I was just talking to a dear friend who’s starting up her own solo practice and finding out for herself the roller-coaster ride that this journey is. She may not be feeling it today, but what today is teaching her is priceless. The way life schools you, no book can. No private practice consultant, no […]

I have had the Chase Sapphire Reserve (CSR) credit card from the time it was first offered back in 2016. I love the card and use it a lot but have not been very diligent in maximizing all its benefits. I recently sat down to figure out what the new benefits with Chase Sapphire Reserve […]

It’s October 1st and Passive Income MD’s Fall cohort of Passive Real Estate Academy is open. Early bird pricing lasts only today and tomorrow (October 1st and 2nd) and then goes on to regular pricing from 3rd to 9th. And the course starts October 12th! Register here and I’ll send you a bunch of personal […]

Today’s post, A Guide To Building Your Practice Website Cost Effectively is a guest post from Nina Litovsky: a sponsor of this blog and owner and founder of web designer firm Nina Interactive, where her team and she work exclusively with medical and dental practices to create modern interactive and visually appealing websites. Every practice […]

In running my lean private practice, I use a shared workspace. This cuts down my expenses considerably. But I use the shared workspace only to see patients. I do all the administrative tasks related to my practice from home. So, I do a home office deduction every year. This way, not only am I saving […]

This post first appeared on the White Coat Investor blog. A few years back, when I was first starting my locums gigs, I went through the process of buying malpractice insurance for myself and wrote about it for the White Coat Investor because I credit him for my beginnings in financial knowhow. Today, he has […]

The year was 2020. The COVID-19 pandemic was raging and the world had all but stopped. That was the year I started my solo micropractice. This is the story of why I started a lean private practice. I define lean private practice as the kind of practice which stays lean and nimble, while always razor-focused […]

One of the barriers to entry in private practice is the high start-up cost. Office space, EMR and supplies can easily end up in tens, if not hundreds of thousands of dollars, in startup cost. Let me tell you how I started private practice with $1200 in start up costs. Startup costs: The Breakdown As […]

It gives me great pleasure to review Dr Bonnie Koo’s new book Defining Wealth for Women: Peace, Purpose and Plenty of Cash. I’m writing a post in this series after a while and what better book to do it with than one written by a fellow woman physician. Defining Wealth for Women Dr Koo has […]

One of my missions through this blog is to connect my readers with the good folks in industry- a win win situation. Today’s guest poster is one of them: Eric Bork of Pattern Life and Disability Insurance. Let’s take a look at the basics of Disability Insurance from someone who does it day in and […]

The post Disability Insurance: The Basics appeared first on Physician Finance Basics.

Lean Private Practice is a way of practicing medicine that brings the focus squarely back to the patient’s wellbeing, while sustaining our private practices profitably. It is the only way to practice medicine in this day and age when reimbursement for care and the cost of doing business are going in opposite directions. Lean Private […]

The post What is Lean Private Practice? appeared first on Physician Finance Basics.

I did quite a few out-of-the-box things in my custom build. But this one probably takes the cake. I did IKEA cabinets in multi million dollar home. Gasp! The Recommended Path When it came time to think about cabinets, I took my builder’s recommendation. He was a good guy and had worked with a custom […]

The post Why I Did IKEA Cabinets in a Multimillion Dollar Home appeared first on Physician Finance Basics.

We started off last week with How a Boglehead builds a doctor house and continue hereabout some more points to consider: #7. Put money down For a construction loan, you usually need a 20% down payment anyway- because these are riskier for lenders and therefore they want you to shoulder some of the responsibility. At […]

The post How a Boglehead Builds a Doctor House Part 2 appeared first on Physician Finance Basics.

Ideally, a Boglehead doesn’t build a doctor house. But what if one really wants to? Let’s find out how a Boglehead builds a doctor house. My Why I consider myself a good little Boglehead. Overall frugal, solid indexer. We even live on less than 1/2 our take home income.  I dont need or want fancy […]

The post How a Boglehead Builds A Doctor House Part 1 appeared first on Physician Finance Basics.

This past weekend, I learned how to look up past IRS payments. So I thought I may as well share it with you. You’re welcome. If you’re anything like me, it’s chaos around tax time. I don’t even do my own taxes- I just have to hand the information over to my CPA. And that […]

The post How to Look up IRS Past Payments appeared first on Physician Finance Basics.

Can I have a solo 401(k) with employees? I came across a version of this question on social media and reached out to our resident expert on all things related to retirement plans: Konstantin Litovsky of Litovsky Asset Management. I have worked with Kon for years and have great respect for his depth of knowledge. […]

The post Can I have a Solo 401(k) with employees? appeared first on Physician Finance Basics.

I have two single member LLCs- one for my practice and one for this fun venture. I set them up last year on Florida’s SunBiz.org for $125 apiece and without breaking a sweat. It let me know at the time that I have to file an annual report every year, starting the year after the […]

The post How to File Annual Report for LLC appeared first on Physician Finance Basics.

Hi readers, first off, an apology for the radio silence from my side. I have a new baby keeping me busy. No, not the human kind. Two of those are plenty. This one’s been a long-held aspiration- my own solo private practice. This post is a basic step-by-step on how to start a solo private […]

The post How to start a Solo Private Practice appeared first on Physician Finance Basics.

Continuing from last week, here is the remainder of Dr. Anne Champeaux’s guest post on the basics of 529 accounts. What plan should I open? #1 State Tax Benefits There are 50 states and 50 plans. You can own a plan in any state. Are you confused what state website to go to for opening […]

The post 529 Accounts: The Basics Part 2 appeared first on Physician Finance Basics.