Physician, Invest in Thyself
Dr. Harsha Moole is an internal medicine physician-scientist who immigrated to the U.S. from India in 2013, presently practicing as a hospitalist in Kansas. She is also an entrepreneur. She founded Physician State, a platform directed specifically towards doctors in the U.S.A., intending to help physicians identify investment opportunities to attain financial freedom and independence.
When Dr. Moole moved to the U.S.A. in 2013, she found her passion, not only as a hospitalist but also as an entrepreneur. In the interview with myDoqter staff, she explains how she adequates her time to practice medicine and run her entrepreneurial platform to help physicians invest in real estate.
Her will to gear her life in this direction came from her own experience. Instead of buying into extreme luxuries, she chose to make her money work. That is how she decided to invest in various assets. She now motivates physicians to make financially educated investment decisions and discuss asset protection strategies.
Dr. Moole explains that healthcare regulations got more complicated some decades ago. So physicians started to sell out their practices to Wall Street, Venture Capitalists, and Corporate Companies. And that is not good. They have been deprived of their freedom, rights, and liberties at work. Now it is time to regain them. By taking ownership of their practices and hospitals, they will be able to deliver higher quality health care while, at the same time, maintain better financial health for their practices. That's not easy. However, physicians should be able to buy, build, and develop their office buildings and own commercial real estate. That is what entrepreneurs and real investors do.
Dr. Moole argues that physicians are not exposed to financial education, so it is challenging for them to overcome their lack of financial knowledge. She insists on encouraging physicians to get out of their comfort zone and start learning about finance. Once they feel comfortable, they may consider investing small capital amounts to begin their growth into financial freedom.
Investments are of different sorts, stocks, mutual funds, or real estate. It is relevant to remember the three E’s when investing:
All of this may feel risky. And partly, it is. But it is the only way forward. Real learning happens when you take a step forward and start doing something. One way to path your way is by getting knowledgeable. Once you have read enough to understand a topic, it is your moment to go ahead with it.
You may encounter hardship at the beginning, but it is the only way. Education helps. But, as importantly, it is who you choose as your business partner.
One last thought that Dr. Moole shares is about the amount of taxes that physicians pay, around 35-40% of their paycheck. She says there are multiple ways to shelter your W-2 or 1099 using real estate investments.
It is a lot of work to take the investment path, but it feels well when you can take home the salary you make.
Dr. Moole advocates for physicians to own their own business and practice properties, which, in turn, will impact legislative reforms where the physicians have a voice to say what is right and what is wrong.
Although financial training may sound complicated, it is a piece of cake compared to med school and the residency process physicians have to go through.