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Why physicians don't get rich?"Physicians have a significantly low propensity to accumulate substantial wealth." - Thomas Stanley, author of The Millionaire Next Door How come doctors fail to get rich? I've identified six reasons based on observations working with my physician clients, and supported by Stanley's book. A late startBy the time doctors finish medical school and residency they're typically in their middle or late thirties. Many have families to feed, and substantial student loans to pay off. It will be years before they can even start accumulating wealth. Lifestyle expectationsSociety expects a doctor to live like a doctor, dress like a doctor, and drive like a doctor. Meeting social expectations uses resources that could be otherwise invested. Time and energyA typical doctor works a ten- to twelve-hour day. They simply don¡¯t have enough time and energy left to do proper financial planning. When we're tired we tend to make mistakes, and financial planning requires focus. Wealth doesn't happen by accident. It takes careful planning. GivingAmong all high-income groups, doctors donate more time and money to charitable causes. This is a good thing. But some harm their own future financial health because they don't understand the right balance between investing and giving. Financially naiveDoctors are smart. They're highly trained in their area of expertise. But that doesn't translate into understanding about finance. Because they are smart, it's easy for them to think the consequences of their financial decisions are obvious. They aren't. They don't get good adviceFiduciary wealth advisors typically require their clients to have $1,000,000 to start. Fee-only financial planners charge fees upfront. What's confusing for the physician is that salespeople masquerading as financial advisors give them advice for free. Unfortunately, most doctors can't tell the difference; they end up hiring a fox to guard the hen house. How can we help?Let's find out, email info@mzcap.com to schedule a Mutual Discovery Meeting (or phone call) with us.
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 or email info@mzcap.com What is fee-only?Fee-only means we don't cost you an arm and a leg. Seriously, it means we don't take commissions, product incentives or third-party payments. We only make money from the fees you pay us. Why fee-only?We see ourselves as a fiduciary to our clients. Refusing other forms of (hidden) payments is the only way to avoid conflict of interest. What can you expect ... EATExpertise: Investment as science, not Wall Street speculationAccessibility: Deal with a person, not an institution Transparency: Full disclosure, no Wall Street sales gimmick How can we help?Let's find out, email info@mzcap.com to schedule a Mutual Discovery Meeting (or phone call) with us. |
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