Book outline:
This book by Dr. James Dahle is a priceless gem for young physicians. At 38, he became a millionaire while practicing emergency medicine. He shares a useful blueprint for what young physicians can do to craft a life of freedom and joy, and rid them of debt and build wealth.
What’s the core message?
Live frugally, choose where to spend money, save intelligently, and invest wisely. Learn the basics about finances as they apply to doctors. Know what information you need, screen the resources, and for that knowledge, pay for the right financial advice and experts. Without having a firm grasp on the knowledge you need to invest as a doctor, your own wealth goals, and obligations, don’t trust investment professionals.
How do these concepts compare with points raised in other books?
Written by a doctor for doctors, this book directly tackles the struggles that doctors, and in particular, young doctors face from their time at medical school to residency, and beyond residency. It sets the framework for making critical choices such as privately owned practice or employment at hospitals, to consider specializations, and in which fields. The discussion of loans, malpractice insurance, and quality of life options is meaningful and direct.
What the book does well.
The author provides a comprehensive picture and perspective of the choices that doctors must navigate.
What could have made this book better?
I can only write this section as someone who lived frugally, invested carefully, passed the million net-worth mark, lost it to my poor judgment and lack of tools, and rebuilt a life from the ashes of financial loss and distrust without declaring bankruptcy.
The good doctor is young to appreciate the spirit and power of positivity and faith to enjoy every life moment. Stay frugal. It is the right mantra. Like Andrew Carnegie, the richest man of his time expressed it, conspicuous and ostentatious display of wealth is obscene. Learn to receive joy from giving and investing. Focus on the magic that doctors can create effortlessly in their everyday work; seek opportunities to enrich their work, learn from mentors and mentor the youth; uplift and inspire the workplaces, communities, and the planet. Be curious. Innovate. Inspire. Sponsor. Serve. Lead. The doctors will find that rather than them having to chase wealth, wealth will chase them.
This book is a link to the good doctor’s web portal. Surely, in time I expect that this wisdom will manifest on his website and possibly in a new book.
Who would benefit from reading this book?
Every medical student must read this book to understand the author’s perspective. Additionally, those who are connected to the medical community should read to understand the reality of debt, regulations, and risks the young doctors face in the new reality of decreasing incomes for many disciplines of medical practices.
Actually, this is a good mind-tuning book for all who want to create financial wealth.
What I got out of the book. Insights and takeaways.
(1) The medical profession is facing more regulation, higher malpractice insurance costs, and declining incomes because more doctors are choosing to employment over having private offices.
(2) High-income earning physicians are seen as easy targets for financial investment experts. Sometimes they serve as the skilled professionals they are supposed to be, and sometimes as unscrupulous actors directing doctors’ earnings to maximize their own wealth goals. Without the knowledge to navigate financial tools, even high-earning doctors miss out on the opportunity to accumulate wealth.
(3) The mantra for young doctors should be to live frugally as they did when they were residents living on low pay. Pay off debts early. Invest with the tax picture in mind. Secure insurances to shield personal and professional lives. Create wealth as early as possible to have life options to retire early, work part-time, work in places that don’t pay well, or change to professions of low pay but high emotional reward.
It’s important to keep the journey in mind. Be present and choose day to day, priority by priority, action by action, and person by person – what you can spend or invest. When the mind is set to making choices that are frugal, the journey will be enjoyable. If frugality is a forced necessity, life will be miserable. Choose what to be lavish about and why, and then choose to be frugal in everything else.