Today we spoke with Dr. Brent Lacey. He is a gastroenterologist by training who has a passion for financial management and career coaching. He is the founder of The Scope of Practice in which he runs a podcast, blog, and personal coaching service surrounding physician finances. He has spent hundreds of hours coaching and teaching these principles to people at all stages of their career. He hopes to continue to help others experience the joy of achieving financial independence and success in managing their clinical practice.
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We hope you enjoy this episode with Dr. Brent Lacey about personal and professional finance, from medical school to building a practice and having financial freedom.
Welcome to Leading the Rounds.
Connect with Dr. Lacey:
Website: www.thescopeofpractice.com
Podcast: www.thescopeofpractice.com/podcast
Brent’s Upcoming Summit “Marriage and Money MD” on November 15-17th
Questions We Asked:
- How did you learn about personal finance and start coaching physicians?
- Did you always see yourself building a business around finance?
- What advice would you give to medical students about learning finance when they don’t have any money?
- What are your thoughts on the government repayment bailouts and deferment plans?
- How should trainees factor in buying their first home?
- What are common mistakes people make once they start earning a physician salary?
- When and what should physicians invest in?
- When can you begin to think about starting a business?
- Is there a place for leveraging other people’s money to gain wealth?
- What are the different types of insurance that physicians should consider?
- What are books to learn about finance?
Quotes and Ideas:
- “People come out of medical school and residency as excellent physicians but they’re not very good at business.”
- “You will be the same person in five years as you are today except for the people you meet and the books you read.” -Charlie Tremendous Jones
- “80% of personal finances are behavioral choices.”
- “I know people who were spending $1,500 a month on eating at restaurants. That’s why you don’t have a 401k, because you’re eating it.”
- “Come out of medical school with as little debt as possible, and have a plan to attack it with a vengeance.”
- “Relying on government programs for your future is a really hazardous approach [to loan repayment].”
- “NOW IT’S MY TURN is the most hazardous phrase that I hear.”
- When you become an attending, don’t say “I have a lot of money now… you have a great income, but you’re probably deep in debt.”
- Invest with The Tax Efficient Waterfall
- Brent believes that physicians should be investing 18-20% of their income each year
- “No battle plan survives contact with the enemy.” -Sun Tzu
- Every physician needs: term life insurance, health insurance, car insurance, homeowners insurance, disability insurance, and malpractice insurance
Book Suggestions: