Extended Hours 9/9/17

Welcome to this week’s edition of Extended Hours! While the term “Extended Hours” may be an undesirable phrase in the lives of physicians, this series on the TheBossMD should prove to be a much better experience!

Extended Hours is the weekly roundup post published every Saturday here on TheBossMD. As with all of my content, the purpose of this series is to help physicians manage their positions, whether it be personalfinancial, or professional.

These posts are light on my thoughts and heavy on the best content I can find during my travels through social media and the internet. We might even have some fun along the way!

And The Winner Is…

As many of you may know, we have been running a contest to give away a 50 dollar Amazon gift card to one of my email subscribers. I appreciate everyone that participated and shared the contest! With that said, I have notified the lucky winner. Stay tuned to see if they will announce themselves! Please continue to share TheBossMD with your friends and sign up for my email list for more free stuff coming in the future.

Personal Position

Zero Day Finance had an excellent article about how Everyone Must Prepare For Emergencies. There are a lot of very practical tips included, all the way to lists of specific items you should make sure you have on hand. Personally, I have the most experience with hurricanes, and we keep a hurricane box ready with supplies along with several larger items (like our generator). Figure out what you should be ready for and get prepared now!

This next one is for my younger colleagues either in training or just out of training. I travelled a fair amount in my younger days, and it was one of my better decisions. Miss Millennia Magazine hosted a great article Why You Should Travel When You’re Young that contains some good tidbits for the younger crowd looking to see the world on the budget. You’re only young once. Go see the world!

Many travel blogs have numerous articles about the Caribbean, Alaska or any number of other popular destinations. Some of my favorite travel, though, is to smaller locales where I can really experience the local flavor. We plan to hit Europe, and specifically Germany, at some point as Mrs. BossMD does have some German family. 5 Must-Visit Fairy Tale Towns in Germany over at Travel Alphas will definitely help us out on our trek. The pictures of the available food and drink should be enough to get you to check it out.

Financial Position

Let’s face it. Those little munchkins you have are expensive. Given that you’re going to be financially responsible for them for eighteen to thirty three years (if they go into neurosurgery), you should look into ways to save some money. Derek at Life and My Finances gives some nice tips in How To Raise Your Kid For Half The Cost. My favorite tip? Definitely his suggestion to use cloth diapers. Sorry man, I just ain’t doing it!

The good doctors over at Physician Couple gave an update on their methods for dramatically increasing their net worth in How We Improved Our Net Worth By $730,000 In Less Than Three Years. Nothing complicated here. Just some good old fashioned thriftiness and saving. I am jealous that at least one of them still gets to wear scrubs on a daily basis. One of the main things I still miss about residency to this day.

Listen up government employed physicians. Dr. Dahle over at The White Coat Investor has an update for you on how to manage your Thrift Savings Plan (TSP) account in What You Need to Know About The Thrift Savings Plan. Like Dr. Dahle, I also have experience with the TSP. It is one of the best 401k plans around and everyone with access to it should be contributing. Follow Dr. Dahle’s advice and you can maximize your gains.

Want to track your money for free? I use Personal Capital. Check it out!

Professional Position

After talking about The Curbsiders podcast last week, I decided to see what kind of podcasts other physicians were listening to. Fortunately, the fine folks at Doximity shared an article from Physician’s Practice entitled Listen up! Podcasts for Physicians. There are some great picks in there ranging from personal finance to clinical medicine. Coincidentally, this site has a similarly broad range, so I felt right at home!

My disdain for poorly run meetings is well documented, so I was thrilled to see an article about how much money meetings can waste from SuccesIsWhat. Many people don’t think about how much money a meeting can waste, but everyone should think about this, especially when you have high income employees like physicians. My monthly staff meeting I run costs $852, and the bigger meetings I participate in cost much more. Download the calculator and see what yours cost!

I keep things simple in my life, and I enjoyed Lolly’s Daskal’s article that asks a very simple question. Are you adding value or subtracting value? Many physicians simply assume we add value by showing up to our clinics each day. While treating our patients certainly adds a lot of value, I think we miss opportunities as leaders to do much more in our daily workflow. Think about this simple question as you go throughout your work day. What actions add value and which ones detract value? Should be eye-opening.

Just For Fun

While you’re reading this, there are one of two things going on. Either I am in Disney World having a blast, or I am at home preparing for Hurricane Irma. Neither scenario involves me checking in here multiple times throughout the day, but I sincerely hope that I am taking pictures with Mickey rather than hitting all the stores to find as many D batteries as possible. For you hurricane rookies out there, D batteries are worth their weight in gold one to two days prior to a hurricane.

Hurricane Harvey has obviously raised awareness recently about the devastation a hurricane can cause and with good reason. Speaking from experience, hurricane clean ups can take months and even years. If you’re looking for a monetary way to help, then I recommend giving to the American Red Cross.

I live in a part of the US that sees hurricanes a lot, so I have been through quite a few hurricanes myself. Most importantly, I’ve watched enough forecasts of hurricane tracks to know that things can change very quickly. We generally have pretty good data about how strong a storm is, but predicting exactly where that storm is going to go is a whole different ballgame.

My general rule is that I will stay home for a Category 1 or 2 storm. I am fortunate to be on high ground, so flooding is not an issue for me. Category 3 and up is usually where I am looking for hotel rooms or friends further inland so I can get out of dodge. Hopefully I won’t have to do this.

On a brighter note, my Clemson Tigers started their season last week with the fierce Golden Flashes of Kent State. No disrespect to these fine folks, but I think everyone knew what the outcome would be. There has been much discussion regarding if we could find a quarterback to replace Deshaun Watson, who was arguably the best to ever play at Clemson.

I may be biased, but I think our new starter Kelly Bryant answered the bell, and both of the guys behind him also proved they could get the job done. Many analysts have expressed doubt that we could repeat as champions this year, but let me give a warning to all. This team has more talent and depth than last year’s team. Just ask this guy from Kent State how it feels to play the Tigers:

With that said, bring on the Auburn Tigers today and let’s see who the better team is. There’s nothing like college football! Make sure to drop me a comment and tell me how your team fared. Maybe you even think your team has what it takes to knock off my Tigers. Bring it on!

Have a great weekend!


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