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Do you think the average financial IQ on this board i higher than the average ….

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  • Avatar burritos 
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    financial IQ of doctors in general? I never really talk money shop with other talks. My Boss’s schwab account is just a list of 100 stocks he’s picked from ‘hearing’ stuff from the doctor’s lounge. He laughed and told me I was naive when I told him I buy mainly a few index etfs.

    #205210 Reply
    Avatar jhwkr542 
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    Yes x1000 and it’s not even close. Most of the regulars on this board are knowledgeable.  Sure, some docs who don’t post here know quite a bit about medicine and business/personal finance.  But a lot know nothing, so the average here is clearly higher.  Many of the people at my practice had no idea what a backdoor Roth IRA was until I got here.

    #205214 Reply
    q-school q-school 
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    it depends on what you include in financial iq.

    people here are more disciplined than outside physicians.  i’m sure outside physicians know what index funds are.  half don’t know what backdoor roth is.  half don’t know what HSA is.  some of that is just age and applicability.   i’m not sure financial iq matters in the end for physicians.  it probably does, but not as much as we think.  if you are lucky enough not to be divorced and healthy enough for 25-30 years of work as an attending you should be fine regardless of your investment philosophy, even if it was to invest in CDs like my wife would prefer.  as long as your spending is reasonable.

    i would argue most here (myself included) do not spend in a reasonable way at all relative to income.  unfortunately you can’t know until you are dead.  we are certainly covered financially for more possible outcomes than 99% of the population.

    ymmv

     

    CordMcNally CordMcNally 
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    There’s no doubt the average financial IQ is higher here when compared with docs in the wild. However, there’s still a lot more financial savvy docs out there that aren’t participants here.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #205224 Reply
    Avatar Peds 
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    i is higher!

    #205244 Reply
    Liked by Lordosis
    Avatar Kamban 
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    My Boss’s schwab account is just a list of 100 stocks he’s picked from ‘hearing’ stuff from the doctor’s lounge. He laughed and told me I was naive when I told him I buy mainly a few index etfs.

    Click to expand…

    But if he has Apple / Amazon / Facebook  / Netflix / Google picked at the right time and held on to it, he probably is far wealthy than he would have been with index funds.

    Chances are that the did not make those moves. But who knows. Some get lucky.

    #205246 Reply
    Avatar Kamban 
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    However, there’s still a lot more financial savvy docs out there that aren’t participants here.

    Click to expand…

    My former boss used to trade in stocks instead of reading the radiological studies ( in the 1990’s). He might not have much money in that. But he more than compensated for it owning 8+ fast food restaurants ( and the land and building of those too) as well as hotels and the large multispecialty clinic and its satellite clinics. He has just retired and is probably worth $75-100M.

    #205249 Reply
    Avatar Kamban 
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    i would argue most here (myself included) do not spend in a reasonable way at all relative to income.

    Click to expand…

    This is a sagely quote.

    As our net worth increases we never spend anything proportionately close to it.  My highest relative spending compared to my income and net worth was in residency and fellowship in HCOL NYC. Now in my MCOL area I don’t come to even 1/4 of that ratio.

    #205251 Reply
    Lordosis Lordosis 
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     owning 8+ fast food restaurants ( and the land and building of those too) as well as hotels and the large multispecialty clinic and its satellite clinics. He has just retired and is probably worth $75-100M.

    Click to expand…

    Owning fast food and medical clinics.  Now that really captures the whole market!

    “Never let your sense of morals prevent you from doing what is right.”

    Lordosis Lordosis 
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    I heard someone talking about how they were going to make a killing on pot stocks.
    I think we have the upper hand.

    “Never let your sense of morals prevent you from doing what is right.”

    #205375 Reply
    hatton1 hatton1 
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    most docs that I know in real life confuse income with wealth.  Most over spend.  Some may think I am lazy since I only work 3 days/week since age 56.  Yes some financially astute docs post here.  Chances are that in your real life you only know 1-2 docs who are truly financially knowledgable.

    Avatar bean1970 
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    Status: Physician
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    Joined: 07/12/2017

    Yes. This board would draw at least a bias of folks who have a vested interest in their financial health. This would edge overall IQ slightly higher than “average” (whatever that may be). There are surely are savvy physicians who are not in this forum, but there are tons of physicians not in this forum who are clueless as well.

    Just see some of the posts in the FB group as a contrast between this board and other forums. It also was so amazing to me how educated physicians don’t understand the math behind taxes (ie confusing the tax bill on 15 April with overall annual tax liabilty).

    #205414 Reply
    Liked by Tangler, hatton1
    FunkDoc83 FunkDoc83 
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    Status: Physician
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     owning 8+ fast food restaurants ( and the land and building of those too) as well as hotels and the large multispecialty clinic and its satellite clinics. He has just retired and is probably worth $75-100M.

    Click to expand…

    Owning fast food and medical clinics.  Now that really captures the whole market!

    Click to expand…

    Don’t forget funeral homes and services!  Got to get them at the end too!

    #205444 Reply
    Liked by Hank, Lordosis
    Avatar Tim 
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    Status: Accountant
    Posts: 1822
    Joined: 09/18/2018

    On this board is a definite yes.
    A willingness to explore an area , financial planning and investing improves knowledge.

    A word of caution. IQ is an aptitude measure.
    You guys are awfully smart. Reading a little finance has to help. I am sure others have actually pursued a more disciplined approach. Achievement is all relative. For some wealth doesn’t even phase them. To each his own.

    Financial IQ, above average of course. Naturally gifted, that’s why you read them forum.

    #205457 Reply
    Avatar mxg67 
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    Status: Physician
    Posts: 68
    Joined: 11/25/2016

    Yeah, financial IQ here seems higher than what I encounter around the hospital.  But also the level of critical thinking and analysis is very high around here too.  Not just financial stuff either, but in general it seems pretty high here compared to the average doc I interact with.

    #205619 Reply
    Liked by Roentgen, Zaphod

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