“When wealth is lost, nothing is lost. When health is lost, something is lost. When character is lost, everything is lost.” –Billy Graham
If any of us invest 1% of our intelligence and diligence we pursue and practice medicine with to money, the next Wall Street tycoon will emerge from us white-coats.
Traditionally, the white coat wearers show up on (virtual) Wall Street and instantly become the red hot target sign, and the marbleized juicy meats financiers droll over and fight to predate on.
I want to make a few suggestions today on to change the picture of Wall Street from predators (financial folks) and preys (little white lamb in white coats, how befitting.)
In fact, we can use the brain that got us into the white coats and win big on Wall Streets, as so inspiringly embodied by Dr. Jim Dahle (the first White Coat Investor in the blogging world.)
- Opposite ends of spectrum.
- The motivation to pursue medicine and money are opposite ends of the spectrum. Yet the problem solving natural inclination and gift are the same.
- There’s an incredible mind expanding benefit to be straddling 2 ends of the spectrum. Like House M.D. solving medical mystery via conscious or subconscious connections to totally non-medically related activities, I’ve learned things about medicine from money and vice versa.
- Lots of transferable skills.
The most vita of which are the interpersonal skills required of a good doctor who knows how to maximize patient compliance (sales) are the same required of a financial advisors (who sell financial products all day.)
- It’s so easy.
- The most successful, high yield financial tricks to build net worth, make a good deal (win-win), carry trade are but a few.
- Since you mastered the myriad of pathophysiology principles in medical school and today, you need but read 1 investment book and pretty much get it all…
- Finance is made to seem complex so that the financiers can have job security. (Unlike doctors, average financiers attend professional training for 2 weeks and continued lifelong training in sales. We attended professional training/schooling for 26 years-not to mention the Md.Phd-er’s and life-long recertification and CMEs on medicine, not sales.)
- Save yourself 13 million dollars.
- While I don’t expect all of us doctors to have the mathematical talent and mastery of Excel of Physician on Fire (an anesthesiology-money blogger), we can see and trust his math of how an average doctor can fork over 13 million dollars over 3 decades working & 3 decades in retirement to a financial adviser.
- Now a lifesaving piece of medical advice may be worth 13 million dollars. Or rather in fact priceless.
- I don’t believe any financial advice worth 13 million. Especially considering how many doctors an adviser can advise in his life time.
- No, thank you. I’d rather buy and take care of third world country with my like-minded doctor friends.
- Get wealthy. Have the ability to donate a lot to charity.
- “Nothing is wrong when men possess riches. Everything is wrong when riches possess us.”– Billy Graham
- Money is not evil. But there’s nothing wrong to allow money follow us as we follow our heart to serve with medicine.
- Ever thought about how your financial success can help your colleagues to do the same? Have you ever imagined doctors, untethered by the financial burdens of suffocating student debt, rather enjoying financial independence, practicing medicine for their love of it (as they’ve always dreamed of since their deer-eyed teenager years.)
If you like this article, you might enjoy other DWM articles on Personal Finance, Investing, Retirement, Practice Management, & Lifestyle.