A practicing anesthesiologist for the past 14 years, when COVID hit, and the ORs came to an abrupt halt, I needed to occupy my mind. An opportunity to learn about the business behind running a practice came to me via a good friend who is a founding member of an award-winning Fintech on a mission to make a change in the credit card processing industry. I was stunned to learn ...

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Populous cities are populous, well, because people want to live there. Whether the appeal comes from greater career opportunities or simply being closer to family, these places have continuously grown over the last few decades. The growth is seemingly self-sustaining — certain industries and businesses exist because there is a population that desires these services. In return, these businesses require workers, so they attract people to the region. Add nice weather ...

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Forums and Facebook groups abound with a frequently asked question that sounds something like this: "Should we sell our positive cash flow rental to buy (insert fun new toy), so we don't have to attain a loan?" When someone wants to buy a new car, boat or motorhome — but they have learned that buying toys with borrowed money is a bad idea — they start thinking about how they can ...

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Doctors make bad entrepreneurs. I know I told you they make great entrepreneurs. But there are always exceptions. There are a couple of reasons why:

  1. They are all perfectionists
  2. They often haven’t learned skills outside of medicine
  3. They don’t have any time for anything outside of medicine 
Perfection stagnation Our GPAs had ...

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As someone who graduated from medical school with six-figure student loan debt, I’ve looked into several different loan forgiveness programs that will help repay what I owe. One of the most popular loan forgiveness programs is Public Service Loan Forgiveness (PSLF). Through PSLF doctors can get hundreds of thousands of dollars in student loans forgiven, tax-free. Although this seems great, when I attempted to ...

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As a business owner, you have one primary role: Make money. I hate to put it in such callous terms, but that's the primary aim of any business.  You have to make a profit first if you want to do anything else.  Making a profit isn't the most important thing.  Your passion, your service, and your desire to help others should be the main motivation behind the business. Money can not be ...

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Doctors make great entrepreneurs. How do I know? I’ve worked with hundreds of physician entrepreneurs. Almost every single one of them first thinks that they don’t have it in them to become an entrepreneur and then surprises themselves by being pretty good at it. Here’s what I’ve found is the common thread between physician entrepreneurs:

  1. They are masters of delayed gratification.
  2. They are natural problem solvers.
  3. They are good at marketing.
Masters ...

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My Danskos literally disintegrated last month. I was in the hospital team room, finishing up my patient notes at the end of a busy hospitalist shift. I happened to look down at the floor, and there they were: black chunks on the carpet. I thought, “Who left such a huge mess under the desk?” I looked at the bottom of my black Danskos. There was a sizable chunk of the sole missing. Finally, the ...

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A few short years ago, I started to worry about my family's financial future while vacationing. During our annual ski trip, I took a nasty fall, landing on my wrist. The pain in my arm made me take notice of just how fragile our financial situation was. As a self-employed periodontist, I asked myself:

  • What if I was injured while playing sports with my kids?
  • What if I became permanently disabled?
If ...

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Have you been thinking about investing in real estate? There are many benefits to owning real estate, but as physicians, most of us are already busy with our full-time clinical careers. It can be difficult to find the extra time necessary to learn how to purchase and manage a real estate property. You may or may not have heard of syndications; it allows individual investors to come together and pool their ...

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