Author's posts
Physicians: Did you ever play the zero percent interest game?
Back in 2001, we paid off our last personal loan, our home mortgage. At that time, we decided to begin investing in real estate with the money that used to go towards digging us out of our personal debt. Our real estate was held in an LLC, and we acqui…
Should physicians pay down debt or invest? Here’s a Star Trek explanation.
I am often asked the question, “Is it better to pay down debt or invest?” It is uncanny how often this question comes up. This question is asked as if those were the only two options to choose from. I never hear, “Should I go on a three week trip to Pa…
Are you using this benchmark for physician personal finance?
Many physicians have a poor understanding of personal finance. Since personal finance isn’t a required course in high school, college or medical school, physicians are often unprepared to handle their high income when they become an attending. Sometime…
How a surgeon taught his kids the value of money
When our kids were in the 5 to 9 age range, we used to buy each of them a souvenir on our vacations. They always wanted the most expensive item in the store, a great big teddy bear that cost $400. We would tell them no, they needed to pick something le…
Considering locum tenens? Think about these factors first.
Locum tenens is a great way to make a living or earn some extra income. But frankly, there are some groups of physicians who should not even consider doing locums work. When you pair the right person with the right job, you can get employment bliss. Bu…
8 incredible side effects of being debt free
Most Americans live their lives on borrowed money, constantly spending a little more than they make, leaving them with a growing debt. These debt payments, and the added interest they must pay on their debt, decreases the amount of money that they have…
It’s time for physicians to stop thinking like dogs
When I sat on the management committee of our surgery center, I was wondering why owners didn’t bring all their cases to the facility. They would clearly benefit financially if they increased their caseload. So why didn’t they? I realized, it was becau…
Your home life is what you make it. Don’t let your specialty control you.
The Match is complete, and now the fourth-year medical students are preparing to make their move to residency and chief residents are preparing to start their new career as an attending. The next phase of their lives is about to begin. The Match got me…
6 lessons this physician learned from his father
I would like to share six lessons that I learned from my dad. Parents have a big responsibility in bringing up the next generation. Our kids learn from watching what we do more than hearing what we say. So doing what’s right pays dividends with our kid…
You just finished residency. It’s time to consider life insurance.
Here we are, coming down the home stretch and about to finish residency. With an increased income comes some new financial decisions. The need for life insurance is one of those decisions. If you don’t have any, now would be a good time to consider get…
