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  • RogueDadMD
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    We got a young NP in our practice driving around a mercedes AMG (doesn’t reveal what the model is, but does mention “AMG). -I haven’t seen much discussion at overspending by midlevels. Particularly painful when you are supervising them.
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    During my pediatric residency in Houston the nurses often drove the nicest cars -- plenty of them in luxury sedans or expensive SUVs.  Thankfully my RN wife (now an NP) was happy with her used Cavalier, and is currently happy driving the minivan (bought used) or our Kia Sorento.  The 2012 Sorento (bought new) has a heated steering wheel -- makes me feel like we're in a luxury car.

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  • NaOH
    replied
    .

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  • resident_1
    replied
    We got a young NP in our practice driving around a mercedes AMG (doesn't reveal what the model is, but does mention "AMG).
    -I haven't seen much discussion at overspending by midlevels. Particularly painful when you are supervising them.

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  • High Income Parent
    replied




    It would not surprise me if the actual majority of our population, even among “intelligent” people, hardly have any degree of financial knowledge. Although, even knowing isn’t enough: you still have to want to apply it.

     
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    I just saw a study that said half of American's live paycheck to paycheck. That's half the population on the verge of financial catastrophe the next month after a job loss.

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  • The White Coat Investor
    replied
    There's no HIPAA in financial services, although it is certainly unethical.

    But yea, we're a minority and all you have to do is talk to a few docs to realize it.

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  • Hatton
    replied
    Actually she did not know that I knew who it was.  I was familiar with the guys "toys" that she mentioned as an example why some doctors are in bad shape despite a million plus yearly income.

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  • jfoxcpacfp
    replied




    So it’s clear this person was not really divulging anything about docs by name or any individual specifics. Rather generalities of what he had experienced over the years. It seemed clear he represented lots of different people and examples weren’t tied to one person or group. Most of it was passing comments not really on the order of ” Let me tell you about so and so …” Especially as we had touched on spending as a factor of determining wealth. It didn’t strike me as unprofessional in the least.
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    Sorry, I was referring to @ hatton1's comment, not yours. There was nothing out of bounds with the conversation your patient's family member had with you.

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  • squirrel
    replied
    So it's clear this person was not really divulging anything about docs by name or any individual specifics. Rather generalities of what he had experienced over the years. It seemed clear he represented lots of different people and examples weren't tied to one person or group. Most of it was passing comments not really on the order of " Let me tell you about so and so ..." Especially as we had touched on spending as a factor of determining wealth. It didn't strike me as unprofessional in the least.

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  • DMFA
    replied
    It would not surprise me if the actual majority of our population, even among "intelligent" people, hardly have any degree of financial knowledge. Although, even knowing isn't enough: you still have to want to apply it.

    I see the opinion fairly often: sure, I know I should be maxing my tax-advantaged accounts and not touch them until retirement, but dang it, I like nice things and I wanna go to Santorini. And that one lady rounds in Louboutins, and I wanna do that too. And sure, I should pay my student loans, but I can pay less if I do them over longer, and then I can lease that AMG I wanted...and hey, Chase gave me a $35,000 limit on my credit card that I only have to pay a little at a time, and...I know it's all bad, but it's okay, I can afford it, right?

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  • jfoxcpacfp
    replied




    I have had a similar conversation with a bank “wealth manager” about doc in my town.  She did not say the name but I knew who it was.  Outwardly very successful neurosurgeon but deeply in debt from “toys”.  He recently sold his practice to the hospital and is an employee.  I think these money people like to talk.
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    That's pretty outrageous. Kind of like a doctor divulging private information about his/her patients.

    Just for the record, I would never compromise a client's privacy or share that an individual is a client. While I often use a planning experience to demonstrate a point, it is not in way that might link the example to a particular client, whether virtual or in our small town where everybody knows everybody else.

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  • q-school
    replied
    yes but if he's a manager for a group, and he is learned to have talked, especially in a potentially disparaging way, especially to a physician in another practice, the group might find someone else.

    that would be learning a lesson the hard way.

     

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  • Hatton
    replied
    I have had a similar conversation with a bank "wealth manager" about doc in my town.  She did not say the name but I knew who it was.  Outwardly very successful neurosurgeon but deeply in debt from "toys".  He recently sold his practice to the hospital and is an employee.  I think these money people like to talk.

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  • q-school
    replied
    probably that guy should learn to keep his mouth shut if he likes his job

    having said that, i'm curious what he means by hardly anything to name and how much of their net worth he's aware of.

     

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  • squirrel
    replied
    Good point ENT Doc.  I guess I should clarify a little more.  The conversation was along the lines of the types he was talking about were super spenders and was evidenced by their lavish homes, cars, etc.  You are right though I guess if you buy a $2 million dollar home (thats a ton where I live) you do have a big asset, but I also bet the upkeep is really pricey too.

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  • ENT Doc
    replied
    It's an insane practice to put your money into cars and houses, but a minor correction.  Those are still assets and count towards net worth, rather than creating extreme negative net worth.  In both cases they are poorly performing assets.  One devalues every year (car) while the other (home) is lucky to keep up with inflation but likely fails to do so when you tack on the associated costs of yearly taxes, realtor fees, etc.  But let's be honest, those docs probably don't see those things as asset investments regardless.  On the other hand, the opportunity cost in those situations is profoundly high.

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