As a business owner, you have one primary role: Make money.
I hate to put it in such callous terms, but that’s the primary aim of any business. You have to make a profit first if you want to do anything else. Making a profit isn’t the most important thing. Your passion, your service, and your desire to help others should be the main motivation behind the business.
Money can not be …
My Danskos literally disintegrated last month.
I was in the hospital team room, finishing up my patient notes at the end of a busy hospitalist shift. I happened to look down at the floor, and there they were: black chunks on the carpet.
I thought, “Who left such a huge mess under the desk?”
I looked at the bottom of my black Danskos. There was a sizable chunk of the sole missing.
Finally, the …
A few short years ago, I started to worry about my family’s financial future while vacationing. During our annual ski trip, I took a nasty fall, landing on my wrist. The pain in my arm made me take notice of just how fragile our financial situation was.
As a self-employed periodontist, I asked myself:
If …
When I was a full-time partner in a large radiology practice, I worked days, nights, evenings, and weekends without control over my schedule. Doing the laundry, I washed days’ worth of my children’s outfits that I never saw them wear. I saw them in PJs in the morning before I left for work, kissed their warm cheeks goodbye, and saw them again at night when I got home after dinnertime …
I have been reading alarming tales of doctors who think they can buy their way into the hearts of their spouse and kids on the weekend to make up for not being there during the week. The reality is your kids don’t need your money; they need you to spend time with them. Quality time is needed at work; quantity time is needed at home.
Buying a vacation home to use …
Around 50 percent of physicians are burned out, and many feel trapped in their job. Yet, I have heard it countless times from doctors who were able to cut back to part-time work that when they had more time away from work, they fell back in love with medicine. Moderation in all things seems to be key here, and I’ve experienced some of that lately myself after a really hard …
While the coronavirus pandemic has created financial strain for a lot of low-income and middle-class Americans, many wealthy people don’t seem to be as affected. The stock market is doing relatively well, and many of the world’s richest people are getting even richer. How is that even possible, you may ask? Here are three main reasons the rich are getting richer.
1. They create their own business. Instead of having a …
Two of the biggest hitters in the physician finance online world are both anesthesiologists (Physician on Fire and Passive Income MD). Both of them are masters of side income by approaching money in completely different directions. Is it sheer randomness that out of dozens of possible medical fields, both of these successful …
When I speak to medical students and residents, their number one question is, “Should I follow my passion or choose a specialty that pays well?” With so many students finishing their training deeply in debt, they are feeling a push to go into a specialty that pays better than average, thinking that it will solve their debt problem. But is that a good idea?
Since we can pick anything we can …
Physicians have not been immune to the economic impact of the pandemic. There have been several furloughs and reductions in RVUs. Although physicians are high earning professionals, many start careers well into their 30s and are saddled with tremendous debt, and the need for financial planning cannot be ignored.
There has been a lot of buzz about investing in commercial real estate through syndication. This option may become more and more …
We have all heard that real estate is the investment vehicle of the wealthy. However, not many physicians take advantage of this tremendous resource.
The reality is the average medical student graduates with close to $200,000 in debt and does not finish training until his/her late 20s/early 30s with no financial education. The current COVID-19 pandemic has shown us that no job is protected, and earning potential can decline at any …
About a decade ago, I had my first doctor-client. And part of what they wanted to discuss was budgeting in order to save more. They just got new jobs and wanted some general planning for the sake of making good decisions.
Software for budgeting and spending history didn’t exist the way it does now. I wanted to provide the best help I could on this topic, and I knew about budgeting, …
It’s 2020, and many of us are more motivated than ever. We want to get fit, eat healthier, and continue to survive residency. While these are noteworthy goals, consider one more thing: making money doing something you love … outside of medicine. A.k.a., start a side hustle. If you’re unsure of where to start, here are a few side gigs to pursue as a resident.
Start a blog
For those who love …
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Medical residents and fellows have always been in an interesting situation. They are embarking on the foothills of their career and obtaining the skills and knowledge they need to press forward. They are likely in the most idealistic mindset they’ll ever be in their career, and they’re networking with their future general practitioners and specialists; it’s an exciting time of life.
One twist is that they have …
Finances were reported as the second leading cause of physician depression for men and women in 2018.
Doctors, like anyone else, face normal challenges that life throws at them. Additionally, they carry a huge weight on their shoulders as they go through rigorous training, are trained to put patients first, and are expected to increase …
An excerpt from The Physician Inventor: The Doctor’s Handbook to Patenting Medical Devices and Methods.
“I love my employees, even though I hit one of you with my car.”
– Michael Scott
When you are offered a position at a hospital or practice group, you will typically negotiate a …
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School has gotten back into full swing, and thus we begin another cycle. Will this cycle be better than the last? Every year we find ourselves in this same spot. Summer’s over, big vacations are in the bag, back to school shopping is complete, and we start recovering from our summer spending.
We often haven’t yet recovered from the summer splurges before it’s time to start Christmas shopping. Then we begin …
Here are eight things to do as a new attending that I didn’t learn as a resident (and wish I had).
Establish a budget
There are two times when a budget is a very important tool: when you are struggling financially and when you have a large income or expense change. Now that you have graduated to your new attending income, it’s important to intentionally decide how you will invest, save, pay …
This is one of my favorite times of the year. Thanksgiving dinner with my family, cool air that calls for cute winter clothes, and holiday festivities that invoke the spirit of love and positivity. As we embark on this season, inevitable holiday sales may tempt us more than we can imagine. In order to deal with this temptation and stay within our budgets, we may need a little motivation to …
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Health care is big business, with medical practices vying for contracts, hospitals undergoing facelifts in order to cater to patient experiences, and insurance companies making deals with pharmacies. Some of these arrangements are negotiated in the name of reducing health care spending, but there has to be some skepticism when for-profit entities are implicated. Physician salaries aren’t exactly growing with inflation—some fields have had massive cuts in spending over the …
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