Doctors and other medical professionals have excellent pay and prestige. For the first 30 years of their life they are often the top of the class.Medical Degree? √
Residency? √
Board Certification? √
High-Paying Job? √
Big New House? √
German Cars? √
Private Schools? √
Exotic Vacations? √
Fancy Clothes? √
Big Mortgage? √
Lots of Debt? √
Student Loans? √
The downsides are malpractice suits. Stemming from negligence claims from misdiagnosis, superfluous patience claims or untimely release. Side note (I am not a lawyer) I believe all doctors should have an international trust and not mess around with flimsy LLCs which I have seen getting blown up all the time or pressured into a bad settlement amount (average malpractice settlement amount was $350k per the The National Practitioner Data Bank.)
Insurance is a way to mitigate this but this results in heavy insurance costs. Add that to the decreasing margins taken by insurance companies and for-profit hospitals is making the rich doctor extinct.
Live Coaching Call with a Doctor going 45 => 75 MPH!
It isn’t until after spending years in medical school to earn their degrees, the whole residency system, and finally taking the requisite board exams that many physicians will enter the full-time workforce and start making the big bucks. At that point, there is so much delayed gratification and external expectation that “doctors are rich” to buy the large house or fancy car.
Sure doctors make good money (more and more going to insurance companies and admin), but they work long hours. The burden of student loans, credit card debt, and payments on new houses and cars cut into their income and make it hard for many to grow their wealth.
Just like humans who grow older and face the reality of our mortality, physicians that get further into their careers start to face the reality of their unpreparedness for retirement.
Here is the fatal flaw… doctors are probably some of the smartest people however that rarely translates to investing expertise because after all most of investing is your network.
Doctor Using Short Term Rentals for FI – David Draghinas from DoctorUnbound
Show notes:
- 4-8k a month passive with short term rentals
- Started with assisted living for a year but its very intense from an operator prospective and discovered it was too hard
- Better paying tenants
- Rental arbitrage game to scale up quickly and downsides
- Get bookings on own website
- Why are there so much engineers investors? And the doctor paradigm. And paying off student debt.
- Pros & Cons of Short Term AirBNB & VROB rentals landlording
- Better paying tenants
- Rental arbitrage game to scale up quickly and downsides
- Get bookings on own website
Private equity commercial real estate offer cash flow, capital growth, and capital preservation are prime examples of assets consistent with the personal and investment objectives of physicians.
These include:
- Assuming responsibility for their timetables. By having the option to take additional downtime without agonizing over salary.
- Opportunity from stress of how government and insurance agency strategies will influence their training and earnings.
- Less stress over claims and other lawful consequences of rehearsing medication.
- Needing to leave an inheritance and give generational riches that will last over different ages.
- Having additional time and assets to serve others by adding to good cause and worthwhile motivations.
- To discover fulfillment and satisfaction in building different organizations and associations outside of medication.
Besides immunity to economic downturns (COVID19) and inflation, private investments offer investors higher returns at lower risk than public options.
Join our private investor group below:
