Physician Issues Archives - Physician on FIRE

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How to Choose a Medical Specialty

Choosing_a_Medical_Specialty

Choosing a medical specialty is no easy task. You’re faced with this task as a third year medical student trying to look good on every clerkship while working long hours and often with only the view of what the specialty looks like from an academic perspective. At one time, I thought I might enjoy pediatrics, but then I did a 180 and considered radiology. Somehow, I landed on anesthesiology, which I think was actually a great choice for me. Today, […]

Online Term Life Insurance Quotes: PolicyGenius Versus Term4Sale

PG_Featured

We recently covered disability insurance and the mistakes that doctors make. Today, I’d like to look at another insurance product that is important for many high-income professionals: term life insurance. This is the good kind of life insurance that exists for one reason. It ensures that anyone relying on your income will be financially secure if you suffer an untimely and early death. There is no investment component. Like home, auto, and umbrella insurance, it’s important coverage to have, and […]

Top 5 Mistakes Doctors Make With Disability Insurance

Pattern Life

Before we start to talk about what we get wrong with disability insurance, I should tell you that I personally do not carry disability insurance. It’s true. If I were no longer able to perform my duties as an anesthesiologist, I would no longer earn a paycheck. And yet, reviewing the list below, I don’t believe I’ve made a single mistake regarding disability insurance. You see, I did once buy a true own-occ disability insurance policy from a reputable company […]

Physician, Know Thyself: A Self-Identity Crisis

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Dr. James Turner has an important question to ask you today. Who are you? It’s a simple and seemingly harmless question, but it’s important to know the answer. And that answer needs be more than “I’m a doctor,” or “I’m a lawyer,” “I’m an important cog in the big machine.” As you’ll learn in today’s tale, putting too many identity eggs into one ego basket can be very problematic if that basket is taken away. For much of my adult […]

Your Personal Brand: Why Building Authority is Key to Your Success

Vitals_Branding

I spent eight years living in Minneapolis in the 1990s and early 2000s. There were billboards all over town advertising major retailers, auto dealers, amusement parks, and confident-looking lawyers. I don’t remember seeing larger-than-life physicians overlooking the freeway exits back then, but when I visit the city now, they’re everywhere! By the time I get downtown, I’m trying to decide between a facelift with local anesthesia, a vasectomy reversal, or a same-day joint replacement. I’m still undecided, but I do […]

5 Tips For Beating Physician Burnout

mud run

Some call it physician burnout. Others focus on prevention, citing physician resilience as an important preventive quality. Some reject those terms in favor of more accurate depictions. Dr. Zubin Damania, a.k.a. ZDogg MD recently produced a video describing the epidemic as the result of moral injury. However you want to frame the issue, it’s a real problem. Disillusioned physicians become overwhelmed, disempowered, and disengaged. I’ve suggested monetary solutions — there are situations that can be helped by both saving and […]

5 Traits Doctors Share with Successful Entrepreneurs and Investors

Child Chess

In The Millionaire Next Door, physicians are not painted in the most positivite light, At least, not when it comes to money management. In fact, Drs. Stanley and Danko discovered that physicians were twice as likely to be in the lowly UAW (under accumulator of wealth) group than the prestigious PAW (prodigious accumulator of wealth) cohort. Dr. Peter Kim thinks we’ve got what it takes to turn that around, and he makes some insightful observations on the things doctors have […]

Aligning Careers With Your Physician Spouse

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My wife will be the first to tell you being married to a physician isn’t always easy. There’s the toll stress can take on the doctor. The missed dinners and lost weekends. Single parenting and the frequent chirp of the pager at all hours of the night on a regular basis. When I’m on call, we both suffer. One thing we don’t have to worry about is the impact on her career. Although she’s got a few degrees hanging on […]

The 7-Figure Urologist: Origin Story

7 figure urologist

Last summer, an enterprising urologist reached out to me with an interesting story to share, and he offered to write up his story for me to share. I often quote or paraphrase Henry Ford’s saying: “Whether you believe you can do a thing or not, you are right.” And as my Dad says, “If you don’t ask, you don’t get.” Today’s guest author believes he can and he’s not afraid to ask. Five years into his career, he’s worked his […]

PIMD’s Med School Side Hustles

Personally, side hustles were the furthest thing from my mind as a medical student. I may have sold a little bone marrow for stem cell research, but I just don’t think I had the drive or the time to do much else. About the closest thing I had to a side hustle (besides the bone marrow aspirations) was buying a couple kegs and some mardi gras beads and setting out an empty fish bowl to collect donations to recoup some […]

The Doctor Loan: My Experiences Buying and Building with Physician Mortgage Loans

I was finally a doctor. A real doctor! The year was 2002 and I had just graduated from medical school. After a one-year internship living in resident housing in La Crosse, WI, a small city famous for having the most bars per capita of anywhere in the U.S., I would be heading to The University of Florida to spend the remaining three years of my anesthesia residency as a Gator Sedator. Gainesville, a college town and something of a party […]

What Happened to Doctors and Golf?

Holmsvollur Golf Course

A common stereotype of the anesthesiologist (which both Passive Income MD and I happen to be) is that we like to end our days early to hit the golf course before the rest of the physicians finish clinic and crowd the links. I’m being truthful when I say that I’ve never canceled a case in order to make a tee time. I did, however, make a 1 p.m. tee time on the day I took my USMLE Step 3 test […]

I Quit Obstetrics at age 43: the “DABDA” Stages of a Major Practice Change

Angry Newborn

A few months ago, a physician who had discovered this website reached out to me with a flattering e-mail, letting me know that she was making some major changes in her career trajectory, and that what she had read here helped confirm her decision to take a step back from a demanding work schedule. This was not an easy decision for her. I don’t think anyone, including me, chooses to give up valuable skills that were not easy to come […]

Fight Burnout with Both Saving and Spending

fight burnout

Career burnout is becoming increasingly common and is a hot topic lately, particularly for physicians and other healthcare workers. The causes are many. Increased demands. Decreased reimbursement and recognition. Longer hours and lower benefits. The feeling that you’re just another wheel in the cog. In medicine, it’s the ever-thickening red tape. Clumsy electronic health records (EHRs). Prior authorizations. In-baskets that fill up with dozens or hundreds of messages any time you’re away for more than a few days. The corporatization […]

One World Surgery: My Week in Honduras on a Medical Mission

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For the last fifteen years or so, I’ve thought I ought to participate in a medical mission. “Someday, I’ll do that,” I figured. In recent years, as I’ve contemplated taking an extended sabbatical that could become permanent, I realized I could be running out of time to take my skills to a part of the world where they’re more sorely needed. I started researching options and reaching out to organizations, looking for an opportunity that would both allow me to […]

A Dirty Needle Helped This Physician Get His Finances in Order

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Often, it takes a big, scary moment to make us realize we need to be better prepared for an uncertain future. Dr. Peter Kim, a.k.a. Passive Income MD, had one of those moments one morning at the end of a long all-night shift. Ideally, you have your affairs in order before it becomes necessary. We see reminders of our mortality all the time in our jobs. Most of us have coped with illness and death in of parents or grandparents. […]

Obstacles Doctors Face in Pursuing a Side Hustle

The side hustle. While it’s nothing new — paper routes and bartending have been around for ages — side hustles are getting a lot of attention in the new “gig economy.” You’re looking at my side hustle. A medical student shared his various side hustles not long ago, and my WCI Network partners each have successful side hustles of their own. While you may not think side hustles are for physicians, more and more of us are looking to do […]

Who Cares? Why Write About It?

why write about it

My friend John wrote an article detailing his spending for one random week in his life. This daily ledger wasn’t his idea, but rather that of a national media outlet that likes to portray the typical spending patterns from people of many different walks of life. Many people were interested to see how John spends his money. Why? Well, the headline for his article, written by the people who write headlines for national media outlets, states that he retired in […]

Locum Tenens Co-op: Survey Response Report

Last month, I introduced a concept that could be revolutionary for physicians doing locums if it gets off the ground. A number of you responded, taking the survey and leaving thoughtful comments. Thank you for those. Today, I’ve got the team back to report the survey results and to respond to a number of the comments. Read on to see the positive responses to the concept of a member-owned physician locum tenens co-op, and how the co-op could address the […]

Buying a $3 Million Umbrella Insurance Policy for $170 Per Year

Not long ago, a somewhat wealthy friend of mine realized he had done a knockout job earning money and hanging onto it, but he hadn’t taken the best precautions to protect his hard-earned assets. That didn’t matter much until suddenly, it did. He was sued for millions and spent several agonizing years with a substantial portion of his assets potentially at risk. A judgment against him could have wiped out much of what he had earned over the prior decade. […]

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