Physicians, Debt, and Net Worth: Big Spenders or Big Savers?

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November 10, 2017

In This Article

Financial Losses Have an Impact

While almost 77% of physicians reported no financial losses in the past year, 11% lost money due to practice issues; 6% lost money in the stock market or in bad investments, and 5% lost money in other ways.

"The stock market crash wiped out 95% of my retirement fund," says one physician. "I sold a house for less than I invested in it," says another. Additional financial problems: "Monies were embezzled by a non-physician office manager"; "My spouse became disabled"; "I lost my job"; "I had to remodel my entire house due to mold damage."

Most of those losses had little or nothing to do with any decisions on the physicians' parts. Some of the other losses, such as those related to the stock market or business ventures, possibly could have been avoided or at least mitigated, says Tiku.

"Admitting mistakes is tough, but owning up to errors involving investments is even tougher," he says. "Sometimes people don't even know that their investments have come up short until it is quantified for them. It isn't as much about pointing out the mistakes of the past as ensuring that they are minimized in the future."

And it seemed that financial losses were Equal Opportunity Employers; men's and women's financial losses or stability were virtually equal in all categories.

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