7 months ago, shortly after starting the blog, I did a post that listed 175 different financial errors doctors have made. The list came from a thread on Sermo, a physician-only forum. I suspect most of you have seen it at one time or another as it is the most popular thread on this site. I’ve had a number of people request that I categorize the mistakes a bit and make the post easier to read. I finally got around to doing so, so feel free to check it out and forward it to colleagues.
I actually split it into 4 different posts by categories, but they’re all linked together for easy reading.
Part 1 Getting ripped off, Insurance, Personal Finance
Part 2 Investing in the Financial Markets, Cynicism, and Lifestyle Choices
Part 3 Practice management, Contracting, Real Estate
Part 4 Loans, Bad Investments, and Miscellaneous
I consider these the closest thing we’ll ever have to a Financial M&M (Morbidity and Mortality) Conference. Learn from the mistakes of others do you don’t have to make them all yourself.
If it looks too good to be true, it probably is.
I paid $40,000/ to a company to set up my medical practice. Big mistake!!! Not only they did not know how medical practices work but are not familiar how the tax structure of an entity like S-corp works. They wanted me to buy a building which thankfully I did not and instead chose to lease the office. I paid the company by the hour, another mistake! Never agree to pay for services by the hour if you can find a similar one which charges a flat rate.