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

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  • wonka31 wonka31 
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    Talk to some of the doctors you work with and you will very quickly answer your question.

    #205623 Reply
    Vagabond MD Vagabond MD 
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    Status: Physician
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    Joined: 01/21/2016

    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.

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    I think the younger generation of docs is more financially savvy than our generation. At least a half dozen colleagues recognized me on the WCI podcast last year, and all but one was in the first five years of the career.

    #205624 Reply
    Avatar Peds 
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    Some of us, yes. Got to see all the mistakes the boomers made first….

    #205627 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.

    Click to expand…

    I think the younger generation of docs is more financially savvy than our generation. At least a half dozen colleagues recognized me on the WCI podcast last year, and all but one was in the first five years of the career.

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    Vagabond is wise.  Some of the younger generation is very financially savvy because the huge student loan burden is forcing the issue.

    Avatar antheus 
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    Status: Resident, Physician
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    Joined: 04/18/2017

    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.

    Click to expand…

    I think the younger generation of docs is more financially savvy than our generation. At least a half dozen colleagues recognized me on the WCI podcast last year, and all but one was in the first five years of the career.

    Click to expand…

    Vagabond is wise.  Some of the younger generation is very financially savvy because the huge student loan burden is forcing the issue.

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    I think this is really the core of it. That being said, I know a lot of friends buying houses and boats immediately upon graduating residency so there’s still plenty people I know making terrible decisions.

    #205647 Reply
    Avatar Tim 
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    Status: Accountant
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    Joined: 09/18/2018

    I try to avoid cognitive bias. No comment.
    https://en.wikipedia.org/wiki/Illusory_superiority
    I applaud everyone on your outstanding Financial IQ scores. By the way, what was the average?
    I just hope each has improved outcomes due to some of the information and tactics shared.
    By the way, WCI might have vetted me, didn’t take the test. Congratulations to all the above average ones!
    I couldn’t even qualify! Geez.

    #205654 Reply
    Avatar Kamban 
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    Earnest refinancing bonus
    Don’t forget funeral homes and services! Got to get them at the end too!

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    Funny you should mention that. Interesting anecdote-

    A good friend and colleague of mine had finished examining his long standing patient when the latter said to him ” Doc, I wanted to talk to you about a great business opportunity since I know you have extensive business deals. I have this huge plot of land that I am in the process of converting to a cemetery and preselling burial plots. I am looking for a partner and I think you would make a great one. You can invest in it and I would consider giving you a discount if you would allow me to keep leaflets in the waiting room of all your offices. Your patient population is old with a higher than average mortality and this deal will benefit everyone.”

    When his wife, an internist heard of it she put a swift end to further discussions, citing conflict of interest and the adverse publicity that would ensue if such business deals ever leaked out to the public.

     

    #205655 Reply
    Avatar Docbeans 
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    Multiple times higher. Financial knowledge, that is. Not sure if IQ is the same thing. I did a random survey on 950 docs a couple of yrs back- a 20 question survey… the results were hardly surprising but definitely disappointing. Sadly, I cant share the results since I didn’t think of getting IRB approval prior to the survey- but it may have been of interest to this group here.

    #206690 Reply
    Liked by Roentgen
    Lordosis Lordosis 
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    Multiple times higher. Financial knowledge, that is. Not sure if IQ is the same thing. I did a random survey on 950 docs a couple of yrs back- a 20 question survey… the results were hardly surprising but definitely disappointing. Sadly, I cant share the results since I didn’t think of getting IRB approval prior to the survey- but it may have been of interest to this group here.

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    You cannot share the results but you can run your quiz here and let us know the winner!

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

    #206709 Reply
    CordMcNally CordMcNally 
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    Status: Physician
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    Your patient population is old with a higher than average mortality and this deal will benefit everyone.”

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    “Hey, you seem to be killing your patients.”

     

    That’s pretty much what I got out of that statement.

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

    #206718 Reply
    Avatar Docbeans 
    Participant
    Status: Physician
    Posts: 172
    Joined: 01/11/2016

    Multiple times higher. Financial knowledge, that is. Not sure if IQ is the same thing. I did a random survey on 950 docs a couple of yrs back- a 20 question survey… the results were hardly surprising but definitely disappointing. Sadly, I cant share the results since I didn’t think of getting IRB approval prior to the survey- but it may have been of interest to this group here.

    Click to expand…

    You cannot share the results but you can run your quiz here and let us know the winner!

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    Haha, you folks are the experts… it would be a redundant quiz on this forum- it was all really really basic stuff. That is why I kept it far away from here when I conducted it. I will post a link to it though once I have it in a shareable platform.

    #208317 Reply
    Liked by Lordosis
    Avatar Dilaudidopenia 
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    Status: Physician
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    Joined: 05/22/2016

    A lot of docs I talk to:

    -Have no idea what a back door roth IRA is

    -If they are 1099, they open a SEP-IRA instead of a solo-401k

    -Have no idea how to handle 1099 tax situations (quarterly payments?…what’s that?!)

    -Open LLCs and S-corps despite all the evidence why you should not (at their level of income) because “my tax guy said to do it”

    -Don’t refinance their student debt (“yeah I still gotta do that”)

    #208642 Reply
    Avatar Peds 
    Moderator
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    Joined: 01/08/2016

    is anyone going to fix the title of this thread…….?

     

    #208644 Reply
    Zaphod Zaphod 
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    Status: Physician, Small Business Owner
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    is anyone going to fix the title of this thread…….?

     

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    It is not an english forum for sure.

    #208647 Reply
    Liked by Lordosis
    IntensiveCareBear IntensiveCareBear 
    Spectator
    Status: Physician
    Posts: 243
    Joined: 12/22/2018

    Well, before saying this forum is smarter or not, you first have to ask yourself if people are actually who they say they are (or have what they say they have for accounts/balances/assets/etc). This is the internet, after all. People like to play a role or embellish their cred. A guy on a car forum with a picture of a Hellcat and a few stories about racing and fixing it up might be just a high school kid who drives a rusty Hyundai. It is the same on a bodybuilding board: there are supposedly half of members who are huge ripped 25-35yo guys… yet in reality, it is probably only 3% of those types and many, many skinny young or fat older wannabes trying to fit the mold and talk the part to save face.

    Sounds dumb or paranoid, but you have to get real: Practicing docs who often post dozens of times daily, hundreds monthly… and have the time to do that consistently for months and months? Accountants who read every thread and post a ton… even during peak tax season? And on top of that, many of them even spend crazy amounts of time on other forums or on their own blog? And why would you even have a blog or other low/no income side biz if you are supposedly FI? There are a few head-scratchers to be sure.

    Personally, I think this forum is mostly residents and some students, maybe a few allied health and spouses… a fraction of all of those pretending to be attending docs. Many probably found it from FB. Are there MDs? Sure, of course, but probably nowhere near as many as you think… and much fewer are senior and FI docs than is implied or stated. I just can’t see how most full-time MDs would post so regularly unless they are disabled or retired or something. There are the obvious sponsors/advertisers looking for business also; there is nothing wrong with that. Good info and discussion is good info and discussion… no matter how it happens. It is similar to how SDN is mainly pre-meds, fewer MS, even fewer residents, very few attendings… good topics, but commonly just hearsay answers and the blind leading the blind. Most people just don’t have the time (or need) to ask and answer as much as they progress in their career and life success.

    …as for average doc financial IQ, I don’t really talk to many… esp not about money. I seriously don’t hang out with many docs; when I do, it’s light and fluffy small talk in the lounge or locker room. I tend to hang out more with guys from my gym, allied health from hospital (PTs tend to be pretty cool), fitness group, local community, etc. I find those guys more fun, and I don’t really want to talk shop on days off. I very rarely talk finance with any friends… or family.

    A lot of the docs I’ve ever met are know-it-all types and/or just plain nerds to begin with… many are workaholics and unavailable to ever hang out anyways. The few closer buddies I had from MS and residency left the area (as did I), and those “friendships” were more just common interest/goal at the time anyways. We might talk once or twice a year or catch up at a conference, but our past common interest/goal is long completed. Some of them owned all kinds of businesses and assets even back in school with family help, and others were just hoping to pay off loans someday or get a loan to buy into a practice. There is such a bipolar segment of docs with regard to debt and net worth and FI, though. At least where I went to school, you had the roughly one third whose parents were docs (or otherwise rich) and who came out with little or no debt (many were probably FI at birth due to trust funds)… then you had the other two thirds who took out max loans, maybe a bit less due to scholarship or part time job.

    Docs are not dumb guys on average, though, so I’d never assume they are financial nitwits. Some get financial education through successful family, and some seek it on their own. I certainly agree with the point above that student loans has forced the financial issue on Gen X, millenials, and beyond (medical or other fields). I realize there is pride in the forum info here, but it is just very hard to compare when docs begin with such different starting net worth and anyone on the internet can mis-represent themselves easily. I like the info regardless. Have a good weekend

    "Hmm, that sounds risky." - motto of the middle class

    #210152 Reply

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