Doctors almost always make good money once they leave residency and enter practice as an attending physician – and can reasonably expect to make $200,000 per year and much more in short order, once they get into the swing of things. But not everyone wants the daily grind and stress of patient care
Estate Planning Basics for Young Doctors
As much as none of us want to admit it, we’re all going to check out one of these days. The time to lay the groundwork for our eventual deaths is now. Accident, illness or violent crime can strike any of us at any time. Most of these steps for estate planning have to be taken while we are still in
Year-end Tax Tips for Doctors and Dentists
November is upon us, and that means it’s time to make your end-of-year tax moves to make sure you minimize your overall business, income and capital gains tax liability, while maximizing your personal and business cash flow. Maximize retirement plan contributions While you have until next
Physicians Get Paid Best in Rural Areas and Lower-Cost Cities
“I’d be a bum on the street with a tin cup if markets were efficient.” – Warren Buffett Physicians aren’t commodities – and neither are the markets they work in. That’s why there are big differences in compensation, even within the same city and within the same specialty. A recent survey
Financial Tips for Young Doctors
We’re always scouring the web for good articles and studies about doctors and financial tips – and we were particularly pleased to come across this fine piece from Kevin Liu at KevinMD.com. Aiming his advice at young physicians who have just completed residency, or advanced fellowship training, and
Protecting the Small Medical Practice Against Disaster
On top of the terrible human toll on individuals inflicted by disasters such as Hurricane Harvey – that affected millions in Texas and Louisiana in 2017 – disasters take a terrible toll on small businesses as well: According to data from the Federal Emergency Management Agency (FEMA), some 40
Young Doctors Need To Step Up Savings and Financial Planning Efforts
The American Medical Association released its Report on Resident Physicians’ Financial Preparedness in 2017 and things weren't and still aren't looking great. Researchers surveyed over 50,000 residents and got 1,573 responses from residents in a variety of medical specialties from across the
6 Investing Mistakes Doctors Make Too Often
For a bunch of smart people, doctors are notorious for being bad investors. But bad investment decisions are preventable. Understanding the common mistakes physicians make when it comes to investing their money can pay big dividends in the future. 6 Investing Mistakes Doctors Make Failure