An excerpt from The Physician Inventor: The Doctor's Handbook to Patenting Medical Devices and Methods. "I love my employees, even though I hit one of you with my car." – Michael Scott When you are offered a position at a hospital or practice group, you will typically negotiate a ...

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In a young physician’s life, financially speaking, the single most important aspect to financial well-being has nothing to do with money; it has nothing to do with investments; it has nothing to do with budgeting and saving. I think financial advisors and financial planners sometimes miss the mark on what’s really important. What does it take to be a doctor? I started dating my wife exactly one month before she started ...

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The banks ask us a lot of questions. And we answer a lot of questions. All of them. They need our information to be sure that we are who we say we are, that our money is, in fact, our money and that our money remains safely tucked away in their virtual vaults. Social Security number? Mother's maiden name? Home addresses for the past ten years? Bank account numbers with balances ...

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I previously published a post discussing the most recent Medscape burnout survey results for physicians.  An interesting point of discussion was that many physicians felt that if they made more money, they would likely be happier.  Today, we will discuss the implications of this thought process and if there is evidence to support the claim.  Will more money make me happier? Let’s find out. Defining the problem In the aforementioned survey ...

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As we embark upon this new decade, many of us are committed to improving our finances. We may have vowed to stick to a budget or have a general goal to live below our means. While these are noble goals, let’s challenge ourselves to do even more. Here’s my six step-money challenge for 2020:

1. Buy 1 or 2 finance books to read. There are many different ways to ...

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It’s OK to make mistakes in life.  That’s the only way to learn.  Hopefully, the major mistakes get made earlier in life so that we have less to lose and more time to “make up” for faltering. But hey, life wouldn’t be interesting if challenges aren’t presented to us.  Let’s look at ten of the common doctor financial blunders that have either happened to me or my coworkers: 1. Borrowing too ...

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What is your greatest asset?  Your ability to earn.  It takes an intelligent, highly motivated, and committed individual to invest over a decade in education and training, combined with a mortgage-sized student loan debt to become a physician. The investment made by a doctor in becoming an attending is unrivaled by any other profession. Most physicians perform procedures, interventions, and surgeries using fine motor skills.  It takes very little to compromise that ...

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1. Increase retirement investments. As young professionals who will eventually retire or cut back on work at some point, we need to start investing in our future. While many of us may already have started setting aside money for retirement, others of us may not have begun that process. In 2020, let’s strive to do even more. Let’s commit to increasing our retirement savings, even if it’s by a small ...

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School has gotten back into full swing, and thus we begin another cycle. Will this cycle be better than the last? Every year we find ourselves in this same spot. Summer’s over, big vacations are in the bag, back to school shopping is complete, and we start recovering from our summer spending. We often haven’t yet recovered from the summer splurges before it’s time to start Christmas shopping. Then we begin ...

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Here are eight things to do as a new attending that I didn’t learn as a resident (and wish I had). Establish a budget There are two times when a budget is a very important tool: when you are struggling financially and when you have a large income or expense change. Now that you have graduated to your new attending income, it’s important to intentionally decide how you will invest, save, pay ...

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