When I was a full-time partner in a large radiology practice, I worked days, nights, evenings, and weekends without control over my schedule. Doing the laundry, I washed days' worth of my children's outfits that I never saw them wear. I saw them in PJs in the morning before I left for work, kissed their warm cheeks goodbye, and saw them again at night when I got home after dinnertime ...

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I have been reading alarming tales of doctors who think they can buy their way into the hearts of their spouse and kids on the weekend to make up for not being there during the week. The reality is your kids don’t need your money; they need you to spend time with them. Quality time is needed at work; quantity time is needed at home. Buying a vacation home to use ...

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After ten grueling years of training to become a physician, you can finally see the light at the end of the tunnel. You may be receiving countless emails that advertise amazing starting salaries, sign-on bonuses, and/or loan repayments that almost seem too good to be true. Dozens of calls are coming in on a weekly basis from recruiters who want to help you find your dream job, and the prospect of ...

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Around 50 percent of physicians are burned out, and many feel trapped in their job. Yet, I have heard it countless times from doctors who were able to cut back to part-time work that when they had more time away from work, they fell back in love with medicine.  Moderation in all things seems to be key here, and I’ve experienced some of that lately myself after a really hard ...

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While the coronavirus pandemic has created financial strain for a lot of low-income and middle-class Americans, many wealthy people don’t seem to be as affected. The stock market is doing relatively well, and many of the world’s richest people are getting even richer. How is that even possible, you may ask? Here are three main reasons the rich are getting richer. 1. They create their own business. Instead of having a ...

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Two of the biggest hitters in the physician finance online world are both anesthesiologists (Physician on Fire and Passive Income MD).  Both of them are masters of side income by approaching money in completely different directions.  Is it sheer randomness that out of dozens of possible medical fields, both of these successful ...

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When I speak to medical students and residents, their number one question is, “Should I follow my passion or choose a specialty that pays well?” With so many students finishing their training deeply in debt, they are feeling a push to go into a specialty that pays better than average, thinking that it will solve their debt problem. But is that a good idea? Since we can pick anything we can ...

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When I graduated from medical school, one of the best decisions I made was to set up automatic savings. I made a budget that had about 25 percent taken away in taxes, decided to live on 50 percent of my income, and made the bold move to have the remaining 25 percent placed in an entirely separate account. This account was reserved for building wealth through saving, investing, and paying ...

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It's not hard to get started in real estate investing, but it can feel overwhelming at first. There are so many questions to answer!

  • Where do I get the money to do it?
  • How do I find the "right" property?
  • Do I have time to be a landlord right now?
  • Is it really worth the investment?
Financial security is an illusion, if your only income is from your main job.
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Physicians have not been immune to the economic impact of the pandemic. There have been several furloughs and reductions in RVUs. Although physicians are high earning professionals, many start careers well into their 30s and are saddled with tremendous debt, and the need for financial planning cannot be ignored. There has been a lot of buzz about investing in commercial real estate through syndication. This option may become more and more ...

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