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Join Diane Shannon, an internal medicine physician and physician coach. Explore the evolving landscape of physician autonomy and discover actionable insights on how health care professionals can regain agency and empower themselves for a more fulfilling career …
Secrets to reviving physician autonomy [PODCAST]
Scientists refer to this seeming paradox as being derived from the nature of quantum reality and Heisenberg’s Uncertainty Principle. Ignorance can be a “strength.” For example, when we want to identify someone, the photons that arrive at our retinas will be different depending on the many other factors surrounding that person.
However, we tend to disregard most of the objects, colors, or obstacles in the way and conclude that it is …
Harnessing ignorance: quantum reality and medicine
In an unlikely intersection, pageantry has the potential to play a pivotal role in accentuating career progression in academic medicine. Through meticulously crafting one’s professional demeanor and image, physicians can hone their interpersonal and networking skills and bolster their professional credibility. Drs. Wada and Nelson share how their participation in pageants over the years has served as an influential catalyst for success, both in medical school admissions and academic promotion.
Pageantry, …
Pageantry: an unconventional catalyst for career advancement in academic medicine
Tax-efficient investing is about preserving your capital by optimizing investment decisions to minimize the tax consequences. This strategy becomes especially crucial when you’re investing for the long term. With their professional management and diversification, mutual funds offer several avenues for tax-efficient investing.
1. Capital gains efficiency. When you buy and sell individual stocks, you’re responsible for capital gains taxes on any profits you realize. In contrast, mutual funds pool money from multiple …
How to pick the right mutual funds to reduce your taxes
In a recent podcast conversation with Kevin Pho, MD, we talked about the importance of assertiveness in health care, including the ability to say “No” and the significance of culture in supporting it.
One of the topics we touched on was the influence of both top-down and bottom-up factors, which I want to elaborate on here.
Organizational culture refers to how and why things are done at work and the rules …
Communication, power dynamics, and organizational culture in health care
What is disability insurance?
Disability insurance, sometimes referred to as income protection or disability income insurance, is a financial safety net designed to replace a portion of your income if you become unable to work due to illness or injury. It ensures that you can continue to meet your financial obligations, even when your medical practice is put on hold.
Why do doctors need disability insurance?
Doctors, like any other professionals, are susceptible …
Doctors and disability insurance: Protecting your income
My own hundreds of medical articles floating around in the media today about business education being the rigorous standard for profitable and successful businesses, such as private medical practice business, seem to be unworthy for consideration by the dominant leadership in medical school education.
But when I find myself being sucked into reading deep thoughts uttered by world-renowned business experts such as Dan S. Kennedy, Peter Drucker, Maxwell Maltz, MD, Michael …
The power of business knowledge for medical professionals
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Join us as we delve into the world of Bitcoin investment with Noah Kaufman, an emergency physician and financial planner. Discover the potential benefits and risks of adding Bitcoin to your portfolio, the significance of the upcoming …
Bitcoin’s role in diversified portfolios [PODCAST]
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 …
1 in 5 doctors will become disabled. Are you prepared?
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Join Cobin Soelberg, an anesthesiologist and financial planner. Discover the secrets to achieving financial independence as a physician, the importance of consistency in wealth-building, and the myriad paths to financial freedom. Gain valuable insights into managing your …
Diverse paths to financial freedom for doctors [PODCAST]
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 …
Applying the differential diagnosis method to investing
In the demanding world of health care, physicians often dedicate their lives to patient care and burdensome administrative work, leaving little time to navigate the intricacies of their compensation and how it has stayed the same over the years. Many physicians unknowingly leave significant sums of money on the table, uncertain about how to maximize their earnings.
A goal for all physicians should be to understand their true market value. You …
Unlocking your full earning potential: a physician’s journey to a $70,000 salary boost
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Join Anjani Mahabashya, a physician advisor, as she shares her remarkable journey from hospitalist to her current role. Discover how hope, networking, and empathy played pivotal roles in her transformation. Explore the power of compassionate leadership in …
How compassionate leadership saved this physician [PODCAST]
Three nurses are at the nurses’ station. Two are talking about managing a patient’s pain, and a third, Donna, is reviewing a patient’s lab results and finding it difficult to concentrate.
Which is Donna’s best statement?
1) Shhh, stop talking!
2) I’m frustrated with your talking. It’s hard to concentrate, and I’d appreciate it if you would quiet down.
Answer: It depends on the relationships and Donna’s preferences. If Donna has a positive history …
The importance of “I statements” in health care settings
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 newer doctors, avoid lifestyle inflation
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 …
Want more investment control? A self-directed brokerage account may be right for you.
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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 …
Physician strategies for asset management [PODCAST]
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 …
Arrogance and lack of business education in medicine
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 …
Job search sabotage: Avoid common mistakes
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 …
REITs: Should they be a part of your portfolio?
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