- Setu Mazumdar, MD, likens the situation in Cyprus to what physicians in the U.s. face, particularly emergency physicians who are forced to see patients without being paid for their services.
- Ask yourself: "If I have ZERO income, how long would I last?" The longer you can go without income, the more options you have in your life and the sooner you can walk away from it all.
- One key to successful investing is to realize that it’s unlikely you’ll obtain the average rate of return. When you invest with this thought in your mind, you’ll have more realistic expectations of investment returns.
- Gamblers can easily lose money by confusing actual outcomes with average outcomes. It's also a common mistake with investors and financial advisors. For example, short-term averages vary dramatically from long-term averages.
- Although nearly 50% of physicians experience at least one symptom of burnout, they aren't given any good solutions to cope with burnout.
- Having an unbundled structure for your group retirement plan gives greater transparency and also reduces conflicts of interest. A bundled structure could put your money and your retirement at stake.
- Bundled retirement plans may be the most common and most convenient for small businesses, but medical practices can save money by unbundling, which means having multiple separate parties for each aspect of the plan.
- If the responsibility of creating a successful group retirement plan has fallen to you, the first thing you need to determine is whether service providers (including financial advisors) are actually fiduciaries like they claim they are.
- Physicians can find themselves the trustee for their group's retirement plan, and if they don't know what they're doing, they can be making a lot of mistakes.
- While it's true that your savings rate impacts your portfolio more than investment returns, it depends on where you are in your career.
Setu Mazumdar, MD, is president of Lotus Wealth Solutions in Atlanta and a fee-only financial planner who works exclusively for physicians. He is also a board certified emergency medicine physician, who loves spending time with his family. Setu welcomes comments at firstname.lastname@example.org. You can also visit his website at www.lotuswealthsolutions.com, or call (404) 386-7641.
Are you ready to learn the truth about investing and financial planning? I'll expose the outright myths and lies most financial advisors feed doctors like you and me. Simple, straight talk about investing and financial planning from a financial planner who is also a physician just like you.