174: How to Make Seven Figures in Medicine
In this episode we take a look at the financial life of a physician earning seven figures. I think it will be enlightening because you can compare and contrast your life and think about the things you can do better and the decisions and tradeoffs you've made over your career to be in a different place than our guest. I think there are a lot of lessons to learn from examining the finances of a financially successful physician. Tom and I discuss the role ownership of a practice has played in his financial success as well as employing other physicians and advance practice clinicians. We look at the decisions he has made about his payor mix and procedure mix. We talk about the role luck, talent, and hard work had on his success. Being a good negotiator has been important to his success. Of course when making this much money taxes are discussed and we can't ignore the real difference geographical arbitrage has on physician incomes. With an income this high all of a sudden you can pay off your debts and reach most of your financial goals in just a few years. Then you face the issues of the wealthy-how much to give, identifying additional spending that will actually make you happier, worrying about estate taxes and asset protection, and trying to not ruin your kids. Though you might not be able to relate with this high of income, I think there are lessons to be learned from delving into the personal finances of a physician this successful.
2020 is coming quickly to a close and, thank goodness because we could all use a silver lining. Now is the time to start thinking about whether your current tax plan is truly tax-efficient and keeping more of your hard-earned money in your pocket. At Cerebral Tax Advisors http://www.cerebraltaxadvisors.com/, they focus on all year PROACTIVE tax planning, and, as the spouse of a physician, their founder, Alexis Gallati, has over 18 years of experience using court-tested, IRS approved tax strategies to lower your effective tax rate and increase your wealth. She began Cerebral to help docs have a clear path to success through tax efficiency while eliminating surprises. Her services are flat rate and she will show you your return on investment before you invest in Cerebral’s services. With 2020 coming to a close NOW is the time to see if you are missing vital strategies in your tax plan. If you’d like to find out more or schedule a free consultation, visit their website or check out Alexis’ new book: Advanced Tax Planning for Medical Professionals.