The grass is always greener on the other side.  Humans are like that. For reasons that we can never consistently define, any situation other than the one that we are in has potential to be better.  I guess we just like to compare ourselves to others and assume that there is a better life over the horizon.  That doctors wish to get themselves in a better situation is nothing new. ...

Read more...

Doctors and other caretakers are the pawns of the health care system. We provide the services that allow hospitals and medical groups to bring in big revenue.  Unless we are contracting directly with insurers, doctors will never realize the true financial firepower that we have. As the health care environment evolves, we are seeing fewer individual physician-owned groups and more conglomerates.  The larger the system that we belong in, the ...

Read more...

Some of us like to micromanage.  Obviously, this trait is useful only for certain tasks that you need to accomplish.  Managing money can take some attention to detail, but fortunately, many issues work themselves out if you follow broad principles.  How much you should micromanage your daily expenditures really depends on your own tolerance and your individual financial situation.  We’ve all seen discussions about the cost of daily artisanal cups ...

Read more...

Necessity is the mother of invention. If you need something badly enough, you are more likely to find a way to obtain it. This proverb clearly rings true in all aspects of life. The key is really knowing how badly we need it. I knew someone who wanted to become a dermatologist. After several additional years of research after medical school and applying to residency, she eventually achieved her goal. ...

Read more...

As we get older, time becomes are more valuable commodity.  I clearly remember that as a college student, I was more than willing to wait in line for over an hour simply to get a free sandwich promotion.  Nowadays, I’m not even too interested in waiting 20 minutes to be seated at a restaurant.  Our priorities evolve. One interesting aspect of time that remains relatively unchanged over time is our tolerance ...

Read more...

We all know the importance of compound interest in building wealth. The fuel for compound interest is time -- the longer you are committed, the greater chance your investments will grow. This applies not only to financial growth but also to essentially everything else. As a rule of thumb, the more you study for a test the better you ought to do. The longer you have practiced medicine, the more ...

Read more...

How much we micromanage our lives is dependent upon our compulsivity and how many goals that we set in life.  Medicine is a profession that attracts some of the most goal-driven people I have ever met.  There are egos, obsessions, intelligence, and diligence all packaged into one unit.  This is simply overwhelming.  Fortunately, these habits tend to evolve with age.  I’ve seen some of the most incendiary personalities in medicine ...

Read more...

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 ...

Read more...

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 ...

Read more...

Education can be expensive. Higher education can be even more costly. Even partial scholarships can be deceptive as one might opt for a more expensive school for the sake of redeeming “free money.” As a student, I had no financial understanding of return on investment when I was considering higher education. All in, I plowed through more than a quarter million dollars in my college and medical school after substantial scholarships ...

Read more...

1 Pages
Join 145,000+ subscribers

Get the best of KevinMD in your inbox

Sign me up! It's free. 
close-link
✓ Join 145,000+ subscribers 
✓ Get KevinMD's 5 most popular stories
Subscribe. It's free.
close-image