Doctor Money Matters

On this episode we talk about social media with Dana Corriel MD, an internal medicine physician and creator of the SoMeDocs group. She recently left the practice of medicine to help physicians develop their online presence. Her goal is to help empower physicians reach their patients, a broader audience, and develop their brand and yet balance it with responsibilities as professionals, employees, etc. We talked about why she left medicine to pursue this opportunity. Dr. Corriel runs master classes for physicians interested in improving or developing their presence. I am going to be a teacher in one of the upcoming courses (in Aug 2020) for those who want to start a podcast. If you are interested, here is the link. Note this episode was recorded just prior to the Covid shutdowns in March 2020 and yet is timely because we just saw the power of physician social media this week when the journal of vascular surgery published and then retracted an article about social media posts of vascular surgery residents and fellows. That article was probably published to a very narrow audience, yet was able to be circulated widely because of twitter, facebook, instagram, etc. The article created a firestorm because of the techniques and judgements of its authors about the posts and calling pictures of female physicians in bathing suits potentially inappropriate but not the same of male physicians. Anyway there was a very quick and appropriate backlash which prompted retraction of the article and wide reassessment of gender biases in medicine in a way that traditional media could not have done. Please support our sponsor Pearson Ravitz if you are in the market for disability insurance and especially if you are early in your career for the best rates. Please visit our website at www.doctormoneymatters.com for the catalog of all our prior episodes. Here is a link to the SoMeDocs website where you can find out more information about what Dr. Corriel is doing to help physicians with the sometimes confusing world of social media. You can follow our show on: Twitter @drmoneymatters Facebook: Doctor Money Matters Instagram @doctormoneymatters I encourage healthcare professionals to join our private facebook group, Doctor Money Matters. If you enjoyed this episode please leave us positive review on iTunes, Google Play, or Stitcher. Any constructive criticism or topics for future shows can be directed to comments@doctormoneymatters.com Please remember what you heard on this show is for your entertainment and education only. Please speak with the appropriate experts prior to making decisions regarding your own financial situation. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Welcome to the Doctor Money Matters Podcast. In this episode we talk with Gita Pensa MD, an emergency medicine physician and fellow podcaster who created an incredible podcast which is a must listen about lawsuits in medicine and the personal impact it had on her. Its a “Serial” type podcast which is extremely well done. I highly recommend it. Note this episode was recorded just prior to the Covid shutdowns in March 2020. Please support our sponsor Pearson Ravitz if you are in the market for disability insurance and especially if you are early in your career for the best rates. In this episode we discuss why Dr. Pensa started the podcast. We talk about the impact the lawsuit had on her and she talks about how she felt initially and how even years later it has an impact, not just how long these suits can drag out, and having to relive it over and over again. We also talk about what physicians don’t know about if they are named in a malpractice lawsuit. We are never taught about how to feel if this happens. Residency programs and CME talks may discuss some of the legal issues, but they rarely address the personal impact on physicians. The simple threat of a lawsuit makes most physicians uncomfortable and for those who have gone through depositions/trials it can scar you for a long time. We discuss how it can impact your non professional life in addition to your worklife.  We also discuss the role of physician experts in the malpractice world. She calls some of them “Testeliars” on her podcast. These are doctors who make a career out of malpractice testimony. Dr. Pensa suggests talks about her solutions to make it fair for all physicians. Finally we talk about what her future plans are and what creating this podcast has done for her, how its allowed her to reach other physicians who have then connected with her about their experiences and how that has helped her find new purpose. This is a jam packed episode. Gita’s podcast is available on all the major outlets. Doctors and Litigation: The L Word  Please visit our website at www.doctormoneymatters.com You can follow our show on: Twitter @drmoneymatters Facebook: Doctor Money Matters Instagram @doctormoneymatters I encourage healthcare professionals to join our private facebook group, Doctor Money Matters. If you enjoyed this episode please leave us positive review on iTunes, Google Play, or Stitcher. Any constructive criticism or topics for future shows can be directed to comments@doctormoneymatters.com Please remember what you heard on this show is for your entertainment and education only. Please speak with the appropriate experts prior to making decisions regarding your own financial situation. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.  

Welcome to the Doctor Money Matters Podcast. In this episode we talk about student loans with Ben White, MD a radiologist and blogger who writes about various topics but has written a FREE book about student loans. Note this episode was recorded pre covid so there have been some changes relating to loan deferrals so please check with your loan servicer prior to making any changes. Please support our sponsor Pearson Ravitz if you are in the market for disability insurance and especially if you are early in your career for the best rates. We talk about types of student loans (Federal direct and plus, private, etc.) We talk loan strategies in relation to USPLF loan forgiveness program. He goes into good detail about how to time your payments including not paying during the first half of your intern year if going for forgiveness. Ben says you almost never want to refinance early in residency which can run counter to the advice you may have heard. In his opinion the forgiveness program may not go away despite the headlines you read. Ben’s free student loan book is available at www.benwhite.com/studentloans/ Please visit our website at www.doctormoneymatters.com You can follow our show on: Twitter @drmoneymatters Facebook: Doctor Money Matters Instagram @doctormoneymatters I encourage healthcare professionals to join our private facebook group, Doctor Money Matters. If you enjoyed this episode please leave us positive review on iTunes, Google Play, or Stitcher. Any constructive criticism or topics for future shows can be directed to comments@doctormoneymatters.com Please remember what you heard on this show is for your entertainment and education only. Please speak with the appropriate experts prior to making decisions regarding your own financial situation. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Welcome to the Doctor Money Matters Podcast. It has certainly been an eventful spring between the Covid crisis and the national protests bringing more attention to the unequal treatment of African Americans by law enforcement, and also the financial market volatility. Our guest was Joel Greenwald, MD a physician turned financial planner in Minnesota who has a long term financial planning business managing mostly physicians money called Greenwald wealth management. We talk on this episode about the strategies of withdrawing assets once you retire. How do younger physicians get to the asset level we talk about? We also talk about the pros and cons of annuities. He doesn't recommend them for the asset accumulation phase but they can make sense in retirement and we talk about examples of annuities. He does not use them frequently and talks about the conflict of interests that some advisors have.  We also talk about the bucket strategy and withdrawal from different types of accounts (tax free, tax deferred, taxable) Joel thinks that for most physicians working now, social security will still exist and you can get some income from that. However its going to be variable and should not be a significant part of your retirement strategy. We also discuss alternate strategies of withdrawal for FIRE and each talk about our thoughts on the 4% rule. Finally we talk about real estate investing and whether Dr. Greenwald’s clients are investing in it. I mentioned that social media is the new golf course/doctors lounge where some ideas that are pitched are not fully vetted and we should be somewhat skeptical about them. Click here for more info on Greenwald Wealth Management Please support our sponsor Pearson Ravitz if you are in the market for disability insurance and especially if you are nearing the end of residency/fellowship where you may still qualify for discounts that may not be available after training. Please visit our website at www.doctormoneymatters.com You can follow our show on: Twitter @drmoneymatters Facebook: Doctor Money Matters Instagram @doctormoneymatters I encourage healthcare professionals to join our private facebook group, Doctor Money Matters. If you enjoyed this episode please leave us positive review on iTunes, Google Play, or Stitcher. Any constructive criticism or topics for future shows can be directed to comments@doctormoneymatters.com Please remember what you heard on this show is for your entertainment and education only. Please speak with the appropriate experts prior to making decisions regarding your own financial situation. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Welcome to the Doctor Money Matters Podcast. This is a podcast about financial topics related to the healthcare professional. I am your host Dr. Tarang Patel, a diagnostic radiologist in Arizona. Our guest was Cory Fawcett, MD a retired surgeon in Oregon who has written books for medical professionals including The Physicians guide to Real Estate Investing which we talked about on the show. It and his other books are available on Amazon or his own website FinancialSuccessMD.com We talk on this episode about the power of real estate investing. Why Dr. Fawcett favors active real estate investing (ownership) instead of participating in syndications.  We also talk net worth numbers which may surprise many of my listeners. While he was a general surgeon in private practice, Dr. Fawcett had a lower income than many might think and yet through the power of compounding, tax deferment, and debt aversion, he built up quite a net worth that was greater than his combined income from all his work years when he retired. Please visit our website at www.doctormoneymatters.com You can follow our show on: Twitter @drmoneymatters Facebook: Doctor Money Matters Instagram @doctormoneymatters I encourage healthcare professionals to join our private facebook group, Doctor Money Matters. Any constructive criticism or topics for future shows can be directed to comments@doctormoneymatters.com Please remember what you heard on this show is for your entertainment and education only. Please speak with the appropriate experts prior to making decisions regarding your own financial situation. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

This is a special episode of the podcast in which I am introducing a new project I am working on with Dr. Disha of the Frugal Physician. We are starting a YouTube series called What’s Up Docs? to talk about what's trending in physician social media.  In this episode we discuss: a proposed residency for nurse practitioners and physician assistants in emergency medicine that had physicians in an uproar, particularly because they were going to be paid more than PGY3 EM residents. This program is not going to happen, but boy did it get everyone talking. This came from a thread on Reddit. We talk about the Berkshire Hathaway letter. We talk about the change of the USMLE to a pass fail exam. A surgeon who was shot and killed and the threat of violence upon healthcare workers. Whether we should pay down mortgages or invest. Thanks for listening. To see the video, please check it out and subscribe on YouTube.  Finally please join me and Stephanie Tsang, CFP on March 9 for our free college financial planning webinar. Sign up here or on the Doctor Money Matters Facebook group or message me on Twitter or Facebook or send me an email at tarang@doctormoneymatters.com

Dr. Karen Sibert, an anesthesiologist in California, wrote an article that went viral last week and this weekend as a response to the repeated attacks on physicians by the media and by economists or other "policy experts". The Washington Post said physicians were behaving like muggers. A Noble prize winning economist called us rent seekers. We discuss why she wrote this article. Why she sees concerning trends about the future physician workforce and areas where things are improving though not perfect yet. If you have not yet read her article. Here is a link to her website apennedpoint.com

On this episode we talk with Ian Ippolito who runs a real estate crowd funding website which is a valuable resource for those who are interested in this space. We talk about Ian's approach to real estate investing. Evaluate sponsor first (experience through a full business cycle) Lots of sponsors right now have not gone through a downturn Look at the deal itself Leverage (65% leverage or less) Sponsor has invested also (skin in the game) What is the deal structure (how does sponsor make money)? Locked in long term debt (at low rates) Different types of niches in crowdfunded real estate (land, farms, self storage, mobile homes, hotels) We talk about the difference between public crowdfunding deals vs private network deals. Finally we discuss where Ian thinks we are in the cycle (physical and financial and he explains the difference between the two) His blog is at the therealestatecrowdfundingreview.com and is full of useful information you should look at prior to investing with one of the crowd funded companies. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube  and Facebook.  You can follow me on twitter @drmoneymatters Instagram @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

On this episode we talk with Dr. Falgun Chokshi, a radiologist and thought leader in artificial intelligence.  We talk about the role of AI in the future of medicine.  Will AI replace radiologists?  Will there be fewer jobs for physicians in the future?  What are the capabilities of AI and where does it fall short?  We also talk about why the stakes are so high in medicine vs other fields and why the pace of innovation is slower in patient care.  What are the stakes for new and recent grads in medicine? Who is going to be liable for any potential malpractice? More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube  and Facebook.  You can learn more about Dr. Chokshi at his website falgunchokshi.com You can follow me on twitter @drmoneymatters Or Instagram @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

On this episode, my guest is Dan Gauthier of the Rose Law Group in Scottsdale, AZ. We are talking about Opportunity Zones. We discuss what they are, how they can be a tax advantage investment.  Dan has written about these previously in national media and I thought he would be a great resource to learn more about them. He is not selling anything which is why I wanted him to explain it in an unbiased way. Opportunity Zones are geographic areas designated by the states and approved by the federal government which qualify for specific tax breaks that we discuss on the show. Investments can be in real estate or qualifying businesses.  The tax breaks are 3 fold: Defer realized capital gains. Reduction of existing capital gains by up to 15% if opportunity zone investment held for 7 years. No tax on future capital gains if opportunity zone investments if held for 10 years. As we discuss, these benefits can make a good deal better but do not make bad deals good, so please really vet the deals that are being presented. Remember this show is for educational purposes only. Please do your own due diligence prior to investing in any deal. A link to the WSJ article mentioned at the beginning of the show. Wall Street Journal--Opportunity Zones off to slow start Contact info for Daniel Gauthier More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook.  You can follow me on: twitter @drmoneymatters  Instagram @doctormoneymatters Facebook @doctormoneymatters Email me editor@doctormoneymatters.com Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews on Apple Podcasts and continue to share this podcast with your colleagues.

On this episode, my guest is Amy Mecozzi Cho MD, an emergency medicine physician in MN who is passionate about making sure physicians voices are heard, particularly on the issue that is all over the news lately, Surprise (Balance) Billing. This is when the medical group providing the care charges the patient the balance between their fees and the (low) rates the insurance companies will pay. Obviously this is an unfortunate position for patients to be put in and physicians end up taking the financial and perception hits. As an emergency physician she is required to take care of anyone who comes into the emergency department by law, physician oath and ethics, regardless of ability to pay. However insurance companies do not have to follow the same rules and can refuse to negotiate adequate reimbursement because they know physicians are bound by these laws. It’s obviously an uneven playing field. These entities have also had the ear of lawmakers and are pushing solutions to Congress that would negatively impact us. We as physicians are generally too busy to fight this, but if we don’t the results will be a disaster for those involved in patient care. I encourage you to contact your congressional representative and senators and make your voice heard on this issue. The current solution in the Senate is the Benchmark solution and would lead us to the race to bottom described by Dr. Cho on the show. The New York (Independent Arbitration) solution is the one that we need to advocate for. It’s the only real way to reach fair outcomes. The fact that insurance companies are advocating for the benchmark solution should tell you as physicians how it will be for you. https://www.house.gov/representatives/find-your-representative  Here is an article that goes over the solutions in more detail: https://www.healthaffairs.org/do/10.1377/hblog20190708.627390/full/ More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook.  You can follow me on: twitter @drmoneymatters  Instagram @doctormoneymatters Facebook @doctormoneymatters Email me editor@doctormoneymatters.com Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews on Apple Podcasts and continue to share this podcast with your colleagues.  

On this episode, my guests are a group of physicians who are in the Direct Primary Care space. They each have their own practice. Dr. Jessica Edwards is starting a practice in TX. Dr. Mitch Li is starting one in the Chicago area. Dr. Clodagh Ryan has a 2 year old practice also in Chicago and is a veteran and mentor in this space. In the era of physician burnout, loss of autonomy, dissatisfaction, etc, it’s refreshing to hear about doctors taking charge and executing their vision of patient care. I previously explored this practice model on an episode with Dr. Josh Umbehr, and that episode inspired Mitch to start his practice.  While there is constant complaining from physicians about where our profession is headed, use these doctors to inspire you to move in a different direction. If you are a physician who has successfully built your own practice or practice in a different model than most traditional doctors, I would love to interview you on this podcast. Please reach out to me via the channels below. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook.  You can follow me on: twitter @drmoneymatters  Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

On this episode, my guest is Nick McCullum of SureDividend.com. We talk about dividend investing as a strategy. Everyone likes the idea of passive income and dividends are about as passive as it gets. Money comes in monthly, quarterly, or whatever frequency the company pays it out. Sure there are risks, but over the long term, dividend paying stocks have had lower volatility than the overall stock market. In this episode we go over the basic terminology (yield, growth rate, DRIPs, etc.) and pros and cons, and how you can use this strategy. I am not trying to convince you to use this strategy but it is a valid one, if you are looking for income especially in your retirement years. We have all heard stories about retirees who live off their dividend checks because they bought the stocks many years ago and reinvested them. The key with this type of strategy as with others is to try to do it as early in your investment life as possible and continue to contribute throughout. The power of compounding is amazing, but the numbers are minor in the first decade, solid in the second decade, and downright impressive in the third decade. By the fourth decade, they become ridiculous. Let me give you an example of this in action. If you invested 10k in Pepsi (A solid non tech American company) in Jun 2005 and held till Jun 2015 without any additional investment you would have had around $22.5 k (not accounting for taxes). With a monthly $100 additional contribution, your total would be around $42.4 (nearly double). If you would have put in the same 10k ,10 yrs before in Jun 1995, your total would be $68.3k (Nice, but not jaw dropping). With the additional monthly $100, it would have been $131K. Now instead of 1995, you put it in 1985, this is where it becomes amazing, your total would be over $700k, with the monthly $100, it would have been nearly $1.1M. And if you had the ability to buy in 1975, your 10k would be $2.6M, with the $100/mo additional it would be over $5M by Jun 2015.   I used 2015 as an end point because it is in the approximate middle of this bull market and the ten year period prior included 3 years before the 2008 financial crisis rather than at the beginning when asset prices were low (ie if you used current trailing 10 yr returns). But the reality is over long terms, these trends appear to hold with some variance I am NOT a financial advisor and neither Nick or I are telling you to use this strategy for your investments. If you are interested in learning more there are many good resources including Nicks newsletter. If you do pursue this strategy, make sure you do so in a tax efficient manner. I do this by placing my highest dividend paying holdings in my tax deferred accounts (401k, IRA, roth IRA, etc) so they can grow unimpeded. This is the website to see stock performance with dividend reinvestments.  https://dqydj.com/stock-return-calculator/ You can find out more about Sure Dividend at their website. SureDividend.com Twitter @SureDividend Seeking Alpha (Sure Dividend) More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

On this episode, my guest is Dr. Disha of The Frugal Physician blog. We talked about her journey from being in debt to quickly paying off loans as a primary care physician despite a few financial setbacks. Obviously it is easier to payback loans in a dual high income couple but for many of my listeners, there is only one earner or one high income earner in the family, so we talk about how she did this. Disha is an internal medicine physician who caught the financial independence bug after a couple of typical new grad mistakes. She went from a high end home on an island in the US to downsizing in order to get down her debt levels. She talks about the moment while she was on maternity leave when it dawned on her that she was worrying about finance rather than concentrating on her family, so she finally had to breakdown and use the B word (Budget). She used the debt snowball approach to line up her debts from smallest to largest in order to get the families finances under control. We talk actual dollar amounts so that you get a better idea of how she was able to reduce housing costs (not just mortgage vs rent, but also maintenance, renovating, etc) In 12 months of concentrated effort, she was able to knock of $150k off the debt. Impressive. Then we hit on where she is now and what her plans are once the debt is paid off. Disha also talked about what perceptions from family members and non physician friends about doctors finances and how she dealt with that. Finally we talk about her George Costanza moment when she walked into her boss’s office and quit her job and then had to go back because she realized she could not afford to do so. Dr. Disha has a great plan for her finances and will no doubt be successful. You can find out more about Disha and her blog at The Frugal Physician More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

On this episode, my guest is Rick Ferri, CFA, a well known advocate of index fund investing. Passive investing (just using ETFs does not mean passive investing) What to do before you do portfolio construction Accumulation of assets (savings rate first and then portfolio optimization) Living below your means Accumulating knowledge Portfolio construction The stages of investor education (Core4) Darkness enlightenment Complexity Simplicity We go over some common scenarios about how to invest and Rick gives some principles to think about before deciding what to do. Finally Rick reminds us physicians, that even though we went to medical school, we are not special when it comes to investing. Its good advice. You can find out more about Rick at rickferri.com and core-4.com for a list of his principles and publications. He also started the new Bogleheads on investing podcast, so be sure to check it out and his new book, The education of an Index Investor. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook.   You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.  

This is a special episode of the Doctor Money Matters podcast. I am doing a cohosted joint podcast with Ryan Inman of the Financial Residency podcast. In this episode we interview each other. Ryan is a CFP who runs his own financial planning firm catering to physicians. His wife is a physician as well so he really understands the issues that physician families face. In this episode we talk about: The FIRE Movement for physicians Common issues facing early and mid career physicians Why the increased corporate takeover of medicine has led to loss of job satisfaction Some pitfalls to look out for when dealing with social media financial advice You can find Ryan’s podcast at www.financialresidency.com. We do talk about similar topics and I encourage you to make this podcast a part of your regular rotation. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

My guest on this podcast is Sarah Fallaw, PhD author of the new book. The Next Millionaire Next Door. This is a follow up to the blockbuster book that her father wrote, The Millionaire Next Door. Sarah and her father worked on the follow up together, but he passed away prior to the release. That book was a big inspiration for me to get my financial house in order.  Sarah is an industrial psychologist who runs the firm Data Points where she now studies behavioral finance and the ability for people to build wealth. In the interview we talk about Why doctors were/are under accumulators of wealth What issues are different now than when the last book came out? What are the enduring traits of Millionaires Next Door? Do MNDs use financial advisors? How has social media impacted frugality? What kind of homes/cars are MNDs purchasing? You can find out more about Sarah and her company at www.datapoints.com The Next Millionaire Next Door and the original The Millionaire Next Door are available on Amazon or anywhere else you purchase books. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

This is part 2 of the podcast are Ed Comitz and Stephanie Tsang. Ed is an attorney in AZ who specializes in disability insurance lawsuits. Stephanie is a broker who deals with who deals with disability insurance. Ep 44 is part 1, which you should listen to first if you have not done so yet. We talk about the basic information needed for physicians regarding disability insurance. We clear up some of the misconceptions. We discuss individual policies, association policies, and employer policies and which ones are generally better for you the physician. There are definite pros and cons to the insurance types. What is double dipping as far as benefits? Which companies are most favorable to physicians? Why does it matter which state you are from? What happens if you want to change policies? Is there a cap on amount of insurance you can get? What should you know before you file a claim and what happens when you file disability? When should you consult a lawyer? (Answer: before you file disability) When should you drop your disability insurance? Stephanie Tsang NorthStar Resource Group stephanie.tsang@northstarfinancial.com www.northstarfinancial.com Ed Comitz 480-219-5436 Disabilitycounsel.net More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

My guests on this podcast are Ed Comitz and Stephanie Tsang. Ed is an attorney in AZ who specializes in disability insurance lawsuits. Stephanie is a broker who deals with who deals with disability insurance. We talk about the basic information needed for physicians regarding disability insurance. We clear up some of the misconceptions. We discuss individual policies, association policies, and employer policies and which ones are generally better for you the physician. There are definite pros and cons to the insurance types. What is double dipping as far as benefits? Which companies are most favorable to physicians? Why does it matter which state you are from? What happens if you want to change policies? Is there a cap on amount of insurance you can get? What should you know before you file a claim and what happens when you file disability? When should you consult a lawyer? (Answer: before you file disability) When should you drop your disability insurance? Stephanie Tsang NorthStar Resource Group stephanie.tsang@northstarfinancial.com www.northstarfinancial.com Ed Comitz 480-219-5436 Disabilitycounsel.net More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

My guests on this podcast are Drs Nii and Renee Darko who paid back significant educational loans nearing nearly $670k over a 3 year period in order to take back control of their financial futures.  Nii is a trauma surgeon and Rene is a Ob/Gyn and they worked very hard to pay down this debt. We talk about how they acquired so much debt. What was the moment they realized that this debt was out of control and how they changed their life to pay down this debt. They also talk about their backgrounds in relation to finance and how that impacted their lives. We also talk about the decision to pay down debt vs investing (which is a common question and its a different answer for everyone) and now what their plans are after finishing the debt paydown. They also have other ventures which they are now able to spend more time on. Nii hosts the popular Docs Outside the Box podcast, and Rene runs a premed advisory service called Premed Strategies and Coaching where she helps advise aspiring medical students. They also run a locums agency called Equal Access Health and a blog called Keeping up with the Darkos. I hope the Darkos have inspired to you take a look at your finances and also pursue alternative ventures that maybe outside of medicine. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Im back. Sorry for the long gap between the last episodes and this one. Holidays and an extremely busy work schedule limited my ability to work on the podcast. I have a series of episodes ready to go and am excited to get back to it. While finance and money are the main topics, I would also like to continue to address other issues that impact health care professionals including the burnout epidemic that has become a major topic amongst all of us. My last episodes on private equity in medicine were very popular and well received. It is the continued erosion of physician ownership and employment that troubles me. (I don't blame anyone for taking a buyout if offered, I probably would go that route also, but the long term effects for the profession are probably not good.) When you are not an owner, you lose power, and when most of us are employees (myself included), we lose major negotiating power for healthcare policy decisions (You will hear about this in an episode with Dr. Marion Mass and an important organization she is a part of called Practicing Physicians of America. I would also like to continue to highlight entrepreneurship and independent practice owners as I truly believe that ownership allows for a more fulfilling career. So if you are or know of any independent practice owners that I should spotlight, please shoot me an email at tarang@doctormoneymatters.com , tweet me or FB message me. Every year starts out with optimism and that is one of humanities great traits, to look arbitrarily at a calendar and decide that January is when you make a change.  I am, just like most of you a working healthcare professional who puts in too many hours at work, tries to spend time with his family, and tries to take care of patients. I hope this is the year you make a commitment to your financial wellness. So first basic goals I think everyone should try to get to as soon as they can this year. Fund your 401k, 403b (esp if you get a match) (I want to make a quick tribute to Jack Bogle, the father of the index fund who recently passed away. He did more than anyone to help the average investor protect themselves from Wall St. Billions of dollars in investor accounts are there because pioneered low cost investing) Fund your roth or reg IRA, (backdoor roth IRA for high income professionals) If you have a HSA, fund that Pay off high interest debt (if credit card or other very high interest, this may move up a few notches) Take a moment to invest in yourself. This can be health, education, or just something that makes you feel better. Life is too short (as we all know) to not enjoy the journey. Do something that makes you uncomfortable. For me that is going to include some public speaking. It’s not too tough to sit behind the microphone on this podcast (though it was very scary to put it out there), but speaking in front of a group is nerve racking. I’m always impressed with those who do it so well and make it look effortless. Finally I want to expand our investment mindset. While, I truly believe that equities and real estate should be core holdings (they are mine), I am always looking for other opportunities that are available (for diversification and non correlation) and educating myself and hopefully the audience about these. If you are interested in hearing about specific types please let me know and I can try to do shows about them. It has been a long bull market in most assets and no one knows where we are headed and I am certainly not a good forecaster. But there is a role for other investments and I do think that it’s always good to explore these. Last year I joined an investment group of physicians looking at early stage healthcare companies. I will probably be talking more about this in the future, so keep a look out for that. I want to thank all of you for listening to this podcast, sharing it with your colleagues, and your participation in the Doctor Money Matters FB group. While it may not be the biggest podcast or the biggest group, I hope they have been entertaining and useful, I hope we can continue to help educate and empower each other in our financial journeys. I am thinking of putting on a webinar to discuss investing, taxes, and other financial topics. If you are interested let me know by email.  You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Part 2. Private Equity buying medical groups -- What’s the deal? Ep 42 is part 2 (Ep 41 is part 1) of the episode talking about private equity buying medical groups. There is an increasing amount of private equity purchasing/partnering of medical practices in the US. We are seeing in in a variety of fields such as radiology, anesthesiology, emergency medicine, dermatology, just to name a few. I wanted to explore why this is happening. My guest on this episode is Kurt Schoppe, MD a radiologist in Dallas, TX. Kurt is part of the American College of Radiology Economics committee and has experience in the private equity world. On these episodes we talk about: What is private equity? Why would they be interested in medical practices? Fragmentation of medical practices leads to market opportunities. They are good at logistics, operations and can increase efficiencies to improve returns. They can have access to capital to make discount purchases. They see healthcare as a more predictable way to make money. Why would a practice want to sell to these firms? FOMO (Fear of Missing Out) Other groups have done so we probably should also. Thinking that your group doesn’t have the expertise to handle a changing healthcare reimbursement model Money right now (particularly for senior partners) What are they looking for when deciding to buy a practice? What does this mean for medicine as a profession? What does this mean for younger physicians? Here is the article Dr. Schoppe referenced about corporate veterinary practices. https://www.bloomberg.com/news/features/2017-01-05/when-big-business-happens-to-your-pet More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can find Dr. Schoppe on twitter @kurtschoppe You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.  

Welcome to the Doctor Money Matters Podcast. This is a podcast about financial topics related to the healthcare professional. I am your host Dr. Tarang Patel, a diagnostic radiologist in Arizona. The topic on this episode is the increasing amount of private equity purchasing/partnering of medical practices in the US. We are seeing in in a variety of fields such as radiology, anesthesiology, emergency medicine, dermatology, just to name a few. I wanted to explore why this is happening. My guest on this episode is Kurt Schoppe, MD a radiologist in Dallas, TX. Kurt is part of the American College of Radiology Economics committee and has experience in the private equity world. On this episode we talk about: What is private equity? Why would they be interested in medical practices? Fragmentation of medical practices leads to market opportunities. They are good at logistics, operations and can increase efficiencies to improve returns. They can have access to capital to make discount purchases. They see healthcare as a more predictable way to make money. Why would a practice want to sell to these firms? FOMO (Fear of Missing Out) Other groups have done so we probably should also. Thinking that your group doesn’t have the expertise to handle a changing healthcare reimbursement model Money right now (particularly for senior partners) What are they looking for when deciding to buy a practice? What does this mean for medicine as a profession? What does this mean for younger physicians? More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can find Dr. Schoppe on twitter @kurtschoppe You can follow me on: twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Please share this podcast with your colleagues and join our email list. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

The 2018 Medscape Salary and Wealth/Net Worth Survey Your income is the biggest contributor to your overall financial health for most people. As physicians we don’t always know what we are worth. It is important to look at the market data. My guest on this podcast is Lesley Kane of Medscape business of medicine who is in charge of the annual physician salary and net worth surveys. We talk about trends in physician salaries. What are the highest paid fields? We look into primary care vs specialty fields. We also look at the persistent gender gap in salaries and what are some possible causes vs misconceptions. We talk about why there are so many physicians with relatively low net worth by age 65 despite relatively high incomes. This is a problem and I am critical of the number of physicians who are in this situation. While some may have valid reasons, 25% of physicians with net worth less than $1M by age 65 is too much. Also we discuss whether physician salaries should be discussed publicly and whether its a good thing or not. Will patients or other non physicians use it against us? Here are links to the surveys. (You will may need to login or subscribe to Medscape (Free)) Salary and Compensation report Net Worth and Debt report Let’s continue the discussion over at the Doctor Money Matters private FB group (you need to request membership). Follow me: Twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters

Negotiation for MDs How are your negotiation skills? Do you love bargaining or do you cringe at the thought of trying to make a deal. Negotiation is a critical tool in our careers and can literally make or break our financial and professional futures. My guest Robert Felberg, MD talks about important topics in negotiation as they relate to physicians. What is a matrix? What are the models of negotiation What can you do to improve your negotiation skills? This episode is vital for early career and mid career physicians. Listen to Dr. Felberg talk about the types of tactics that you can use to improve your bargaining position, who you are actually negotiating with, and how to do without seeming selfish. We talk about negotiations for compensation and also with insurance companies and even your family. Finally he recommends a book for negotiation that I had not heard of called Bargaining for Advantage by Robert Shell. (Note if you buy through this link, I get a small referral fee) You can find out more about Dr. Felberg and his negotiation course at NegotiationMD.com as follow his blog where he also delves into some financial topics. Let’s continue the discussion over at the Doctor Money Matters private FB group (you need to request membership). Follow me: Twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters

Doc G  This is a 2 part episode, so make sure you also listened to episode 37 (part 1) first How did this internal medicine physician achieve a high net worth ($6M) at a young age? How was he able to 5X his income from the time he started practicing to now as a primary care physician in a large metro area? Many physicians are resigned to the work, work, work mentality but don’t have a plan to increase their professional income. Investing is great and passive income is fantastic, but why not get paid appropriately for what you trained all these years for? Doc G talks about how he learned to optimize his workflow at all stages in his career and was constantly assessing what brought him income and joy and tried to remove those parts of his practice that didn’t. While we are constantly learning about medicine via journals, conferences, presentations, etc, how many of you are consistently optimizing your own practice? It’s important because it will bring you greater job satisfaction and decrease burnout. The corporate practices do this but not for your benefit, so its vital that you assess how you practice. It’s also great to see that primary care physicians can become very successful financially in this era of medicine. Let’s continue the discussion over at the Doctor Money Matters private FB group (you need to request membership). You can follow Doc G’s blog at www.diversefi.com where he goes into depth on these topics. You can also follow him on twitter @DocGDiversefi This is the rockstar finance ranking of the bloggers by net worth. 4 of the top 5 are physicians, but Doc G is one of the younger ones. One of our previous guests is also on there. Dr. Cory Fawcett. (Episode 5 about debt) Follow me: Twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters

Ep 37 This is a 2 part episode, so make sure you listen to episode 38 (part 2) How did this internal medicine physician achieve a high net worth ($6M) at a young age? How was he able to 5X his income from the time he started practicing to now as a primary care physician in a large metro area? Many physicians are resigned to the work, work, work mentality but don’t have a plan to increase their professional income. Investing is great and passive income is fantastic, but why not get paid appropriately for what you trained all these years for? Doc G talks about how he learned to optimize his workflow at all stages in his career and was constantly assessing what brought him income and joy and tried to remove those parts of his practice that didn’t. While we are constantly learning about medicine via journals, conferences, presentations, etc, how many of you are consistently optimizing your own practice? It’s important because it will bring you greater job satisfaction and decrease burnout. The corporate practices do this but not for your benefit, so its vital that you assess how you practice. It’s also great to see that primary care physicians can become very successful financially in this era of medicine. Let’s continue the discussion over at the Doctor Money Matters private FB group (you need to request membership). You can follow Doc G’s blog at www.diversefi.com where he goes into depth on these topics. You can also follow him on twitter @DocGDiversefi This is the rockstar finance ranking of the bloggers by net worth. 4 of the top 5 are physicians, but Doc G is one of the younger ones. One of our previous guests is also on there. Dr. Cory Fawcett. (Episode 5 about debt) Follow me: Twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters

WTF is up MOC? (Part 2) If you have not listened to part 1, please do so first. (Ep 35) How many of you listening write checks to your specialty board for the privilege of Maintenance of Certification? I will pay over $3k over a 10 yr period plus a ton of paperwork to my board so they can sign off on my certification. Most of you listeners do so as well. We do this because its just another of the burdensome regulations that physicians have to do to maintain licensure and certification and also most insurance companies expect it in order for us to bill our services. Most of us have never questioned the step even though we hate the fees and paperwork. My next guest Dr. Westby Fisher looked into the board certification MOC for internal medicine and went down the proverbial rabbit hole and discovered or should I say uncovered a story that seems to have very little to do with physician certification or patient care. This is a long episode that I split into 2 parts. Please listen to this episode first and then part 2. I would say you will be shocked but with the way things have been headed in healthcare, you probably won’t be. Thanks Dr. Fisher for all your work to help physicians become aware of the MOC process. I encourage those listening to contribute to the go fund me page and help fund this fight. Lets stop this physician learned helplessness and take our profession back.   In my opinion, the whole MOC process is like a bad actively managed mutual fund. I see no value in the additional layer of management forced upon us and its costing our time and $$ while I don’t see evidence of improved performance over time. I expect better than this from the “academic leaders” of our respective fields. What do you think? Let’s continue the discussion over at the Doctor Money Matters private FB group (you need to request membership). You can follow Dr. Fisher’s blog at http://drwes.blogspot.com/ where he goes into depth on these topics. You can also follow him on twitter @doctorwes  and help fund this fight https://www.gofundme.com/practicing-physicians-of-america Follow me: Twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters

WTF is up MOC? How many of you listening write checks to your specialty board for the privilege of Maintenance of Certification? I will pay over $3k over a 10 yr period plus a ton of paperwork to my board so they can sign off on my certification. Most of you listeners do so as well. We do this because its just another of the burdensome regulations that physicians have to do to maintain licensure and certification and also most insurance companies expect it in order for us to bill our services. Most of us have never questioned the step even though we hate the fees and paperwork. My next guest Dr. Westby Fisher looked into the board certification MOC for internal medicine and went down the proverbial rabbit hole and discovered or should I say uncovered a story that seems to have very little to do with physician certification or patient care. This is a long episode that I split into 2 parts. Please listen to this episode first and then part 2. I would say you will be shocked but with the way things have been headed in healthcare, you probably won’t be.   Thanks Dr. Fisher for all your work to help physicians become aware of the MOC process.   I encourage those listening to contribute to the go fund me page and help fund this fight. Lets stop this physician learned helplessness and take our profession back.     In my opinion, the whole MOC process is like a bad actively managed mutual fund. I see no value in the additional layer of management forced upon us and its costing our time and $$ while I don’t see evidence of improved performance over time. I expect better than this from the “academic leaders” of our respective fields. What do you think? Let’s continue the discussion over at the Doctor Money Matters private FB group (you need to request membership). You can follow Dr. Fisher’s blog at http://drwes.blogspot.com/ where he goes into depth on these topics. You can also follow him on twitter @doctorwes  and help fund this fight https://www.gofundme.com/practicing-physicians-of-america Follow me: Twitter @drmoneymatters Instagram @doctormoneymatters Facebook @doctormoneymatters

Congrats to new residents. It’s great to see your enthusiasm and brings back energy to everyone of us. We all remember the feelings of panic we had during our first days as actual doctors. Even when you talk to grizzled old attendings, if you are nice and enthusiastic, they will teach you. I have taken a hiatus from the podcast this month. We took a family road trip in upstate new york. Beautiful and underrated area. If you have not seen niagara falls or the thousand islands, I suggest you make a plan to do so. Relatively inexpensive on the US side, but great scenery and helps you realize there is so much to see that is close by. Physician confidence. I have spoken to a few physicians recently and encouraged them to know their own worth. While there are constant negatives in medicine bombarding us from all sides, for many of us right now, the job market is actually pretty good. There was an article in the WSJ recently about how quitters are winning. Its always a good idea to keep up with salaries and employment trends in your fields, so I encourage you to  please take a look around at the various specialty job boards. I see to many physicians complaining about the lack of opportunities, and while it may be true for some, its probably not as bad as you think at this moment in time. Long term forecasts are always difficult. I have many podcasts recorded and ready for release, but I would like some ideas from you all for new topics. Please join my FB group and my email list to submit topics for discussion. I am meeting up with a few of my fellow physician podcasters next week, so who knows maybe we can do an allstar podcast. Keep listening.

On this episode, I interviewed Dr. Quynh Lan Nguyen, a traveling hospitalist and blogger about how she and her husband have turned credit card hacking into a lifestyle that allows them to travel around the world. We talk about her strategies and recommendations and whether its still possible to do this today. We also talk about her interest in the FIRE movement and how she and her investment banker husband both want to enjoy their life sooner rather than later. I myself was using credit cards, particularly southwest a few years ago to get companion passes for my wife and myself which has allowed our family of 5 to basically travel free (domestically and to Mexico twice) the last 3 years saving us approx 15-20K in airfare costs. It can be extremely useful if used appropriately, but there is risk in spending unwisely, late payments or interest charges which will far outweigh any rewards you accumulate, and negative impact on credit so be aware of this and other risks if you try to do this. I think the credit card companies are catching on making things a bit more difficult now so as Dr. Nguyen recommends, use your miles sooner rather than later. You can visit Dr. Nguyen’s website to get the latest in credit card tips and travel recommendations at www.smartmoneyandtravel.com Please let your friends know about this podcast by sharing it on text, whatsapp or whatever social media platform you are on. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on twitter @drmoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Welcome to another Doctor Money Matters episode. In this episode I talk with Dr. Amy Shah, an allergy specialist and good friend who turned her passion for nutrition and health into a few solid side gigs. Before I introduce Amy, I would like to talk a bit about why so many doctors are looking for side gigs. It seems crazy that people would undergo 11-17 years of post high school training and then want to look for an additional job after they worked so hard to achieve the primary one.  It speaks to the dissatisfaction, disillusionment, and loss of autonomy that so many in medicine feel now. The wall st journal had an article this past weekend about physician burnout and I have addressed it on prior episodes. We didn’t get into medicine to have our expertise undermined or questioned by those with less training. We are also less likely to be allowed to use our creative sides in medicine than generations past, and so we must express that part of ourselves in otherways. Finally maybe this is the function of living in the day and age of the gig economy and also the easy and cheap technologies with which we can start businesses (though succeeding is another story. That leads me back to my guest Amy Shah, who is succeeding. Amy is a relative pioneer in using social media to expand her reach and develop a personal brand. It has been great to watch her develop this non traditional endeavor over the last few years. She definitely has been an inspiration and source of encouragement as I started my podcast. In this episode we talk about: How she developed an interest in nutrition at an early age Her mindset about developing her passion into a viable business rather than just a hobby. Some of the fears she faced while trying to develop her status as an authority on these topics Her advice for those who are starting this process Her goals for the future of her various endeavours Amy, in addition to practicing as an allergist, does personal wellness consults, has developed products including supplements, and as she talks about in the show, customized earbuds called SoundMolds (in conjunction with one of her ENT partners), worked with Bobbi Brown in the cosmetics industry, and now working with Genexa, an organic medication company. She also is starting to do physician webinars and live person coaching for those interested in learning how she has done these various things. You can follow Amy on Instagram at @dramyshah or at her website www.amymdwellness.com. She also created a popular facebook group for those interested in healthier south asian cooking called Desi Carb Fix that has over 5k members. Thanks for joining us on another episode of Doctor Money Matters. If this is the first episode you have heard, I appreciate you taking the time out and listening and encourage you to listen to our past episodes. I would also appreciate you leaving me a positive review on Apple Podcasts and also recommend you join our facebook group where we have ongoing discussions about this and other topics in order to help each other reach our financial goals. Finally please subscribe to our email list on the website and subscribe to the show on your favorite podcast app so you will have new episodes downloaded automatically when they are released. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on twitter @drmoneymatters and on FB/Instagram at Doctor Money Matters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Episode 32 Jason Mizell, MD First I would like to thank you all for continuing to listen to the podcast and also for those of you who have joined the Doctor Money Matters facebook group. Group has grown by nearly 50% last month and the discussions have been spirited. Please continue to add your physician and medical professional colleagues so they can join in the conversation. Some of the popular topics recently have been determining your retirement number and Dr. Meru, an orthodontist in Utah who was recently profiled in the WSJ about having $1M in student loans. On this episode, I interview Dr. Jason Mizell, a colorectal surgeon at University of Arkansas Medical Center. He started a class to teach 4th year medical students about finances. As I mention in the intro to this show, most of us were never taught these subjects in medical training leaving us to figure it out for ourselves, often at great expense (in terms of fees or mistakes). Dr. Mizell like many of us felt lost in dealing with finances when he first came out of training. I will let him discuss that during the show, but he realized that he was probably not alone and decided to do something to help his colleagues and students.  This has become a very popular class and hopefully spreads to other schools. Perhaps we should have some of these topics addressed before medical school starts to avoid a Dr. Meru situation. Thank you Dr. Mizell for starting this conversation with medical students. It’s great to see someone taking initiative to help educate our younger colleagues. Doing it in the structured way he does really brings value to these students. Maybe some of you are already helping out by informally bringing up these topics with your students. If you do please let me know how, you can tweet to me or send me an email. Sometimes once you start learning about financial topics, the basics such as interest, inflation, compounding can seem very simple but there is an article I read recently that had 3 quick questions about these topics and the vast majority of people could not get more than 2 of 3 correct. If you don’t understand these fundamental concepts, you will have a hard time getting ahead financially. Please let your friends know about this podcast by sharing it on text, whatsapp or whatever social media platform you are on. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on twitter @drmoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Welcome to the Doctor Money Matters Podcast. This is a podcast about financial topics related to the healthcare professional. I am your host Dr. Tarang Patel, a diagnostic radiologist in Arizona. Our guest on this episode is Ike Devji, JD an attorney in Phoenix, AZ. Ike is our first returning guest. He previously discussed asset protection on episode 3 which remains one our more popular episodes. Today we will be talking about estate planning on part 1 and an update to asset protection on part 2. Both episodes will be released together, but you will need to download them separately. I apologize for some of the scratching sound you will hear during the conversation, but I didn’t want to stop recording because the content was important. In part 1 we talk about the basics of estate planning. We define the basic terms such as wills, probate, trusts, etc. Ike talks about whether you need an attorney to set this up or whether you can do it yourself. In part 2 we update asset protection including how practices can deal with gun violence and how practices can protect themselves. We also address the situation that Physician on Fire got into when he served on a hospital board as many physicians do and ended up being sued (with risk to his personal assets) when the hospital went bankrupt and board members were sued. We also talk about purchasing property into a trust. (Investment vs personal property). Finally we talk about the liabilities physicians face when we post on social media. You can find out more about Ike and his company at www.proassetprotection.com Please let your colleagues know about this podcast and add them to our private facebook group and join our email list. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on twitter @drmoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Welcome to the Doctor Money Matters Podcast. This is a podcast about financial topics related to the healthcare professional. I am your host Dr. Tarang Patel, a diagnostic radiologist in Arizona. Our guest on this episode is Ike Devji, JD an attorney in Phoenix, AZ. Ike is our first returning guest. He previously discussed asset protection on episode 3 which remains one our more popular episodes. Today we will be talking about estate planning on part 1 and an update to asset protection on part 2. Both episodes will be released together, but you will need to download them separately. I apologize for some of the scratching sound you will hear during the conversation, but I didn’t want to stop recording because the content was important. In part 1 we talk about the basics of estate planning. We define the basic terms such as wills, probate, trusts, etc. Ike talks about whether you need an attorney to set this up or whether you can do it yourself. In part 2 we update asset protection including how practices can deal with gun violence and how practices can protect themselves. We also address the situation that Physician on Fire got into when he served on a hospital board as many physicians do and ended up being sued (with risk to his personal assets) when the hospital went bankrupt and board members were sued. We also talk about purchasing property into a trust. (Investment vs personal property). Finally we talk about the liabilities physicians face when we post on social media. You can find out more about Ike and his company at www.proassetprotection.com Please let your colleagues know about this podcast and add them to our private facebook group and join our email list. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on twitter @drmoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

Episode 29. On this episode, I interviewed a physician investing legend, Dr. William Bernstein. He is a neurologist turned financial author and investment advisor. Now most of us will not be able to reach the asset threshold need for him to manage our money, but the good news is we don’t have to. He provides great advice for the rest of us also. I have admired Dr. Bernstein’s approach to investing for many years and want to acknowledge him as one of the pioneers of index investing. His books are a must read for those who want to learn about financial history. Despite his tremendous expertise, he is very accessible and approachable and above all a teacher.   In this episode we discuss His basic advice to young physicians. What he recommends you do before investing. How you can construct a very simple yet effective portfolio His thoughts on cryptocurrency How does the FIRE movement affect asset allocation/savings rate? Whether or not most physicians need a financial advisor Dr. Bernstein’s website is  efficientfrontier.com On it there are great resources for beginning your financial education from beginner to more advanced levels. Join our email list or private facebook group and I will let you know how to get a copy of his book If you can for free for kindle. Although even if you listen to this podcast later and it is no longer free, this book is high value advice for very nominal amount. Please let your friends know about this podcast by sharing it on text, whatsapp or whatever social media platform you are on. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on twitter @drmoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.  

Episode 28 Doctor Money Matters. Welcome to another Doctor Money Matters episode. In this episode I talk with Kayee Tong, a medical student in TX who is a cryptocurrency expert and recently wrote a post on passiveincomemd about paying for medical school and college with profits from cryptocurrencies. I have mentioned my thoughts about bitcoin previously but let me reiterate that I don’t feel like its an investment rather a speculation. I am not an investment professional, and this represents my opinion alone. No one knows what will happen with Bitcoin or the other coins out there. Currently it is around $9k having hit near $20k in January 2018 and down to around $6500 a few weeks ago. Do I regret not buying it when I first heard about it in 2012? Absolutely but even then it was purely speculation. The mania from around the 2017 holiday season has died down but that was the closest I have seen to the mania surrounding tech stocks in the late 90s. During the 6-8 weeks of Dec 2017 and Jan 2018, the various social media finance groups were littered with people talking about buying cryptocurrencies. The volume has now died down quite a bit, but still questions and concerns remain. In this episode we talk about: The basics of the blockchain, and how he started with bitcoin. He also created a bitcoin mining operation and also ran a bitcoin exchange. The different coins that are out there His advice on speculation with coins now. What he plans on doing with his varied operations going forward His thoughts on the security of the different exchanges He mentions ICO which is an initial coin offering, similar to a stock IPO. An ASIC rig is an Application specific integrated circuit. Basically a dedicated machine for mining only. Mr. Tong is definitely an entrepreneur and once had a job offer from Google which he turned down prior to starting medical school. It’s amazing to see how he is able to balance his varied activities along with the demands of medical school. I expect we will be hearing from him in the future. Check out his Quora page in which he talks about cryptocurrencies https://cryptosignal.quora.com/ The book he recommends is Mastering Bitcoin Here is the article Kayee is mentioned on passiveincomemd.com Please let your friends know about this podcast by sharing it on text, whatsapp or whatever social media platform you are on. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on twitter @drmoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.  

Welcome to another Doctor Money Matters episode. This episode is about striving for work life balance within the context of a dual physician couple. I talk with a physician couple, Drs. Nisha Mehta and Parag Butala from Charlotte, NC. They are both specialists in demanding fields (Nisha is a radiologist and Parag is a plastic surgeon). In this episode we discuss: How they balance their professional goals between 2 high achievers What did each of them give up and how did they structure the life they want to lead How does their typical day go? The reality that you won’t be able to be the best in all aspects of your life everyday. Parag’s bucket strategy They talk about their hopes for their children How Nisha’s “side gig” has grown and altered her balance and how they both have to frequently reassess their lives General financial advice they have for other physicians I really enjoyed talking with Nisha and Parag and this impressive couple really has a great perspective about the life they want to lead. It’s not always an easy path but financial independence is a tool to help us achieve this ultimate goal. Nisha’s blog can be found at nishamehtamd.com Please let your friends know about this podcast by sharing it on text, whatsapp or whatever social media platform you are on. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on twitter @drmoneymatters Please consider joining the Doctor Money Matters Facebook group  where we discuss many of the topics addressed on the podcast. Nisha’s Physician Side Gigs group is also on facebook and many of you are already part of it. I encourage you to join if you haven’t done so. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues. Some other physician hosted podcasts that I recommend are: Docs Outside The Box The Hippocratic Hustle The Happy Doc Doctors Unbound The White Coat InvestorThere are many others, so please support your physician colleagues.

Episode 26 Doctor Money Matters. This is the second part of the Episode 25 podcast. Welcome to another Doctor Money Matters episode. This is a double episode with guests in 2 separate locations in Texas. I split the conversation into 2 separate episodes (25 and 26) so please make sure you listen to both. I interviewed David Anderson, DO and Victor Mangona, MD, 2 of the most detailed oriented and helpful members of the various physician finance facebook groups including the Doctor Money Matters group. There was a little technical issue with David’s audio so it may not perfectly clear, but bear with it as the content discussed today is pure gold. In this episode we go into detail about many of the concepts repeatedly discussed on these various forums. Tax rates (Effective vs Marginal) Paying down debt vs investing. Using a 529 plan to establish a legacy of education for future generations Cryptocurrency. To be fair this interview occurred while we were near the height of the mania earlier this year. The necessity vs the value of paying for financial advice. When should you pay for advice? We also discussed an interesting idea about medical schools paying for disability and life insurance for their students after hearing about a sad story in which a young medical student passed away on the interview trail. The GoFundMe page is no longer active and ended up raising $304K. Victor also outlined a strategy for how to use the funds to generate income for the family. I hope you enjoyed this double episode and hearing the voice of 2 people who have provided valuable and detailed information to many of us in my group and many of the other forums for physicians. I know I have benefited from their well thought out analysis and explanations and I am that will continue. Remember we are not professional planners (though David is working on that) and our discussion and recommendations may not be appropriate for everyone. Please do your own due diligence prior to acting on any topics discussed on this and any episodes of this podcast. Please continue to let your friends, students, colleagues know about this podcast by sharing it on text, or whatever social media platform you are on and please leave positive reviews. It really does help a lot. I know its not the easiest thing to leave a review, so on iTunes/Apple Podcast via your iPhone just find the show and scroll down to where it says Tap to leave a review and put in the number of stars you feel appropriate (5 stars are the best). More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and our Facebook page also. You can follow me on twitter @drmoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues. Some other physician hosted podcasts that I recommend are: Docs Outside The Box The Hippocratic Hustle The Happy Doc Doctors Unbound The White Coat Investor There are many others, so please support your physician colleagues.  

Episode 25 Doctor Money Matters. Welcome to another Doctor Money Matters episode. This is a double episode with guests in 2 separate locations in Texas. I split the conversation into 2 separate episodes (25 and 26) so please make sure you listen to both. I interviewed David Anderson, DO and Victor Mangona, MD, 2 of the most detailed oriented and helpful members of the various physician finance facebook groups including the Doctor Money Matters group. There was a little technical issue with David’s audio so it may not perfectly clear, but bear with it as the content discussed today is pure gold. In this episode we go into detail about many of the concepts repeatedly discussed on these various forums. Tax rates (Effective vs Marginal) Paying down debt vs investing. Using a 529 plan to establish a legacy of education for future generations Cryptocurrency. To be fair this interview occurred while we were near the height of the mania earlier this year. The necessity vs the value of paying for financial advice. When should you pay for advice? We also discussed an interesting idea about medical schools paying for disability and life insurance for their students after hearing about a sad story in which a young medical student passed away on the interview trail. The GoFundMe page is no longer active and ended up raising $304K. Victor also outlined a strategy for how to use the funds to generate income for the family. I hope you enjoyed this double episode and hearing the voice of 2 people who have provided valuable and detailed information to many of us in my group and many of the other forums for physicians. I know I have benefited from their well thought out analysis and explanations and I am that will continue. Remember we are not professional planners (though David is working on that) and our discussion and recommendations may not be appropriate for everyone. Please do your own due diligence prior to acting on any topics discussed on this and any episodes of this podcast. Please continue to let your friends, students, colleagues know about this podcast by sharing it on text, or whatever social media platform you are on and please leave positive reviews. It really does help a lot. I know its not the easiest thing to leave a review, so on iTunes/Apple Podcast via your iPhone just find the show and scroll down to where it says Tap to leave a review and put in the number of stars you feel appropriate (5 stars are the best). More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and our Facebook page also. You can follow me on twitter @drmoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues. Some other physician hosted podcasts that I recommend are: Docs Outside The Box The Hippocratic Hustle The Happy Doc Doctors Unbound The White Coat Investor There are many others, so please support your physician colleagues.

Welcome to another Doctor Money Matters episode. This is a great episode. I got to interview one of the superheroes of physicians and finance, the Physician on Fire, the anonymous anesthesiologist who started the very popular financial blog by the same name. In this episode we talk about how he decided to go down the FIRE (financial independence, retire early) path, his plans now that he has reached FI (financial independence), and his advice for those who are interested in following this path. We also get into some detail about how he calculated the numbers to determine he had achieved his goal. We also took some questions from social media and discussed his brewery investment and his own personal beer brewing hobby. A couple of the concepts discussed in this episode: Geographic arbitrage -- Practicing in a low cost of living area while making a great income allows you to save more faster. Sequence of returns risk -- The idea that what happens to your assets (the total returns) around (immediately prior to and immediately after) retirement can determine how comfortably you can withdraw from your overall asset pool. Savings rate -- how much you should be saving as a percentage of post tax income. He challenges people to live on half your take home pay if you want to reach FI sooner. He has now reached a 75% savings rate after reaching FI as he doesn’t have a mortgage or doesn’t need to pay for disability insurance Donor Advised Fund -- An investment account that set up can make charitable contributions to via donated stock or other assets. This account can then continue to grow via the market and you can choose to make your charitable contributions over time. Clearly this mindset has resonated with many people as the FIRE community has exploded. PoF’s website has demonstrated significant growth over its 2 year existence and he has provided valuable resources for those interested in these topics. I want to thank PoF for joining us on the podcast. I encourage you to visit his Physician on Fire blog where you can get very valuable information. Please let your friends know about this podcast by sharing it on text, whatsapp or whatever social media platform you are on. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on twitter @drmoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues. Some other physician hosted podcasts that I recommend are: Docs Outside The Box The Hippocratic Hustle The Happy Doc Doctors Unbound The White Coat Investor There are many others, so please support your physician colleagues.

Episode 23 Doctor Money Matters. Welcome to another Doctor Money Matters episode. In this episode I talk with Eric Tait, MD, MBA,  an internist and asset manager who started his own investment firm. We discuss why physicians need to achieve financial independence. Dr. Tait’s has a very well thought out perspective on the future of medicine and we talk about how he separated his financial success from the practice of medicine. Eric was influenced by his work for an insurance company while obtaining his MBA. This experience helped him realize how physicians are viewed as just another labor cost center. As physicians we generally don’t think about how we are viewed by the people who pay us. (Remember for most of us it’s not the patients who pay.) He then realized he had to become financially independent as soon as possible and developed a systematic approach to achieving this. We do this when doing a procedure or reaching a diagnosis and I think its valuable in the investment world also. Ultimately he chose to use real estate to achieve his goal of financial independence but he talks about how he analyzed different asset classes and arrived at this decision. We also briefly talk about his views on cryptocurrency and then how his fund works. Finally we discuss some of the successes and mistakes he has made as an investor. It’s great to see fellow physicians taking charge of their own financial future rather than having it handed to them. As always the discussion on this show is for your education and entertainment only and is not personalized investment advice. Please do your own diligence prior to investing in anything. I want to thank Dr. Tait for being my guest on this episode of Doctor Money Matters. I hope he inspired you to analyze your own mindset about your investments and your financial future as a healthcare professional.  Ultimately, I will still lean towards simple investment approaches but I enjoy learning about different options. Eric’s company can be found at Vernoville.com and he just started his own podcast recently called The Physician’s Road. Please be sure to check it out. Please let your friends know about this podcast by sharing it on text, whatsapp or whatever social media platform you are on. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook.

This episode is about taking control as a physician and learning your value. Many doctors don’t understand their dollar value as practicing physicians. It’s not discussed formally in most training situations and we generally are happy with the increase in salary we get from residency/fellowship to becoming attendings. My guest today Dr. Ali Chaudhary had similar experiences as many of us as he transitioned from training.  However, he decided to do something about and start his own locums company when he realized how much these agencies were making on top of what they were paying him. In this episode we talk about how he did this, why he did this and how his experience can help other physicians discover their own value. We also discuss the pros and cons of going independent. Whether you are happy with your current employment situation or are itching for a change, being aware of your value will place you in a better position for the future.  We also talk briefly about angel investing and Ali’s experience with it. He is from the Silicon Valley area and so it comes in his DNA. It’s a high risk, high reward type situation that has become more accessible for physicians recently. I’m not recommending it for most of us, but we should be aware of all the investment possibilities out there. I want to thank Dr. Chaudhary for being my guest on this episode of Doctor Money Matters. I hope he inspired you to take control of your own career and learn more about your financial value as a physician. Doctors need to help make the healthcare system more efficient. This is one way to bring down overall healthcare costs while keeping those who provide the care paid appropriately.  Ali’s company can be found at locumsunited.com Please let your friends know about this podcast by sharing it on text, whatsapp or whatever social media platform you are on. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on twitter @drmoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues. Some other physician hosted podcasts that I recommend are: Docs Outside The Box The Hippocratic Hustle The Happy Doc Doctors Unbound The White Coat Investor There are many others, so please support your physician colleagues.

Episode 21 Doctor Money Matters. Welcome to another Doctor Money Matters episode. I would like to thank you for listening. It’s been a year since I started this podcast and creating it has been a great educational experience for me. I really appreciate all my guests for participating and joining me on this journey and I hope you the listener have gotten something out of it as well and my ultimate goal is to help physicians and other health care professionals reach financial independence earlier by avoiding the usual pitfalls that has tripped them up previously. I have made many of these mistakes including buying a house in Las Vegas right out of residency at the height of the real estate bubble. I didn’t listen to my own instincts and bought a house even though I knew the price was too high. Well within a few months, the prices dropped and kept dropping for 4 years till prices were 60% less than my purchase price and 70% less than the peak. It was an expensive lesson that has definitely affected my views on personal real estate. My guest on this episode is Dr. Peter Kim, an anesthesiologist, entrepreneur who helps physicians with one of the biggest purchases they have, their home. Peter is the founder of Curbside real estate which we will talk about on the show. We discuss his approach to buying your own home, what a physician loan is, the status of the real estate market. We also discuss how is able to juggle being a physician, father, entrepreneur and his advice for medical students and residents. I want to thank Dr. Peter Kim for being my guest on this episode of Doctor Money Matters. Buying a home is one of the largest purchases most of us will make, but it can be made easier by getting good advice. My advice is that a personal residence is not an investment but rather an expense item. It can turn out profitable but I wouldn’t rely on it to appreciate. Peter’s company can be found at Curbsiderealestate.com Please let your friends know about this podcast by sharing it on text, whatsapp or whatever social media platform you are on. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on twitter @drmoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues. Some other physician hosted podcasts that I recommend are: Docs Outside The Box The Hippocratic Hustle The Happy Doc Doctors Unbound The White Coat InvestorThere are many others, so please support your physician colleagues.

Episode 20. Kevin Pho, MD -- Kevin MD This episode is about using social media to spread your voice beyond the your local area. Obviously social media has had a tremendous impact on our lives in its relatively short existence from connecting with friends and families to how we get our news to professional development. But how can physicians and other healthcare professionals really take advantage of it and should they? I discuss this with my guest Dr. Kevin Pho. He started this website KevinMD long ago (in Internet time). He talks about how he started and how it has grown and allowed him to also become a leading physician voice. I want to thank Dr. Pho, because he agreed to do this podcast at a time when I had just started out and really had no audience. I purposely delayed releasing this episode in order to build up the audience on my own a little and I want to thank you the listeners for being part of that growth. One of the great things about social media that has allowed us to get into contact with other people like Kevin who are generous with their time and expertise. I hope he inspired you to get out there and get your voice heard on social media. It’s vitally important that people with real scientific expertise engage the public and not be drowned out by the celebrity pseudoscience. Dr. Pho’s website is at KevinMD He started a Physician Speaking Facebook group recently for physicians interested in becoming speakers. Please let your friends know about this podcast by sharing it on text, whatsapp or whatever social media platform you are on. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. Twitter @drmoneymatters Instagram @doctormoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues. Some other physician hosted podcasts that I recommend are: Docs Outside The Box The Hippocratic Hustle The Happy Doc Doctors Unbound The White Coat Investor There are many others, so please support your physician colleagues.

Episode 19 Doctor Money Matters. On this episode, my guest is Dr. Bonnie Koo, a dermatologist/finance blogger who is helping educate physicians about the essentials in personal finance. Since we recorded this episode, Bonnie has had many changes in her life including becoming a mother, moving from NY to Philadelphia (Super bowl Champs) and changing her practice type from employed to private practice.   Many of you may have heard Bonnie on the Hippocratic Hustle podcast hosted by my fellow physician and podcaster Dr. Carrie Reynolds. In this episode, we talk about some of the issues for those in high income areas, how Bonnie transitioned from a different field into medicine, and how she became interested in finance. She is well on her way to achieving financial success despite a later start in the medical field than most. Since the last episode, the stock market had a minor correction. It’s important to not let the swings in the stock market change your overall investment mindset. This is just noise and it should not deter you from investing. If anything, consider the recent drop which has partially recovered, a small sale. Cryptocurrencies on the other hand have had a major correction, which also have partially recovered. I am not going to give any recommendation on those however. Bonnie’s Blog is at www.missbonniemd.com Please let your friends know about this podcast by sharing it on text, whatsapp or whatever social media platform you are on. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on twitter @drmoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues. Some other physician hosted podcasts that I recommend are: Docs Outside The Box The Hippocratic Hustle The Happy Doc Doctors Unbound The White Coat Investor There are many others, so please support your physician colleagues.

Episode 18 Doctor Money Matters. On this episode, my guests are Drs. Steven and Jenny Bepko, 2 retired Air Force Physicians who are now traveling around the world with their children. In this episode we talk about their careers in the military, the nuances of the military medical system,  their experience with finances and deployment. Finally we talked about their world tour with their children this year. I hope this episode gives you an insight and appreciation of military medicine. I also hope that more of us use the Bepkos example to do something interesting and unique while you are young. It’s not just about saving to reach higher and higher net worth. Thanks for listening to this episode. I want to thank the Bepkos for talking with me and I wish them continued safe travels. At the time of recording, they were in Argentina, but have since gone to Africa, the middle east, India, and are now in New Zealand, I believe. They are now slightly more than half way through the trip. The Bepkos have a blog documenting their travel at bepkosgoglobal.blog. Please let your friends know about this podcast by sharing it on text, whatsapp or whatever social media platform you are on. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on twitter @drmoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues. Some other physician hosted podcasts that I recommend are: Docs Outside The Box The Hippocratic Hustle The Happy Doc Doctors Unbound The White Coat Investor There are many others, so please support your physician colleagues.

Episode 17 Doctor Money Matters. On this episode, my guest is Valerie Jones, MD an OB/GYN physician who decided to retire from medicine at age 37. We talk about her background and what led her into and eventually out of medicine. We also discuss how she was financially able to retire at such a young age and advice she has for other physicians. Dr. Jones currently blogs at www.obdoctormom.com and also has written some articles for the Kevin MD website. I think many physicians will be able to relate to the stressors that led to this decision in their own practice or that of their colleagues. Key points include living off of one income, rapid loan paydown, and non extravagant living. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on twitter @drmoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

How do you balance finances and family? It’s a challenge for most physicians, particularly with school age children. In this episode I talk with Tom and Kim Rairdon of the High Income Parents blog. They focus on many of the financial and family issues that physicians with children face including college savings, retirement, balancing work and family. Tom is an anesthesiologist in Texas. He and Kim have 5 children, who she homeschools. Listen to the episode and how they talk about how they decided on taking this approach to their children’s education. Thanks for listening to this episode and for the continued downloads of this show. The numbers are growing and I really appreciate it. Thanks to Tom and Kim for joining us today. I really enjoyed hearing about the success and challenges they have with getting to financial independence with 5 kids. I’m sure with their determination, they will achieve this sooner than they expect. They also have good ideas about children and allowances. What about you, where are you in your plans for financial independence? Message me on Twitter or join the Doctor Money Matters Facebook group. You can read Tom and Kims blog at HighIncomeParents.com and you can follow them on twitter @HighIncParents More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) Thanks for listening and please continue to share with your colleagues.

In this episode I talk with Dr. Eric Levi, an ENT surgeon who created a viral article recently relating to physician burnout and lack of job satisfaction called the Dark side of doctoring. Eric wrote this article based on his experience as a specialist nearly completing the long process of training in Australia, but I think his experiences are comparable with listeners in the US and other western nations. He has a series of these articles that I encourage to you read on his website. While this particular episode is not necessarily a financial discussion, physician burnout if it leads to leaving the profession obviously will have major financial consequences. Many physician colleagues are talking about these issues today and I think what Eric wrote about and what we speak about on this episode will sound familiar but he is hopeful that the system is now ready for change. There have been a number of physician suicides that led him to write these articles. I want to encourage those of you who are listening to this show to speak with your colleagues and maintain the social relationships that help us deal with our stressors. I think Eric makes a point in our discussion about the demise of the informal support groups that used to be more common in the past, such as going out for coffee or drinks. Let’s make it a point to engage our colleagues in these relaxed social activities. One other point that he makes that should hit home is if you can find 20% of your work to be meaningful, you will have greater job satisfaction even if the other 80% is monotonous. By continuing to learn new skills in your field, teaching students or residents, or branching into leadership positions, you can improve satisfaction. Finally I know many physicians and administrators don’t have the best relationships, but remember at the end of the day, both groups work for the patient. Lets remember that. You can read Eric’s articles at EricLevi.com and you can follow him on twitter @drericlevi The article The Dark side of doctoring is linked here. More episodes of this podcast are available at www.doctormoneymatters.com Thanks for listening and please continue to share with your colleagues.

In this episode I talk with Bob Collins of the Medicus Firm, a physician recruitment firm. Bob has spent many years in this field and gives great insight into the job hunt. Many physicians now use a recruiter to help with searching for the right job. We talk about the job market and what is hot right now in the medical field, what can a recruiter do for you, and some of the tips he has gained from years in this field. Primary care and psychiatrists seem to be in major demand. Whether you choose to use a recruiter or not, I think it is valuable to know what they can do for you. In my opinion, using a recruiter is much like using a financial advisor or real estate agent, you can do this yourself, but having someone help guide you may help prevent mistakes in this process.   Key points in this episode   Start the process early, particularly if you are in a field that may not be in as much demand. Involve your significant other in the process. Many times a job maybe fine, but the situation is not great because your partner is unhappy with the location. Salary is only one component of a great job. Location and work environment are the other big factors. It can be hard to get all three in one situation. You should weigh how important each of these factors are to you and your family before selecting a position Use all the resources at your disposal to find the job that is your best fit. Stipends and loan repayment are starting to become more common again for in demand fields. Remember your first job is likely not the one you will stay with forever as healthcare is not immune to the rapid workplaces changes in most fields. Keep up with the job market even if you are in a good situation currently. You can find out more about The Medicus Firm at www.themedicusfirm.com More episodes of this podcast are available at www.doctormoneymatters.com Thanks for listening and please continue to share with your colleagues.