years ago; more young surgeons are joining larger private practices or becoming hospital employees. Large practices offer economies of scale in contract negotiations and can mit- igate risk, but make sure established practices have their financials in order. "A lot of physicians leave money on the table because they don't have practice management and collections in a good system," says Dr. Duffy. "We have a division that helps practices with those issues." 4. Make the right choice in disability and life insurance. Mil- lennial surgeons may not be focused on the future, but as their Baby Boomer and Gen X colleagues know, the future catches up with busy surgeons quickly. e sooner surgeons start planning for the future with disability and life insurance the better. "Something like 60 percent of physicians say they know another physician who has been disabled due to illness or injury, so it's absolutely essential for young physicians to protect themselves — and the younger they are when they buy a disability plan, the cheaper it is," says Dr. Duffy. Young surgeons also look for business information online and through so- cial media interactions. Afferent Provider Solutions created an education resource called Afferent University for physicians to learn about business, insurance, career planning and investment management. 5. Strategic investments. As time goes on, there will be a huge transfer of wealth from the baby boomer generation to millennials, and surgeons can grow their wealth with the right investments. Currently, around 45 percent of physicians report having made investment mistakes during their careers, according to the 2015 Medscape Physician Compensation Report. Afferent Investments is a SEC registered company which utilizes algorithms and rules for investing which protect against downside risk and allows inves- tors to participate in the upside of the market. "If the market goes down, the algorithm will take the investment out of the market into a safe strategy," says Dr. Duffy. "en the client is protected, and when the market rebounds, the client is reinvested in the market automatically. at allows the investor to participate in the up- side and limit the downside. We believe that this strategy is best for busy physicians." From his own 10-year investing career, Dr. Duffy knows how import- ant it is to use the concept of compounding interest to eventually retire comfortably. 6. Build the right work/life balance. Millennial physicians report work/life balance as an important factor in career choices. "ey've seen what a poor work/life balance did to their parents and grandparents," says Dr. Duffy. "ey aren't going to define themselves by being a phy- sician; they define themselves by other things like family, hobbies and religious dedication. ey have changed the order of priorities from per- vious generations." Young surgeons are finding ways to save and spend less with new tech- nology to streamline their work and make them more efficient. n 15 th Annual Spine, Orthopedic and Pain Management-Driven asc conference + the future of spine 235 SPEAKERS & 126 SESSIONS June 22-24, 2017 | Swissotel, Chicago Call 1.800.417.2035 or email registration@beckershealthcare.com or visit beckersasc.com/june-conference/ Andrew Hayek Chairman and Chief Executive Officer, Surgical Care Affiliates Marcus Allen Former NFL Running Back, Los Angeles Raiders and the Kansas City Chiefs and Analyst, CBS Michael A. Kasper Chief Executive Officer, DuPage Medical Group Lou Dobbs Business and Finan- cial News Legend and Host, Fox Business News' Lou Dobbs Tonight