PracticeLink Magazine

WINTER 2015

The career development quarterly for physicians of all specialties, PracticeLink Magazine provides readers with feature articles, compensation stats, helpful job search tips—as well as recruitment ads from organizations across the U.S.

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WINTER 2015 PracticeLink.com 37 2 0 1 5 AN N UAL Quality of Life issue Spend less than you make. Until you master budgeting, you cannot master investing. You cannot invest if you don't have anything to invest. Without investing, you won't have that retirement you dreamed of. " –Dr. Matthew Cassell Fund every tax privileged account available to you to the max. Only use a real fee-only adviser. Stay away from whole life policies, annuities, futures, hot stock tips and numismatic coins. Stay single or only get married once. Find a good job and keep it. Buy a good car and drive it until it dies. " –Dr. David Spilker Don't buy a house before the match. You may not go where you think you will. Live below your means. Focus on get ing rid of consumer debt fi rst. Save for emergencies. Start saving for retirement. " –Dr. Adrienne Collier There is nothing wrong with renting. There are plenty of good places in good school districts to rent. The discipline of saving up a down payment and paying cash for our cars would have got en us into a healthy savings 'diet' right away. " –Dr. Rakesh Chaudhari Pay off debt and begin retirement planning right away. Close all your credit cards but one, and don't carry a balance on it. " –Dr. Eric Raasch might not. Fear of looking "cheap" might just make you have to be cheap in retirement. Physicians also often feel that money is their most easily renewable resource. However, that income stream may not last nearly as long as you hope. I assure you it is just as easy (perhaps easier) to overspend your income as a physician as it is with any other career. 7 Your goals include professional, personal and fi nancial freedom. When you are living on the edge (or worse, over the edge) of your income, every drop in reimbursement, personal or family illness preventing you from working or contract scare becomes a f nancial emergency. Work is a lot more fun when you do not desperately need your paycheck. Financially secure physicians can determine how much they wish to work, when they wish to do so, and how they will practice. They essen- tially buy immunity from f nancial threats to their practice style. Prudent money management and weight maintenance are remarkably similar. Both are simple, but not easy. Success in either area is the result of thousands of tiny decisions made over decades. If you wish to be thin, you had best do what thin people do. If you wish to be f nancially Forget the Joneses Continued from page 34 Continued on next page When you are living on the edge (or worse, over the edge) of your income, every drop in reimbursement, personal or family illness preventing you from working or contract scare becomes a fi nancial emergency. Work is a lot more fun when you do not desperately need your paycheck. Q&A What fi nancial advice would you give new physicians?

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