Forget your return rate. The most important factor in increasing the
size of your portfolio is also the simplest: Save more money.
You did it! After years of struggling, studying, pinching pennies,
watching non-medical friends make cash, buy houses, cars, etc. you’ve
finally made it. As a senior resident, you’re now receiving offers that
promise to quadruple your meager resident wages.
Many of you invest in taxable (nonretirement) accounts in addition to investing in your 401k or IRAs. For those accounts there are new tax rules this year that you have to follow. These rules pertain to how you report gains and losses. Getting this right can potentially save you thousands of dollars in taxes.
I still don’t understand how emergency physicians can be classified as
independent contractors. While you have some say in your shift schedule,
you’re bound by rules you can’t control: you’re told how to do your
job, how you’re paid, etc. That’s against the IRS definition of an
Betting on the stock market might be closer to gambling at the
roulette table than you realize. Stop trying to predict the future and
diversify your risk.
Last time I discussed ways you can hang in there during tough
markets. Let’s take a look at the consequences if you throw in the towel
Have you ever worked a shift where nothing clicked? The CT scanner was
down. On call docs refused to admit patients. The nurses couldn’t get
IVs. You felt helpless and couldn’t control anything. You might feel the
same way with your investment portfolio.
Despite the headlines, it’s been a solid year for investing. In fact, if you’ve been investing and you don’t have a far higher portfolio value now than you did two years ago, you may be in serious need of a new investment plan.
Part IV, In which we look at an example group and provide some benchmarks for guiding your own group’s discussion of administrative compensation.
If you want to get a handle on your finances, simplify your life by
cutting out the excess investments, advisors and fees that are weighing