Physician Life Strategies®

 

An open letter to my physician colleagues:

 

In my early years in medicine the farthest thing from my mind was thinking about saving or investing money for the future.  It was all about the work in the training years, and all about developing the practice (and working ever harder) in the following years. 
 
After several good years of practice I got an offer that I couldn't refuse -- so I didn't!  I sold part of my practice and got a healthy check. 
 
As a physician I was often solicited by all kinds of financial advisor types, each trying to sell their products; be it real estate, stocks, bonds, life insurance, annuities, partnerships, etc... 
 
However, I could not get comfortable enough with any of them.  Especially when they “reassured” me that they were the experts on money matters, just as I was the expert in medicine.  And therefore I should take their advice, just as I would expect my patients to follow my advice.  Have you heard that one?
 
Armed with degrees in Bacteriology and Medicine, and having not grown up with money I was not well equipped to make the best moves regarding securing my financial future on my own.  What I did have going for me was that I was very good at school (as are most of us physicians).  So I went back to school to formally learn about the world of economics and finance.  I loved it.
 
In an accounting class that I took early in my MBA program we learned how to read financial statements.  I was able to use that skill right then and there to take my first plunge into the practical world of investing. 
 
That was over 20 years ago. I have been at it ever since, with very satisfying success.  I continued to practice medicine for another 10 years, because that is what doctors do, and then I retired because I could. 
 
At parties and other social gatherings, people would often ask me about their aches and pains, an experience familiar to most physicians.  However, they would also ask me about their money and investments. 
 
While I enjoyed having the time to be intimately involved in the day-to-day care of my kids as a stay-at-home dad, I was itching to go back to work after a few years.  So, I embarked on a second (retirement) career advising people about their money and investments, how to grow their net worth, and how to enjoy it in retirement. 
 
Though I do miss medicine this work is more compatible with quality family time for me, while it still gives me the opportunity to work with people daily.
 
Most physicians are just as financially vulnerable as I was, often without even knowing it.  In the beginning we simply think that the more money we make, the wealthier we get.  And then we discover the complexity of taxes and other land mines that frustrate our plans.  
 
If you want to talk to someone who has been through it and can identify with you, CLICK HERE to schedule a 30-minute no cost, no obligation phone or zoom call.  Whether you ultimately become a client or not, I will strive to make sure that your time will be well spent.
 
 

Cordially yours,                                                                          

 

 

 

Daniel Ruben, MD, MPH, MBA

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