The Many Money Mistakes of a Wealthy Doctor

Nobody’s perfect. Even folks who seem to have all of their stuff together will admit, if  you perhaps ask them in a weak moment, that they’ve made their fair  share of mistakes.

Many of us stand on the piles of bad ideas, mistimed investments, and  ill-informed purchasing decisions, and it hasn’t brought us down yet.

The Many Money Mistakes of a Wealthy Doctor Story

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– I used credit cards irresponsibly. – I borrowed an above-average amount of student debt. – I went into over $500,000 of debt.

Debt, Leverage, and Credit

I created a business model for a profitable physician finance business. But I failed to put it in place.

Inaction

I took a gap year after college. That year of minimum-wage work delayed the start of my six-figure income later.

Delay

I cut back to part-time work at age 50. I decreased my hours even further at age 55. Each change required pay cuts.

“False Positive”

I was accepted into an interventional fellowship after residency, but I  declined it. That would have boosted my annual income for the following  two decades.

Not Boosting Income

I continued life and disability insurance long past when I reached  financial independence. Even the insurance salesman recommended I drop  the coverage.

Overinsurance

I didn’t buy life insurance when I was healthy in my early 30s. This put  my family’s finances in jeopardy, especially since I became uninsurable.

Underinsurance

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