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

Robert M. Doroghazi (Author)

Book Description

Publication Date: July 25, 2005

In The Physician's Guide to Investing: A Practical Approach to Building Wealth, a successful physician/investor and a professor of finance join forces to present an easy-to-read, commonsense guide to investing tailored to the needs of medical students and physicians of all ages and disciplines. Giving simple, practical advice on how health professionals can manage and invest their money, the book covers all general aspects of investing and financial planning, with the ultimate long-term goal of attaining financial security. Physicians will quickly discover what is a reasonable rate of return on an investment, when the return on an investment should immediately cause alarm, and how to recognize when a real opportunity does arise. They will also find profitable suggestions about paying off their mortgage early, the power of thrift, when to buy and when to sell an asset, and whether to invest in stocks, bonds, real estate, collectibles, or art. In addition, the author offers sound advice on setting financial goals, drawing up appropriate documents, saving for retirement and a child's education, purchasing insurance, and minimizing fees. Dr. Doroghazi's advice is based on many years of personal financial management and investing , which have allowed him to pay his own way through college and medical school, own his own home and a vacation condominium free of debt, fund his children's education, and have accumulated sufficient assets to retire at an early age.

Editorial Reviews

Review

From the reviews:

"You've really done a first-class job of telling your fellow doctors what to do in their financial life. In fact, your book should be required reading at med schools... I just wanted to let you know that you have done a real service for your fellow physicians." --- Warren E. Buffet, in a letter to Robert Doroghazi, MD

"I strongly recommend it to anyone interested in preserving and growing a dollar bill." --- The American Journal of Cardiology

From the Consulting Editor's Preface...

"...Bob has delivered a book that every physician interested in building wealth and protecting assets should read." -Dan W. French, PhD

"...we written and should provide the medical professional with a good general roadmap toward investing and financial security." -Veterinary Pathology

"Dr Doroghazi is a credentialed clinician … and a gifted writer addressing a crucial issue on the finances of physicians. … The bulleted summaries at the end of each chapter that emphasize the ‘teaching points’ are an especially appealing aspect of the book. … Recommended Readership: Internists, general practitioners, and all other physicians." (Edward T. Creagan, Mayo Clinic Proceedings, Vol. 81 (5), May, 2006)

From the Back Cover

• Practical approaches to building wealth and attaining financial security • Concise and easy-to-read style that avoids complicated, time-consuming study • How to avoid unwise investments and recognize real opportunities • Illuminating primer on understanding stocks, bonds, and mutual funds • Funding your retirement and your children’s education • Investing in real estate so you can own your own home at an early age

Benefits • Master the rules for building wealth and attaining financial security • Avoid unwise investments and learn to recognize real opportunities • Fund your retirement and your children’s education • Successfully invest in real estate so you can own your own home at an early age

Product Details

• Paperback: 248 pages
• Publisher: Humana Press; 1 edition (July 25, 2005)
• Language: English
• ISBN-10: 1588295699
• ISBN-13: 978-1588295699
• Product Dimensions: 8.9 x 5.9 x 0.7 inches
• Shipping Weight: 12 ounces
• Average Customer Review: 4.4 out of 5 stars  See all reviews (8 customer reviews)
• Amazon Best Sellers Rank: #1,490,078 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

13 of 15 people found the following review helpful:

2.0 out of 5 stars A little too condescending, July 4, 2010

By 

Sean (Longwood, Florida United States) - See all my reviews

Amazon Verified Purchase

This review is from: The Physician's Guide to Investing: A Practical Approach to Building Wealth (Paperback)

I was very interested in this book as I saw some good reviews on it, am very interested in finances, and am also about to graduate medical school: So I had a ton of questions about what the financial future is going to look like for me.

I was actually really dissapointed in this book.

Firstly: The book hardly feels tailored to physicians. He makes some interesting points about not alerting salesmen to the fact you're a Doctor so they don't take advantage of you... but other than that: the real angle is that he uses a 250,000 salary as an assumption of what you make. I find this frustrating since I matched into Peds and I'm hardly going to make 250,000.

Secondly: The book is just rife with errors. It's the second edition: I would think they would have taken some of these problems out. (Duplicate words, truncated words, letters and punctuation missing etc.)

Thirdly: I felt like I was being talked down to the whole time. It's one thing to discuss everything in simple terms because you don't know the educational level of your readers... but to talk down to me is just insulting. This book is supposed to be for physicians... don't tell me "If you spend your tax refund splurging for something of luxury you might as well just put this book down now as you clearly aren't going to listen to anything else I have to say." I'm sorry... I used last years refund for a vacation after my extremely stressful 3rd year... are you punishing me? Do I not deserve this? what is splurging and what is enjoying life? This is never defined.

Fourthly: The book doesn't ever talk in great detail about anything... it merely skims the surface of a bunch of issues without ever really saying anything. The issues are usually then explained further with various metaphores and analogies of credit cards being like sirens making you crash on rocks or jedi's and the such... I felt like I was attending a church sermon and the only way the complex theory of good and evil could be explained was through little metaphores that really aren't applicable.

I think I was hoping for more substantial advice... something more clearly tailored to the common physician leaving medical school with 200,000 in loans and going into a specialty that really won't earn that much... but was hoping to find answers in how to stretch these sums of money for the better good of his family and the community... not merely "don't spend--put it all away... then when you retire don't spend much still... then die and donate it all" Ultimately that's what I got, and that doesn't answer anything.

4 of 5 people found the following review helpful:

5.0 out of 5 stars insightful, well researched, encouraging investment book: a must read, March 31, 2007

By 

N. Almond - See all my reviews
(REAL NAME)   

This review is from: The Physician's Guide to Investing: A Practical Approach to Building Wealth (Paperback)

I am a physician who also enjoys teaching personal finances. This book should be a must read in every medical school curriculum. It is practical, full of insights, and easy to read in a weekend. I loved it so much, I bought a hardback copy as well so that I could loan the paperback to my colleagues. Although some of the advice is tailored to physicians, the book has valuable information for non-physicians as well. A great resource that is motivational as well as informative.

8 of 12 people found the following review helpful:

3.0 out of 5 stars Not realistic, January 8, 2008

By 

yogamom123 (Nashville, TN) - See all my reviews

Amazon Verified Purchase

This review is from: The Physician's Guide to Investing: A Practical Approach to Building Wealth (Paperback)

The author is out of date or living in a different world. He assumes that physicians make at least $250,000 per year and that a 4000 square foot house with a little land can be had for $350,000. He also assumes a very high (unrealistic) rate of return for his investments. However, the book does offer some practical advice.