Doctors, like all professionals, are not immune to accidents, illnesses, or injuries. While you dedicate your life to improving the health of others, it’s equally important to safeguard your own financial well-being. Disability insurance acts as a financial lifeline, offering income replacement when you can’t work due to a disability.

1. Protecting your income. Your income is a significant asset; it supports your lifestyle, family, and financial commitments. Disability insurance ensures that …

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For those of us in the field of medicine, the differential diagnosis method is second nature. It involves considering a list of potential causes (differential diagnoses) for a patient’s symptoms and systematically narrowing down the possibilities through evaluation, testing, and clinical judgment. This method helps us arrive at the most likely diagnosis and, subsequently, the most appropriate treatment plan.

Now, let’s apply this concept to investing.

Symptom recognition in investing

In medicine, patients …

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Let me share a story about Dr. Sarah Mitchell.

Dr. Mitchell, like many of us, started her career with a resident’s salary, which was around $40,000 per year. After completing her residency, she received an enticing offer as an oncologist with an annual salary of $350,000.

However, instead of succumbing to lifestyle inflation, Dr. Mitchell made a financially savvy decision.

She committed to living on an annual budget of $60,000 for the first …

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For most doctors, hiring a financial advisor who understands their needs is important when making investment decisions. We are all busy, and most don’t have the knowledge to make good investment decisions.

However, some have the time, and get educated about investing, and prefer to be more involved in making their investments.

A self-directed brokerage account may be one good option for you if you wish to get more involved in your …

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Many of us own our practices and the buildings in which we work. Well, this is one way to understand investing in REITs.

Real estate investment trusts (REITs) are investment vehicles that cover many sectors, including health care and many other industries, such as storage facilities, commercial real estate, and many others. For doctors seeking investments that provide income, REITS may offer one alternative.

Of course, with all investments, discussing this option …

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I can’t believe it is the last quarter of 2023 already.

As the end of the year approaches, many doctors are busy with patients trying to get in for procedures as deductibles get met. It’s also a crucial time to consider what’s going to happen when you file your taxes in 2024.

Making strategic investments before the year’s end can significantly reduce your tax liability and potentially increase your wealth in the …

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Meet the doctors: Dr. Emily Carter and Dr. Carlos Martinez.

Dr. Carter is a primary care doctor, and Dr. Martinez is an allergist. Both doctors are committed to their medical careers. Dr. Carter earns about $180,000 a year, while Dr. Martinez earns about $400,000 a year. However, Dr. Carter is taking a proactive approach to her financial security, thinking early on about taxes, investing, and time. Dr. Martinez is enjoying his …

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