Geographical arbitrage is a huge component to being able to build wealth in a timely manner.  For doctors, the formula for rapid wealth accumulation calls for geographical arbitrage even more strongly as our salaries do not have wide ranges across the country.  A doctor in Texas will probably command a similar salary in Arizona (maybe slightly less).  A doctor in the midwest might earn more, spend less, and work less ...

Read more...

When you think about the future of health care, what word comes to mind? How about the word, "female"? If it didn't come to mind, it should because the landscape of the medical field is changing. As a result of that change, it is more essential than ever for women physicians to take control of their finances. Whether you're just entering the field or you've been practicing medicine for years as ...

Read more...

Apart from a minority number of academic physicians, nearly all of the physicians openly discussing finance matters online are either retired or in private practice.  The data might be skewed since most practicing physicians don’t work in academia anyway.  What might be interesting is to compare the percentage of financially literate academic physicians to that of those outside of academia.  I would venture to surmise that academic physicians might be more financially ...

Read more...

”You are the average of the five people you spend the most time with.” You may have heard this quote, from famous motivational speaker Jim Rohn, many times before. Taken at face value, the quote relates to how we are influenced. But it’s also a sentiment that really sums up how we live and interact with our closest friends and family. Tony Robbins takes it a step further, saying that “the quality of ...

Read more...

Owning a medical business is like being a CEO, patient advocate, accountant, human resources manager, medical healer, and office manager all rolled into one.  One job title that most physicians put last in their ever-growing list of roles is that of retirement planner.  Ensuring that you have your long term financial house in order is often neglected in favor of dealing with all the short term problems that a medical ...

Read more...

As resident physicians with a tight budget, one of the last things on our mind is paying for added insurance. Trust me; I get it. However, as a [future] high-income earners, long-term disability insurance is essential. It may not be at the top of our priority list, but it should be. What is it and who needs it? Unless you are already financially independent or were lucky enough to have a trust ...

Read more...

As a medical student, I’m no stranger to being stressed out. From passing board exams, to impressing my attendings on the wards, to matching into the best residency, there are plenty of things for me to worry about. But although these concerns are the ones that take up most of my time, there is one worry which hangs over all of them like a cloud, sure to cast its shadow ...

Read more...

Whenever I discuss matters of money and business with medical students and residents, I‘m surprised by the responses: “Zilch, nothing,” or “Are you kidding?”  Sadly, our doctors-in-training still receive little to no education in this arena. There’s a stigma surrounding physicians and money, based largely on fact, which has become a beacon for all sorts of disingenuous, exploitive people who view doctors as over-stuffed pinatas, belly-full of money, ready to be ...

Read more...

As a graduating medical student with around $200,000 in student loans, I’m planning to enroll in Public Service Loan Forgiveness. When I shared this proclamation with my classmates they had mixed reactions and several questions. Just in case you’re wondering the same thing, I’ve answered them all below: 1. What is Public Service Loan Forgiveness? Public Service Loan Forgiveness (PSLF) is a government-sponsored student loan forgiveness program. If you work in public ...

Read more...

If you’ve ever tried to learn about student loan repayment plans, you might have felt overwhelmed and confused. Instead of spending days researching information — as I did — here’s a summary of the different repayment plans to help you choose the right one. 1. What is the standard repayment plan? With the standard repayment plan, you will pay off your student loans in 10 years by making “fixed” monthly payments. The ...

Read more...

31 Pages

Most Popular

Join 150,000+ subscribers

Get the best of KevinMD in your inbox

Sign me up! It's free. 
close-link
✓ Join 150,000+ subscribers 
✓ Get KevinMD's 5 most popular stories
Subscribe. It's free.