Prior to 2000, a practicing physician was almost guaranteed a prosperous economic livelihood. The guaranteed future meant that a physician could take on financial risks such as using student loans to finance their education, purchase a house during residency, and start building a family. After becoming an attending, affording the million-dollar house, saving for retirement, financing their kids’ education, a physician could then use the remainder to afford the luxuries of life. ...

Read more...

The pandemic has revised the triple aim framework of health care. The simultaneous triple pursuit of improving the patient experience of care, improving the health of populations, and reducing the per capita cost of health care is currently not possible. With widespread forced lockdowns, we are unable to provide the optimal patient care experience, the health of the population is declining (limited access, postponed procedures, delayed vaccinations, etc.). And while ...

Read more...

With the coronavirus pandemic, many cities across the country have shut down. While some people are working from home, many others have been furloughed or lost their jobs altogether. With this rapid decrease in economic activity, the stock market has taken a huge hit. Many people who had a big chunk of their network in stocks, have seen a sharp decline in the overall value of their investments. In the ...

Read more...

Times have definitely changed. In the month of March 2020, we have seen the global economy shut down almost completely. Businesses shut down. Travel stopped. Millions filing for unemployment. Crises that used to span out over months, now happen in the time span of weeks to days. The rate of economic decline from COVID-19 is faster, more pronounced, and more pervasive than 9/11 and the 2008 financial crisis combined. Unlike 9/11 and 2008, the ...

Read more...

Out of the blue, a new virus popped up, and ten weeks later, it is a pandemic. Within the last ten weeks, doctors have identified this new disease, figured out how it is transmitted, identified what body fluid we need to test to determine who has contracted the disease, developed a test for it, mass-produced that test, and distributed the tests all over the world. What an incredible response we ...

Read more...

With COVID-19 raging through the nation, and limited supply of PPE at hospitals, doctors and other critical care personnel are at high risk due to their increased and daily exposure to the virus. For health care workers, the need to plan for a possible worst-case outcome for themselves and their families has become an immediate concern. Doctors are spending limited weekend time
Read more...

As COVID-19 continues to spread throughout the country and leave lasting impacts on our economy, many of us are trying our best to cope with the changes. While this can take a huge toll on our mental health and leave us unsure of our next move, there’s one thing we need to do in the midst of the chaos: Buy long-term disability insurance. Here are six things you ...

Read more...

With COVID-19 well underway and impacting everything from the economy to everyday life, here are a few financial planning strategies during a crisis.

1. Understand your budget. During uncertain times, spending usually reverts to a survivalist mentality. This is a good time to prioritize what really matters most. As we’re all staying home during COVID-19, entertainment and food costs have greatly reduced. I know I’m cooking meals and finding ...

Read more...

About a decade ago, I had my first doctor-client. And part of what they wanted to discuss was budgeting in order to save more. They just got new jobs and wanted some general planning for the sake of making good decisions. Software for budgeting and spending history didn't exist the way it does now. I wanted to provide the best help I could on this topic, and I knew about budgeting, ...

Read more...

It’s 2020, and many of us are more motivated than ever. We want to get fit, eat healthier, and continue to survive residency. While these are noteworthy goals, consider one more thing: making money doing something you love … outside of medicine. A.k.a., start a side hustle. If you’re unsure of where to start, here are a few side gigs to pursue as a resident. Start a blog For those who love ...

Read more...

Most Popular

✓ Join 150,000+ subscribers
✓ Get KevinMD's most popular stories