Finance

Medical residents and fellows have always been in an interesting situation. They are embarking on the foothills of their career and obtaining the skills and knowledge they need to press forward. They are likely in the most idealistic mindset they'll ever be in their career, and they're networking with their future general practitioners and specialists; it's an exciting time of life.

One twist is that they have ...

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If you’re like me, taxes are my biggest expense and one of my biggest frustrations. I had talked to numerous local accountants and was always told there wasn’t anything I could do about it.  Last year, I was introduced to a proactive tax planning firm and had the opportunity to work with a certified tax coach.  You might ask, what is a certified tax coach?  They are an elite group ...

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Finances were reported as the second leading cause of physician depression for men and women in 2018. Doctors, like anyone else, face normal challenges that life throws at them. Additionally, they carry a huge weight on their shoulders as they go through rigorous training, are trained to put patients first, and are expected to increase ...

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An excerpt from The Physician Inventor: The Doctor's Handbook to Patenting Medical Devices and Methods. "I love my employees, even though I hit one of you with my car." – Michael Scott When you are offered a position at a hospital or practice group, you will typically negotiate a ...

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In a young physician’s life, financially speaking, the single most important aspect to financial well-being has nothing to do with money; it has nothing to do with investments; it has nothing to do with budgeting and saving. I think financial advisors and financial planners sometimes miss the mark on what’s really important. What does it take to be a doctor? I started dating my wife exactly one month before she started ...

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The banks ask us a lot of questions. And we answer a lot of questions. All of them. They need our information to be sure that we are who we say we are, that our money is, in fact, our money and that our money remains safely tucked away in their virtual vaults. Social Security number? Mother's maiden name? Home addresses for the past ten years? Bank account numbers with balances ...

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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:

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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