As someone who graduated from medical school with six-figure student loan debt, I’ve looked into several different loan forgiveness programs that will help repay what I owe. One of the most popular loan forgiveness programs is Public Service Loan Forgiveness (PSLF). Through PSLF doctors can get hundreds of thousands of dollars in student loans forgiven, tax-free. Although this seems great, when I attempted to ...

Read more...

As a business owner, you have one primary role: Make money. I hate to put it in such callous terms, but that's the primary aim of any business.  You have to make a profit first if you want to do anything else.  Making a profit isn't the most important thing.  Your passion, your service, and your desire to help others should be the main motivation behind the business. Money can not be ...

Read more...

Doctors make great entrepreneurs. How do I know? I’ve worked with hundreds of physician entrepreneurs. Almost every single one of them first thinks that they don’t have it in them to become an entrepreneur and then surprises themselves by being pretty good at it. Here’s what I’ve found is the common thread between physician entrepreneurs:

  1. They are masters of delayed gratification.
  2. They are natural problem solvers.
  3. They are good at marketing.
Masters ...

Read more...

My Danskos literally disintegrated last month. I was in the hospital team room, finishing up my patient notes at the end of a busy hospitalist shift. I happened to look down at the floor, and there they were: black chunks on the carpet. I thought, “Who left such a huge mess under the desk?” I looked at the bottom of my black Danskos. There was a sizable chunk of the sole missing. Finally, the ...

Read more...

A few short years ago, I started to worry about my family's financial future while vacationing. During our annual ski trip, I took a nasty fall, landing on my wrist. The pain in my arm made me take notice of just how fragile our financial situation was. As a self-employed periodontist, I asked myself:

  • What if I was injured while playing sports with my kids?
  • What if I became permanently disabled?
If ...

Read more...

Have you been thinking about investing in real estate? There are many benefits to owning real estate, but as physicians, most of us are already busy with our full-time clinical careers. It can be difficult to find the extra time necessary to learn how to purchase and manage a real estate property. You may or may not have heard of syndications; it allows individual investors to come together and pool their ...

Read more...

Appreciation in the personal finance world has two different components to it:

  • Quantitative: increasing value of net worth and financial assets
  • Qualitative: feeling of gratitude for one’s finances, resources, and circumstance. This is not dependent on the dollar amount.
These are both important, but the qualitative is the best predictor of increasing wealth and personal wellbeing. We are programmed by these components, which makes our brain to focus on what is wrong ...

Read more...

When I was a full-time partner in a large radiology practice, I worked days, nights, evenings, and weekends without control over my schedule. Doing the laundry, I washed days' worth of my children's outfits that I never saw them wear. I saw them in PJs in the morning before I left for work, kissed their warm cheeks goodbye, and saw them again at night when I got home after dinnertime ...

Read more...

I have been reading alarming tales of doctors who think they can buy their way into the hearts of their spouse and kids on the weekend to make up for not being there during the week. The reality is your kids don’t need your money; they need you to spend time with them. Quality time is needed at work; quantity time is needed at home. Buying a vacation home to use ...

Read more...

After ten grueling years of training to become a physician, you can finally see the light at the end of the tunnel. You may be receiving countless emails that advertise amazing starting salaries, sign-on bonuses, and/or loan repayments that almost seem too good to be true. Dozens of calls are coming in on a weekly basis from recruiters who want to help you find your dream job, and the prospect of ...

Read more...

Most Popular

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