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8 Ways to Go Broke as a Doctor

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  • 8 Ways to Go Broke as a Doctor



    Featured on KevinMD this week, my blog post about common financial mistakes doctors make:



    Helping those who wear the white coat get a fair shake on Wall Street since 2011

  • #2
    I'd hazard a guess that #5 Live hand to mouth is the one that trips up the most physicians.

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    • #3
      I'd say #6 (Home Renovations) is the one that has been the sleeper for us.  No fancy cars and no big doctor house.  But, we remodeled something every couple of years in our $300,000 house (basement, kitchen, sidewalks, deck...).  After 14 years in our house we sold it for less than what we put into it after you added it all up ($414,000 sale price, mid-range for our midwest location).   In our new address, we are doing the same thing.  This is a tricky one.  It hasn't made us go broke, but it's definitely something that didn't help us add to our net worth.  I'm glad it is included in the list for those starting out, if I had seen this list 15 years ago, it may have changed how I looked at these decisions.

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      • #4




        I’d say #6 (Home Renovations) is the one that has been the sleeper for us.  No fancy cars and no big doctor house.  But, we remodeled something every couple of years in our $300,000 house (basement, kitchen, sidewalks, deck…).  After 14 years in our house we sold it for less than what we put into it after you added it all up ($414,000 sale price, mid-range for our midwest location).   In our new address, we are doing the same thing.  This is a tricky one.  It hasn’t made us go broke, but it’s definitely something that didn’t help us add to our net worth.  I’m glad it is included in the list for those starting out, if I had seen this list 15 years ago, it may have changed how I looked at these decisions.
        Click to expand...


        On the other hand, you've got to spend your money on something and spending it on something where you spend a majority of your time isn't an awful idea. Besides, it'd be tough for a physician to go broke doing renovations on a Midwestern $300k house. Not every renovation should be made with the thought that you're going to get your money back when you sell the house. Some things just need to be because you enjoy them.

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        • #5
          OT but,

          Im more curious about how kevinmd earns revenue. Barely any ads on the website. Undermonetized? Google adsense is pittance.

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          • #6




            OT but,

            Im more curious about how kevinmd earns revenue. Barely any ads on the website. Undermonetized? Google adsense is pittance.
            Click to expand...


            Why not email him? I don't think he actually owns the site anymore though.
            Helping those who wear the white coat get a fair shake on Wall Street since 2011

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