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.

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