As a Physician, you sacrifice a quarter to a third of your life between formal education and residency to become a doctor. In doing so, most of us finish up with six-figures worth of debt.
Most of us begin with our heads down working 50 to 60 hours and more a week caring for our patients and our practices.
Where do you turn with the little money you manage to accumulate?
The Usual Investments
Old industrial age thinking touted the benefits of buying stock and mutual funds and holding for the long-term. This strategy benefited many as the baby-boomers thrived and accumulated wealth.
However, as the baby-boomers are aging and approaching the age of mandatory withdrawal from their retirement accounts, the stock market has been less than impressive.
A Roller Coaster Ride
Over the last dozen or so years, the market returns have been flat with a roller-coaster ride of volatility. This latest recession and the dot-com bubble burst of 2000 and 2001 wiped out many retirement accounts and the hopes of financial security for many.
The information age has brought globalization and we have stagnated. I watched as some of my colleagues who had planned for retirement, lost their shirt in the stock-market and resigned themselves to a much longer career than they wanted with a less-secure retirement sometime in the distant future.
Additionally, over this same period of time, we have seen decreasing physician pay. We have witnessed increasing government intrusion into our practices leading to decreased physician satisfaction.
This last election cycle was filled with attacks that doctors DON’T PAY THEIR FAIR SHARE IN TAXES and that doctors are OVERPAID and largely responsible for Medicare’s looming insolvency.
It’s no wonder why job satisfaction has been rapidly declining among physicians.
Government regulations continue to intrude into our practices and ever increasingly target our reimbursement. ACO’s, RAC audits, and bundled billing just to name a few, are intended to decrease our pay.
While our bottom lines are shrinking, our workload is increasing.
Physicians shortages are a very real thing and projected to get worse over time.
Ultimately, we have been given a mandate to WORK HARDER for LESS MONEY and PAY MORE IN TAXES.
What To Do?
The real question is, what are you going to do about it?
Are you going to restrain your life-style, work harder, delay retirement, and hope that someday, maybe in your 60’s or 70’s you’ll be able to retire?
Or are you going to fight this trap and learn how to get better returns on your investments at a lower risk profile?
These are trying times and the golden-age of medicine tarnished years ago. Your financial future is important and that is why all physicians should have some real estate in their portfolios. Our goal is to help you make the best real estate investments to meet your own financial and retirement goals.
It’s Your Retirement, Why not Make it Abundant!
To your Financial Freedom,
Dennis Bethel, M.D.