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

Robert Doroghazi (Author)

Book Description

Publication Date: August 4, 2009

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.

Editorial Reviews

Review

"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

From the Back Cover

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.

Product Details

• Paperback: 444 pages
• Publisher: Humana Press; 2nd ed. edition (August 4, 2009)
• Language: English
• ISBN-10: 1603275436
• ISBN-13: 978-1603275439
• Product Dimensions: 9.2 x 6.1 x 1.3 inches
• Shipping Weight: 1.4 pounds (View shipping rates and policies)
• Average Customer Review: 4.4 out of 5 stars  See all reviews (8 customer reviews)
• Amazon Best Sellers Rank: #289,128 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

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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.