Geographical arbitrage is a huge component to being able to build wealth in a timely manner.  For doctors, the formula for rapid wealth accumulation calls for geographical arbitrage even more strongly as our salaries do not have wide ranges across the country.  A doctor in Texas will probably command a similar salary in Arizona (maybe slightly less).  A doctor in the midwest might earn more, spend less, and work less ...

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Apart from a minority number of academic physicians, nearly all of the physicians openly discussing finance matters online are either retired or in private practice.  The data might be skewed since most practicing physicians don’t work in academia anyway.  What might be interesting is to compare the percentage of financially literate academic physicians to that of those outside of academia.  I would venture to surmise that academic physicians might be more financially ...

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Thanks to the internet, collaboration has never been so easy.  If you need to learn about how to install a new irrigation system in your lawn, the resources are a few clicks away.  You just need the time and motivation to make happen.  On the medicine front, there has never been a time in the recent past (aside from a failed managed care push in the 1990s) that doctors have ...

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There was a recent news brief stating that the average internist generates about $2.4 million annually for the hospitals that they work for.  While it’s no surprise that doctors help others make money, seeing a figure to your worth hammers home how much we sustain the health care system, often at our own expense. This means that a hospitalist making $240,000 ...

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We all have either experienced the fears of starting our first job or will eventually do so at some point in our careers.  It only happens once for everyone.  Those of us who are in the market for a job change will end up reliving some of the challenges in job hunting; hopefully, we all have learned from our past mistakes. As I am advising upcoming graduates during their job ...

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Most doctors well into their tenure of medical already have a general idea about how other specialists spend their days (except for radiation oncologists, where no one else knows what they do).  However, as a medical student, I had incredibly limited insight into the variety of means to practice medicine. Even as an attending physician, I am still discovering how creative some medical specialties allow one to be.  For instance, ...

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In an ideal world, we should all be compensated fairly for our services and skills.  The reality, as we all experience, is an amalgam of mistakes and victories.  One hopes that with time our skills will translate to a greater number of victories.  Most greenhorns entering the workforce are unfortunately poorly equipped to assess their worth.  I certainly was. Greenhorn doctors stand to lose a financial lot from mistakes simply because ...

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It’s easy to judge when you don’t experience the same difficulties that others do. The classic scenario in medicine is an internist, who runs marathons and bikes to work, tells his morbidly obese patient to lose weight.  How would the scenario work if the doctor were mildly overweight, or has a body mass index of 30.5? The same judgment is frequently seen in the online financial blogosphere.  Why does a doctor ...

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A retirement plan isn’t usually a top priority for fresh doctors looking for their first jobs, whether that final date is in five years or thirty. Perhaps knowing when to hang up your hat is immaterial so early in your career since most doctors will end up leaving their first job within the first five years anyway.  However, I do wish that I had some inkling about the career paths ...

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Asset protection is a term that gets tossed around quite a bit when we discuss how long and difficult the journey is for doctors to establish their careers.  You always want to protect what you’ve worked hard for, right? The principles for asset protection apply not only to doctors but essentially anyone who wishes to have some sort of security for their assets. The key is to make sure you don’t over ...

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