Most Docs

By Jimmy Turner, MD
The Physician Philosopher

Editor: Don’t forget to sign up for the FREE webinar where you can also snag a FREE copy of The Physician Philosopher’s Guide to Personal Finance.  The webinar is called “The 3 Myths to Finding Financial Freedom: How to build a Cash Flow Plan that achieves your financial goals without a detailed line-by-line budget or the guilty spending!”  There are four available dates to sign up!  Click here for more information.

In this Saturday Selection, we look at what MOST doctors look like.  Hopefully, if you have been reading The Physician Philosopher, you have starting to change your financial life for the better.  In this case, you don’t want to be “most docs”.  This post was originally written by and published on The White Coat Investor

Most Docs

Today we’re going to talk about most docs. In Medicine, it is usually good to not be an oddball. You don’t want to be the first or the last to change your practice style. But that is not the case when it comes to your finances. Be an early adopter. What do most docs do? This is what most docs do:

Most docs borrow more than they need in medical school.

Most docs start saving for retirement too late.

Most docs buy too much house.

Most docs don’t save enough money.

Most docs carry credit card balances.

Most docs get bad advice.

Most docs are too comfortable with debt.

Most docs pay too much for advice.

Most docs have the wrong life insurance policy, if they have one at all.

Most docs don’t have the ideal disability policy for their gender, specialty, state, and health status.

Most docs don’t have a written investing policy statement.

Most docs haven’t done any real estate planning.

Most docs don’t manage their student loans the right way.

Most docs don’t refinance their loans as soon as they should.

Most docs carry their student loans too far into their careers.

Most docs buy cars on credit.

Most docs buy second houses, vacations, private school tuition, and college educations they can’t afford.

Most docs work more hours per day than they’d like more days per week than they’d like for more years than they’d like.

Most docs don’t negotiate contracts, and those that do negotiate from a position of weakness.

Most docs don’t max out their available retirement accounts.

Most docs don’t even know what their available retirement accounts are, much less what the fees, available investments, and distribution options are.

Most docs don’t rappel off a tarp full of sand, but these two do!

Most docs don’t meet with their partner regularly to discuss finances.

Most docs have investments that cost too much.

Most docs have an inappropriate asset allocation.

Most docs get suckered into a bad investment.

Most docs buy a house before they should.

Most docs are embarrassed to talk about money.

Most docs have to worry about money after they retireor end up not being able to spend as much as they would like.

Don’t Be “Most docs.”

You can do this. We can help.

What do you think? What else do most docs do that they shouldn’t? Comment below!


Submit a Comment

Your email address will not be published. Required fields are marked *

You might also be interested in…

Budgeting That You Won’t Hate: Backwards Budgeting

Budgeting That You Won’t Hate: Backwards Budgeting

Let’s be real. Most of us hate budgeting. I know that I do. That said, I am a big believer that unintentional plans lead to lots of people ending up broke. What if I told you that there is a way to budget that you won’t hate, and it will accomplish all of your goals automatically? Too good to be true? Read on to find out…

Tips for Moonlighting in Residency: Making Extra Cash

Tips for Moonlighting in Residency: Making Extra Cash

As a PGY-4 in my anesthesiology residency, I easily doubled my salary by moonlighting in residency. Many opportunities exist for moonlighting, and the pay usually ranges from $60/hour to $150/hour depending on the nature of the call.  Today, let's hammer out the...

Time is money, but money can’t buy time

Time is money, but money can’t buy time

Please, tell me I am not the only one who thinks like this?  My monetary mindset currently revolves around our biggest (current) financial goal: Paying off our student loans. I hope that some day I can truly learn that Time is Money and that money is a means to an end. It’s not an end in itself.

Are you ready to live a life you love?