Tag: Learning
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The journey through medical training often focuses intensively on patient care while leaving financial management skills underdeveloped. Many physicians find themselves earning substantial incomes but struggling to implement effective budgeting strategies that accommodate their unique financial situations. Traditional budgeting advice often falls short for medical professionals, who face distinct challenges like high student loan debt,…
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As physicians, we face unique liability risks that make asset protection crucial. Yet many doctors either overlook this essential planning or make costly mistakes in their approach. While medical malpractice insurance provides the first line of defense, comprehensive asset protection requires a broader strategy that evolves with your career. Understanding Personal Liability Risk The liability…
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As physicians, we often feel financially secure with our high incomes. Yet having substantial earnings doesn’t eliminate the need for an emergency fund—in fact, it might make it even more crucial. Let’s explore why emergency funds remain essential for high-earning medical professionals and how to structure them effectively. The Unique Financial Risks Physicians Face Professional…
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Between patient visits, charting, and call schedules, the last thing we need is another time-consuming task. After trying multiple elaborate budgeting systems that I never maintained, I’ve finally found a sustainable approach to tracking finances. Here’s how to keep tabs on your money without letting it consume your precious free time. Simple Systems That Actually…
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I remember staring at my first attending paycheck with a mixture of excitement and confusion. After years of resident salaries, the numbers were larger – but so were the deductions, and what exactly was an RVU? This guide breaks down everything I wish I’d known about physician compensation when starting my career. Physician Compensation Models:…
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Just as I remind parents to schedule their children’s annual check-ups, I recently realized I needed my own financial wellness visit. After finding a concerning “lab result” (my credit card statement after the holidays), I knew it was time for a thorough financial examination. Let me share what I’ve learned about conducting regular financial check-ups…
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Recently, during a particularly busy workday, I found myself chatting with a colleague during our rushed lunch break. Between bites of hastily eaten sandwiches, we shared our biggest financial regrets from our early career years. Her story about buying a $75,000 BMW 5 Series right after residency – complete with all the upgrades and a…
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As a pediatrician and parent, I’ve experienced firsthand how challenging the journey to financial literacy can be for medical professionals. Between managing a busy practice, keeping up with well-child visits and sick kids, and trying to maintain work-life balance, many physicians find themselves equipped with exceptional medical knowledge but uncertain about financial decision-making. Let me…