Watters says. Odugbesan singles out working the obstetrical floor and being involved in transplant procedures as some particularly notable examples. Odugbesan says. Certain jobs have become obsolete as technology has advanced through the years. Doctors are rarely among those worried about staying relevant. Tulenko notes. Need further proof? Physicians may have to work nights, weekends, and holidays.
If you need further proof, just take a look at a day in the life of an emergency physician. Tulenko says. She points to electronic medical records as being somewhat time consuming for physicians. At the time of first learning about this, Dr. You should know by now that the way to building wealth is to get on the right side of the quadrant as quickly as possible.
Most people are paid by the hour. What about you? The production of active income which is the highest taxed requires time and is the way most of the world makes its money. TIME is our most precious commodity and we only have a limited amount to give. Once its gone, we never get it back. If you want a life where you have true financial freedom then you must develop some level of passive income. This is income that comes in whether you work or not and does not require your physical input or time.
As high income earners, we have a huge advantage. We have the opportunity to turn excess cash into perpetual passive income. This is money produced on a recurring basis without physical or mental effort. This is how the wealthy produce their fortunes. The secret to being rich is controlling your cash flow. Some people tend to only focus on growing their net worth.
Most doctors have some degree of discretionary income to invest which can be placed into real estate in a passive manner syndications that requires no time from an already busy schedule. The partners do the work, you provide the investment.
This is known as the concept of the velocity of money. At a minimum, put those accessible funds into something whose value will keep up with inflation.
This will keep your cash position safe as it continues to grow your wealth. Taxes are and will continue to be your biggest expense. The more you pay, the less you have available for your personal needs. On the other hand, the less tax you pay, the more money you keep for yourself, which provides an immediate financial return. The U. Tax Code is a guide filled with incentives that the government wants to give us, the tax payers.
We just have to pay attention and play by their rules. When it comes to housing, there are tax incentives for those who are willing to take the risk of building homes and apartments. If you own real estate, the government assumes it will deteriorate and lose value over time. The IRS typically allows you to write off some of that value when completing your yearly tax returns. For a residential property, the depreciation is calculated over a Other beneficial tax breaks are available in real estate than can bring taxable income down, even to zero in some cases.
This section of the tax code allows you to sell your property and defer the tax payment if you re-invest the proceeds into a property with value that is greater than or equal to the property you sold. Most doctors make their income on the left side of the quadrant which ties their hands from a tax standpoint.
The way we make our income also influences the amount of tax we pay. In general, those in the Employee and Self-employed quadrants pay a higher percentage of taxes on their income than those in the Business Owner and Investor quadrants.
As doctors, most of our income is derived from salary either paid from revenues or paid by our employers. This is W-2 income and additional taxes such as Social Security and Medicare are layered on top of the federal rate. Even though as a W-2 employee your options maybe limited, there is something else to consider. You must qualify for this designation and there are strict requirements established by the IRS.
Consult your CPA or tax attorney for more advice. You could buy more, do more and work less. Knowledge of the tax laws and acquiring expert advisors will help you do that. What do you think, is becoming a doctor worth it? Odugbesan reflects. Watters is equally happy with her choice. When deciding if medicine is the right fit for you, Dr. Odugbesan says you should ask yourself whether you would be happy in another career. If so, explore those options first. Tulenko suggests.
What do they see as the future of medical care? Is being a doctor worth it? You ultimately have to decide if for yourself. Take some time to fully reflect on both the perks and drawbacks of practicing medicine. Unfortunately, there are no MedExpress centers in this area. Please search for a new location. Please zoom in closer or click on a pin to view information about a specific MedExpress center.
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