"Never mind worrying about how to maintain the
integrity of your private practice business income, just plan
how you are going to restructure your private practice
on a sound secure business platform."
When virtually all of the economic gurus have independently reached the same prediction about
the upcoming economic system crash, physicians who practice due diligence will likely be able to continue their practices.
Physicians that are focused only on earning more money in their jobs or practices in the near future should consider the advice of James Altucher, “Choose Yourself.” It may help you to realistically see what will happen to you and your medical practice business when the U.S. economy is floundering in an $30 trillion dollar national debt that it is not able to payoff. It’s terminal and happening now. It’s not repairable regardless of all good intentions.
Your survival in medical practice of any type will be totally dependent on how smart you are about following trends in the world and national economy, which most physicians actually don’t. In case you haven’t noticed, you are standing on the edge of the financial cliff for the final time, you need to do something. You need to look at the evidence and logic of that fact.
You may believe that economists have been yelling about this for years and this is just another of their scare tactics. All evidence indicates this time that they are right. Are you willing to trust your intuition? Hope it all blows over?
If you have been paying attention to the gradual disintegration of most of the effective and reliable solutions to the economic problems, you may understand that our government and the FED have already erased all viable alternatives for our medical and economic survival. Many of my medical practice business and marketing articles over the past six years discuss this probability. Now I believe it. It scares the hell out of me.
I may be retired now but when the social security checks stop coming in and our inflated money can’t buy a loaf of bread, I won’t be able to hide anymore… just like you.
Think in terms of your financial survival of your medical practice business, not in terms of maintenance of your medical practice...
For what it’s worth to you, what I see happening in medical practice in our future may move you off your “comfort zone” finally. I recognize that physicians without a business education may be impossible to convince to do anything.
An economic crash will change the medical profession completely.
These are the tragedies that you may face…
If you have no interest or knowledge about why all this is happening, the causes of it, and the government corruption that instigated it to start with, then an intelligent person should buy and read the historical details that has placed this country on a financial cliff. The title of the book, THE CREATEURE FROM JEKYLL ISLAND, written by G. Edward Griffin, fifth edition.
1. When the government runs out of legal tender (money), all medical institutions that survive on government subsidies will go out of business. This means that medical schools, HMO’s, hospitals, and other medical facilities will go out of business. Employed physicians and healthcare providers lose their jobs overnight. Private practice physicians are in a much better position to survive.
2. Sources of paper money are gone. Work and businesses must rely on other means of payment, either through services offered or something perceived to have great value… like gold, silver, or trade items. Big businesses today carry great debt and will fail, jobs gone, no way to earn money to survive. Are you preparing for what might happen?
With the introduction of cryptocurrency and the world wide expansion in the commercial and industrial financial market in cryptocurrency, it is likely that this digital currency will have to carry the financial load for all of us eventually.
3. Food riots and crime will flourish… depending on the length of time it takes to initiate recovery and building a new government.The only source of medical care will be by individual physicians
who have planned ahead for continuing their medical practice business management.
4. The coming economic crash will be world-wide. Countries whose currency value is based on the international standard (American Dollars) will be useless… that includes most large countries with large debt and have the largest economies. One is not able to help the other.
5. Some consolation comes from religion. For the world-wide Christians and Jews, Bible prophesies offer them reasons for hope in that God’s power that delegated authority to human
government (Romans 13:1-14) means that our economic crash has a purpose… makes it easier to accept. For other religions and their beliefs, consequences result relative to their divine belief structures and gods that never physically existed on earth.
6. Confirming your own belief about where we are headed in our nation and with our profession by researching the Internet and other media would be wise if you have never done that. I don’t intend to do that for you, but I can give you some valid and available resources that I have followed for many years. It’s why I believe I will see this tragedy occur in my lifetime.
I think everyone with a brain knows that the national debt escalation at the present rate must be eliminated somehow. There are only a few ways to do that… one way is to convert our money system back to that backed by gold so our paper money value is maintained and get rid of the FED.
It’s a good start. The other way is to let the economy explode and pick up the pieces.
7. The new cryptocurrency appears to be a logical and legitimate form of digital currency that is being adapted worldwide today in 2022. So far it had remained independent of any country, international banking system, or single society. Meaning that 2,500 or so digital coins today can be used to pay for goods and products almost anywhere in the world.
The digital coins are independent of each other and can be invested in as the the value of the coin changes daily up or down. Digital coin exchanges exist so that the transfer of currency can be bought, sold, stored, and traded. Investment Trading in the market of digital coins has skyrocketed over the last two years.
Most importantly, the cryptocurrency market eliminates the need for the banking systems around the world, the huge costs charged by the banking system for transfers of money, the control of money movement, and the slow speed problems regarding the banking systems transfers of money. The crypto currency goes directly between the buyer and the seller, no middle
man or banks.
Getting rid of the national debt owed is another more serious and
overwhelming problem...
Our citizens, concerning national debt solutions, will never tolerate...
1. Reduction of the national budget to levels that could enable paying off debt. Citizens would
not tolerate absence of road repairs, decreased or absence of utilities, dirty drinking water,
lack of newspapers, Internet, and TV, among many others.
2. Even congress would not tolerate a large reduction in pay and benefits. Any congress member who votes for massive drops in government distribution of tax monies would never be re-elected.
It would be much more benefit to restrict all congressional terms to one term.
Knowing that they are only there for one term, means they can feel free to enact legislation that’s good for the country and not for getting re-elected. Long term congress members come out millionaires… they don’t earn that much, so how do they get rich? You and I know.
Re-election is their means to wealth for them... and access to the fabulous retirement they give themselves. It provides incentives to give out government money freely to get the votes necessary
to be re-elected. Government does not earn any money, it usurps it by taxing.
3. Education would be limited to those who are wealthy. The population of students in higher education would minimize rapidly as the majority of colleges and graduate schools would disappear for lack of financial subsidies. Our 174 medical schools would likely decrease their student numbers by 50 percent… same with hospitals and their medical staffs.
4. Unemployment would skyrocket from the collapse of industries and then how would anyone afford anything? We could expect the onset of desperation among the citizenry. Banks would not
make loans so they would have to close.
People in desperation will always turn to begging, theft, and criminal action. Gangs quickly control everything. Police forces disappear and our military will be too small to deter aggressors. Everyone carries a weapon for self-defense.
Common sense tells me and you that private medical practice physicians have the edge, if and when all hell breaks loose...
What will all of the unemployed medical doctors do when they no longer have a job? That will happen. We just don’t know how soon.
At the same time those physicians who were forced into medical practice employment because of need to start paying back educational loans or some other reason, lack business knowledge and experience... the financial and business decisions was done for them as employees.
Essentially none were ever provided a business education. Nobody told them it is what’s needed for the other half of private medical practice (business of medical practice). Doctors already with private practice business management and planning experience have that small advantage.
Doctors who recognized the need and went out and got a business education have a huge advantage because they are business equipped to start a new business and be successful anytime... and in any kind of business.
What you should do starting today to protect yourself, your practice and your
family are…
1. Subscribe to the Wall Street Journal or another highly regarded national newspaper.
I have yet to find any newspaper even comparable to the Wall Street Journal that prints the important current world news each day (Sunday-none). It's well written in understandable terms, and presented in sections of interest. I discovered that I could go through it just reading the headlines of each topic and gather in my mind how the world is changing.
The ones that seemed of interest to me I read the small print below the headlines. Over time it’s not difficult to notice a dominance of issues that permeate the news… like our nation’s freefall to debt chaos presently.
I daily confirm my thoughts about what causes the barrage by watching the TV news on FOX. Then I read several of my investment letters I get most every day. When they all happen to report on the same topic, I’ve got a hit, and follow it more.
I believe that business education must be taught in K-12 schools, in college as a requirement for a degree, and offered to everyone later in life. For example, the WSJ has a “student” edition that you
should make available to your own kids… high school and college students.
Get them to read it daily and it will open their minds to the world around them. It’s something that parents and schools don’t do today and should… even for physician’s kids because they can
keep you up on the happenings that you don’t take the time to read about. And it’s a admirable way to educate your kids well beyond the average student level.
2. Subscribe to investment "research" newsletters...
There are several that I recommend and subscribe to myself (see below). One thing you must avoid doing is to subscribe to investment information from a stock broker or investment company that don’t do their own research on economics and the stock market.
Brokers bend the information they get from the research companies, only to get you to buy stocks and bonds.
You need to subscribe to the research companies in the economic marketplace that don’t sell you stocks and bonds. They provide the research you need to make decisions on your own. They do make recommendations, but not until they have put together the research data they send to you that qualifies for a recommendation. Google KEYWORDS "FINANCIAL RESEARCH INDUSTRY".
I happened onto a medical doctor who works with an investment research group, Dr. David Eifrig Jr., trained as an ophthalmologist. He’s a member of the Stansberry Research Advisory group headed by Porter Stansberry.
The firm is highly regarded in the market and is constantly publishing new research on companies and the actual stories behind each company, how it grew, and why it succeeds.
Dr. Eifrig publishes a newsletter, Retirement Millionaire. He is the only medical doctor that I have found in the investment advice business. I trust him and what he advises.
The Stansberry firm has many research experts who also publish a research newsletter. Steve Sjuggerud, True Wealth. Matt Badiali, The Stansberry Resource Report. James Altucher, Altucher Advisory. Porter Stansberry, Stansberry Investment Advisory. All of these contain excellent advice and recommendations.
You should consider contains what you want to know about our national economy. What I like about Jim Rickard’s newsletter, Rickards’ Strategic Intelligence is how he exposes the hoaxes, lies, and bad information relating to the investment and economic marketplaces.
Some of his economic tips are wonderful investments that are kept hidden from the general public… like his report about the Canadian Social Security system that Americans can piggyback into legally and earn far better income for retirement than most investments.
The story is that Canada started a government run Canadian Pension Plan in 1965. In 1997 the system was turned over to a private run group of experts because Canada could see that their government
system was unsustainable just like ours is now. The private plan took off like gangbusters and has continued it’s climb since. A loophole enables Americans to get into the new private Pension
Plan Fund.
Many Americans are now in the Pension Plan. Take Aaron Parks, a retired truck driver from Casper, Wyoming. After realizing that U.S. Social Security wasn’t the answer, he found out about the Canadian new pension plan and opened a passbook savings account with them. He invested in bonds to help provide what he thought he would need. Now he rakes in an average of $3,650 per month. That impresses me because my U.S. Social Security is about $1,500 a month.
Paul Hanworth, Prescott, Arizona, career in sales now rakes in $3,800 a month. Nigel Ballard, an oncologist from Maine, rakes in an average of $4,400 per month.
Another opportunity is the Oxford Resource Explorer. This newsletter provides good content regarding learning how foreign governments influence our national economy, how they cause us problems, and what alternatives are best for investing and keeping our money safe.
Contained in a recent issue was a complete explanation of the “Petrodollar” that I knew nothing about, but I knew it was important to our economy. It began with Nixon and Kissinger agreement with the Saudi Arabia. Basically it was an agreement that the buying and selling of oil would all be based on the American dollar... the most stable value of any other paper money in the world. But that is also changing.
Now almost every oil producing country has joined in. This was a springboard solution coming out of the U.S. government because of the termination of the “dollar” based on the gold standard. A formidable mistake we suffer from still today.
The next investment research group newsletter, Personal Finance. This company has been beating the market earnings for 40 years. Paul Ash, president of the company, relies on it’s research to advise clients on special elements of the economy. Imagine 11% yields and zero taxes. They seem to work in the everyday utilities field. They provide many free information reports about
investing conservatively.
Bill Bonner, president of Agora Inc., and editor of “The Bill Bonner Letter” has a deep interest in protecting America. He started the OXFORD CLUB, top investment adviser company in the USA. Watch the video at… www.ChangeToAmerica.com
Comments...
These newsletters subscription prices are a bargain today. They run from $40 to $99 per year, depending on your choices. All have free reports on important economic issues if you subscribe.
I have no idea how many of you ever read or are even interested in investing, owning stock, or playing with “puts” and “calls,” but I do know that most physicians seem to care less about learning to make the right business decisions for themselves. This attitude is in direct contrast to how physicians make medical treatment decisions… evidence based sound medical decisions. It seems like due diligence stops there for physicians.
I thought this information would give you a head-up about finances and the economy that are critical to your decision making for your career. You certainly know that our economy can’t sustain itself. You also know that there are some reliable preparations you can do to sustain your medical practice business and career, should the economic bubble burst.
Hopefully you gathered a some smart ideas from this article… at least ones you intend to checkout. I’m not an expert in investing and advising people about investments. All I can do is tell you where to start and about what I have discovered during my business research.
I want you to know about the aspects of private medical practice business planning that not only
are critical to your practice decisions but also are very important to your future in your medical career. During my nearly 40 years in medical practice I completely missed the boat about investing, because I had no idea what to do or how to do it... now I know.
Some of you will be disappointed with this article topic, because you just want all the "how to" stuff related to medical practice marketing and medical practice management and increasing your practice income. But you will eventually discover that there are many external forces that directly affect or interfere with practicing profitably that can be more important to your success than you presently believe. Stuff that no one ever told you about during your education.
Articles © 2013-2022/CGG INVESTMENTS LLC. All rights reserved. #71, 3-16-22
