WCI #174: How to Make Seven Figures in Medicine

In this episode we take a look at the financial life of a physician earning seven figures. I think it will be enlightening because you can compare and contrast your life and think about the things you can do better and the decisions and tradeoffs you've made over your career to be in a different place than our guest. I think there are a lot of lessons to learn from examining the finances of a financially successful physician. Tom and I discuss the role ownership of a practice has played in his financial success as well as employing other physicians and advance practice clinicians. We look at the decisions he has made about his payor mix and procedure mix. We talk about the role luck, talent, and hard work had on his success. Being a good negotiator has been important to his success. Of course when making this much money taxes are discussed and we can't ignore the real difference geographical arbitrage has on physician incomes.  With an income this high all of a sudden you can pay off your debts and reach most of your financial goals in just a few years. Then you face the issues of the wealthy-how much to give, identifying additional spending that will actually make you happier, worrying about estate taxes and asset protection, and trying to not ruin your kids. Though you might not be able to relate with this high of income, I think there are lessons to be learned from delving into the personal finances of a physician this successful.  The White Coat Investor is proud to introduce our No Hype Real Estate Investing course, which will provide the framework for developing further knowledge and experience as you progress in your real estate investing career. We call it an introductory course because there is always more to learn. But this is no short, superficial course. There are over 200 lectures and videos adding up to more than 27 hours of content by over 15 different instructors. We think it just might be the best real estate course on the planet. Continue your wealth-building journey today with the No Hype Real Estate Investing course at https://www.whitecoatinvestor.com/courses. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter