Too many doctors today believe that their income is what determines their level of success. This is a fallacy that is hurting way too many doctors. We hear things like, “Become a specialist so you can make the big bucks,” or “Now that I’m an attending, I can afford the payments on a new Tesla,” or “I’ve lived in an apartment too long, now is the time to get my ...

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A retirement plan isn’t usually a top priority for fresh doctors looking for their first jobs, whether that final date is in five years or thirty. Perhaps knowing when to hang up your hat is immaterial so early in your career since most doctors will end up leaving their first job within the first five years anyway.  However, I do wish that I had some inkling about the career paths ...

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Rock-paper-scissors is a game that nearly all of us played as children. It is a game with incredible opportunities to play mind games with your opponent. There is no luck in rock-paper-scissors as with card games. The game does not have complex rules like chess. You simply have to figure out the patterns of your opponent (or induce patterns into them) and take advantage accordingly. Can you beat the New York Times computer bot? Back in ...

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Women physicians are disheartened when they discover the financial implications of having children. Most of us will not get paid leave. Many of us are the breadwinning partner. And most of us will not become stay at home moms so we will need to pay for high-quality childcare or have a stay at home spouse. Certain things should be in place prior to becoming pregnant. So even if you’re single, I ...

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If you’ve done any research into real estate investing, you’ve likely heard the term “turnkey real estate.” Businesses calling themselves “turnkey companies” claim to take care of all the hard parts of real estate investing – helping you with all aspects of purchasing and managing a rental property – leaving you to sit back and collect passive income. That sounds great, but surely there’s a catch, right? Well, ...

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Asset protection is a term that gets tossed around quite a bit when we discuss how long and difficult the journey is for doctors to establish their careers.  You always want to protect what you’ve worked hard for, right? The principles for asset protection apply not only to doctors but essentially anyone who wishes to have some sort of security for their assets. The key is to make sure you don’t over ...

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Career burnout is becoming increasingly common and is a hot topic lately, particularly for physicians and other health care workers. The causes are many. Increased demands. Decreased reimbursement and recognition. Longer hours and lower benefits. The feeling that you’re just another wheel in the cog. In medicine, it’s the ever-thickening red tape. Clumsy electronic health records (EHRs). Prior authorizations. In-baskets that fill up with dozens or hundreds of messages any time you’re ...

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Doctors are notoriously bad with money.  Part of this has to do with the fact that the schools that prepare our future doctors are ill equipped to teach them about money.  When I was a fourth-year medical student, my school had a financial group come and talk to us about money.  Not only was their advice conflicted, but the lawyer who owned the financial group would later end ...

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There are many blog posts, books, and podcasts out in the world celebrating “passive” income. I’ve even got a partner blog in the WCI Network completely dedicated to passive income. It’s time somebody stood up for the other side — active or earned income. Is it really all that bad to have earned income? Of course not. Let me explain why. #1 It’s called opportunity Thomas Edison famously said, “Opportunity is ...

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We’ve all heard about credit card points and miles by now—put enough of your expenses on plastic and you’ll be flying first class airlines all the time, right? We are actually fortunate in American (sorry for those of you residing in, let’s say Japan, who still are stuck in a mostly cash-based society) to be able to have incredible amount of credit card options to squeeze out every penny. While the ...

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