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Abstract
No matter what your income, and how much you have in the bank, if you are not careful with your money, you won't have it for long.Why Won't Physicians Pay for Good Advice? I have noted many times that one problem physicians have with their investments is lack of financial instruction. Considering that physicians make their living by giving advice, it puzzles me that they are unwilling to spend anything to gain useful advice.Limited Partnerships Limited Partnerships (LPs) are a perfectly legitimate was to do business. [...]I am convinced that more physicians have lost more money through LPs that any other way, in part because it exploits physicians’ weaknesses of lack of knowledge and the feeling of intellectual invincibility. 1)The further you get away from traditional investments, such as Certificates of Deposit, stocks, bonds, and real estate, the greater the knowledge required, and the greater the possibility for error. 2)There is the exclusivity angle. Because not everyone can participate in a LP, it allows the physician to brag in the Doctor's Lounge that they are in an exotic investment that could return 10 to 20 times, or even more, their initial investment. 3)Read Gulliver's Travels. Or better yet; if you have any concern, don't do it.Disclosures Dr. Doroghazi is not a registered financial advisor under federal law or any state law.