Prior to 2000, a practicing physician was almost guaranteed a prosperous economic livelihood. The guaranteed future meant that a physician could take on financial risks such as using student loans to finance their education, purchase a house during residency, and…
Prior to 2000, a practicing physician was almost guaranteed a prosperous economic livelihood.
The guaranteed future meant that a physician could take on financial risks such as using student loans to finance their education, purchase a house during residency, and start building a family.
After becoming an attending, affording the million-dollar house, saving for retirement, financing their kids’ education, a physician could then use the remainder to afford the luxuries of life. …
The pandemic has revised the triple aim framework of health care. The simultaneous triple pursuit of improving the patient experience of care, improving the health of populations, and reducing the per capita cost of health care is currently not possible.…
The pandemic has revised the triple aim framework of health care. The simultaneous triple pursuit of improving the patient experience of care, improving the health of populations, and reducing the per capita cost of health care is currently not possible. With widespread forced lockdowns, we are unable to provide the optimal patient care experience, the health of the population is declining (limited access, postponed procedures, delayed vaccinations, etc.). And while …
With the coronavirus pandemic, many cities across the country have shut down. While some people are working from home, many others have been furloughed or lost their jobs altogether. With this rapid decrease in economic activity, the stock market has…
With the coronavirus pandemic, many cities across the country have shut down. While some people are working from home, many others have been furloughed or lost their jobs altogether. With this rapid decrease in economic activity, the stock market has taken a huge hit. Many people who had a big chunk of their network in stocks, have seen a sharp decline in the overall value of their investments. In the …
Times have definitely changed. In the month of March 2020, we have seen the global economy shut down almost completely. Businesses shut down. Travel stopped. Millions filing for unemployment. Crises that used to span out over months, now happen in…
Times have definitely changed.
In the month of March 2020, we have seen the global economy shut down almost completely. Businesses shut down. Travel stopped. Millions filing for unemployment.
Crises that used to span out over months, now happen in the time span of weeks to days.
The rate of economic decline from COVID-19 is faster, more pronounced, and more pervasive than 9/11 and the 2008 financial crisis combined. Unlike 9/11 and 2008, the …
Out of the blue, a new virus popped up, and ten weeks later, it is a pandemic. Within the last ten weeks, doctors have identified this new disease, figured out how it is transmitted, identified what body fluid we need…
Out of the blue, a new virus popped up, and ten weeks later, it is a pandemic. Within the last ten weeks, doctors have identified this new disease, figured out how it is transmitted, identified what body fluid we need to test to determine who has contracted the disease, developed a test for it, mass-produced that test, and distributed the tests all over the world. What an incredible response we …
With COVID-19 raging through the nation, and limited supply of PPE at hospitals, doctors and other critical care personnel are at high risk due to their increased and daily exposure to the virus. For health care workers, the need to…
With COVID-19 raging through the nation, and limited supply of PPE at hospitals, doctors and other critical care personnel are at high risk due to their increased and daily exposure to the virus. For health care workers, the need to plan for a possible worst-case outcome for themselves and their families has become an immediate concern. Doctors are spending limited weekend time
As COVID-19 continues to spread throughout the country and leave lasting impacts on our economy, many of us are trying our best to cope with the changes. While this can take a huge toll on our mental health and leave…
As COVID-19 continues to spread throughout the country and leave lasting impacts on our economy, many of us are trying our best to cope with the changes. While this can take a huge toll on our mental health and leave us unsure of our next move, there’s one thing we need to do in the midst of the chaos: Buy long-term disability insurance. Here are six things you
With COVID-19 well underway and impacting everything from the economy to everyday life, here are a few financial planning strategies during a crisis. 1. Understand your budget. During uncertain times, spending usually reverts to a survivalist mentality. This is a…
With COVID-19 well underway and impacting everything from the economy to everyday life, here are a few financial planning strategies during a crisis.
1. Understand your budget. During uncertain times, spending usually reverts to a survivalist mentality. This is a good time to prioritize what really matters most. As we’re all staying home during COVID-19, entertainment and food costs have greatly reduced. I know I’m cooking meals and finding …
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…
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…
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.
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…
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.
If you’re like me, taxes are my biggest expense and one of my biggest frustrations. I had talked to numerous local accountants and was always told there wasn’t anything I could do about it. Last year, I was introduced to…
If you’re like me, taxes are my biggest expense and one of my biggest frustrations. I had talked to numerous local accountants and was always told there wasn’t anything I could do about it. Last year, I was introduced to a proactive tax planning firm and had the opportunity to work with a certified tax coach. You might ask, what is a certified tax coach? They are an elite group …
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…
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…
“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 salary, productivity bonus, call schedule, retirement contributions, and perhaps even a signing bonus. You may have noticed a non-compete clause …
In a young physician’s life, financially speaking, the single most important aspect to financial well-being has nothing to do with money; it has nothing to do with investments; it has nothing to do with budgeting and saving. I think financial…
In a young physician’s life, financially speaking, the single most important aspect to financial well-being has nothing to do with money; it has nothing to do with investments; it has nothing to do with budgeting and saving. I think financial advisors and financial planners sometimes miss the mark on what’s really important.
What does it take to be a doctor? I started dating my wife exactly one month before she started …
The banks ask us a lot of questions. And we answer a lot of questions. All of them. They need our information to be sure that we are who we say we are, that our money is, in fact, our…
The banks ask us a lot of questions. And we answer a lot of questions. All of them. They need our information to be sure that we are who we say we are, that our money is, in fact, our money and that our money remains safely tucked away in their virtual vaults.
Social Security number? Mother’s maiden name? Home addresses for the past ten years? Bank account numbers with balances …
I previously published a post discussing the most recent Medscape burnout survey results for physicians. An interesting point of discussion was that many physicians felt that if they made more money, they would likely be happier. Today, we will discuss…
I previously published a post discussing the most recent Medscape burnout survey results for physicians. An interesting point of discussion was that many physicians felt that if they made more money, they would likely be happier. Today, we will discuss the implications of this thought process and if there is evidence to support the claim. Will more money make me happier?
As we embark upon this new decade, many of us are committed to improving our finances. We may have vowed to stick to a budget or have a general goal to live below our means. While these are noble goals,…
As we embark upon this new decade, many of us are committed to improving our finances. We may have vowed to stick to a budget or have a general goal to live below our means. While these are noble goals, let’s challenge ourselves to do even more. Here’s my six step-money challenge for 2020:
1. Buy 1 or 2 finance books to read. There are many different ways to …
It’s OK to make mistakes in life. That’s the only way to learn. Hopefully, the major mistakes get made earlier in life so that we have less to lose and more time to “make up” for faltering. But hey, life…
It’s OK to make mistakes in life. That’s the only way to learn. Hopefully, the major mistakes get made earlier in life so that we have less to lose and more time to “make up” for faltering. But hey, life wouldn’t be interesting if challenges aren’t presented to us. Let’s look at ten of the common doctor financial blunders that have either happened to me or my coworkers:
What is your greatest asset? Your ability to earn. It takes an intelligent, highly motivated, and committed individual to invest over a decade in education and training, combined with a mortgage-sized student loan debt to become a physician. The investment…
What is your greatest asset? Your ability to earn. It takes an intelligent, highly motivated, and committed individual to invest over a decade in education and training, combined with a mortgage-sized student loan debt to become a physician.
The investment made by a doctor in becoming an attending is unrivaled by any other profession.
Most physicians perform procedures, interventions, and surgeries using fine motor skills. It takes very little to compromise that …
