The word entrepreneur in the past decade has seemed to take on a very different meaning, especially for new doctors. Two to three decades ago, being a doctor who was an entrepreneur often meant having a practice that was physician owned with a focus on growing this practice. Fast forward to today and many new physicians think of medicine and entrepreneurship as something that may no longer be possible for them. … Read the rest
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It’s been over six months since I started my job in Austin, TX. In that time, I have built an emergency fund to last 6 months, a wedding fund, and savings to have the ability for a small down payment for a house. The next financial step that I’m interested in is home ownership. One of the largest reasons I am considering buying is that I plan to stay in Austin area in the foreseeable future. … Read the rest
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The popular TV show, Shark Tank, is a Hollywood snapshot of what some entrepreneurs go through in order to get to market. Yes, we all know that there are a lot of made for Hollywood moments. However, behind those dramatized moments are often stories of a struggle to build their dream.
My family is made up of various entrepreneurs. Each one started a company that could be described as a blue-collar industry.… Read the rest
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After seven years, I’ve finally done it. I’m back to having a positive net worth. The last time I had a positive net worth was in the year prior to medical school. I have to say it feels good to climb out of the hole and start to see some light at the end of the tunnel. Here is a synopsis of my past net worth and how I got to where I am today.… Read the rest
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Each week I show up to work focused on my patients and getting my work done. I’ve been at my job over half a year, which apparently is enough time for a large number of people to know what kind of car I drive. I recently had an encounter with a fellow physician and nurse that took me by surprise. They both commented on what kind of car I have and somewhat jokingly asked if I “Know that I am a Doctor.” Apparently, the car that I drive did not fit into their ideal for what a doctor should drive.… Read the rest
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Graduating medical school, residency, or fellowship is an exciting time as you turn to the next chapter of your career. After all the years of hard work, the paychecks have finally started to roll in. The next problem is deciding what to do with the money from those larger paychecks. I previously wrote about financial changes from going to a resident to an attending.… Read the rest
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I’ve decided to become more serious about my debt payoff and increase the amount of money I’m saving. The quickest and easiest way to do this is to pick up extra shifts. My company pays well, but the highest pay per hour in my area comes in the form of using Locum Tenens contracts. In order to accelerate my debt payoff and savings rate, I’ve decided to sign up for these jobs during my time off.… Read the rest
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I am happy to have a guest post for today’s article, written by Jamie K. Fleischner with Set for Life Insurance. Planning your financial future should include risk management. Part of risk mitigation is obtaining the right amount and the right kind of insurance. Spending money to help mitigate a one time financial loss that could lead to bankruptcy is on the surface a wise choice.… Read the rest
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This weekend I met with a good friend of mine who decided to take a weekend vacation to Austin. It was a good time to catch up on how life has been going since we last had seen each other several years ago. We reminisced about the good times we had in medical school. Since he is also a new attending the discussion arose as to how life naturally changed with an increase in pay.… Read the rest
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Signing the first contract out of residency or fellowship can be both exciting and anxiety provoking. Employment agreements, or as they are often referred to, physician contracts, are not as frightening as you think. However, with most things in life the devil is in the details. There are a lot of legal terms that are in the paperwork. Some contracts range from very verbose (the longest contract I received was 34 pages long), to quite short (shortest I received was 2 pages long).… Read the rest
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