Maybe you need a professional financial adviser.

[WealthyDoc]

That is becoming my advice, more and more these days.  I have always done my own investing and money management.  I love it and enjoy reading more about it.  I don't want to pay someone else fees for something I could do myself.  That has been my advice to others as well, but I'm changing my tune.  The more doctors I talk to about personal finance or investing the more eyes I see glaze over.  Many have no interest in every learning even the basics.  I used to encourage them to learn more but sometimes that is futile.  As a result they are not maxed out on tax deferred savings, they are up to their eyeballs in debt, they are not diversified, they sense a lack of knowledge and struggle with financial decisions.  I think a competent financial adviser would really help them. Another statistic that caught my attention: according to Spectrem Group: 78% of millionaires turn to financial professionals for help managing their investments. Have others changed their thinking over times the way I have?  More food for thought if interested: http://wealthydoc.com/blog/maybe-you-need-a-professional-financial-advisor

[jfoxcpacfp]

Rex wrote:

Nope

It’s 1000 times easier than coding and almost all docs eventually realize it’s in their best interest to know that.

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Wow, I would beg to differ based upon actual experience and anecdotal evidence (actually, are those the same? :-) ). Unless, of course, you are saying that all of my medical bills are incorrect. And everybody else's.

In that case, maybe it would be ~as difficult as~ coding?

[Zaphod]

I am also now more flexible on this, many simply cannot expend the minimal effort to care enough to do anything financial on their own whatsoever. I dont know, different strokes I guess. Im not going to waste too much time talking people into doing the obvious, at that point I just try to help them figure out what a good financial advisor is/should be.

Coding is very complex and doesnt show up on your bills, that said there is a high probability a lot of your medical bills have errors all over the place. The complexity, number of steps and sheer incompetency nearly guarantee it.

[Kamban]

My take on it is some people need a financial advisor for all their portfolio and financial needs.

I, on the other hand, need advice on specific areas rather than an overall plan. More like a specialist rather than generalist. Like Johanna pointed out in another thread of mine, I need fee only advisor on how to consolidate all my different IRA / SEP IRA and 401K acquired at different jobs into one simple vanguard index fund and make it IRS friendly. I would prefer that than someone who takes a % of my assets in managing them, when my dominant savings is not in stocks.

[The White Coat Investor]

WealthyDoc wrote:

That is becoming my advice, more and more these days.  I have always done my own investing and money management.  I love it and enjoy reading more about it.  I don’t want to pay someone else fees for something I could do myself.  That has been my advice to others as well, but I’m changing my tune.  The more doctors I talk to about personal finance or investing the more eyes I see glaze over.  Many have no interest in every learning even the basics.  I used to encourage them to learn more but sometimes that is futile.  As a result they are not maxed out on tax deferred savings, they are up to their eyeballs in debt, they are not diversified, they sense a lack of knowledge and struggle with financial decisions.  I think a competent financial adviser would really help them. Another statistic that caught my attention: according to Spectrem Group: 78% of millionaires turn to financial professionals for help managing their investments. Have others changed their thinking over times the way I have?  More food for thought if interested: http://wealthydoc.com/blog/maybe-you-need-a-professional-financial-advisor

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That's been my experience as well. While I think most docs COULD do their own investments (if they had the interest and discipline) most have neither. The best thing I can do for those docs is get them to someone who gives good advice at a fair price and hope for the best- i.e. that together with the advisor the doc will save enough, put together a reasonable plan, and stick with it for the long term. This was a major motivation behind the "recommendations" pages on the site (most of which are not major money makers, believe it or not.)

[jfoxcpacfp]

Rex wrote:

I’m not sure you understand the analogy.

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Maybe not, but I think I did. I was commenting on "1,000" times as difficult. I realize that coding is difficult, as much as any layperson can understand, I suppose. I've read my share of horror stories about incorrect coding both from the physician's and the patient's perspective. That's why I recommend that residents and/or new attendings take a class in coding in my physician guides. And I also know from personal experience that handling your personal finances optimally is far more difficult that most laypeople understand, even very intelligent laypeople like doctors. Otherwise, sites like WCI, PoF, and others would not be so popular.

[childay]

It might not be rocket science but as often noted many (most?) doctors are very financially illiterate and make very dumb decisions.  Of course if you're reading this forum it's a different sample.  It's not that they couldn't learn (the basics) but many just aren't interested or motivated.

[jfoxcpacfp]

Rex wrote:

The truth is it’s hard for such sites to exist. It takes a lot of work and may or may not make money. That’s why there are few. Tons of sites by the “establishment” with information geared towards steering you towards active management, AUM fees, and commission products.

None of this is rocket science

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I couldn't agree more.