Menu

Financial growth strategies for physicians outside of the US

Home General/Welcome Financial growth strategies for physicians outside of the US

  • Avatar shaokim 
    Participant
    Status: Physician
    Posts: 3
    Joined: 06/12/2019

    Hello,

    I’m a 33-year old physician from Belgium, working as a hospitalist in a clinic for rehabilitation and geriatric medicine.

    White Coat Investor wrote this on the Bogleheads forums:

    As an entrepreneur, there are no guarantees, but I’ll tell you this–almost everyone underestimates their ability to increase their income by 10%, 50%, 100% etc. If this is important to you, really really important, you can do it. Not sure if it is easier on the lower end or the higher end of the income scale though. On the lower end, delivering pizzas or driving Uber a couple of nights a week can have a dramatic effect. On the upper end, where you often own a business, there are ways to leverage your resources and find new markets and efficiencies within the business. In the middle it can be trickier, but overtime, raises, and changing jobs is the usual pathway.

    And that is what I’m interested in.

    I was wondering if there is a place for non-US / European physicians to discuss financial career planning. Is this it, or do I best look some place else?

    So where can I start, with the important caveat that I don’t live in the US?

    Thanks in advance

    #221216 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7794
    Joined: 01/09/2016

    You can start here, as there will be some general similarities, with the understanding that the European health system is very different from what we have in the US. I know for a fact that we have non-US based physicians who follow the forum, so  maybe someone will chime in with resources. Unfortunately, a quick Google search turned up nothing for me.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #221257 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4392
    Joined: 05/13/2011

    It sounds like you’re interested in boosting your income. Here are a few things to consider:

    1) Would you get paid more if you practiced in another country?

    2) How many hours are you working? Are you willing to work more for more money? Can you work overtime at your current job? Can you take on a second job?

    3) Can you get a raise? If not, can you change jobs to one that pays more? What about changing locations within your country? Are there other places that would pay more?

    4) Is it possible for you to own your practice? Would that be likely to increase your income? Could you hire docs or APCs to work under you?

    5) Are you interested in real estate, online businesses, or other side gigs?

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #221364 Reply
    Avatar shaokim 
    Participant
    Status: Physician
    Posts: 3
    Joined: 06/12/2019
    Splash Refinancing Bonus

    It sounds like you’re interested in boosting your income. Here are a few things to consider:

    1) Would you get paid more if you practiced in another country?

    2) How many hours are you working? Are you willing to work more for more money? Can you work overtime at your current job? Can you take on a second job?

    3) Can you get a raise? If not, can you change jobs to one that pays more? What about changing locations within your country? Are there other places that would pay more?

    4) Is it possible for you to own your practice? Would that be likely to increase your income? Could you hire docs or APCs to work under you?

    5) Are you interested in real estate, online businesses, or other side gigs?

    Click to expand…

    1) I am not sure, and I don’t know how to find out either. I would have to look at reimbursement, need for unspecialized physicians, cost of living, …

    2) I do overtime call a couple of times a month, but it’s not a big extra to my income.

    3) I can probably get a raise, hopefully more throughout the years, if I can go by my coworkers’ salary growth.

    4) I probably cannot own my own practice. I work as a hospitalist, but I don’t have a degree of specialist. Just the basic medical degree. I couldn’t hire people under me, because I’m responsible for one department, and I fully manage that one myself.

    5) I might be interested in real estate. I will look it up, but I hear owning rental property is not as lucrative over here as it is in the US. it will be a little hard to do, seeing as I’m starting the pay off of a 20-year mortgage next year. My accountant has brought it up, I will check it out.

    I don’t know what kind of online business I am qualified for. I’m afraid I’m not much of a youtube personality, but I’m not sure if that’s the route you were thinking of? What other side gigs are there for physicians?

    Do you know of any sources (books) which would have general advice for the physician who is looking to get into the sources of income you have described?

    Thanks for the help!

    #222150 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4392
    Joined: 05/13/2011

    Sounds like a residency/fellowship might be a great way to double your income, no? More on “side gigs” and “passive income” here at my partner blog site:

    https://passiveincomemd.com/

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #222591 Reply
    Avatar shaokim 
    Participant
    Status: Physician
    Posts: 3
    Joined: 06/12/2019

    Thanks!

    #222611 Reply

Reply To: Financial growth strategies for physicians outside of the US

In case of a glitch or error, please save your text elsewhere, clear browser cache, close browser, open browser and refresh the page.

Notifications Mark all as read  |  Clear