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PDF versionHere are four tips adapted from Practice Link Fall 2011 issue to avoid bankruptcy troubles.
Willpower-Thinking through the “doctor lifestyle”. Any professional who works hard wants to reward themselves with nice things. Indulging in these rewards too early in ones career can lead to huge financial troubles in the future. Having the willpower to wait to reward oneself can lead to a happier future.
Patience-The American dream of owning your own home is wanted by all employed persons, and physicians are no exception. Be patient and do your homework to ensure that you are getting the best deal and not over-extending yourself. You will enjoy your first home more if you are financially comfortable.
Ask for help-in situations that involve big decisions and for the long term. When considering buying big purchase, needing legal documents, or fixing electrical problems always consult a professional. Another time to consider consulting a professional is if you decide to start a private practice or join a hospital. This will ensure that you have all the information to make an informed decision.
Stay Focused-By practicing the above and focusing on the future you will greatly increase your chances of financial security. By using these techniques you will lessen your stress and keep the “what ifs” at bay at night.
This post is in response to the CNNMoney article “Small Business: Doctors going Broke”.Original article from CNN Money: http://money.cnn.com/2012/01/05/smallbusiness/doctors_broke/index.htm
Responses to the CNNMoney article: http://news.blogs.cnn.com/2012/01/05/overheard-on-cnn-com-broke-doctors-rich-doctors-behind-the-stethoscope/
Check out these other resources for tips on preventing Financial Struggles:
- If American Doctors are going broke who really is responsible” from Forbes: http://www.forbes.com/sites/rickungar/2012/01/06/if-american-doctors-are-going-broke-who-is-really-responsible/2/
- “New Law to Force Drug Companies to Report How Much They Pay Doctors” http://www.economywatch.com/in-the-news/new-law-to-force-drug-companies-to-report-how-much-they-pay-doctors.17-01.html
- “Finding Financial Help for Physicians” from Physicians Practice: http://www.physicianspractice.com/personal-finance/content/article/1462168/2009071?CID=rss&utm_source=dlvr.it&utm_medium=twitter
- “Five Major Financial Mistakes Made by Doctors”: http://www.mdnews.com/news/2011_12/05723_oct2011_five-major-financial