“How do we combat all these beliefs that can make doctors into bad investors? I have a few thoughts.
First of all, don’t panic. Most of us are indeed starting behind the eight-ball when it comes to wealth accumulation. But even with a shorter runway, physicians make enough money to make up for lost time. With a well-constructed financial plan, you can hit your goals, whatever they might be.
Second of all, be humble. Recognize that vast scientific knowledge doesn’t always translate into financial wizardry. Take the time to educate yourself in any area where you plan to invest. For example, I only started to accelerate my real estate investment after I took a formal real estate investing course.
Finally, take ownership. Realize that your financial future is your responsibility. Don’t offload all the details to an advisor without having a basic understanding of what is happening to your money.
Daniel Shin is a urologist who blogs at The Darwinian Doctor.
He shares his story and discusses his KevinMD article, “Why doctors are such bad investors.”
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Hosted by Kevin Pho, MD, The Podcast by KevinMD shares the stories of the many who intersect with our health care system but are rarely heard from.