Post Author: Amarish Dave, DO
Amarish Dave is a board-certified neurologist with over 20 years of experience in both neurology and active stock investing. In addition to his medical career, he holds a background in business from the University of Michigan and has successfully passed the SIE exam administered by FINRA. Dr. Dave is founder, FiscalhealthMD.com, a website dedicated to educating doctors at all stages of their careers, ranging from residents to retirement, about financial planning.
The platform’s primary focus is to assist medical professionals in reducing taxes and enhancing their investment strategies. Dr. Dave’s combination of expertise in medicine and finance has earned him immense respect within the medical community, where he provides valuable guidance and mentorship to his peers. Furthermore, he has been invited to speak at numerous medical meetings, further solidifying his reputation as a reputable authority in the field.
Motivated by his passion for both finance and medicine, Dr. Dave remains committed to promoting financial literacy among doctors and empowering them to make informed financial decisions.
Amarish Dave is a board-certified neurologist with over 20 years of experience in both neurology and active stock investing. In addition to his medical career, he holds a background in business from the University of Michigan and has successfully passed the SIE exam administered by FINRA. Dr. Dave is founder, FiscalhealthMD.com, a website dedicated to educating doctors at all stages of their careers, ranging from residents to retirement, about financial planning.
The platform's primary focus is to assist medical professionals in reducing taxes and enhancing their investment strategies. Dr. Dave's combination of expertise in medicine and finance has earned him immense respect within the medical community, where he provides valuable guidance and mentorship to his peers. Furthermore, he has been invited to speak at numerous medical meetings, further solidifying his reputation as a reputable authority in the field.
Motivated by his passion for both finance and medicine, Dr. Dave remains committed to promoting financial literacy among doctors and empowering them to make informed financial decisions.
Doctors, like all professionals, are not immune to accidents, illnesses, or injuries. While you dedicate your life to improving the health of others, it’s equally important to safeguard your own financial well-being. Disability insurance acts as a financial lifeline, offering income replacement when you can’t work due to a disability.
1. Protecting your income. Your income is a significant asset; it supports your lifestyle, family, and financial commitments. Disability insurance ensures that …
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For those of us in the field of medicine, the differential diagnosis method is second nature. It involves considering a list of potential causes (differential diagnoses) for a patient’s symptoms and systematically narrowing down the possibilities through evaluation, testing, and clinical judgment. This method helps us arrive at the most likely diagnosis and, subsequently, the most appropriate treatment plan.
Now, let’s apply this concept to investing.
Symptom recognition in investing
In medicine, patients …
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Let me share a story about Dr. Sarah Mitchell.
Dr. Mitchell, like many of us, started her career with a resident’s salary, which was around $40,000 per year. After completing her residency, she received an enticing offer as an oncologist with an annual salary of $350,000.
However, instead of succumbing to lifestyle inflation, Dr. Mitchell made a financially savvy decision.
She committed to living on an annual budget of $60,000 for the first …
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For most doctors, hiring a financial advisor who understands their needs is important when making investment decisions. We are all busy, and most don’t have the knowledge to make good investment decisions.
However, some have the time, and get educated about investing, and prefer to be more involved in making their investments.
A self-directed brokerage account may be one good option for you if you wish to get more involved in your …
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Many of us own our practices and the buildings in which we work. Well, this is one way to understand investing in REITs.
Real estate investment trusts (REITs) are investment vehicles that cover many sectors, including health care and many other industries, such as storage facilities, commercial real estate, and many others. For doctors seeking investments that provide income, REITS may offer one alternative.
Of course, with all investments, discussing this option …
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I can’t believe it is the last quarter of 2023 already.
As the end of the year approaches, many doctors are busy with patients trying to get in for procedures as deductibles get met. It’s also a crucial time to consider what’s going to happen when you file your taxes in 2024.
Making strategic investments before the year’s end can significantly reduce your tax liability and potentially increase your wealth in the …
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Meet the doctors: Dr. Emily Carter and Dr. Carlos Martinez.
Dr. Carter is a primary care doctor, and Dr. Martinez is an allergist. Both doctors are committed to their medical careers. Dr. Carter earns about $180,000 a year, while Dr. Martinez earns about $400,000 a year. However, Dr. Carter is taking a proactive approach to her financial security, thinking early on about taxes, investing, and time. Dr. Martinez is enjoying his …
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When it comes to personal finance and wealth-building, the phrase “time in the market beats timing the market” is often touted as an unshakable truth. The concept suggests that consistently staying invested in the stock market, regardless of market fluctuations, is the surest path to long-term financial success. However, as with any financial advice, it’s essential to critically examine its validity and consider the nuances involved. Let’s delve into the …
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Did you know that according to research, teachers are more likely than doctors to become millionaires? How is that possible? Well, some of it has to do with the social pressure we face. However, a lot has to do with many of us thinking that because we are highly educated, we can also be effective financial advisors for ourselves. The reality is that for most of us, this is …
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As doctors, we all know that when we care for an informed patient, the conversation is more meaningful, and the patient can make a more informed decision about their care.
The same is true in the investing world. We are all very busy, but it is important we understand some basic financial terms so when we are either picking our own stocks or mutual funds or talking with a financial advisor, …
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Investing in mutual funds can be a great investment choice for doctors who often have little time to analyze individual stocks. This is especially true for financial planning for early-career physicians. Mutual funds immediately provide diversification. But have you ever wondered what the letters after the mutual fund mean: A, B, C, or I? Well, picking the right class of a mutual fund can have a big impact on …
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Do your friends assume you are a “rich doctor,” and thus you feel pressure to meet that expectation?
Do you want to reward yourself after all the years of training and stress with some nice luxury toys?
Doctors often find themselves caught between two choices: living a luxury lifestyle and securing their financial future. It’s a delicate balance that requires careful planning and strategic decisions. But it doesn’t have to be an …
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Do you know what most financial advisors say about doctors and how they manage their money?
It is not pretty.
I have been in those conversations, and stereotypical doctor stories come out.
Impulsive purchases, lack of knowledge, and easy to manipulate into poor investments are just a few of the things I have heard.
Now, in our defense, we spend ten or more years studying to become a doctor and, one day after residency, …
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Feeling burned out is often a function of financial fragility. How is that possible when most doctors earn incomes in the top 1 percent?
I am both a physician and involved in finance. As physicians, we often start our careers under significant debt, start our careers at an older age, and start with less savings than many of our friends who are professionals in other industries. Starting our careers at this …
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