Finance

Physicians can practice medicine and build wealth through passive real estate investing

Finance
March 28, 2021

I am a trained neurosurgeon with decades of experience. However, I also have a passion for real estate.

So far, I have managed to amass a real estate investment portfolio of over $250 million in assets by working with our investors and co-development partners.

As a medical professional, I can relate to your current financial standing. You’ve managed to work your way into your current, high net-worth position(s) and are earning “good …

Read more…

Debunking the myth of the doctor car

Finance
March 14, 2021

Everyone knows about the doctor car. Doctors know about it. Non-doctors know about it. Other than the doctor house, it is the symbol of medicinal consumerism.

But today, my friends, I am going to completely debunk the doctor car myth!

What is the doctor car myth?

This car myth states that a doctor must have a fancy car to legitimize herself or himself as a physician.

To drive a fancy car is to show that …

Read more…

Pros and cons of 457(b) plans: What physicians need to know

Finance
December 27, 2020

There’s not a perfect financial planning vehicle in existence. Salary deferral plans, like many retirement plans and 457 plans, carry pros and cons. Many hospital systems have a combination of 401(k), 403(b), and 457 plans. The 401(k) is often designed for the employees who make under a certain amount, say less than $150,000 or so. Then the 403(b) with an option to contribute to a 457 salary deferral plan is …

Read more…

Negotiate your employment agreement after residency

Finance
December 26, 2020

A lot is happening when graduating medical residents are looking for employment after completing graduate medical education. They are finishing their residencies, taking the specialty boards, and trying to decide where they will be spending the rest of their lives. Considering a new job offer can be both exciting and stressful. It is natural in such circumstances to focus on what the job promises, where it is located, and how much it pays—and easy to overlook the fact …

Read more…

Understanding the business of medicine: How to pursue excellence in the medical field

Finance
December 15, 2020

Your success in the medical field is not solely contingent upon your clinical dexterity but often results from the mastery of various industry aspects. What separates a great doctor from a good doctor is their cognizance of both the clinical and business sides of medicine. The market, risks, and trends of medical businesses are a great resource for residents as they establish their place in medicine. Business management is a …

Read more…

Practical thoughts on pursuing a partnership track

Finance
November 23, 2020

A quick preview of any journal will note a plethora of physician jobs spanning the country. Many of these jobs offer a partnership track and promote a democratic philosophy.

As someone who has worked on both sides of the equation, I wanted to share a few thoughts. You may not agree with all, but here they are, nonetheless.

First, consider your long-range plan. While it’s exciting to contemplate a first job while …

Read more…

What to do financially when you’re a doctor getting a divorce

Finance
November 11, 2020

I remember reading a post recently on a Facebook physician group that involved a cardiologist who asked for help on how to manage her finances after a divorce.

The pertinent aspects of this situation involves the physician being left with essentially nothing in retirement savings. She is mid-career with children and wants an option to reduce her schedule eventually to spend time with her children during the weeks she has custody. …

Read more…

How doctors are losing money every time a patient pays a bill

Finance
October 24, 2020

A practicing anesthesiologist for the past 14 years, when COVID hit, and the ORs came to an abrupt halt, I needed to occupy my mind. An opportunity to learn about the business behind running a practice came to me via a good friend who is a founding member of an award-winning Fintech on a mission to make a change in the credit card processing industry. I was stunned to learn …

Read more…

Doctors in tech cities are losing the rat race

Finance
October 17, 2020

Populous cities are populous, well, because people want to live there. Whether the appeal comes from greater career opportunities or simply being closer to family, these places have continuously grown over the last few decades.

The growth is seemingly self-sustaining — certain industries and businesses exist because there is a population that desires these services. In return, these businesses require workers, so they attract people to the region. Add nice weather …

Read more…

The million-dollar ski boat mistake

Finance
October 14, 2020

Forums and Facebook groups abound with a frequently asked question that sounds something like this: “Should we sell our positive cash flow rental to buy (insert fun new toy), so we don’t have to attain a loan?”

When someone wants to buy a new car, boat or motorhome — but they have learned that buying toys with borrowed money is a bad idea — they start thinking about how they can …

Read more…

9 things I learned when I signed up for public service loan forgiveness

Finance
September 29, 2020

As someone who graduated from medical school with six-figure student loan debt, I’ve looked into several different loan forgiveness programs that will help repay what I owe. One of the most popular loan forgiveness programs is Public Service Loan Forgiveness (PSLF). Through PSLF doctors can get hundreds of thousands of dollars in student loans forgiven, tax-free. Although this seems great, when I attempted to …

Read more…

3 reasons why you should take your profit first, before paying expenses

Finance
September 24, 2020

As a business owner, you have one primary role: Make money.

I hate to put it in such callous terms, but that’s the primary aim of any business.  You have to make a profit first if you want to do anything else.  Making a profit isn’t the most important thing.  Your passion, your service, and your desire to help others should be the main motivation behind the business.

Money can not be …

Read more…

After 4,380 days, a pair of Danskos — and a calling — fall apart

Finance
September 8, 2020

My Danskos literally disintegrated last month.

I was in the hospital team room, finishing up my patient notes at the end of a busy hospitalist shift. I happened to look down at the floor, and there they were: black chunks on the carpet.

I thought, “Who left such a huge mess under the desk?”

I looked at the bottom of my black Danskos. There was a sizable chunk of the sole missing.

Finally, the …

Read more…

Hassle-free real estate investing for busy doctors

Finance
September 1, 2020

A few short years ago, I started to worry about my family’s financial future while vacationing. During our annual ski trip, I took a nasty fall, landing on my wrist. The pain in my arm made me take notice of just how fragile our financial situation was.

As a self-employed periodontist, I asked myself:

  • What if I was injured while playing sports with my kids?
  • What if I became permanently disabled?

If …

Read more…

How a physician can learn to be an expert witness

Finance
August 26, 2020

When I was a full-time partner in a large radiology practice, I worked days, nights, evenings, and weekends without control over my schedule. Doing the laundry, I washed days’ worth of my children’s outfits that I never saw them wear. I saw them in PJs in the morning before I left for work, kissed their warm cheeks goodbye, and saw them again at night when I got home after dinnertime …

Read more…

Stop trying to impress your family by spending money and start impressing them by spending time

Finance
August 20, 2020

I have been reading alarming tales of doctors who think they can buy their way into the hearts of their spouse and kids on the weekend to make up for not being there during the week. The reality is your kids don’t need your money; they need you to spend time with them. Quality time is needed at work; quantity time is needed at home.

Buying a vacation home to use …

Read more…

The benefits of taking more time away from work far outweigh the consequences

Finance
August 13, 2020

Around 50 percent of physicians are burned out, and many feel trapped in their job. Yet, I have heard it countless times from doctors who were able to cut back to part-time work that when they had more time away from work, they fell back in love with medicine.  Moderation in all things seems to be key here, and I’ve experienced some of that lately myself after a really hard …

Read more…

3 ways the wealthy increase their net worth

Finance
August 11, 2020

While the coronavirus pandemic has created financial strain for a lot of low-income and middle-class Americans, many wealthy people don’t seem to be as affected. The stock market is doing relatively well, and many of the world’s richest people are getting even richer. How is that even possible, you may ask? Here are three main reasons the rich are getting richer.

1. They create their own business. Instead of having a …

Read more…

11
pages

CME Spotlights