The default for most is to hand money over to a financial advisor, the tradeoff is a loss of control and exposure to the volatility of Wall Street. Financial advisors will also recommend putting your funds into retirement accounts which will lock up your money until you are 59.5 years old. What is the alternative to this conventional model?

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For many doctors, the investment portfolio is largely “randomized” based on the options they have crossed paths with over the years. It’s what I call “spaghetti on the wall” investments. They aren’t necessarily bad by themselves, but they aren’t coordinated to produce cash flow for the years ahead.

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One of the questions I get asked the most is, “How do I know what to invest in,” and while I appreciate the sentiment here, that is almost always the wrong question. That’s because without context, any answer is basically meaningless. The right answer is based on numerous variables, like the state of the economy, your net worth, risk tolerance, goals, tax situation, and so many more. In other words, there are a lot of things you need to know first before you can begin to think about which specific investments are right for you.

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In the midst of ever-growing inflation and economic uncertainty, more people than ever before are looking for ways to build (and hold onto) generational wealth. In the United States, 80% of all businesses are closely held – and most either fail or are sold before the second generation takes over. Only 10% function as privately held by the third generation.

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The sale of your practice marks a significant transition from ‘practitioner’ to ‘investor’. The stewardship of the proceeds becomes paramount. What is your plan for utilizing and safeguarding that equity? How are you replace practice income with investment income? How will you protect your capital from market volatility and a potential crash?

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According to the Milken Institute, a shocking 43% of Americans are not financially literate. That has long-lasting implications for the individuals directly affected, the children they raise, and the economy as a whole. That’s why even as our nation’s debt levels have spiked to historic highs, people still demand student loan forgiveness, funding for multiple wars, and stimulus payments…

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Argentina has been in the news lately, first for its economic problems and more recently for the impact it’s president, Javier Milei, has achieved in combating these problems. To put the severity of this situation in perspective, Argentina’s annual inflation rate ended in 2023 at 211.4%, the highest since the early 1990s.

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It’s true that you’re investing in tangible assets such as land and buildings when you invest in real estate, but ultimately, you’re investing in people. Throughout the transaction, you’re dealing with sellers, buyers, and numerous others involved in the transaction, who all have their own motivations, knowledge and level of integrity. This makes each deal infinitely more complicated than the numbers on a spreadsheet might first indicate.

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When the economy slows, most people don’t even realize it’s slowing because they don’t pay attention. They listen to the pundits on TV and think everything will stay as it’s been over the last 15 years, and the markets will keep topping out. They don’t realize that there’s a significant asymmetric risk because the higher the market goes, the greater the odds are that there will be a decline.

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The key to knowing how to move in an economy like the one we’re facing today because these challenges are something we haven’t seen in decades, so we have to adapt. The traditional investing strategies that work just fine 99% of the time can drive you into bankruptcy in a declining economy. In this environment, we first need to move away from paper assets, which include most of what Wall Street pushes, such as stocks, corporate bonds, CDs and other “paper” assets.

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Many docs approach the second half of their career with a significant uncertainty about the sufficiency of their 401(k) or traditional financial planning to provide security upon retirement. How much is enough? What strategies will create financial security postpractice? What about the potential for recession or another major market correction?

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Our debt is the direct result of decades of reckless government spending coupled with a general lack of financial literacy among fellow citizens. It gets worse about every four years when politicians, who want to ensure they get enough votes to stay in office, start handing out taxpayer dollars with the same enthusiasm, that sweet old neighbor hands out Snickers bars to the endless parade of ghosts, superheroes, and Bluey on Halloween night.

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There’s no denying that wages have been stagnant for a long time, so it’s no surprise that people are hurting in this economy and looking for solutions. Americans are essentially being squeezed on both sides, by low wages and high costs. It’s an untenable situation for a lot of people today. But arbitrarily raising the minimum wage would be disastrous.

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Investors are seeking clues about where the markets are headed. Will there be a soft landing? Will the headwinds of inflation, rising national debt, and a burgeoning credit crisis push the economy into a recession? Or perhaps neither of those scenarios entirely.

For investors who want to step away from practice (and reduce their reliance on practice income), it is vital to have a financial plan that does not rely on accurately predicting the future.

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Multiple streams of income are a game-changer. They give you the ability to control your time, reduce stress, and plan for the future. In contrast, if you have a retirement savings wrapped up in a single investment, it can be very limiting and nerve-wracking. This is especially true if that investment is dependent on the unstable economic conditions of Wall Street and managed by someone else.

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As clinicians, we are trying to avoid mistakes and failures at any cost from dental school. Onward, we are conditioned him, and take his planning, foresight, and risk mitigation. The outside of the mouth  (in the real world), this, mentality can hold us back from navigating the opportunities that life provides.

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With all the talk of inflation lately, another economic phenomenon is quietly percolating just below the surface, and when it finally emerges, it will catch most people off guard. That phenomenon is deflation, and while it comes with some benefits – the most significant being a reduction in the cost of goods and services through the economy, which can be a good thing when facing inflation, it also comes with risks…

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As reported, the state of our economy has evolved from “everything’s fine, and there’s no inflation” to “ok, there is inflation, but it’s just transitory,” to “well, yeah, of course, inflation is here, and it’s going to be here for a while,” most Americans are starting to wake up to the fact that we’re already facing a dire economic situation…

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When you turn on the news lately, most commentators will claim either that our economy is doing terrible and we should run to the hills or that our economy is secretly doing awesome and only crazy conspiracy theorists are worried. (Spoiler alert—neither side is getting it right.)…

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I stopped at a coffee shop a few days ago after returning from a meeting. I got my coffee and quietly sat down at a small table in the back corner. I opened up my laptop to begin digging into the due diligence on a property I was considering as an investment. But before I could get into my stride, my attention was grabbed when I heard a pundit on a national news program, which I won’t name, loudly proclaim that despite the inflation you and I see in everything we buy today, our economy will bounce right back…

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