One of the biggest annoyances I have with the mass media is the continuous put-down of those who work hard and ultimately become wealthy. Business and even in medicine private physicians are often targeted with this nonsense. This is an absolute disgrace and does society no good whatsoever.
You know this firsthand. Think back to how many years of school, many thousands of dollars usually borrowed, and the incessant hours of studying while others were out playing or drinking with their friends.
Now, those of us fortunate to have good business training and mentors understand completely the games the media plays. The bottom line is we deserve to be financially independent!
You have the right to expect good income for excellent healthcare services, and at the same time, be compensated for all your years of hard work.
So why is financial independence not universal in practice? This commonly stems from a lack of understanding of how to create real and lasting wealth. And the first mistake is failing to pay ourselves and fund our savings first!
Now make no mistake about it, bad and difficult things do happen. Disability, divorce, being underinsured, the lists go on and on. The good news is though applying the basic tools of wealth building will serve you well time after time after time.
In addition to self-education this requires physicians have a great accountant, attorney, and insurance advisor as part of our teams. Not doing this and thinking we don’t need to will be regretted when the stuff really hits the fan which in life is just inevitable
This why having a plan for this part of our lives is so very crucial. Throughout my entire career now including Residency later in life, there is no way my wife Patti and I could have accomplished so much otherwise!
The only way we can achieve real and lasting wealth is to first sure you have the foundation upon which to build.
Precisely because it is so challenging, this really is one of the best times ever to be in private practice. The future of DPC is immense and I absolutely look forward to spending the rest of my life in medicine working for patients alone!
But we must choose wisely. Draw our lines in the sand. Decide whom you will and will not work for.
Make no mistake, becoming wealthy and financially independent is a choice. Never regret that choice for a moment! And let’s be teaching our new docs the same!