You have just gotten a job offer that includes health insurance. You’re lucky enough that your spouse has great family insurance already, but hey that health insurance is going to cover the cracks in the deductible and co-insurance, so you feel great about that double coverage as you sign your contract.
Well, you just got scammed. That is, double coverage is a scam, and you would have been far better off …
It is no secret that medical school is getting very expensive. Over the past 20 years, the cost of medical school has greatly outpaced the rate of inflation, and medical school debt is rapidly rising.
The average medical student now graduates with over $192,000 in student loans, but with the cost of attendance for the most expensive private medical schools approaching $100,000, there are some physicians who are finishing residency with $300,000 or …
As part of my job as an anesthesiologist, I get called to truly horrific airway events. Sometimes they are down in the emergency department after a bad car accident, drowning, or burn. Others are in ICU’s. Sometimes they are even in hallways or bathrooms where people have stopped breathing or collapsed from cardiac arrest. It’s part of the job.
Recently, I was called to an airway in an ICU in what …
Imagine, if you will, that you’re an anesthesiologist. You’ve been part of a successful practice for over 10 years. You can walk down your neighborhood street and run into mothers whose epidurals you’ve helped place. You’ve established a home, a community, and your children are in a great school system.
One uneventful day, say Wednesday, you get an email from the hospital administrators announcing that there’s going to be a meeting …
One of the great myths amongst residents is that once they become attendings, they’ll have so much more free time. I’ll never work this much again, they think. This is the most time-intensive phase of life, and everything after residency is easy in comparison.
Unfortunately, they are usually wrong.
Statistically, working about the same number of hours in residency and as an attending is the norm. In one study, attendings work 59.2 …
Timeshares, for those who might not know, are a way to own the right to use a vacation resort. It comes in two forms, owning points or owning a specific room in a complex for a specific week. It’s like a partial ownership of a condo at a resort. These units can be traded for other timeshares all over the world. If you own a week, it can be traded …
It seems like everywhere I look these days people are talking about passive income streams: why you should start them, which ones you could start, how they can change your life, and how much money you can make from them.
Doctors commonly look for ways to create passive income as a way of being able to work less while still maintaining the lifestyle they want or honestly to quit …
It’s that time of year again. Over 30,000 medical residents are about to finish their training and start their first job. Many of them will make some big financial mistakes during their first year that will haunt them for years to come.
One of the biggest errors many doctors make is to buy a house right after they leave residency. Society gives us a big push to own a house, after …
Upon retiring from clinical medicine and becoming a full-time author/coach (I like to say I’m repurposed), I was uncertain as to the amount of taxes I needed to pay. I have a complicated tax return with several K-1s that don’t surface until March. My final return totals 32 pages for federal and 5 pages for state. After making an estimate of my tax bill at year end, I figured I …
I have spent a good part of my career investing time and energy towards side hustles. I generally categorize them into two distinct types of ventures. The lazy side hustle involves starting a business or consulting in a field tangential to ones main hustle. For example, an accountant who works normally as an auditor may do a few tax returns on the side during tax season. I call his …
I’m always intrigued by those who earn millions of dollars per year or even per month. Some manage to blow all that money and then some. Others, like a select few NFL players, choose to spend wisely and save prodigiously.
Today’s Saturday Selection highlights the habits of one athlete who was among the highest paid NBA stars for many years. The headlines sadly feature athletes with similar …
Growing up with a father who is a physician made for a natural draw to medicine. However, as young people are prone to do, I did my best to rebel. Early into my undergraduate career I proudly announced to my father that I had decided to go to law school. And perhaps to dig the needle a little deeper, I told him I planned on going into medical malpractice, on …
Once every couple of years I have medical students from the local medical school over for dinner. At some point, the conversation usually turns to finance, and I commiserate with them about their loan burdens. I typically toss them a few pearls of wisdom, wish them good luck, and we move on to something else. They always think it’s funny when I say, “If you can’t live on $200K, you …
Physicians-in-training make a pittance when one looks at the hourly rate, Especially when I was residency, in the early 2000’s. I often worked upwards of 100 hrs per week and made $30,000 per year. The first year, called internship, is replete with long hours and crushing responsibilities. Opportunities to make an extra buck are all but impossible. In the second and third years, however, there is much more elective time. During these …
Every day, we’re presented with choices. Some are larger than others, and though some make little difference in the grand scheme of things, some choices can be life-altering. In life and in business, when we have a big decision to make, it’s all too easy to err on the side of caution–sometimes to our personal or financial detriment. It’s human nature.
But what is it that keeps us from making tough …
In February 2017, I saw my last patient and left clinical medicine. Most people would say I retired. I have chosen to say I have repurposed. I no longer see patients, but I still work. I am writing the Doctors Guide series of books, keeping up a blog and working with physicians who need help with a financial makeover, usually to eliminate their debt, set themselves up for retirement or …
How do I start a side hustle?
I have heard this plea so often, It is no wonder there are many how to blog posts trying to answer this exact question. As helpful as they may be, most of the ideas espoused are both time and energy-consuming. For instance, starting a blog is great! But if you want to truly make money, be prepared to put in full-time hours. Or Read more…
I love movies. Not the artsy types that win awards; I most enjoy the big, expensive popcorn blockbusters that take you away to a different time and place. However, as our income and wealth has grown, we’ve maintained a few of our “cheapskate” habits from when we were poor. One of these is we see almost all of our movies at the “dollar theater,” a second-run theater where the entire …
Recently I had three important events happen during a three day period that reminded me of the brevity of our life and the need to live life to the fullest every day.
On July 4th, having planned celebratory events that day with friends and family, a CRNA in my home town awoke feeling poorly just before sun up. He was in great health the day before and lived a very active …
There was once three brothers who set off on the journey of a lifetime by embarking on three separate roads. Each brother was uniquely different, and quickly these roads diverged.
It was believed that the eldest brother was most wise because his path was clear and straight.
The middle brother was a strong walker but easily distracted. It was hard to keep him concentrated on the task at hand.
And finally, the youngest …
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