It was at the very beginning of the fourth year of medical school that Kristen and I had our first kid. So, we decided to get life insurance. I didn’t know who to turn to at first, but then I was directed to an insurance agent at a well-known mutual fund company who happened to be my friend’s brother. As I sat down, he asked if I was healthy. To …
Do your friends assume you are a “rich doctor,” and thus you feel pressure to meet that expectation?
Do you want to reward yourself after all the years of training and stress with some nice luxury toys?
Doctors often find themselves caught between two choices: living a luxury lifestyle and securing their financial future. It’s a delicate balance that requires careful planning and strategic decisions. But it doesn’t have to be an …
Do you know what most financial advisors say about doctors and how they manage their money?
It is not pretty.
I have been in those conversations, and stereotypical doctor stories come out.
Impulsive purchases, lack of knowledge, and easy to manipulate into poor investments are just a few of the things I have heard.
Now, in our defense, we spend ten or more years studying to become a doctor and, one day after residency, …
Feeling burned out is often a function of financial fragility. How is that possible when most doctors earn incomes in the top 1 percent?
I am both a physician and involved in finance. As physicians, we often start our careers under significant debt, start our careers at an older age, and start with less savings than many of our friends who are professionals in other industries. Starting our careers at this …
As the world becomes increasingly digitized and economic realities continually shift, there has been a growing conversation among medical professionals regarding investing, particularly in digital assets like Bitcoin. The appeal of Bitcoin is substantial, especially in an era marked by high inflation rates. Bitcoin is the first “programmed” money that relies on math and code. It has an open public and simple code and has never been hacked. This is …
America’s medical debt problem is out of control, with collection agencies holding around $140 billion in unpaid medical bills.
Some experts think the amount of medical debt may actually reach $1 trillion and affect nearly 1 in 3 Americans. That’s because not all medical debt appears on credit reports. Moreover, many people pay their medical bills with their credit card and then are forced to have those unpaid …
The recent failures of Silicon Valley Bank (SVB) and First Republic Bank understandably spurred concern among industry and regulatory leaders about the health of the overall banking industry. Certainly, investigating the reasons leading to their collapse is important so we can identify and prevent it from becoming a larger trend.
The reason to prevent future losses of similar banks, however, has microeconomic impacts that go beyond the dollars-and-cents and market-confidence impacts …
An excerpt from The Compound Code: An Expert Guide to Trading Stocks & Options.
The focus of this chapter is on how to use options to generate income, enhance returns, and provide downside protection. Options can be complex and confusing, if not outright intimidating. Many people think of derivatives in general …
The broken status quo
The hard, cold truth is that half of you will end up teetering on the same burnout cliff that I found myself looking at a decade ago. It’s a painful abyss, and many of you will experience it.
The status quo of resigning ourselves to accepting that half of the brightest and most altruistic humans on Earth will be injured and harmed by the current health care system …
Yes, this sounds very ominous. However, there is a reason why I wanted to alert you to the fear of mismanaging your finances. Doctors live in the limelight and are highly traceable on the internet. Also, physicians earn large amounts of money, which can sometimes be overwhelming, giving a false sense of never running out of it. Therefore, I want to review the top four mistakes doctors make with their …
In a recent Wall Street Journal article titled “A Housing Bust Comes for Thousands of Small-Time Investors,” the foreclosure woes of Jay Gajavelli, the head of Applesway Investment Group, were brought to light. Gajavelli’s ownership of multiple units across Houston took a turn for the worse, shedding light on the risks associated with syndicators in the real estate market. However, it is crucial to note that this case does …
In the realm of real estate investing, multifamily syndication has garnered significant attention as a lucrative and rewarding investment strategy, particularly among physicians and other high-income earners. Primarily, its appeal lies in its ability to offer attractive returns while simultaneously generating passive income and long-term wealth-building opportunities.
Given the unique characteristics and benefits of multifamily syndications, it has rapidly become a popular investment vehicle among investors looking to diversify their income …
This article is sponsored by Set for Life Insurance, helping over 30,000 physicians with life and disability insurance needs since 1993. Get the best available policies at discounted rates. Request a quote today.
In this special sponsored episode, we …
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At least one commentator has opined that “physicians aren’t burned out. They’re abused.” That is an extremely accurate diagnosis. No matter how many mandatory meditation sessions physicians are required to attend during their lunch hours, they remain overworked, overstressed, and unhappy with their careers.
Although there is no easy fix, there are issues that can be addressed in the physician employment agreement that can ameliorate the horrible working conditions foisted …
Physicians today are being flooded with information about finding the best ways to increase their practice incomes. Secondary employment may be appropriate for desperate physicians in financial distress, but the usual short-term nature of such employment is shrouded with low income, covering unexpected hours outside agreements, weekends working, management issues, and being labeled as the “fill-in” doctor.
I say that because I worked at the local Planned Parenthood clinic for a …
“Money makes the world go ’round.”
Whether you believe this this figurative adage or not, it is a hard truth. Money is ubiquitous; it pervades everyday life. And money is the cornerstone of business. So I’m shocked to hear “pretty much nothing” when I ask residents what they’re taught about business and money these days.
Not to insult anyone’s intelligence, but I’ll venture an assumption. If you are a medical student, resident, …
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One of the more-anticipated movie releases in my household this spring was Air, which tells the story of Nike’s now-famous partnership with Michael Jordan. Their landmark shoe deal redefined what it meant to be a professional athlete: players evolved beyond serving as brand ambassadors to become brands unto themselves.
Jordan’s partnership with Nike marked a true industry paradigm shift. I can’t help but feel that health care is also at an …
You have had a long, fulfilling career. Or maybe you’re in the middle of practice, realizing you’re burned out and tired, and wanting to do something else. Maybe the practice you joined no longer fuels you, or you realize you’re working too hard. It could even be a family or health issue that forces you to look elsewhere. Or you think, “How can I transition from a practicing doctor to …
The gradual influence of what’s called the “medical-industrial complex” has its tentacles wrapped around every physician’s medical career to the point that any practicing physician should expect no guarantee about becoming wealthy. Even the optimistic nature we carry along with our passion for improving our life circumstances and making a welcome difference in the health care we provide over the years will become tempered to reflect the demands of our …
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The recent failures of major banks such as Silvergate, Silicon Valley Bank, Signature Bank, and Credit Suisse have highlighted the fragility of the modern banking system. These events occurred within a week, unlike the drawn-out process of the 2007-2008 financial crisis. The quick succession of bank failures underscores the inherent risks of a money system based on government fiat, central banks’ ability to print money and manipulate interest rates, and …
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