Grow Your Income from $232,132 to $897,959

Grow Your Income from $232,132 to $897,959

The MBAs run the show. Physicians and other high-income professionals are left answering to those with less training. Your practice is making more money, but work is not fun. Passion is killed by the hamster wheel.This is not the career we envisioned during our years...

Ransomware is on the rise in healthcare

Ransomware is on the rise in healthcare

Think You’re Not a Target? Don’t Kid Yourself The number of ransomware attacks on healthcare systems rose by 123% from 2019 to 2020. Smaller medical organizations think they’re safe because of their size. Here’s a dose of reality - smaller companies have less money to...

How to Set Up Telemedicine in Your Practice

How to Set Up Telemedicine in Your Practice

(This is the second part of a series on making money in telemedicine. See Part 1 here) Telemedicine: Investment and Revenue Most physicians have put together a telemedicine response for COVID19. But Is it scalable and secure for an ongoing telemedicine practice? If...

Decentralized Finance: What’s DeFi All About?

Decentralized Finance: What’s DeFi All About?

Decentralized Finance (DeFi) and Cryptocurrency DeFi applies technology to remove third parties from financial transactions. Those third parties include banks and financial service providers who traditionally control monetary transactions. DeFi is supported by...

Corporate Telemedicine will be here when COVID is gone

Corporate Telemedicine will be here when COVID is gone

(This article is the first in a two-part telemedicine series.) Telemedicine is the New House Call Telemedicine was slowly growing back in 2014, particularly in rural communities. It was embraced in healthcare deserts for people without access to medical care. Clinics...

9 Reasons Most Day Traders Lose Money

9 Reasons Most Day Traders Lose Money

Traders Lose Money in the Market Bear or bull, the market swings up and down. Depending on what trades you make - you can get slammed even in the best of times. Lots of traders do in fact, some financial analysts put it at 70 to 90%. But isn’t the stock market how...

Sick of Being Frugal? It’s Time to Splurge!

Sick of Being Frugal? It’s Time to Splurge!

Live a Little - Splurge! We are all so tired of worrying. We’re sick of watching our pennies. We have an emergency fund, we pay into our 401(k). It feels forever since we did something fun or gave ourselves a treat. As the pandemic winds down, surely, we deserve to...

When to Buy a House: Is Now the Right Time?

When to Buy a House: Is Now the Right Time?

How to Decide When to Buy a House There are two major factors in buying a house. One is the market and the other is whether or not you’re financially ready to make the leap. Interest rates on mortgages are at an all-time low, but no one wants a repeat of the subprime...

Is Buying with Cash Better than Having a Mortgage?

Is Buying with Cash Better than Having a Mortgage?

Can You Buy a House Outright With Cash? Yes, you can buy a house with cash, as long as you have the money to do it. The mortgage industry has changed since the subprime housing bubble exploded in 2007. It's gotten harder to get a mortgage. The buying lifecycle can...

How to Research Stocks on Your Own

How to Research Stocks on Your Own

What Makes a Good Stock Good? A good stock appreciates in value over time. A good stock is one that has more value than more than it costs. If you don’t have a crystal ball, how do you figure it out? The stock market is like a foreign language. You see all the...

11 Money Mistakes Doctors Don’t Have to Make

11 Money Mistakes Doctors Don’t Have to Make

No Stupid Questions, Plenty of Dumb Mistakes If you think all doctors are rich - ask one. They aren’t. Most physicians have no more financial training than a Uber driver. Far too many doctors make avoidable mistakes that cost them money. Whether it’s personal finance...

How to know if F.I.R.E is right for you?

How to know if F.I.R.E is right for you?

Become Financially Independent. Then Retire Early. The FIRE (Financial Independence, Retire Early) movement was founded almost 2 decades ago. It premiered in a book called, “Your Money or Your Life.” The 1992 best seller said that working until age 65 wasn't an ideal...

9 Things You Need to Know about Cryptocurrency

9 Things You Need to Know about Cryptocurrency

Answers to Your Questions About Cryptocurrency Everyone’s heard of cryptocurrency. More and more brokers are offering crypto portfolios. It feels a little embarrassing to not know what the heck it is. This post is for you...and you’re not alone. Cryptocurrency has a...

New to Investing? Start with an index fund.

New to Investing? Start with an index fund.

Investment Basics: Start with an Index Fund For beginners, investing in an index fund is a great way to get in the game. You don’t have to try and pick your own stocks. An index fund means you’re investing in the whole index. Why is that a good thing? Because an index...

How to invest your unexpected financial windfall?

How to invest your unexpected financial windfall?

8 Tips to Make the Most of Your Windfall Money You’ve come into some unexpected cash - nice! When money drops into your lap - from an inheritance or a trust or insurance payout - the question is what to do with it? Should you save it, invest it or buy that boat you’ve...

Should I Pay Off My Mortgage Now?

Should I Pay Off My Mortgage Now?

Should I Pay Off My Mortgage in 2021? Paying your mortgage off early can save you a load of interest. But is it always the best choice? That depends on how much money you have to work with. And what else you might need to spend it on.  To pay off your mortgage early,...

Will a Fee-only Advisor Save You Money?

Will a Fee-only Advisor Save You Money?

Is a Fee-Based Advisor the Same as a Fee-Only Advisor? No. The term “fee-based” is a financial advisor who charges you a fee AND takes a commission. A fee-only advisor takes no commissions and is paid solely by their clients. Fee-only advisors - also called fee-only...

How to Leverage Multiple Income Streams to Make More Money

How to Leverage Multiple Income Streams to Make More Money

How to Create Multiple Income Streams Extra money - who doesn’t like that idea! A paycheck isn’t as reliable as it used to be. No matter what your salary, how long could you go if you lost it?  What if you can pick up more cash without taking a second job? Let’s talk...

A Complete How-to: Backdoor Your IRA in 2021

A Complete How-to: Backdoor Your IRA in 2021

Backdoor IRAs Circumvent Roth Income Thresholds Don’t see an option for a backdoor IRA? That’s because there is no such account. “Backdoor IRA” is a process for wealthier people to circumvent income limits that make them ineligible for a Roth IRA.  Yes, it’s legal....

Pro Tips on How to Reduce Your Taxable Income

Pro Tips on How to Reduce Your Taxable Income

How to Avoid Paying so Much in Taxes The way you reduce taxable income is all about deductions. The more legitimate deductions you take, the more you can drop your Adjusted Gross Income (AGI.) Your AGI is how the IRS determines your tax liability. In 2017, the Tax...

How Much Money Do You Need in an Emergency Fund?

How Much Money Do You Need in an Emergency Fund?

Will Your Emergency Fund Cover a Real Emergency? Most Americans are not savers. As of 2019, 40% of the families couldn’t cover a $400 emergency.  For too many people, especially during the pandemic, saving is an impossible dream. How you build an emergency fund when...

Is it Smart to Put My 401k in an IRA?

Is it Smart to Put My 401k in an IRA?

Why Would I Roll My 401k into an IRA? If you’re leaving the job where the 401k sits, rolling it over into an IRA is a good option. Whether it’s the best option depends on what you’re doing after you leave. Retirement plans can and should be re-evaluated over time.  If...

Can You Make Money Blogging? How & How Much?

Can You Make Money Blogging? How & How Much?

Is Blogging for Money Still a Thing? Yes - it is. Surprised? Blogging feels a bit dusty, like something from a decade ago. But people are making money doing it. If you like to write, it’s a simple source of passive income. You won’t get rich overnight, but you can...

How to Buy the Right Medical Software for Your Practice

How to Buy the Right Medical Software for Your Practice

What Medical Software Do I Need for my Practice? (This is the third in a series of four about how to open your medical practice. You can find Part One and Part Two here. This section focuses on medical software systems.) You don’t have to understand code to buy...

Efficient Frontier: Diversify Your Portfolio by the Numbers

Efficient Frontier: Diversify Your Portfolio by the Numbers

Efficient Frontier: Investing on the Edge The efficient frontier evaluates optimal risk to return ratio in a portfolio. The efficient frontier curve represents the edge between optimal and suboptimal. The efficient frontier displays the highest return for assets...

Balance Your Portfolio Strategically: Try Tax Loss Harvesting

Balance Your Portfolio Strategically: Try Tax Loss Harvesting

Tax Loss Harvesting - Is it Legal? Yes, it’s legal. Tax-loss harvesting is a strategy to reduce the taxes an investor pays on capital gains.  There are some rules to be aware of, but overall, it works. Capital gains are the profit from selling an asset for more than...

Artificial Intelligence: The Future of Healthcare is Here

Artificial Intelligence: The Future of Healthcare is Here

Artificial Intelligence is Transforming Healthcare Artificial Intelligence (AI) is no longer the future of healthcare - it’s here. AI is improving the clinical quality of care. It’s helping to improve the accuracy of diagnosis. The technology provides Alzheimer's...

4 Simple Steps to Start Your Investment LLC

4 Simple Steps to Start Your Investment LLC

Set Up an Investment LLC in 4 Simple Steps A limited liability corporation (LLC) separates the personal assets from the company assets. If the LLC should fail, only the business assets can be attached - limited liability for the owner. An investment LLC is a company...

Modern Portfolio Theory: Does it Work in Modern Markets?

Modern Portfolio Theory: Does it Work in Modern Markets?

Modern Portfolio Theory: How Modern is it? Modern portfolio theory is a mathematical strategy to minimize investor risk. It measures risk against return by allocating diverse assets in a portfolio. The markets are volatile. The upturns and downturns can be extreme....

Medical Marketing: Is It Worth Your Time?

Medical Marketing: Is It Worth Your Time?

 Online Marketing: The Search Engine’s the Thing Marketing doesn’t have to be difficult, but it does require direction. Don’t think you can throw up a few blog posts and a Facebook ad and patients will start pouring. Old-school doctors tend to be more cautious about...

How to Open Your Private Practice: Handling the Logistics

How to Open Your Private Practice: Handling the Logistics

Private Practice Next Steps: Office Location, Medical Equipment & Staff (The first article in this series covered the steps to get financing for a new private practice. This article outlines the steps to take once you have the money to move forward.) Starting a...

What does financial independence look like for me?

What does financial independence look like for me?

What does financial independence look like? Financial independence is the freedom to maintain your lifestyle without outside income. It’s the end of reliance on other people’s money. The idea of financial independence is more appealing than the work it takes to...

How to negotiate the price of a car without getting suckered

How to negotiate the price of a car without getting suckered

 How to negotiate the price of a car? There’s no place easier to get suckered than a car lot. If you learn how to negotiate, haggling isn't hassle. Whether you’re buying new or used, salespeople make commission on price. The more you spend, the more they get.  Most of...

Healthcare Goes From Illness to Wellness. How to Define Wellness.

Healthcare Goes From Illness to Wellness. How to Define Wellness.

 How Should Doctors Define Wellness? The healthcare industry is shifting its focus from treating illness to promoting wellness. But what does wellness actually mean? For some, it’s a new age mix of alternative medicines. For others, it’s about nutrition and fitness....

Will Doctors Hit Their Breaking Point during Second Covid Surge?

Will Doctors Hit Their Breaking Point during Second Covid Surge?

Can Doctors Survive a Second Wave of Coronavirus? “Doctors are heroes! Not all heroes wear capes! Heroes work here!” The signs are everywhere. It’s a nice sentiment but our “heroes” are barely surviving. The first wave of COVID19 was devastating for doctors -...

Are You Building Wealth or Just Making Money?

Are You Building Wealth or Just Making Money?

Building Wealth or Just Making Money? Doctors get a bad rap when it comes to managing money. Probably because most of them aren’t good at managing money. To be fair, it takes years of living on ramen noodles before physicians begin making a decent wage. They're not...

7 Best Side Gigs for Doctors to Make Extra Money

7 Best Side Gigs for Doctors to Make Extra Money

7 Best Side Gigs for Doctors to Grow Wealth Side gigs or side hustles are a way to make extra money. Too many doctors need one and many more should get one. In the past 20 years, the financial lives of physicians have changed radically. The cost of becoming a doctor...

How to Start a Medical Practice and Make Money

How to Start a Medical Practice and Make Money

(This article is the first in series about how to build and run a successful medical practice. Self-employed docs make more than salaried staff.) How to Start a Medical Practice and Make Money There is a definite fork in the road once your residency is complete. Start...

Closing Costs: The Money to Finalize a Mortgage

Closing Costs: The Money to Finalize a Mortgage

How Much Will You Pay in Closing Costs You found the perfect property, your loan is approved, it’s all over but the signing. Oh, and the closing costs. You don't get the keys until the closing costs are paid. The people who got you the loan don’t work for free....

5 Steps: How to Buy an Investment Property

5 Steps: How to Buy an Investment Property

5 Steps: How to Buy an Investment Property Getting into a real estate requires an investment. Not just of money, but time too. An investment property is a rental property. Investments are always designed for long term gain. The longer you rent the property, the more...

Trending Topics: Data Security Protects your Practice

Trending Topics: Data Security Protects your Practice

Trending Topics: Data Security Makes or Breaks a Practice (Update: January 2021 data breach numbers are available here.) A recent webinar surveyed healthcare providers about what’s was on their minds. Technology was a consistent trend. Data security was a consistent...

Value Based Care: Financial Impact for Doctors

Value Based Care: Financial Impact for Doctors

Value-Based Care: Financial Impact for Doctors Value-based Care (VBC) is major healthcare reform. It is the difference between incenting quality over quantity. The FFS is about quantity. The financial incentive was to increase the number of procedures, tests, and...

Trending Topics: What is Precision Medicine?

Trending Topics: What is Precision Medicine?

Trending Topics: Precision Medicine Precision medicine was formerly called personalized medicine. The premise is that individual patients have different responses to the same disease. Precision medicine takes into account a patient’s genes, environment, and lifestyle....

When Can I Retire?

When Can I Retire?

When Can I Retire? The better question is when can I retire comfortably. The answer may depend on how early you started planning for retirement. A 401K is only as good as the amount you put into it. If you’re counting on your stock portfolio – have you checked it...

Physician Burnout: The Cost for Doctors & Patients

Physician Burnout: The Cost for Doctors & Patients

Physician Burnout: The Cost for Doctors & Patients Burnout among medical professionals is at epidemic levels. The demands we make on America’s doctors are taking their toll. In 2019, more than 40% of American doctors were burned out. The symptoms include...

What’s a Virtual Assistant & Do Doctors Need One?

What’s a Virtual Assistant & Do Doctors Need One?

Why Doctors Need a Virtual Assistant A virtual assistant performs remote administrative tasks. They can answer phones, enter data, handle scheduling or billing. For medical practices, a virtual secretary may not add as much value. Regulatory compliance, medical...

Private Equity: Who’s the Doctor Here?

Private Equity: Who’s the Doctor Here?

Private Equity: Who’s the Doctor Here? One of the hottest tickets in town for private equity investors? Your medical practice. Private equity firms are making offers that physicians find hard to refuse. A huge influx of capital, along with regulatory management and...

What is Passive Income? Work Less, Earn More

What is Passive Income? Work Less, Earn More

What is Passive Income? Passive income is a way to build wealth without work. Passive income sometimes involves an initial effort – such as writing a book or creating an online course. Once that's complete, the work product continues to generate income. Other times,...

Content Marketing to Grow Your Practice

Content Marketing to Grow Your Practice

Content Marketing to Grow Your Practice How do you market a medical practice? Healthcare providers are subject to the same competitive environment as any other business.  Content marketing is a physician’s opportunity to get noticed. How you get found online  - and...

Yield Curve Inversion

Yield Curve Inversion

What is a Yield Curve Inversion? A yield curve plots the interest rates of bonds with different maturity dates. In a healthy economy, the longer a bond takes to reach maturity, the higher the yield. A yield curve inversion occurs when short term bonds show the higher...

Health Savings Accounts (HSA)

Health Savings Accounts (HSA)

A Health Savings Account A health savings account (HSA) lets people put aside pre-tax dollars to pay health care expenses. An HSA is only available as an alternative to people with a high deductible health care plan (HDHP). Most HDHP plans offer lower premiums which...

What is Venture Capital?

What is Venture Capital?

 What is Venture Capital? Venture capital is a form of private equity to fund startups and emerging businesses.  A venture capitalist (VC) is always looking for ideas that have the potential for long term growth. A VC invests alone or through an investment company...

How to become an entrepreneur

How to become an entrepreneur

How to Become an Entrepreneur A great idea is the driving force behind every startup. The steps to becoming an entrepreneur are what it takes to make the startup successful. Creativity, leadership, and perseverance are common traits among entrepreneurs. A startup is...

Buying a Home in Foreclosure

Buying a Home in Foreclosure

Buying a foreclosed home can be an excellent investment. It’s an opportunity to buy a house at below market value. The national average price reduction is 5%. There are also state and regional programs to help sell foreclosed properties. Price is the obvious...

How to Become a Landlord?

How to Become a Landlord?

How to Become a Landlord? The need for housing continues, no matter what the economy does. Rental properties represent 36.6% of American households. The average rental cost varies by location but the national median for a two-bedroom home is $1,196. Becoming a...

Desired Salary

Desired Salary

It’s the question every job applicant hates. “What’s your desired salary?” How are you supposed to answer that? It feels like a trick question. The online job listing is all you know about the position. It sounds interesting, why guess at a salary when that’s all you...

How to Start Investing

How to Start Investing

The earlier you begin investing the sooner you create wealth. The stock market is where most people look. The level of effort is low, there’s a lot of information out there…But the market is intimidating until you learn how it works. Then you can invest with...

Purchase future cash flow to get wealthy…stop buying more stuff

Purchase future cash flow to get wealthy…stop buying more stuff

Your cash flow cycle is backward. Turn it around now. Future cash flow is critical to building wealth. The more income streams the more wealth. Diversification of income is as important as diversification of a retirement portfolio. One income stream is risky There is...

Volunteer? You mean work for free!?

Volunteer? You mean work for free!?

Politicians and hospital administrators asked doctors to help during the COVID crisis. Most have agreed. They do a day’s work and get paid a day’s wage. Some work for free. There is another forced labor participation movement from US history class-the draft. The draft...

How to Consolidate Student Loans

How to Consolidate Student Loans

How did you end up with owing so much money? You’re finally out of school but it will be years before you're out of debt. Should you consolidate your student loans? When you’re an undergrad, student loan payments seem a lifetime away. By the time you finish your...

How to Pay off Credit Card Debt

How to Pay off Credit Card Debt

Consumer credit runs off credit cards. Using credit starts early. Some people start on their parents’ credit cards before getting one of their own. Credit card companies pepper college students with offers. Ten years later, your credit card debt is second only...

How to Budget for What You Want

How to Budget for What You Want

A budget is more than a way to manage daily expenses, it’s a tool for reaching your financial goals. There is a financial axiom when money is available – in any amount – it is expendable. The more money people have available, the more money they’ll spend – often...

When Your Doctor Defaults

When Your Doctor Defaults

COVID is tough on everyone. It will get worse if doctors default. Financial stress is the unspoken struggle on the healthcare horizon. Our nation's doctors are under tremendous stress. Stress at the hospital is obvious. Many are working long hours. There is a constant...