After consulting with more than 2,000 doctors over the past 35 years, we’ve seen what works and what doesn’t. Here are the top 35 wealth-building strategies we’ve used to help doctors recover from financial disaster and achieve financial success.
1. The true value of any investment is the cash flow it generates in the future. When considering investments outside your practice, don’t bother asking what can go right. Rather, focus on what can go wrong, and determine ways to reduce or eliminate the downside risk(s).
2. If you can’t explain a proposed investment so your spouse completely understands it, forget it—it’s too complicated! Doctors are often scammed by con artists who prey on their ego by telling them that their spouse and/or advisor isn’t sophisticated enough to “understand” the investment, so don’t bother explaining it to them.
3. Spend an amount of time making a decision relative to the amount of money and risk involved. Many doctors spend hours trying to shave a few hundred dollars off their supply bill while signing up for a speculative investment costing...
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The McGill Advisory content Is provided For informational purposes only And does Not constitute legal, accounting, Or other professional advice.
Copyright © 2024 John K. McGill & Company, Inc.
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