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 …
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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Join Scott Kyle and Patrick Fischer, authors of The Compound Code: An Expert Guide to Trading Stocks & Options. We’ll explore how stocks and options can be utilized to generate income, enhance returns, and provide downside protection. Gain valuable insights into the …
Dr. Osler was a physician who believed that dignified opinions in the medical profession created a destructive potential for the facts and truth about medical knowledge. The wisdom of his belief has traveled far beyond his time. In fact, his view of arrogant opinions has been dominating the medical profession far worse than one could imagine.
A profound example of the ignorance of the medical school education structure and the omissions …
People can inadvertently sabotage their job search efforts in several different ways when searching for jobs. This can happen in a variety of ways.
An unfocused job search results from not having a clear vision of what you are looking for or which industries and roles match your skills and interests. The goal and position you are aiming for should be clearly defined. It’s not enough to say, “I want to …
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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Join Corinne Sundar Rao, an internal medicine physician, and Aaron Morgenstein, an orthopedic surgeon, to explore the evolving landscape of medical practice. We discuss the challenges health care facilities face in recruiting and retaining physicians, the shifting …
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Join Jonathan Appino, founder of Contract Diagnostics. He discusses a unique approach that provides comprehensive contract reviews, custom-built solutions, and vital educational resources to empower physicians. We delve into the intricacies of complex compensation models, staying updated …
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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Join Tod Stillson, a family physician, as he uncovers the transformative concept of professional micro-corporations and how they’re reshaping the way doctors navigate their careers. Stay tuned as we discuss the keys to reclaiming professional autonomy, combating …
Physicians, particularly those who haven’t received business education, must address the frequently circulated question among their ranks: “Can you practice medicine without money?” Medical history unveils an era when most physicians were compensated through non-monetary means for their medical services and often went unpaid.
During that time, the choice to pursue a medical career was grounded in the personal belief that treating patients was the foremost aspiration for most physicians. Few …
In times of economic uncertainty and recessionary storms, the significance of cash flow becomes an indispensable lesson for experienced investors. While market turbulence may seem daunting, focusing on cash flow can act as a robust financial lifeline, providing stability, resilience, and unparalleled opportunities to weather the storm and emerge stronger on the other side.
Cash flow, simply put, is the lifeblood of any investment. It represents the net income generated from …
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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Join Dennis Hursh, an attorney with 40+ years of expertise in health law. Discover the nuances of locum tenens agreements for physicians, from tax implications and expense deductions to malpractice insurance essentials. We’ll delve into patient contact …
When it comes to personal finance and wealth-building, the phrase “time in the market beats timing the market” is often touted as an unshakable truth. The concept suggests that consistently staying invested in the stock market, regardless of market fluctuations, is the surest path to long-term financial success. However, as with any financial advice, it’s essential to critically examine its validity and consider the nuances involved. Let’s delve into the …
Are you solely relying on your income as a doctor? You might feel safe operating like this, but what if there’s a way to make your financial future even brighter?
In this fast-paced financial age, having more than one income stream is no longer just a smart move—it’s crucial to securing your financial future.
In this article, I’ll uncover the exciting potential of diversifying your income in today’s medical landscape from a …
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Meet Altelisha Taylor, a family medicine physician, and get clear insights into student loan repayment options. We discuss the Public Service Loan Forgiveness (PSLF) Program and discuss options to address medical school debt as a new attending.
Money, a topic often shrouded in secrecy and discomfort, has the power to shape our lives and influence our opportunities. Whether we like it or not, finances play a pivotal role in our personal and professional endeavors. However, our fear of talking about money can become a significant hindrance, limiting our potential for growth and success.
In many ways, discussing finances has become a social taboo. We avoid it at family …
Every business, regardless of type, size, or structure, has one primary reason: to make profits. In economic theory, every business is successful exactly to the extent that it does something others cannot. Business profitability rises to the extent that universal business principles are adopted and integrated into the medical practice business.
Business growth, endurance, and increasing profits over time are possible only when business management principles and marketing strategies are embedded …
During my tenure as a practicing physician, I’ve grasped that each patient necessitates and is entitled to comprehensive and unique follow-up care. Fascinatingly, this rule also relates to us, the contracted physicians. I’ve realized that a physician’s employment contract isn’t static; it is subject to deliberate and incidental alterations.
The involvement of attorneys in contract negotiation is imperative, but their influence tends to recede after the contract …
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