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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Life is full of potential worries. Personal, professional, and other stresses can make us anxious and reduce our happiness and quality-of-life. A major source of anxiety in our lives can be financial. A recent survey found that 85% of Americans are at least “sometimes” stressed about money and 30% of Americans state they are “constantly” stressed about it. In order for physicians to reduce their financial anxiety, they first have to ...

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It must have been about a decade ago.  It was another snowy day like today.  I awoke at the break of dawn, and rushed out the door to the hospital that was several miles away.  Leaving so early in the morning, the expressways hadn’t even been plowed yet.  I did this often.  Jumped into the car during inclement weather.  While most were waiting out the storm, I was cruising to ...

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The general consensus among physicians who have a solid grasp on their finances is that they are realistic about their earnings and expenses. Ins and outs. Just like in nephrology, except a net positive in your finances is considered a win.  One would expect that doctors ought to be generally conservative in their expenditures, since medicine is a generally conservative profession. But life is unpredictable, and that’s why there are ...

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As a medical student, you are thrilled to start your residency and to put your four years of studying and clinical rotations to the test. Now the time has come to begin earning a paycheck. This is the beginning of the financial stages of physicians. As an attending who has transitioned into practice, you may be stressed and wondering if you are on track to meet your financial goals. You are ...

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Q. Have you ever thought about doing a post on oversaving? I realize most docs probably have the opposite problem, but I bet there is a subset of the FIRE crowd that this may apply to. Does this ever come up in all the interactions you have? A. It was no surprise to see this question come in as a direct message on the WCI Forum, rather than an email ...

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