Editors: Kacey Montgomery, M.D. | Erica Huffman, Executive Director
www.escambiacms.org
Bulletin MARCH/APRIL 2019 VOLUME 49, NO. 2
CONTENTS
I do not always live a healthy lifestyle and I am certainly not excessively wealthy but I try, at least intermittently to put efforts towards my health and my wealth. This month’s ECMS meeting “Health of Your Wealth” focuses on what we as physicians tend to let lapse – our financial wellbeing. I recently reviewed an article from James Dobbin’s Blog “The White Coat Investor” titled “Why Doctors Aren’t Rich?” He basically explained that: 1. We get a late start, due to years of medical school, residency and fellowship, thus missing many years of compounding our earnings. 2. Many physicians have high student loan debt. The average debt for those starting practice in 2016 was $190,000 and this amount is rising yearly. 3. Physicians have inadequate savings. Whether due to a lack of financial sophistication, a sense of entitlement or a lack of self-discipline; simply put we cannot invest money unless we save money. Choosing to skip retirement savings contributions can devastate a financial plan. 4. Bad investment plans. Being overly aggressive (day trading, tech stocks) or too conservative (leaving savings in poorly returning money market account) makes our goals unachievable. Compounding is not effective if it does not occur at a rate greater than inflation. 5. Failure to insure against financial catastrophe. There are only a few things that wipe us out financially: death, disability, natural disaster and liability. These are fairly easy to insure against. 6. Excessive investment costs -Investment advisors can be well worth their premium and I use one, but it is worthwhile to make sure we pay reasonable fees and we get what we pay for. Taxes, too, can wipe out returns. Part of a plan should include tax strategies to minimize this cost.
Page 4 - President’s Letter Ctd. Page 6 - Practice Mgmt. Page 8 - Medical/Legal Page 13 - Foundation Page 15 - Community
Save the Date March 26th “Health of Your Wealth” Pensacola Yacht Club April 25th “Top 5 Claims Against Doctors in Florida” V. Pauls May Social Networking June 6th Physician Wellness
A great book I recommend is “The Millionaire Next Door”. It is quite sobering to read that teachers are as a percentage far more successful at growing wealth than physicians. Did you know that the most common vehicle amongst millionaires was a Ford F150 pickup? Continued on Page 4 RETURN SERVICE REQUESTED PRSRT STD U.S. POSTAGE PAID PERMIT #258 PENSACOLA, FL
Founded in 1873
ESCAMBIA COUNTY MEDICAL SOCIETY IN CONJUNCTION WITH SANTA ROSA COUNTY
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