(Keep an eye out for my upcoming book The Doctors Guide to Finding Joy in Your Work. We can all use a little more joy in our lives and this book will help attain it.) Money is a lot like oxygen. When we have enough, we don’t think about it. When we feel we do not have enough, we can’t stop thinking about it. Imagine a … Read more
Doctors today are drowning in debt. That’s not a big revelation, but how did we get here? We moved in a little at a time, like a lobster in a pot of water slowly increasing in temperature until it finally dies when the water gets too hot. Think back to a few months before your … Read more
Professionals who realize something is wrong with their finances, but can’t pin down the problem, often contact me. Although they make a very good income, they are not accumulating wealth as rapidly as they feel they should. Or they feel at their current trajectory, they will not have enough savings to retire in the manner … Read more
Why do so many physicians complain about not having enough money? Almost every physician’s earnings are in the top 10% of income earners in the country. Yet we feel broke, even those who make $600k a year. The median household income in the United States is about $75k. The average physician’s income is more than … Read more
There are times in life when we stand at a fork in the road where our future can be greatly altered. Once we choose which tine of the fork to take, it sets in motion many changes that can lead to very different outcomes. When I was recently asked to perform in a musical, I … Read more
Physicians go through extensive training to become doctors bringing in a high income. Unfortunately, they have no training in how to manage all that money. Consequently, we make a lot of money mistakes. I have taught personal finance for the last three decades. It has been both fun and rewarding, especially when someone finally realizes … Read more
Debt is a very touchy subject. Some people think there is such a thing as “good” debt. Then there are others who mistakenly think they will become wealthy by hanging onto their 3% loan as long as possible. And still others can’t tell the difference between being able to afford a car vs being able … Read more
Every time I speak or write about retiring at age 54, someone feels the need to tell me “I could have done that too if I was a Specialist like you. I’m just a pediatrician.” Or they are one of the other specialties that tends to rank lower in income than general surgeons. The implication … Read more
Each July new physicians come out of residency and begin their lives as attendings. Many of them will or have already unwittingly set themselves up to lose their independence. All physicians can just as easily set themselves up for independence. Independence in medicine is not about being in private practice vs being an employee, although … Read more
As years go by, we learn many lessons from the school of hard knocks. Although some of these lessons we could have learned from someone who had previously learned the lesson, such as don’t grab an electric fence. If we learn from someone else’s experience, we won’t get the hard knocks that come with learning … Read more
