In this episode, orthopaedic surgeon Dr. David Yanoff joins David to discuss varied topics.
Listen in as Dr. Yanoff shares why he initially became interested in medicine and how his military service guided him into orthopaedic surgery. He then explains his sudden departure from his first practice for a new town and how that led to building a thriving practice and owning the building where he practiced.
Dr. Yanoff then talks about moving to a rural Idaho practice and covers a few of his alternative investments, including direct lending for mortgages to individuals and to home builders. They discuss one loan that went bad and Dr. Yanoff’s successful lawsuit against that person, but unsuccessful attempt to collect the judgment because of the asset protection afforded by an LLC.
Finally, Dr. Yanoff outlines his process for a gradual retirement, which he has implemented over the past five years. He describes his vision of a successful retirement and offers lessons younger physicians can learn from his process.
What You’ll Learn:
- Why David went into medicine and how his work as a flight surgeon led him to orthopaedic surgery
- David’s quick exit from his first practice and his building of a significant practice in a small town
- Why David bought the practice building, reasons his partners chose not to buy him out, and how that investment performed for nearly two decades
- Why David moved to Idaho and his experience building a rural practice
- How David got involved in direct mortgage lending, and why he appreciated it being a win-win for the members of the community
- Why David, acting as a developer, had to sue one individual and how an LLC prevented him from collecting a legitimate judgment against that person
- David’s gradual retirement model, which he calls an “alternative practice model,” and how it has worked for him both professionally and financially
- David’s advice to all physicians to take an interest in their finances and get educated on financial issues, along with his advice to invest in alternatives you know.
- Why David would always recommend that physicians live below their means, especially in the early years of practice
Resources:
David Mandell: Bio
Dr. David Yanoff Bio:
David Yanoff, M.D. is a Board Certified Orthopedic Surgeon. He graduated cum laude from Rensselaer Polytechnic Institute in 1978. He received his M.D. degree from Albany Medical College in 1978. He completed an Internship in Internal Medicine in 1979 at the University of Pittsburgh He then practiced as a USAF Flight Surgeon at Griffiss Air Force Base in Rome, NY from 1979-1981. His Orthopedic Surgery training was at Wilford Hall USAF Medical Center in San Antonio, Texas from 1981-1985. He was a staff Orthopedic Surgeon at Wright-Patterson USAF Medical Center in Dayton, Ohio from 1985-1987. He then was in private practice in Pennsylvania from 1987-2005, and in Idaho from 2005-2011. He has been providing Orthopedic care for Delphi Orthopedics at The Hospital of Central Connecticut since 2011.