”You are the average of the five people you spend the most time with.” You may have heard this quote, from famous motivational speaker Jim Rohn, many times before. Taken at face value, the quote relates to how we are influenced. But it’s also a sentiment that really sums up how we live and interact with our closest friends and family. Tony Robbins takes it a step further, saying that “the quality of ...

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Owning a medical business is like being a CEO, patient advocate, accountant, human resources manager, medical healer, and office manager all rolled into one.  One job title that most physicians put last in their ever-growing list of roles is that of retirement planner.  Ensuring that you have your long term financial house in order is often neglected in favor of dealing with all the short term problems that a medical ...

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As resident physicians with a tight budget, one of the last things on our mind is paying for added insurance. Trust me; I get it. However, as a [future] high-income earners, long-term disability insurance is essential. It may not be at the top of our priority list, but it should be. What is it and who needs it? Unless you are already financially independent or were lucky enough to have a trust ...

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As a medical student, I’m no stranger to being stressed out. From passing board exams, to impressing my attendings on the wards, to matching into the best residency, there are plenty of things for me to worry about. But although these concerns are the ones that take up most of my time, there is one worry which hangs over all of them like a cloud, sure to cast its shadow ...

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Whenever I discuss matters of money and business with medical students and residents, I‘m surprised by the responses: “Zilch, nothing,” or “Are you kidding?”  Sadly, our doctors-in-training still receive little to no education in this arena. There’s a stigma surrounding physicians and money, based largely on fact, which has become a beacon for all sorts of disingenuous, exploitive people who view doctors as over-stuffed pinatas, belly-full of money, ready to be ...

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As a graduating medical student with around $200,000 in student loans, I’m planning to enroll in Public Service Loan Forgiveness. When I shared this proclamation with my classmates they had mixed reactions and several questions. Just in case you’re wondering the same thing, I’ve answered them all below: 1. What is Public Service Loan Forgiveness? Public Service Loan Forgiveness (PSLF) is a government-sponsored student loan forgiveness program. If you work in public ...

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If you’ve ever tried to learn about student loan repayment plans, you might have felt overwhelmed and confused. Instead of spending days researching information — as I did — here’s a summary of the different repayment plans to help you choose the right one. 1. What is the standard repayment plan? With the standard repayment plan, you will pay off your student loans in 10 years by making “fixed” monthly payments. The ...

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You’re finishing your training this year and finally have a job. Never mind the fact that you have never had a “real” paying job and this is the first time you’re going to have more money left at the end of the month. And I’m not talking about a little bit of money left over; you’re going to be making 5-10x your current salary. I have buddies finishing this year in ...

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As someone who can’t stop talking about passive income investments, I inevitably end up having a lot of conversations about investing in real estate. I’ve heard countless stories of how real estate investing has helped people achieve their goals, but from those who don’t invest, I often hear this objection commonly voiced, “I don’t want to be called in the middle of the night to unclog a toilet.” What I ...

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In the 1960s, Lew Goldberg showed that a physician’s intuition and judgment can be fatally flawed.  Interestingly, the same fatal flaw that was exposed by Goldberg is the same fatal flaw that causes some of the biggest financial mistakes that doctors make with money.  Why aren’t doctors rich?  Psychology has an interesting explanation that everyone should understand. Tag along as we dive into the mind of physicians ...

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