8 ways to Lose Money as a Doctor

This post was originally featured in www.kevinmd.com

Content has been reworded for contextual relevance.



Doctors have the most luxurious lives


Doctors always drive the best cars


Doctors always go on fully paid vacations from big pharma companies


People always want their children to become doctors or marry a doctor because they are the most financially stable



What if I told you a large number of these millionaire medicos are secretly broke?


Would you believe many doctors nowadays work more hours and in more clinics because they have enough savings to last only for a few weeks?


Why do you think most doctors can never retire? Because they love giving their service until they reach the grave? Really?


The truth is......most doctors work to death because of financial illiteracy.....


What do I mean?



Revenue is total amount you earn

Income is what you have left over after all calculated expenses


True, a medical career gives you high revenue

but when you calculate how much a doctor actually has each month.....it is leading towards bankruptcy


Due to the expected lifestyle imposed by society.......doctors are expected to have a nice apartment......a nice car......fancy living......private education (even sending children abroad for medical studies).....fancy everything


These are a collection of liabilities that eat away at your bank account


Typical Bangladeshi doctor who works in public hospital in Dhaka, often has to do extra shifts at a private hospital in the afternoon and then a private chamber in most evenings....including weekends


This action is just to keep up with rising expenses.......


Even with money coming in......maybe from regular patients....or pharma paybacks or whatever.....the threat of bankruptcy is very real and very near





There are 8 ways you can be broke as a doctor


1

Going to a private medical school........worse.....in a rich foreign country like in the middle east/china/russia wherever


So before getting MBBS, you are born into professional debt


2

Parents borrowing money to pay for this expensive future

Passing medical school is the easiest and cheapest path

Trust me I know

Again you have to borrow money to pay for postgraduate degrees (domestic and abroad)


3

Getting married immediately after graduating with no career skills and also zero life experiences

Why?

To keep up with society expectations you need to spend heavily on such event


4

Believe it or not many doctors get divorced.....especially when you shift overseas as new pressures affect your relationships.....divorces are extremely expensive for both parties


5

Raising a child before you have a steady salary from a big hospital job or a regular patient turnover.


Every year becomes more and more financially stressful....multiplied by number of children of course


6

Expensive lifestyle

Big apartment

Big neighborhood

Nice car

Nice weekend parties

Cool holidays

Nice expenses


Basically

Spending more than you THINK you make

Every day

Every month

All year


7

Expensive habits

I said expensive habits.....I didnt say bad habits.....that is a moral judgement.....but nonetheless some habits will destroy your bank account before it destroys your body and family


I'm talking about

Smoking

Alcoholism

Drug use


Yes, even doctors can be drug addicts

We live in the perfect storm of high stress low satisfaction atmosphere


Of course we will look for some kind of escape

Even if it is an expensive escape


8

Failed practice


Downsizing from a failing hospital

Fired because of some issues in the workplace

Difficulty finding enough patients per week to increase revenue

Even moving to a foreign country but not working in the same field or same status can also be a failed practice since now your life spent training is insufficient in that health system plus you spent all that money to immigrate



Actually there are more than 8 ways to go broke as a doctor.......if I list all of them it will be too depressing


I don't want to be responsible for some doctor's suicide or to decrease university attendance


What I wanted to do was to tell you that these are the ways of the old world


A world that is copy-pasting expectations from financial idiots and loser amateurs



All is not lost my comrades,


What is needed is a change in mindset to evolve into something smarter and more stable


I am talking about becoming a physician entrepreneur


Im not saying that I made it, I dont have all the answers


But you should realize that you are a professional.....you are at the top of the society pyramid


Use your analytical and logical mental powers to free yourself



Get financial freedom


Dont work hard - work smart

Let technology guide you to an easier life


Away from bankruptcy








This blogpost was made possible with the assistance of


ViOS

-A healthcare platform that connects you to a nearby doctor in only 3 clicks!




Thank you for you time and I wish you good health



Dr. Ismail Sayeed

MBBS MMed MSc

Founder & CEO

ViOS Ltd

wwwlinkedin.com/in/drismailsayeed



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