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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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    Status: Physician
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    Joined: 03/24/2018

    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.

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #205624 Reply
    Avatar Peds 
    Participant
    Status: Physician
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    Joined: 01/08/2016

    Some of us, yes. Got to see all the mistakes the boomers made first….

    #205627 Reply
    hatton1 hatton1 
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    Status: Physician
    Posts: 2866
    Joined: 01/11/2016

    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.

    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.

    #205642 Reply
    Avatar antheus 
    Participant
    Status: Resident, Physician
    Posts: 78
    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 
    Participant
    Status: Accountant
    Posts: 1822
    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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    Status: Physician
    Posts: 2154
    Joined: 08/01/2016
    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
    Liked by Zaphod, Roentgen
    Avatar Docbeans 
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    Status: Physician
    Posts: 171
    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.

    #206690 Reply
    Liked by Roentgen
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 619
    Joined: 02/11/2019

    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 
    Participant
    Status: Physician
    Posts: 1876
    Joined: 01/03/2017
    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
    Liked by Lordosis, Zaphod
    Avatar Docbeans 
    Participant
    Status: Physician
    Posts: 171
    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 
    Participant
    Status: Physician
    Posts: 150
    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 
    Participant
    Status: Physician
    Posts: 3399
    Joined: 01/08/2016

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

     

    #208644 Reply
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 5552
    Joined: 01/12/2016

    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

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