I previously published a post discussing the most recent Medscape burnout survey results for physicians.  An interesting point of discussion was that many physicians felt that if they made more money, they would likely be happier.  Today, we will discuss the implications of this thought process and if there is evidence to support the claim.  Will more money make me happier? Let’s find out. Defining the problem In the aforementioned survey ...

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As we embark upon this new decade, many of us are committed to improving our finances. We may have vowed to stick to a budget or have a general goal to live below our means. While these are noble goals, let’s challenge ourselves to do even more. Here’s my six step-money challenge for 2020:

1. Buy 1 or 2 finance books to read. There are many different ways to ...

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It’s OK to make mistakes in life.  That’s the only way to learn.  Hopefully, the major mistakes get made earlier in life so that we have less to lose and more time to “make up” for faltering. But hey, life wouldn’t be interesting if challenges aren’t presented to us.  Let’s look at ten of the common doctor financial blunders that have either happened to me or my coworkers: 1. Borrowing too ...

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What is your greatest asset?  Your ability to earn.  It takes an intelligent, highly motivated, and committed individual to invest over a decade in education and training, combined with a mortgage-sized student loan debt to become a physician. The investment made by a doctor in becoming an attending is unrivaled by any other profession. Most physicians perform procedures, interventions, and surgeries using fine motor skills.  It takes very little to compromise that ...

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1. Increase retirement investments. As young professionals who will eventually retire or cut back on work at some point, we need to start investing in our future. While many of us may already have started setting aside money for retirement, others of us may not have begun that process. In 2020, let’s strive to do even more. Let’s commit to increasing our retirement savings, even if it’s by a small ...

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School has gotten back into full swing, and thus we begin another cycle. Will this cycle be better than the last? Every year we find ourselves in this same spot. Summer’s over, big vacations are in the bag, back to school shopping is complete, and we start recovering from our summer spending. We often haven’t yet recovered from the summer splurges before it’s time to start Christmas shopping. Then we begin ...

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Here are eight things to do as a new attending that I didn’t learn as a resident (and wish I had). Establish a budget There are two times when a budget is a very important tool: when you are struggling financially and when you have a large income or expense change. Now that you have graduated to your new attending income, it’s important to intentionally decide how you will invest, save, pay ...

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Why do you need professional advisors? If you were the CEO of a company pulling in $15 million in top-line revenue, you wouldn't be managing that organization by yourself, right? You'd have a team of trusted professional advisors in your "C-suite" to help you manage the business. You would have a director of human resources, a chief operations officer, a chief financial officer, and probably ten other people to manage different parts ...

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This is one of my favorite times of the year. Thanksgiving dinner with my family, cool air that calls for cute winter clothes, and holiday festivities that invoke the spirit of love and positivity. As we embark on this season, inevitable holiday sales may tempt us more than we can imagine. In order to deal with this temptation and stay within our budgets, we may need a little motivation to ...

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As physicians, we find ourselves in higher tax brackets than the majority of Americans. With the graduated tax system here in the U.S., the more we make, the higher the percentage of taxes we owe. That is not just because of the tax brackets, but also because many tax write-offs are phased out as income climbs, creating a compounding effect. There are things we can do to decrease our tax burden. ...

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