A large percentage of doctors end up switching jobs within the first five years of practice.  This really isn’t surprising given that the medical training experience doesn’t necessarily correlate with the medical practice experience. Many doctors work hard throughout their entire training only to realize that their expectations do not necessarily align with reality.  Is it our fault that we don’t really know what we got ourselves into? Perhaps taking q3 ...

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Most Americans live their lives on borrowed money, constantly spending a little more than they make, leaving them with a growing debt. These debt payments, and the added interest they must pay on their debt, decreases the amount of money that they have available to spend on future needs. Paradoxically, borrowing to buy depreciating items, decreases one’s net worth. Stop the madness this year. No more spending more than you make. ...

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There seems to be one question that drives the financial independence community. Not for everybody, but a large percentage of the group are chomping at the bit. The question is simple yet infinitely complex. It drives at the heart of what it means to be financially independent and evokes our greatest hopes and fears. It is often the reason we stumbled across the idea of financial freedom in the first ...

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When I sat on the management committee of our surgery center, I was wondering why owners didn’t bring all their cases to the facility. They would clearly benefit financially if they increased their caseload. So why didn’t they? I realized, it was because we all think like dogs. Dogs will do tricks if you give them a treat immediately after their successful performance. Dogs will not do tricks if you promise ...

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The Hippocratic Oath says nothing about taking out a bank loan to outfit your own office to start your practice, nor does it include investing in real estate to diversify your income.  Of course, most doctors didn’t opt to enter medicine with the intention of building an empire of medical care (although some end up doing so anyway).  Large hospitals, insurance-run medical groups, and entities that operate with high revenue ...

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What does it mean to actually be financially free? If we make it a goal, what are we really working toward? Rather than looking at financial freedom as an abstract concept, it can be very useful to visualize exactly how it could impact your life. Ultimately, financial freedom means different things to different people. To me, true financial freedom comes when you can quit your day job and still be able to ...

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It's no secret that society has encountered a student loan crisis. Politicians from both sides of the aisle share similar concerns but promote widely disparate solutions. With over $1.5 trillion of student debt outstanding and default rates skyrocketing, it's clear that student loan debt management is important for all student borrowers, particularly medical professionals. Some 75% of medical school graduates start their careers with student ...

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Being a physician has served me well. It has given me purpose and identity throughout my career. It has also provided me with a stable income. I knew, however, from the beginning that things were changing. From the earliest days of practice, I pursued lazy side hustles and real estate. I learned about investing. You might suspect that I did this ...

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I recently graduated from medical school and will soon start residency. Yay! Although I'm happy with my decision to become a doctor, I can't help but notice that there are several ways that going to medical school and becoming a physician helped — and hurt — my ability to build wealth. Ways it helped me build wealth: 1. I will have a high income. Most of us doctors will make at least ...

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Whenever I tell people outside of medicine how bad doctors are with money, they are always shocked.  Almost universally, they wonder why we don’t save enough money.  They understand that – to become a doctor – you must be hardworking, intelligent, and dedicated to the cause.  These are the same attributes – when they are applied correctly – that result in financial success.  How in the world can ...

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