Two incomes are better than one, right?  As we all know, the answer isn’t clear cut.  If we have to actively “work” to generate income, we have to balance exchanging time for money.  Nothing comes for free.  When you throw in a tax system to convolute matters, certain households are actually punished for going into the workforce.  There is a delicate balance between each income-earning member and what each profession ...

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A large percentage of doctors end up switching jobs within the first five years of practice.  This really isn’t surprising given that the medical training experience doesn’t necessarily correlate with the medical practice experience. Many doctors work hard throughout their entire training only to realize that their expectations do not necessarily align with reality.  Is it our fault that we don’t really know what we got ourselves into? Perhaps taking q3 ...

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The Hippocratic Oath says nothing about taking out a bank loan to outfit your own office to start your practice, nor does it include investing in real estate to diversify your income.  Of course, most doctors didn’t opt to enter medicine with the intention of building an empire of medical care (although some end up doing so anyway).  Large hospitals, insurance-run medical groups, and entities that operate with high revenue ...

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Wealth accumulation can follow many trajectories, depending on discipline and external factors like stock market health or economic fluctuations.  With a proper financial plan, doctors can stick to a game plan that should allow them to reach financial milestones rather predictably.  The adage that wealth begets wealth certainly does hold true most of the time, but it doesn’t necessarily guarantee financial victory.  One of the issues with wealth accumulation is ...

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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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