Recently, I was talking on the phone to a physician client of mine about the COVID-19 vaccine and how thrilled I was that everyone over the age of 30 is now eligible in New York, which meant I could now schedule my own appointment. We discussed the current market, and just when I was about to end the call by wishing him a happy National Doctor’s Day, his younger son, who ...

Read more...

At any given moment, about half of the physicians in the U.S. aren’t millionaires. While certainly, this is true for most Americans in general, doctors make much more than most Americans. In fact, compared to the average income in the United States of $87,864, physicians make 3 to 4 times more income than the average. Specifically, in 2020, Read more...

A gastroenterologist client of mine in Florida is very business savvy. From the beginning of our 12-year relationship, we planned to include real estate as part of his overall diversified portfolio alongside the equity investments in his retirement account. Slowly but surely, with the savings leftover after deferring the maximum amount he could into retirement plans, he built up portfolios of real estate for income purposes that included buying an office ...

Read more...

I am a trained neurosurgeon with decades of experience. However, I also have a passion for real estate. So far, I have managed to amass a real estate investment portfolio of over $250 million in assets by working with our investors and co-development partners. As a medical professional, I can relate to your current financial standing. You’ve managed to work your way into your current, high net-worth position(s) and are earning “good ...

Read more...

Everyone knows about the doctor car. Doctors know about it. Non-doctors know about it. Other than the doctor house, it is the symbol of medicinal consumerism. But today, my friends, I am going to completely debunk the doctor car myth! What is the doctor car myth? This car myth states that a doctor must have a fancy car to legitimize herself or himself as a physician. To drive a fancy car is to show that ...

Read more...

When I read The Broke Diaries, it was like reading my financial autobiography in medical school. I remember negotiating with the dry-cleaner to split my bill so that I could only pay for one dress and pick the rest up later.  Looking forward to making some furniture craft for my apartment on Spring break while the rest of my classmates were going to some exotic Island ...

Read more...

October is traditionally known as breast cancer awareness month. For me, seeing all the pink on social media is a stark reminder of my brush with the terror of breast cancer. As I was about to scrub into an operation, I got a call from my office manager. She asked if I would be at my wife's doctor's appointment with my partner that afternoon. I told her I was busy, but ...

Read more...

The most common question I am asked when someone finds out I managed my own real estate while I was a full-time general surgeon is: "How could you possibly have time to manage your rental real estate while being a full-time general surgeon? General surgery is a full-time job. It's not possible to fit a second full-time job into your schedule." The thing is, managing real estate is not a full-time ...

Read more...

There’s not a perfect financial planning vehicle in existence. Salary deferral plans, like many retirement plans and 457 plans, carry pros and cons. Many hospital systems have a combination of 401(k), 403(b), and 457 plans. The 401(k) is often designed for the employees who make under a certain amount, say less than $150,000 or so. Then the 403(b) with an option to contribute to a 457 salary deferral plan is ...

Read more...

A lot is happening when graduating medical residents are looking for employment after completing graduate medical education. They are finishing their residencies, taking the specialty boards, and trying to decide where they will be spending the rest of their lives. Considering a new job offer can be both exciting and stressful. It is natural in such circumstances to focus on what the job promises, where it is located, and how much it pays—and easy to overlook the fact ...

Read more...

43 Pages

Most Popular

✓ Join 150,000+ subscribers
✓ Get KevinMD's most popular stories