Physicians are notorious for being bad with money. Today we’re going to assign some blame for that phenomenon. Physician finances have three enemies, and we’re going to expose them today.
1. Financial professionals
Enemy number one consists of many members of the financial industry. These “helpers” are often part of the problem. One of the biggest problems is commissioned salesmen masquerading as financial advisors. Although some of the these “advisors” are purposely trying to milk doctors for all they’re worth (viewing them as whales to be harpooned) the vast majority are simply incompetent in any sort of advisory role. Their training, what little they have had, is in sales. It is relatively easy to determine whether someone is an advisor or a salesman– you simply determine how they are paid. If they are paid on commission for selling products, they are a salesman. If they are paid for their time and services, they are an advisor. Sometimes they wear both hats, so tread carefully to determine which hat they are wearing at any given time (or avoid those who wear both hats when seeking advice.)
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