Physician Issues Archives - Physician on FIRE

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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 something different. Some side hustles can become main hustles, and that will soon be the case for me. Today’s post […]

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 his early fifties with a net worth of $3 Million. Those headline writers know how to grab people’s attention! Expecting […]

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 responsed, 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 concerns of the survey takers. There will also be an opportunity to share a survey designed for hospitals and groups […]

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. All because he generously volunteered his time on the now-defunct hospital’s Board. I’m talking about “my friend” because it would […]

A Physician-Owned Locum Tenens Co-op?

NPH_Honduras_Nerve_Block

Today, I’ve got an interesting proposal from a group of physicians and entrepreneurs with whom I’ve spoken regarding their idea for a completely new take on the locum tenens agency. My experience with locum tenens (temporary work) began the Monday after I finished residency. I practiced exclusively as a locums doc for nearly two years, trying jobs before buying, and was offered a job in just about every place I worked. Once I settled into a “permanent” job, I still did some locums on the side to keep different skills fresh and learn from different practice settings. I used locums […]

Side Gigs for Pre-med and Medical Students

Med_School_Side_Gigs

Bryan Miles of Bryan’s Black Bag reached out to me and asked if he could share a guest post detailing some of the side gigs and hustles he’s had in his six years as a pre-medical and medical student. I read his post and said, “absolutely!” With some outside the box thinking, Bryan has been making choices to minimize his debt and maximize his future net worth long before many of us started thinking about such terms. Normally, I would discourage most pre-meds and medical students from doing anything but focusing on their studies and their patients, but Bryan doesn’t […]

The Art of the Side Hustle: Complementing Your Career with Entrepreneurship

Crushing Barley

Today’s post is all about the “side hustle.” I prefer the term “side gig” as it sounds a little more laid back, but to be honest, many of us are hustling to do the work involved in both our primary and secondary jobs. Whatever you want to call it, people from all walks of life are pursuing their own entrepreneurial spirit with a little work on the side, and physicians are no exception. I never imagined I’d be among them, but here I am working part-time at two different jobs. I figured I’d wait until this physician career was over […]

Six Financial Considerations for Mid-Career Professionals

Today’s Saturday Selection from The White Coat Investor focuses on people like me. Or more accurately, physicians about my age, but the messages apply broadly to mid-career professionals from any career path. Mid-career may come sooner in non-medical professions, but the considerations remain the same. The typical mid-career professional is probably in his or her forties or early fifties. She might have a decade or more under her belt and a decade or more to go. While there isn’t anything out of the ordinary about the finances of these docs, the advice aimed at the newbies and the near-retirees don’t […]

Are You as Pressed for Time as You Think?

Big Ben Clock

You’re busy. I’m busy. We’re all busy. The days fly by, the weeks become months, and it seems like just yesterday your 9-year old was in a high chair. Have you ever taken the time to examine where your time actually goes? I can’t say that I have, but I can tell you that a lot of my “free time” is spent making this site the best I think it can be. There’s also the job, exercising, family outings, movies, traveling, Angry Birds, lawn mowing, snow shoveling, beer brewing… I’m never short on things to do, but I do feel […]

Five Ways to Leave Clinical Medicine

Odyssey WCI

Paul Simon gave us 50 Ways to Leave Your Lover. Dr. Jim Dahle gives us 5 Ways to Leave Clinical Medicine in today’s Saturday Selection. As always, this post was originally published on The White Coat Investor. Just slip out the back, Jack. Make a new plan, Stan. Don’t need to be coy, Roy, just listen to me. Hop on the bus, Gus. Don’t need to discuss much. Just drop off the key, Lee, and get yourself free. Five Ways to Leave Clinical Medicine I am frequently asked by physicians who have grown tired of their job for a list of […]

WCICon18: A Review of The White Coat Investor Financial Literacy and Physician Wellness Conference

WCICon18

When I first visited Dr. Jim Dahle out in Salt Lake City, he told me about his plans for a WCI conference. A long weekend in a ski resort town with some big names in the personal finance world as presenters. Sounded awesome! And it could be my coming out (of the shadows) party, he said. What better way to reveal yourself than on a stage in front of a few hundred of your new closest friends? “Sounds pretty… ummm… awesome”, I said, with a little hesitation. But you don’t say “no” when The White Coat Investor hands you such an […]

Make Medicine a Hobby & Enjoy a Long, Happy Career

anesthesia machine

Our Saturday Selection today comes courtesy of Passive Income MD who argues we can have more sustainable careers if we can reach financial independence and treat medicine more like a hobby than a job. Given the stressors and time pressures that come with my job, I’m not sure I could ever make it a hobby, but if there’s a way, I will try. In the meantime, I’ve got a fun hobby than also provides some income (the website in front of you), so I’ll continue to develop this hobby. This post originally appeared on Passive Income MD. Make Medicine […]

When Your Physician Career Doesn’t Go as Planned (Because It Won’t)

Physician_Career

Today’s guest post is a reflection from an early-career physician anesthesiologist whose career has been pretty typical. You may think his career has been rather atypical until you realize that a story like this is closer to the norm than the exception. I’ve read that between one half and two thirds of physicians leave their first “permanent” position in the first few years after residency. I didn’t realize it at the time that I penned it, but when I came up with the headline, I was clearly channeling another Doctor who goes by the name of Suess. From Oh, the […]

How to Score Discounts on Physician Disability Insurance

Today’s topic isn’t the most thought-provoking or exciting, but it is a practical one, and it answers a question that many resident and early-career physicians ask. How can we save money on our disability insurance policies? It’s a great question — with premiums for a quality true-own-occupation costing hundreds of dollars a month, it’s not unusual to spend more on disability coverage than term life insurance, cell phone, cable, internet, beer, wine, and liquor combined! Fortunately, there are ways to reduce the cost of coverage. It’s best to start out with a discounted plan, but if you are currently covered […]

Why It’s So Hard to Give Up Work

koko Mountain

Our Saturday Selection comes from Passive Income MD who talks about a subject that I certainly struggled with in the early years in my career. When you’re in a position where time is money (and big money) or your income is some form of “eat what you kill,” it’s not easy to simply take a step back and turn down thousands of dollars. It pained me to take a long weekend when I looked at a day off as a major expense. That attitude did help me gain financial independence more quickly, and now I have a newfound perspective on […]

How the Corporatization of Medicine Saved My Life

firecracker 5k

Today, we have a guest post from Mitchel Schwindt, MD, an emergency medicine trained physician who has a tale incorporating a buyout, major burnout, and how he bounced back. Dr. Schwindt is an entrepreneur and author who blogs at hospitalrecruiting.com. On a related note, available jobs via Hospital Recruiting are now displayed on my Jobs page, with results based on your current location. Check it out, then read on for Dr. Schwindt’s gripping story. A massive smile creased my lips upward as the rumble of the moving truck pushed the miles farther behind. My dream job and life […]

Breakfast Burritos & Medical Surveys

What does a tortilla with eggs, potatoes, cheese (and hopefully some sausage and / or bacon) have to do with filling out medical surveys for money? I mean… other than the fact that a quick $10 or $20 will buy you a bag full of breakfast burritos. That fact is not lost on today’s guest poster, a Californian physician known as Another $econd Opinion MD, but that’s not exactly what he’s talking about. What is the connection? Read on, my handheld breakfast loving friend! Breakfast Burritos & Medical Surveys It wasn’t a particularly bad call. I’ve had worse, […]

Live Way Better Than a Resident… On Much Less

Atrani At Dusk

Stop me if you’ve heard this one before. The best way to get a head start on a better financial future is to “live like a resident” for the first couple years out of residency. That’s right. Take that six-figure job, the fat signing bonus, and pretend nothing has changed. Park your K-car between the Lexus and the Land Rover. Just be sure not to leave any door dings. You could cause thousands in damage to a vehicle like the one to your left or to your right. It’s actually good advice, but living like a resident is much easier […]

You Need Rest, Doctor!

rest in a hammock

Before we get to today’s post, I want to recognize our friends and colleagues in Texas and Louisiana who are living the nightmare that is the aftermath of Hurricane Harvey. Thank you to everyone who has made a tremendous sacrifice, and I hope your lives and homes can be put back together when the flooding subsides. Occasionally, I like to remind my readers that this site has a charitable mission, and I can’t imagine a better time to put it to good use. Last night, I donated $1,000 to charities with boots on the ground helping victims of the natural […]

Book Report: The Doctors Guide to Starting Your Practice Right

starting your practice right

It’s the second week in July, and that means there are thousands of freshly minted physicians beginning their first career job. Launching a career is an exciting, but potentially overwhelming project. There are so many considerations when it comes to the practice, housing, lifestyle, debt management, etc… Wouldn’t it be nice if there were a textbook to guide you through this jungle? Thanks to Dr. Cory S. Fawcett, there now is. While he titled the book “Starting Your Practice Right,” a better phrasing might have been “Starting your Medical Career Right,” because the book focuses on far more than starting […]

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