Physician's Money Digest®

PMD is trusted online financial resource for physicians that covers topics in personal finance, investing, retirement planning, practice management, and lifestyle. PMD publishes daily news, advice, and columns from current and former MDs, financial advisors, and health care reporters.

Latest Headlines

Tips on Transitioning to a Non-Clinical Job
Depending on expectations, it can be stressful and unproductive when doctors looking to move to non-clinical work take certain steps of the transition process out of order. While there are always exceptions, and some physicians are indeed lucky and land dream jobs without any preparation, often, there is preparation involved in getting a non-clinical job.
Space Travel on a Budget
Elon Musk is now saying that private citizens can fly to the moon. The cost? A lot — millions and millions and millions. But, there is a way for us lesser beings to participate. By visiting the Atacama Desert, the driest place on earth. Its terrain is like the moon. The advantage to more minor mortals is that the price is minimal compared to a moon jaunt, plus getting there and coming home is easier (also safer, I assume).
Retirement 101: Know Your Investment Plan Options
In my daily conversations with medical colleagues, I often toss around certain terms without explaining them fully -- 401k, 403b, 457, IRA, HSA, 529, etc. The reason why these particular number-letter combinations come up so often is because tax-advantaged investment plans are by definition better than regular taxed investment plans -- unless you really like paying taxes. But even tax advantaged investment plans are not all created equal. Let's hit the basics and discuss the different types of investment plans.
Doctors who are Collectors: More than Portfolio Diversification
Often doctors are collectors. In fact, some diversify their financial portfolios with fine art, wine or cars. This begs the question, what are collectors aside from sometimes being physicians? Two philosophers, John Dewey (1859-1952) and Jean Baudrillard (1929-2007), tackled this issue.
A Physician Tries Out Minimalism
I've spent the first forty years of my life enthusiastically accumulating. I've realized it's time to start dealing with the excess.

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