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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’ve invested years of training and significant resources into our careers. Protecting that investment—and our ability to care for our families and patients—requires a strategic approach to insurance coverage. Let’s break down the essential insurance policies every physician needs, with specific guidance on selecting and maintaining appropriate coverage. Disability Insurance: Your Most Important…
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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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Introduction: Why Physicians Should Understand Cryptocurrency As physicians, we approach complex problems with careful analysis and evidence-based thinking. This same methodical approach serves us well when exploring cryptocurrency investments. While my medical training didn’t prepare me for blockchain technology or digital assets, I’ve found that our analytical skills transfer surprisingly well to this emerging field.…
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As physicians, we’re trained to evaluate evidence and separate promising innovations from marketing buzz. When it comes to blockchain technology and cryptocurrency, making this distinction is crucial. In this post, we’ll explore how blockchain technology works, its potential applications in healthcare, and take an objective look at cryptocurrency markets. What Is Blockchain Technology? Think of…
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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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The first time I calculated my net worth as a new attending, the number was shocking: negative $247,000. Between student loans, a car loan, and credit card debt, I felt like I’d never climb out of the red. Five years later, my net worth had finally turned positive. Let me share what I’ve learned about…
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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…