The Physician's Guide to Investing: A Practical Approach to Building Wealth

Description

In comments that were unfortunately prescient, Dr. Doroghazi said in the first edition "the author feels we are currently experiencing a real estate bubble." And in anticipation of the credit crisis, he said "banks are far too lenient in their lending practices...the problem is that bankers are often not lending their own money…considering that a significant percentages of mortgages are sold to Fannie Mae (FNM) and Freddie Mac (FRE), the problem is now actually everyone’s." This new and expanded edition provides commonsense advice that all investors, physicians and non-physicians will find profitable in these difficult times. Learn about the power of thrift, the magnificence of compound interest, the malevolence of debt and the perniciousness of fees. See how to pay off the mortgage by age 45, fund your children’s education and retire at a reasonable age rather than continue to work because you must. This book is unique, providing advice you will find nowhere else, such as how to deal with bankers and real estate agents on your terms rather than theirs, how to save one-quarter or more on restaurant bills, the importance of charity, and why lack of financial instruction is the greatest deficiency of medical education in the United States. Dr. Doroghazi was a successful physician and is a successful investor. He paid his own way through college and medical school, graduating with Honors from the University of Chicago, Pritzker School of Medicine, and was elected to Alpha Omega Alpha. He completed his training in Internal Medicine at the Massachusetts General Hospital and Cardiology at Barnes Hospital. After retiring at age 54, he writes The Physician Investor Newsletter and is active in many charitable and civic organizations. Front Matter....Pages i-xviii Front Matter....Pages 1-1 The Problem: Lack of Financial Instruction....Pages 3-8 Goals for Your Financial Return....Pages 9-14 The Magnificence of Compound Interest....Pages 15-20 Front Matter....Pages 22-22 Arrogance, Ego, Greed and Envy....Pages 23-31 The Mark and the Doctor Discount....Pages 33-38 It’s Not Much, I Can Afford to Lose It: The Concept of Risk....Pages 39-44 Front Matter....Pages 45-45 Define Specific Goals....Pages 47-49 Thrift....Pages 51-62 Invest in What You Know....Pages 63-71 How to Identify Real Opportunities....Pages 73-80 Make Your Own Investment Decisions....Pages 81-87 Documents Required for Financial Security....Pages 89-98 The Importance of Relationships: Goodwill, Friendship and Reciprocity....Pages 99-102 Uncle George’s Rule, or Why Cash is King: The Concept of Liquidity....Pages 103-108 Front Matter....Pages 109-109 Paying Daily Bills....Pages 111-113 Your Home....Pages 115-130 Funding Your Children’s Education....Pages 131-145 Insurance....Pages 147-162 Funding Retirement....Pages 163-181 Front Matter....Pages 183-183 Who Can You Trust? How to Spot a Con Man....Pages 185-192 Front Matter....Pages 183-183 The Malevolence of Debt....Pages 193-203 The Perniciousness of Fees....Pages 205-217 Divorce: Beware of Gold-Diggers....Pages 219-224 Tips: Real Opportunities or Useless Information....Pages 225-227 Areas Where Caution is Essential or that Should be Completely Avoided....Pages 229-240 Yes or No....Pages 241-243 Dealing with Bankers....Pages 245-252 Front Matter....Pages 253-253 Asset Allocation, Diversification and Beating the Market....Pages 255-268 When to Buy....Pages 269-275 When to Sell....Pages 277-287 Stocks, Bonds and Mutual Funds....Pages 289-304 Real Estate Other than Your Home....Pages 305-320 The Precious Metals and Commodities....Pages 321-329 Art and Collectibles....Pages 331-342 Other Types of Investments....Pages 343-359 Front Matter....Pages 361-361 Obtaining Investment Information....Pages 363-369 On-Line Brokers and the Internet....Pages 371-377 Investment Strategies of the Pros....Pages 379-400 Some Miscellaneous Bits of Advice....Pages 401-410 The Importance of Charity....Pages 411-416 Back Matter....Pages 417-425