1. Setting up automatic investments. The vast majority of young millionaires achieved their financial status by investing money. Unless they are a celebrity or were born into a wealthy family, they had to be diligent about investing money either in the stock market, a business venture, or real estate. You must do the same. One way to do this is by making your investments automatic. Have a certain amount of …
A few weeks back, Match Day welcomed smiles and celebratory tears across the nation. This particular match season was fueled by a pandemic and virtual interviewing. I reached out to my friend who got matched to his top internal medicine residency spot in the Lone Star State.
“I’m ready to make some money,” he excitedly mentioned over our phone conversation. “No more filling in the blanks in FAFSA and piling additional …
As a young professional who is trying to build wealth, I invest money. Although there is a myriad of different investment accounts and strategies, I invest in index mutual funds through my employer-sponsored retirement plan and my own Roth IRA. Yes, I have both types of accounts. Let me tell you why.
I invest in my employer-sponsored retirement plan (which is a 403(b), which is very similar to a 401(k) because:
1. …
When I sat down to write this article, my thoughts immediately went to the tragic loss of one of my best clients, a physician who recently passed away after battling COVID-19. I remember him not only as an excellent physician but even more so as a great person.
Unlike many physicians I speak to in the course of my work, this client had the foresight to do some careful estate planning. …
Recently, I was talking on the phone to a physician client of mine about the COVID-19 vaccine and how thrilled I was that everyone over the age of 30 is now eligible in New York, which meant I could now schedule my own appointment.
We discussed the current market, and just when I was about to end the call by wishing him a happy National Doctor’s Day, his younger son, who …
At any given moment, about half of the physicians in the U.S. aren’t millionaires. While certainly, this is true for most Americans in general, doctors make much more than most Americans. In fact, compared to the average income in the United States of $87,864, physicians make 3 to 4 times more income than the average. Specifically, in 2020, Read more…
A gastroenterologist client of mine in Florida is very business savvy. From the beginning of our 12-year relationship, we planned to include real estate as part of his overall diversified portfolio alongside the equity investments in his retirement account.
Slowly but surely, with the savings leftover after deferring the maximum amount he could into retirement plans, he built up portfolios of real estate for income purposes that included buying an office …
I am a trained neurosurgeon with decades of experience. However, I also have a passion for real estate.
So far, I have managed to amass a real estate investment portfolio of over $250 million in assets by working with our investors and co-development partners.
As a medical professional, I can relate to your current financial standing. You’ve managed to work your way into your current, high net-worth position(s) and are earning “good …
Everyone knows about the doctor car. Doctors know about it. Non-doctors know about it. Other than the doctor house, it is the symbol of medicinal consumerism.
But today, my friends, I am going to completely debunk the doctor car myth!
What is the doctor car myth?
This car myth states that a doctor must have a fancy car to legitimize herself or himself as a physician.
To drive a fancy car is to show that …
When I read The Broke Diaries, it was like reading my financial autobiography in medical school. I remember negotiating with the dry-cleaner to split my bill so that I could only pay for one dress and pick the rest up later. Looking forward to making some furniture craft for my apartment on Spring break while the rest of my classmates were going to some exotic Island …
There’s not a perfect financial planning vehicle in existence. Salary deferral plans, like many retirement plans and 457 plans, carry pros and cons. Many hospital systems have a combination of 401(k), 403(b), and 457 plans. The 401(k) is often designed for the employees who make under a certain amount, say less than $150,000 or so. Then the 403(b) with an option to contribute to a 457 salary deferral plan is …
A lot is happening when graduating medical residents are looking for employment after completing graduate medical education. They are finishing their residencies, taking the specialty boards, and trying to decide where they will be spending the rest of their lives. Considering a new job offer can be both exciting and stressful. It is natural in such circumstances to focus on what the job promises, where it is located, and how much it pays—and easy to overlook the fact …
Your success in the medical field is not solely contingent upon your clinical dexterity but often results from the mastery of various industry aspects. What separates a great doctor from a good doctor is their cognizance of both the clinical and business sides of medicine. The market, risks, and trends of medical businesses are a great resource for residents as they establish their place in medicine. Business management is a …
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A quick preview of any journal will note a plethora of physician jobs spanning the country. Many of these jobs offer a partnership track and promote a democratic philosophy.
As someone who has worked on both sides of the equation, I wanted to share a few thoughts. You may not agree with all, but here they are, nonetheless.
First, consider your long-range plan. While it’s exciting to contemplate a first job while …
I remember reading a post recently on a Facebook physician group that involved a cardiologist who asked for help on how to manage her finances after a divorce.
The pertinent aspects of this situation involves the physician being left with essentially nothing in retirement savings. She is mid-career with children and wants an option to reduce her schedule eventually to spend time with her children during the weeks she has custody. …
A practicing anesthesiologist for the past 14 years, when COVID hit, and the ORs came to an abrupt halt, I needed to occupy my mind. An opportunity to learn about the business behind running a practice came to me via a good friend who is a founding member of an award-winning Fintech on a mission to make a change in the credit card processing industry. I was stunned to learn …
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Populous cities are populous, well, because people want to live there. Whether the appeal comes from greater career opportunities or simply being closer to family, these places have continuously grown over the last few decades.
The growth is seemingly self-sustaining — certain industries and businesses exist because there is a population that desires these services. In return, these businesses require workers, so they attract people to the region. Add nice weather …
Forums and Facebook groups abound with a frequently asked question that sounds something like this: “Should we sell our positive cash flow rental to buy (insert fun new toy), so we don’t have to attain a loan?”
When someone wants to buy a new car, boat or motorhome — but they have learned that buying toys with borrowed money is a bad idea — they start thinking about how they can …
Doctors make bad entrepreneurs. I know I told you they make great entrepreneurs. But there are always exceptions. There are a couple of reasons why:
Perfection stagnation
Our GPAs had …
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As someone who graduated from medical school with six-figure student loan debt, I’ve looked into several different loan forgiveness programs that will help repay what I owe. One of the most popular loan forgiveness programs is Public Service Loan Forgiveness (PSLF). Through PSLF doctors can get hundreds of thousands of dollars in student loans forgiven, tax-free. Although this seems great, when I attempted to …
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