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Welcome to the Physician's Money Digest's Editor's Blog. This blog serves as a forum for discussion beyond the pages of our magazine. It will cover personal finance topics that affect physicians, and because this feature is interactive, we welcome the comments of our readers. The blog will be generated and moderated by Lisa Tomaszewski, the editor of Physician's Money Digest, and is dedicated to expanding financial empowerment through the sharing of personal experiences and insights.

Thursday, 11 October 2007

Thanks for Stopping By

I have just returned from the AAFP Convention in Chicago and I just wanted to say thank you to all of the readers who took the time to visit our booth. I really appreciate all of the feedback and positive comments you had for me, and I hope to implement your suggestions and maintain the degree of journalism you have come to expect from our publication.

As usual, the number one topic on every doctor's mind was retirement. For some, retirement was an eventual reward after years of hard work, but for others retirement was an escape from an increasingly cumbersome health care system.

This latter group has been on my mind since I left Chicago. After speaking with them I was convinced that each was a good and dedicated physician that has simply become burned-out. They have poured their hearts into their practices, but suffer the scars of decreasing reimbursements and patients who think "being informed and responsible" means watching direct-to-consumer advertising for drugs that can cure the ills of sitting on the couch and staring at the television.

For all of these doctors, I hope they can find not only the financial know-how to make it to retirement, but to find relief from burn-out through our burnout column and solace in being part of the community of readers found on this Web site and through the pages of the magazine.

I know how hard you are all working out there, and I appreciate it. When I sit in your waiting rooms, I will be patient because I know how much you are juggling. When you tell me I need to adjust my lifestyle for the sake of my health, I will heed your recommendations. I will not expect you to service me as though I am your customer, but as though I am your patient.

I am privileged to have a unique perspective on how difficult it is to be a doctor in today's world and I will never take that for granted.

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Monday, 9 July 2007

You Are What You Eat

Several years ago our columnist, Dr. Louis Constan wrote an article comparing dieting to financial fitness. The more I deal with both of these endeavors, the more I think there is no better comparison. And here's why:

1) It's a numbers game. Be it calories or interest rates, to meet your goals you really have to start thinking about how things add up.

2) Find out what works for you. Before rushing into a diet or a savings plan, you have to find out what you will be able to handle. Sure, I can take bread out of my diet for a couple of months, but I can't do that forever. And I'm sure anyone can invest in a risky stock when it does well, but can you do the same when the market tanks?

3) Patience. In both cases the goal is a long way off. You can't decide to diet today and be skinny tomorrow, just as you can't decide to save money today and be rich tomorrow.

4) Make it a habit. Good routines can get you very far in life. If you go to the gym 5 days a week, every week, it will become just another thing you do in your day---like brushing your teeth. If you take 7% out of your paycheck every month and put it in an IRA, in a few months you won't even feel that money's absence.

5) Sacrifice is part of the process. To gain, you have to give up. This is the part that hurts. It is hard to have celery when everyone else it eating cookies and it is hard to buy a used car when that shiny new sports car is calling your name.

6) The right assistance can help; the wrong assistance can hurt. A great personal trainer and a great financial planner can be two very hard things to find. Take the time to get referrals, conduct a thorough interview, and check credentials before you commit yourself to working with either of these professionals.

7) It can only be achieved if you work hard. As a doctor, you know all about hard work. Unfortunately when it comes to making money our losing weight, our country is very good at offering "quick and easy" solutions to these tasks. 99.9% of these always come up short. The surest way to reach your goals is to roll up your sleeves and get to work.

8) Balance. Don't stop living, but don't over indulge. Summer is not summer without an ice cream cone and taking a vacation with your family is worth the investment.

9) Discipline is everything. Overcoming temptation is always part of the challenge. Remained focused on your goal and little by little you will achieve it.

10) If either of these goals consumes you, you are doomed. I know this goes hand-in-hand with number 8, but it deserves emphasis. Going on a diet and saving your money can become dangerous when you forget your true intentions for pursuing these tasks. The bottom line is that you want a better life; once this is compromised you need to reevaluate your goals.