Recently, a male physician made public a common, inaccurate, and appalling opinion: Women are paid less, because they don’t want to work hard. The comment, in the September issue of the Dallas Medical Journal, asserts that women are paid less, because they see fewer patients. This is because women physicians “choose to or they simply don’t want to be rushed.” He writes that “most of the time, their priority is something ...

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“Yes, there is a pay gap.  Female physicians do not work as hard and do not see as many patients as male physicians.  This is because they choose to, or simply don’t want to be rushed, or they don’t want to work long hours.  Most of the time, their priority is something else … family, social, whatever.  Nothing needs to be “done” about this unless female physicians actually want to ...

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I have a few hundred thousand dollars in 529 plans.  We have been growing them for years.  Although not everyone's cup of tea, this lump of money invested in this manner suggests that not only am I prepared to drop a boatload on college education, but also feel that it is cash well spent.  Although this type of thinking was self-evident a decade ago, there is a growing chorus of ...

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First of all, I am far from a financial genius. I am also not a natural saver. Thanks to scholarships and jobs, I made it out of college without loans. But, I took out a $191K for medical school. In the middle of med school, I took a year off to teach. During that year, I didn’t put anything towards student loans and lived it up. Unfortunately, in forbearance, those ...

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I usually simplify things here on the blog.  Sometimes it is easier to glaze over a part of the story instead of pulling out all the details.  Others, the point is clearer when not bogged down by tangentially related details.  What’s lost in nuance, however, often adds shades of complexity to the picture.  Occasionally another viewpoint is suppressed on purpose.  I have frequently referred to the fact that I 
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One common question that doctors face in estate planning is whether to establish a trust. This topic gets brought up in the doctors' lounges, especially after someone gets a pitch from their financial planner. Most doctors who bring up the topic are quite enthusiastic, and cite that doctors need a trust because “we make a lot of money.” Fair enough. Medical students and residents probably do not need a trust I’ll get this ...

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Vanguard, Fidelity, and Schwab have been engaging in a fierce competition to claim the mantle as the leading provider of low-cost index funds. As a result, each has aggressively lowered their fees for their index fund offerings over the past few years and advertised their low-cost offerings to investors. After the latest round of fee reductions in mid-2017, I wrote a post speculating whether it was inevitable that Vanguard, Fidelity, ...

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If money is the root of all evil, what does that make debt? Evil’s ugly big brother. A report by the Association of American Medical Colleges (AAMC) revealed that over 86 percent of medical graduates carry an educational debt principal of over $160,000, with a significant number of graduates reporting debt totaling over $350,000. In addition to massive student debt, personal financial challenges include the loss of nearly a decade of ...

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The most common hurdle that doctors have is overspending. The notion that good income guarantees great buying power not only delays building financial worth but also confines doctors to lengthier careers than needed.  The solution, in a nutshell, is to make sure that we make prudent financial and career choices to complement our financial velocity. Easy, right? The reality is not so simple.  Psychology is fascinating. Human behavior can function, at ...

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Although I would never describe the business of primary care medicine as cutting edge, there are a number of innovations that have come and gone during my short tenure running a medical practice.  The business of medicine is fascinating and leaves much room for personalization and creativity.  I have been lucky to operate at the forefront of practice management and learned quickly how to leverage two bleeding edge philosophies ...

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