Is an MBA worth it? What did you learn in B-School?

[WealthyDoc]

Hi WCI Investors.
This question is especially geared to those of us with advanced business training.

I will be speaking at the White...

[WealthyDoc]

Yes, I have invested with Napali Capital (Dr. Tom Black et al) and have had good experiences. I benefit from aggressive depreciation losses since it offsets...

[WealthyDoc]

There may not be a "wrong" way to do this.
I don't count my primary residence in my investment portfolio. I always plan to live somewhere...

[WealthyDoc]

I have invested in real estate for over 20 years. There is a lot to know. It is a great way for physicians to invest for a lot of reasons. But to do well,...

[WealthyDoc]

I think income tax rates are quite low now. Everybody loves to complain about paying taxes. But I have paid more in the past and likely will pay a higher...

[WealthyDoc]

I did anything and everything to spread the word. I started in the Fall the year before I would finish. I checked forums, ads, worked the alumni networks,...

[WealthyDoc]

I don't file in all the individual states.
If I ever have big gains in the future I can deal with it then.
I'm not giving you advice, but...

[WealthyDoc]

I don't file in all the individual states.
If I ever have big gains in the future I can deal with it then.
I'm not giving you advice, but...

[WealthyDoc]

Anyone thinking of taking a pause now? All my elective cases are canceled. Office and O.R. procedures were all "elective." I can talk to patients...

[WealthyDoc]

TLH a lot. Got more than the $3,000 I can subtract from ordinary income.
Many of my stocks are down a lot this year. Large-cap -18%, International...

[WealthyDoc]

When doctors ask for wRVU values, I used to provide them.  It leads to a never-ending part-time job of posting values for specialties, regions, etc. I...

[WealthyDoc]

Fascinating Comment, CM Like a lot of the "hobbyists" here I also love reading and thinking about finance and investing.  It is my favorite spot in the...

[WealthyDoc]

I have a clinical practice but went to part-time after reaching FI.  I work three days a week.  I make less money, but that has been fine. Physicians ha...

[WealthyDoc]

If you call Dave Ramsey and report that much debt, what do you expect? He is used to screaming at people who have $20K in credit card debt. "Good debt" c...

[WealthyDoc]

I'm just glad to hear you will suffer through another creation! It sounds like the last one was a lot of work. I'm not a big fan of Vegas, but I wou...

[WealthyDoc]

I don't think so. We actually gave more in 2018 even though it won't be deductible. I'm sure it will have an impact nationwide though.  ...

[WealthyDoc]

There are quite a few of us with experience here.  Maybe search ASC in the Forum and pull up some of the discussions. The last couple we managed the...

[WealthyDoc]

I think they are a good option.  I have a spectrum of real estate investments including with them and other syndications, SFH, MOB, REITs, and funds. ...

[WealthyDoc]

I just filed my taxes.  I received my last 2017 K-1 from an investment in September 2018.  I could have filed in April based on an estimate, but I'm...

[WealthyDoc]

Thanks for all the great thoughts guys.  I will pass these ideas along.

[WealthyDoc]

I received this question from a reader of my blog. I thought I would get input from people who are smarter than me.  What do you guys think? "I would love...

[WealthyDoc]

You don't need to know all those details about investing.  You can just buy the whole market and forget it. I recommend starting with a personal fi...

[WealthyDoc]

I do a lot of these talks but there is such an unmet need locally that I haven't traveled.

[WealthyDoc]

I have a similar 457B, Bean When I started contributing I either didn't realize the payout options or they changed since then.  I'm not thrilled wi...

[WealthyDoc]

You guys will do fine, no matter what!  Also, make sure you pay attention to the rest of a good financial plan: stay married, insure against catastrophic...

[WealthyDoc]

The author of the NY Times article is clearly suspicious of rich people getting free tax breaks.  They note how giving the money to the DAF prevents...

[WealthyDoc]

csbest wrote: Proceduralists can buy in but a famil medicine doc not doing any ASC-based injections or procedures cannot is my understanding. Click to expand...

[WealthyDoc]

I have a lot of experience in this area.  The investments are almost always worth it.  Some of it depends on your local politics, referral volume, payers,...

[WealthyDoc]

Doctors don't save enough and have low net worths compared to their high incomes. Conclusions from studies I have read recently: ½ of physicians hav...

[WealthyDoc]

I personally think it is possible to do better than the market.  It does take a tremendous amount of knowledge, time, and luck.  You likely don't have...

[WealthyDoc]

There have been other good threads about this subject in this forum previously.  Maybe search for those? I have successfully invested in multiple su...

[WealthyDoc]

This presentation was well-received by our residents. I have updated it since this was posted, but it should give you some ideas of what you might w...

[WealthyDoc]

hatton1 wrote: I don’t really think it changes the blog too much.  I am going to write about retirement issues.  Healthcare insurance concerns are a top concern and I found a work around for now.  I will continue...

[WealthyDoc]

I've looked at AMGA data in the past.  Not sure if I have the 2018 report.  Are you looking for a particular specialty or data point?

 

[WealthyDoc]

I'm trying to learn WordPress.  Yes, of course, I should already know that since I've been blogging since the beginning of time!  What can I say? I'm...

[WealthyDoc]

Crockett’sRiver wrote: Also reading Never Split the Difference!  Worth reading if only for the cool hostage stories . anyone have any other good negotiation book recommendatio...

[WealthyDoc]

This topic can get quite involved.  There are tons of factors.  Just a few: spending rates, health concerns, social security options, ability to work...

[WealthyDoc]

My wife and I went with public schools all the way.  Things worked out great for us.  I don't see why we have to do something different for our kids. ...

[WealthyDoc]

hatton1 wrote: For the young docs posting on this thread. Learn about personal finance Work hard in your 30s, 40s Try part-time work in your 50s provided you have 25X Retire when you are financially able to do so and psy...

[WealthyDoc]

That book definitely influenced me early on - long before "FIRE Bloggers" were a thing.

PoF in a Time magazine article.  Yay!  Amazing!

[WealthyDoc]

...

[WealthyDoc]

Great thread. I'm over 50 and "semi-retired" or "Part-time" as I usually call it. I shoot for 40:40:20 (stocks:bondsther) overall.  In the last ...

[WealthyDoc]

afr, I think Zaphod fielded this one well.  I agree with him. Also, I think you need to get clear in your head what you want.  Do you want to work mor...

[WealthyDoc]

Matas wrote: Vagabond MD wrote: …. and, as of today, as a part time partner.   Click to expand… I am happy for you and not so secretly envious! No way our hospital emp...

[WealthyDoc]

I did something similar.  I wrote out my intentions in an email and then asked to talk with my "supervisor."  I laid out my plan.  They wanted me to...

[WealthyDoc]

Yes, that is basically how you buy the shares.  You will need to confirm with Etrade as to how you want them to handle the dividends.  Some default...

[WealthyDoc]

Most of this decision has to do with psychology.  If you have money that you won't need for 15-20 years (which may be true in your case? if you work...

[WealthyDoc]

You are off to a great start, Hatton1.

I will be a loyal reader for sure!

[WealthyDoc]

I have an odd way of viewing these things, but it works for me.  I make my choices based on what is best for me and my family.  I'm not afraid of a...

[WealthyDoc]

Thanks for starting this topic.  It is a great one. It is a highly personal choice and I don't think there is a wrong answer. Personally, I waited...

[WealthyDoc]

Mobile homes tend to depreciate rather than appreciate like other houses.  You can compensate for this depending on the property, location, debt structure,...

[WealthyDoc]

Kamban wrote: q-school wrote: I’m trying to keep the bucket filled and I have all my fingers and toes jamming up all the holes in the bucket. but my wife keeps putting more holes in...

[WealthyDoc]

That target date fund is likely fine for now. It is 1/2 US stock. 1/3 international stock. 1/6 bonds. You can shift to a different "retirement" year later...

[WealthyDoc]

Vanguard has great options including tax-managed funds.  Their total stock market or S&P 500 fund would also be fairly tax-efficient. I used Trade ...

[WealthyDoc]

Ouch! That all sounds pretty stressful.  Nice recovery and communication though.

Good luck with the technology going forward.

[WealthyDoc]

I wouldn't be embarrassed.  Also, a true dilemma has no solution.  This isn't one. I have a lot more than that in cash.  I like to keep it handy fo...

[WealthyDoc]

I would have to look back at my records.  It was probably in the 35-37 range, depending on whether you include my primary residence (which I normally...

[WealthyDoc]

Vagabond MD wrote: WealthyDoc wrote: I just turned 50.  I dropped three medical directorship stipends and the associated leadership roles.  That left me at 0.7 FTE since each d...

[WealthyDoc]

I just turned 50.  I dropped three medical directorship stipends and the associated leadership roles.  That left me at 0.7 FTE since each directorship...

[WealthyDoc]

I'm glad you posted this info. I hadn't seen the Hatton1 post.  I'm a big fan of hers.  I'm even copying her work 3-days-a-week plan! My favorite q...

[WealthyDoc]

WCI posted a nice review of the 2018 tax changes on his blog today.  He gave some political background but is deleting any responses to it.  He may allo...

[WealthyDoc]

Yes, I have invested in several ASCs over the years.  They have done very well for me.  I'm sure there are failures out there somewhere, but not many...

[WealthyDoc]

The longer I invest the more I think simpler is better.  Consider just a simple mix of total bonds plus total stocks and possibly 30-40% foreign stocks. ...

[WealthyDoc]

I haven't been on the forum enough lately I guess because I just now discovered this awesome thread.  I appreciate all of the thoughtful and diverse...

[WealthyDoc]

I would leave that field blank or fill in some meaningless term. Salary should be negotiated, but not by a line in a form.  ...

[WealthyDoc]

cbmd81 wrote: I’m currently negotiating for an employed position with a health system. I would be the only subspecialist of my type and they are are highly motivate...

[WealthyDoc]

...

[WealthyDoc]

The caught some of the suspects. http://wishtv.com/2017/12/14/18-year-old-juvenile-charged-with-murder-of-iu-medical-school-dr-kevin-rodgers/  ...

[WealthyDoc]

hightower wrote: Well that sucks.  I had never thought about the under-billing thing.  I always figured it would be better to under-bill.  Damn it! Click to expan...

[WealthyDoc]

For you E.R. doctors out there - you may have heard this very sad news: https://www.indystar.com/story/news/crime/2017/11/20/impd-homicide-detectives-investigating-death-northwest-side/882169001/   Presid...

[WealthyDoc]

Kamban wrote: WealthyDoc wrote: I went from millions to not millions in 2008 and I didn’t enjoy that experience one bit. Also my fees skyrocketed since my accounts dwarfed below required minim...

[WealthyDoc]

I'm still considering a comment I made and the response from WCI.  I suspect he is right - since so far- he almost always is.  But still, I went fro...

[WealthyDoc]

You may benefit from a better office manager? or better goals, accountability, or budgeting?  Maybe better payer negotiations or a better allocation of...

[WealthyDoc]

The White Coat Investor wrote: saildawg wrote: I have been recently called to a courthouse (more than 1 hour drive from my practice) to testify as an expert witness.  Without g...

[WealthyDoc]

G wrote: If they want you to be a fact witness, point out that you can read aloud your note as easily as they can.  Often, a phone call to the DA will clear things up.  If it ...

[WealthyDoc]

It was awesome meeting you, TheHappyPhilosopher. The best part of the conference was getting to hang out with my fellow physician finance bloggers.  ...

[WealthyDoc]

I don't know how much is too much. I know a lot of doctors who have about 150K for each kid in 529s. You could probably could make do with less.  More ma...

[WealthyDoc]

CM wrote: WealthyDoc wrote: I loved the A = L + E comment earlier and the questions it started.  Don’t confuse doctors with accounting facts! Click to expand… Come on now. ifo...

[WealthyDoc]

Are you making less than 200K?  You are fairly productive.  Do you know what data your employer uses?  MGMA is good (better than google!) but there...

[WealthyDoc]

Good point Johanna, Umbrella insurance is cheap.  The public thinks all doctors are "rich doctors."  Future income will likely be significant.  This combin...

[WealthyDoc]

Thanks for all of the great input.  I will share these thoughts with the good doctor.

[WealthyDoc]

I have gone to some of these:  http://www.mer.org/ They are in resort locations but are actually very high quality.  Mostly for FP, but some are of...

[WealthyDoc]

A reader of my blog reached out to me with this question.  I'm inclined to recommend getting term life policies in place and then cancelling the whole...

[WealthyDoc]

I think I love Jessica

Yes, I have heard of that book!

http://www.wealthydoc.com/white-coat-investor.html

 

[WealthyDoc]

oh and I use MailChimp.com  There are plenty of other choices though for emailing to your subscribers.

[WealthyDoc]

I think it is important to separate your business checking from your personal checking.  Otherwise someone could "pierce the corporate veil" by saying...

[WealthyDoc]

I like this idea.  Here is what I learned from Jacob Lund Fisker: Each dollar of monthly expense increases our required nest egg by 401 times. This...

[WealthyDoc]

I'm at 40:40:20 (stocks:bondsther).  It seems to work well for me. Growth with minimal volatility.  I don't see a reason to change unless after a...

[WealthyDoc]

Rogue Dad, M.D. wrote: I do work in a Death Star type environment Click to expand... What does that mean?...

[WealthyDoc]

Wow. Fellowship at age 43.  Good for you.  Not many could take the hit to the pocketbook and ego for two years at that age.  Sounds like it was a go...

[WealthyDoc]

Yes, good point.  That is a viable option for sure. I haven't looked up their costs in awhile.  How much fees do you pay?  Do you  know?  Is that w...

[WealthyDoc]

Ways To Build Wealth wrote: adventure wrote: Ways To Build Wealth wrote: What do you think?  Click to expand… Fair enough question – and what do you think? Is he? What does retir...

[WealthyDoc]

What is your point here?  Is it up to us to determine which label we should apply to Pete? We may all be better off if we avoid using the R word enti...

[WealthyDoc]

My talk may give you some ideas:

http://wealthydoc.com/blog/wealthy-doc-gave-a-talk-to-fps-about-finance-investing

 

[WealthyDoc]

ajm184 wrote: Not to hijack the thread, but I want to ask about being a plaintiff expert witness.  Reason I ask is that my wife (DPM) is being sued for missed diagnosis and I know her set of defense ...

[WealthyDoc]

Sajimone wrote: Appreciate everyone’s opinions provided!   I just completed my first case last week.   I feel that for the work being done on reviewing a char...

[WealthyDoc]

INTP Here.

I'm a rare breed.  Less than 1% of people share this pattern.

[WealthyDoc]

Those details you listed look pretty good.  Your fee is reasonable but on the low side. I don't adjust my fee based on what I'm doing.  I charge the ...

[WealthyDoc]

Well the fee is more than what I would have paid.  You could get that kind of advice here for free. But, at any rate,, the mix seems fine.  Assuming ...

[WealthyDoc]

Vagabond MD wrote: You (OP) have to be in a position to evaluate the business (as WD said, balance sheet, income statement, etc. and be able to answer questions like tho...