I am currently employed at a MSG. I am doing very well in comparison to my colleagues. I have been looking at back up plans just in case podiatry starts sucking more than what it already is. Does anyone have any investments besides stocks, crypto, 401k? I know investment in surgery centers is not really a thing anymore.
Back up plan
- Thread starter JewOnThis
- Start date
- Joined
- Dec 2, 2018
- Messages
- 577
- Reaction score
- 1,010
Open up a Bodega or a taco truck
- Joined
- Oct 17, 2011
- Messages
- 2,809
- Reaction score
- 6,392
The Foot Ketamine Clinic
Podiatry Quality of Life Coach. I picked this one out just for you. And you can hire "associate" QOL coaches.
Build out an RV and set-up a mobile podiatry clinic in some crazy cowboy oil town and only accept cash
Lapiplasty Traveling Rep with a focus on Adductoplasty.
MIS Mentor
Move to 619's town, start a private practice, join their IPA and make $429 for a matrixectomy.
Focus on FIRE. Pay off everything. Save 100K+ a year. Get out.
PM News article writer. Flip flops are hot this time of year. Also, did you know onychomycosis is contagious!?
Podiatry Quality of Life Coach. I picked this one out just for you. And you can hire "associate" QOL coaches.
Build out an RV and set-up a mobile podiatry clinic in some crazy cowboy oil town and only accept cash
Lapiplasty Traveling Rep with a focus on Adductoplasty.
MIS Mentor
Move to 619's town, start a private practice, join their IPA and make $429 for a matrixectomy.
Focus on FIRE. Pay off everything. Save 100K+ a year. Get out.
PM News article writer. Flip flops are hot this time of year. Also, did you know onychomycosis is contagious!?
- Joined
- Mar 18, 2022
- Messages
- 1,004
- Reaction score
- 1,794
Open a couple low overhead satellite offices in low income areas and hire an associate.
In all honesty I know of very few that can leave this profession. I know of a couple that have changed careers by choice and have done decent, but it involved a pay cut. They did not leave for a cushy new career. They just got burned out of PP and knew being an associate would be even worse, so they sold their practce and changed careers.
Some I know have done very well and invested well in stocks or rental homes etc and probably could retire young if they wanted to, but have not yet.
A few have been lucky enough to have a nice pension at a somewhat young age which takes away some mental pressure knowing they could probably walk away if they really wanted to, but the need for health insurance and the minimum age to start drawing on pensions has been increasing.
What most do is just try to be in a situation where they can do a little more of what they enjoy, and a little less of what they don’t enjoy, learn to live on whatever they are making and stay away from the constant shady kickback arrangements (or at the very least have a good healthcare attorney) so they can sleep at night without worry of the feds coming to their office. It is so much easier to do this in a major way as an MD and still make a good salary……work part time, go into teaching/academia, locums, VA (possibly associated with medical school) etc
In all honesty I know of very few that can leave this profession. I know of a couple that have changed careers by choice and have done decent, but it involved a pay cut. They did not leave for a cushy new career. They just got burned out of PP and knew being an associate would be even worse, so they sold their practce and changed careers.
Some I know have done very well and invested well in stocks or rental homes etc and probably could retire young if they wanted to, but have not yet.
A few have been lucky enough to have a nice pension at a somewhat young age which takes away some mental pressure knowing they could probably walk away if they really wanted to, but the need for health insurance and the minimum age to start drawing on pensions has been increasing.
What most do is just try to be in a situation where they can do a little more of what they enjoy, and a little less of what they don’t enjoy, learn to live on whatever they are making and stay away from the constant shady kickback arrangements (or at the very least have a good healthcare attorney) so they can sleep at night without worry of the feds coming to their office. It is so much easier to do this in a major way as an MD and still make a good salary……work part time, go into teaching/academia, locums, VA (possibly associated with medical school) etc
Last edited:
D
deleted1138023
When the real estate market crashes just buy as much as possible and start renting them out
- Joined
- Apr 9, 2013
- Messages
- 617
- Reaction score
- 1,295
Y’all doing it wrong. I save all the toes I chop off so if my next TMA patient wants their toes back, easy 120 RVU toe reattachment recon. Trick is to keep the toes pickled in a phenol solution to preserve quality.
- Joined
- Nov 11, 2008
- Messages
- 4,268
- Reaction score
- 6,756
I believe @Pronation could offer some insight here
- Joined
- Apr 9, 2013
- Messages
- 617
- Reaction score
- 1,295
When you say qualify of life coach, reminds of the Peter Wishnie guy. I wonder what tricks he has in his book…..
- Joined
- Sep 17, 2009
- Messages
- 1,246
- Reaction score
- 2,025
Two words: “Silver and Gold” 👍🏻😎
- Joined
- Feb 2, 2019
- Messages
- 0
- Reaction score
- -21
Buy run down laundromats. Repair/refurbish. Collect cash. Very easy to manage.
- Joined
- Feb 2, 2019
- Messages
- 0
- Reaction score
- -21
Buy cardano
- Joined
- Nov 11, 2008
- Messages
- 4,268
- Reaction score
- 6,756
I might do this in my free time....ours just closed
Follow codie Sanchez for ideas like this. Buy cash flow boring businesses
- Joined
- Dec 2, 2018
- Messages
- 577
- Reaction score
- 1,010
BizBuySell - The Internet's Largest Business for Sale & Franchise for Sale Marketplace
Over 45,000 businesses for sale on the Internet's largest business for sale exchange. Sell a business for sale with a confidential listing or use a business broker.
- Joined
- Feb 2, 2019
- Messages
- 0
- Reaction score
- -21
Yeah Laundromats and vending machines. Sounds stupid but worth it in my opinion. Little to no maintenance. Car washes too
- Joined
- Oct 17, 2011
- Messages
- 2,809
- Reaction score
- 6,392
Haha. I had to look this up. I need to up my game learning the shysters of this profession.
- Joined
- Feb 2, 2007
- Messages
- 4,236
- Reaction score
- 4,674
Lol, love them scratchers... I get those for my office (not PowerBall since I'd feel bad for the rest if one actually hit big).
With money for me and my retirement, I tend to kinda do the opposite, though...
Instead of paying a bit for lottery and hoping for a rare winning outcome, I just won't spend much on insurance (won't hedge much/any against a rare outcome).
It's pretty easy to get carried away with "needing" high level health plan, dental, life, disability, add-ons, PMI or rent/home, etc. A lot of DPMs pay huge monthly and annual amounts on various insurances. In reality, most of us are young people with good/excellent income who have no problem writing a $300 check for dentist or PCP or windshield or even $1000 or $2000 for ER (which happens what... every few years, maaaybe?). Maybe we fall into the insurance sales tactics or the WCI dogma or just don't want to wait until we have 20% down... who knows? Choosing supplemental plans or needing mandatory policies on loan items definitely creates a huge creep on your ability to invest, though.
I've never fallen into the fear of worst-case scenarios that insurances sell (and I also don't really trust that most insurance would pay what it says it would anyways... mainly because, uh... it typically does not). If there were some catastrophic thing, one can just get or beef up insurance then... but you've obviously got 100 bigger problems than money if you are truly disabled, major MVA, serious cancer, etc. Insurance kinda reminds me of those documentation scare tactics "what if you get sued" and "you might get an audit" to frighten you into 1hr clinic notes or 5 page op reports back in the student and resident days.
Regardless, I would MUCH rather plan on rare things being rare and just have most of that gross pay money growing in my 401 or cash account, esp with stock prices pretty depressed so far this year. The sale won't last forever, and we'll only get a handful of big dips in our practice career. Yeah, OP said besides stocks etc... but avoiding wasted money is the same as gaining on the balance sheet. It's actually better if the money goes from a sink hole to a growth pool
Last edited:
I have actually been looking at car washes. I see one at every corner though.
- Joined
- Mar 18, 2022
- Messages
- 1,004
- Reaction score
- 1,794
Car washes used to be a very good business, but they have gone corporate now in many locations and there are “car wash wars“ many places. If the corporations lose money (into more than just car washes, often owned by large car dealers) for a few years to gain market share they just write off the loss, small business owners can not as easily afford to do that. Also it is less of a cash business these days days.
- Joined
- Feb 2, 2019
- Messages
- 0
- Reaction score
- -21
I think laundromats are fair game. If you can get your hands on one at a fair price that doesn't require too much of an investment to give it a face lift I would do it in a heart beat. The other obvious things you could do is buy up apartment complexes in low income neighborhoods and rent them out but being a landlord in these areas sounds not fun. Getting involved in businesses where there is not a lot of human interaction is ideal.
I'll give you my plan. Not sure if it will work out or not but we will see.
I save 100k each year out of my household income of around 350k pre tax. I max out my accounts in the following order. 401k, IRA to Roth conversion for my wife and I, 529 for two kids then brokerage account. 10% of 100k each year is gambling money in crypto or individual stocks. Everything else is in S&P 500.
I am gonna build my resume/portfolio by broadening pathology I am able to treat, improving my leadership and communication skills, teaching and research. I hope to leverage that experience to go essentially part time clinical work in 10 years. I hope to be a consultant for companies to design research project, board member or advisor for small companies and consult for industry. This should yield enough income to cover all of my cost of living.
Hope to retire entirely by age 55. Hoping 20 years of s&p 500 will yield enough best egg to cover cost from age 55 to 80 Currently 35. So grind for next 10 and then part time for another 10 and quit with a decent best egg.
Kids college is probably going to be the biggest cost besides any unforseen health issues.
I save 100k each year out of my household income of around 350k pre tax. I max out my accounts in the following order. 401k, IRA to Roth conversion for my wife and I, 529 for two kids then brokerage account. 10% of 100k each year is gambling money in crypto or individual stocks. Everything else is in S&P 500.
I am gonna build my resume/portfolio by broadening pathology I am able to treat, improving my leadership and communication skills, teaching and research. I hope to leverage that experience to go essentially part time clinical work in 10 years. I hope to be a consultant for companies to design research project, board member or advisor for small companies and consult for industry. This should yield enough income to cover all of my cost of living.
Hope to retire entirely by age 55. Hoping 20 years of s&p 500 will yield enough best egg to cover cost from age 55 to 80 Currently 35. So grind for next 10 and then part time for another 10 and quit with a decent best egg.
Kids college is probably going to be the biggest cost besides any unforseen health issues.
- Joined
- Nov 11, 2008
- Messages
- 4,268
- Reaction score
- 6,756
Going to retire in Ecuador or Colombia or Thailand or something like that.
Zero interest in 529 for child. First I don't get a tax deduction, second I am going to take my chances that college costs change drastically in the next 15 years. Last resort is a scholly of some type. Also screw college my child is perfect and can do whatever they want to do even if that is not college.
Zero interest in 529 for child. First I don't get a tax deduction, second I am going to take my chances that college costs change drastically in the next 15 years. Last resort is a scholly of some type. Also screw college my child is perfect and can do whatever they want to do even if that is not college.
I have everything you listed, but I still have extra cash that I want to invest. Right now, my “extra” money is just stagnant in my accounts.
Invest in s&p500. Most doctors end up buying businesses like motels and restaurants and end up losing that money. Unless you have an SO or experience in running these businesses you are not gonna make profit. Rental units are always a solid investment if you have the time. Otherwise it's tough to beat the market in the long term.
- Joined
- Apr 4, 2014
- Messages
- 126
- Reaction score
- 410
Take a look at SPY and see how many times in it's lifetime it has lost as much as it currently has and then ask yourself if today is the day you get in. Dollar cost average in, but rest assured, eventually, it will go up. We may have a bit of a recession 22/2023, as VIX tends to reach 75+ before any reversal (until the day it doesn't and breaks that pattern) - but I imagine we will be back on track by 2024 for new all time highs.
Save this post: From now and probably all of 2023 will be one of the best times in our lifetime to buy up as much cheap stock, real estate and crypto before we go into our next bull cycle from 2024 onward. It seems scary now, but scared money don't make no money papi.
Save this post: From now and probably all of 2023 will be one of the best times in our lifetime to buy up as much cheap stock, real estate and crypto before we go into our next bull cycle from 2024 onward. It seems scary now, but scared money don't make no money papi.
- Joined
- Apr 9, 2013
- Messages
- 617
- Reaction score
- 1,295
This 10000%. April 2020 was a delicious whole sale for stocks and SPY for me and came up big time in terms of dollar cost average. I have a few individual tech stocks set on auto investment because I believe in their leverage and long term outlook. And I agree on SPY 500, if it fails, we all fail. Don’t be scared.
- Joined
- Feb 2, 2007
- Messages
- 4,236
- Reaction score
- 4,674
Those are two way different things in my eyes. Individual stocks could be Apple, Google, J&J, Microsoft, Walmart, etc. That is far from gambling... that's nearly the same as index funds... simply picking Fortune 500 or 100 or even 50 companies to outperform S&P, loading your portfolio a bit heavier on those than SPY or VOO would. For example, if I did 80% S&P, 10% Amazon, 10% Exxon... it will either best or lag 100% S&P, but it's is definitely not gambling.
If you mean 'individual stocks' in terms of pharma startup, new tech, WSB stuff like GameStop, other small caps that aren't yet profitable, etc... then yeah, I suppose those are more of a dice roll that'll possibly 5x or 10x or get bought out... or might go to zero. I wouldn't make that any more than a tiny % of one's portfolio, but it depends on risk tolerance, I suppose.
Crypto is something entirely different... only reason to buy it for $10 is due to hope someone else will buy it from you at $500 or $1000 or whatever. At this point, that's its value - or lack thereof. There were issues all along as to what crypto even is and its supply/create, what it'll be used for. Now, with most of the crypto losing half their value or more in this year, there is a big problem in those markets now since many people are down significant money... and looking to dump as soon as they have a chance to break even again. I would imagine you need to really stay up on the news and public perception of the value of it... no quantitative metrics, all supply/demand. At this point, I sure don't get crypto for anyone who has already won the game. I do get the allure for ppl who making paramedic, teacher, etc money who are swinging hard for investment home runs, but that's just not a great path for most docs or other 100k+ ppl who can win the game - unless they screw it up.
And also, why not 100k of individual (let partner do own 401/403 and other stuff). If gross pay doesn't allow $100k invest, one can always do $100k or close of invest + debt paydown. Seriously, no joke... returns matter, but savings rate % is the main thing to FIRE.
Yep, won't ever go wrong with index funds. It is always a fine play if you don't have good S&P singles to buy or time to do research.
It's a safe bet to take average returns for most of the portfolio. It lets one set and forget, for sure. Most docs have won the game - unless they screw it up badly; they can just play it relatively safe, keep savings rate % as high as possible, hit singles and even bunts and track towards pretty good retirement or even FIRE if they reign in spending.
Last edited:
D
deleted1138023
dollar cost averaging into VOO never hurt anybody. do it as often as you can and as young as you can.
- Joined
- Nov 23, 2015
- Messages
- 916
- Reaction score
- 1,549
Ha, I was doing some research regarding investing in a car wash. A new one is being built locally and it’s a 4 million dollar build.
The issue is that there used to be a car wash scattered here and there. Now there is literally a car wash every mile in my area.
Costs are high. Maintenance, equipment, supplies, liability, etc. And in many areas it’s very seasonal. When it rains for 4 days…..no business. When it snows and it takes 2-3 weeks for it to melt…..no business.
I’ve had friends invest and only one ever saw any significant return.
I looked into cell phone case manufacturing. Everyone has a cell phone and everyone has a case. The cost to make the dyes for each brand and model is the cost that squashed that idea.
A simple plastic/polymer or silicon case that cost a dollar to produce, sells for 40 or 50 bucks. But it’s a saturated market.
So my advice? Marry a wealthy spouse.
A friend of mine has a wife who was estranged from her father. The father was going to write her out of the will but never did and passed away.
She inherited several high end cars, about 6 million in funds and $630,000 worth of high end watches.
That’s an excellent exit strategy.
- Joined
- Feb 2, 2007
- Messages
- 4,236
- Reaction score
- 4,674
Last edited:
- Joined
- Oct 17, 2011
- Messages
- 2,809
- Reaction score
- 6,392
Two of the F&A orthos in my town own a shoe store with a pedorthist. I think that has the "allure" of being interesting - you think hey, my businesses are intertwined and support one another. But I have no idea what the margins would be, it seems to require a lot of staff, and the inventory is likely ridiculous.
- Joined
- Nov 23, 2015
- Messages
- 916
- Reaction score
- 1,549
The shoe business is horrible. You have to carry dozens of styles in dozens of sizes. I’d rather sell a widget and when they want a widget I don’t have to measure it, try it on, ask to see it in other colors and sizes, etc.
Shoe styles are changing so rapidly, there’s always “old” inventory being pushed aside for new inventory.
I would want to sell an item with less choices, less inventory, fewer skews, and less aggravation.
That’s why I trashed my idea of being a professional bra fitter for women under 40. Too many colors, styles, etc.
Though I was thinking of simply limiting my clientele to those with a perfect 34 full C cup. That would decrease my inventory.
- Joined
- Oct 17, 2011
- Messages
- 2,809
- Reaction score
- 6,392
Yeah, the first time I thought about it the idea soured within about 10 minutes.
No one has mentioned it, but there are all manner of franchises out there that are total money losers. My wife worked for a business that routinely cost hundreds of thousands of dollars to buy, required enormous effort to maintain/build and often barely produced six-figure income for the owner. During the time she worked there businesses routinely changed hands with customers buying them and selling them to another customer within a year or two.
Good info. A friend of mine invested in a cafe and one of the name brand fast food restaurants. He is now ”retired” from Podiatry and doing VERY well. I think this is the route I am going to take in the future. My salary is good now, but who knows what will happen in the future with this dead end speciality.
Last edited:
- Joined
- May 15, 2021
- Messages
- 106
- Reaction score
- 203
Your buddy sounds smart. Much more profitable to be the one causing diabetes than treating it in this country
- Joined
- Apr 21, 2008
- Messages
- 3,390
- Reaction score
- 4,551
Sounds like a chick fil a. Franchise owners get hosed
Similar threads
