When I discuss living on half of one’s income, I’m almost always met with, “that would be impossible for me.” They say it as if it were a fact, that some outside source is preventing them from living on significantly less than they make. This outside source is somehow keeping them from saving a good … Read more
We have become very attached to being instantly available to our friends, relatives and coworkers. We have also become accustomed to having the internet at our fingertips. So, last week while I was on vacation, I was forced off the grid. Some things about this experience were good and others not so much. When my … Read more
When was the last time you asked yourself, “What is most important to me right now?” The most important thing in our live changes frequently. But if we don’t ask the question, we might not be putting our effort where it counts. A big component of burnout is realizing that we have filled our day … Read more
Most people do not like to make a budget. Thus, excuses for why they don’t budget abound. Medical students don’t have an earned income, so they think they don’t need a budget. Residents believe they don’t have time to make a budget. Attendings say they make so much money they don’t need a budget. Each … Read more
Most of the doctors I’ve encountered who are financially secure at a young age have one thing in common, they are frugal. They are not cheap and I think that is a big distinction. Cheap is buying a particle board dresser for $60 that may not last more than a few years. Frugal is buying … Read more
When I was 25 years old and in my third year of medical school, I laid out a plan to make me financially secure and able to retire by age 50. I began by calculating an estimate of the monthly income I would need during my retirement years. I then converted that to how big … Read more
Tomorrow many of us will take the day off to celebrate our country’s independence. Thank you to those who report for duty at hospitals around our country making it possible for the majority of physicians to celebrate this special holiday with their families. This year, let’s also celebrate the quest for our own financial independence. … Read more
We have all heard the saying “starting is half done.” I have found that to be true in my life. It is so easy to make a long list of all the things I want to get done, and daily just read the list without making progress toward accomplishing anything on the list. Nothing happens … Read more
Everyone has an idea of what they want their retirement years to be like. But when we finally pull the trigger and retire, we are traversing a new path for the first time. With no prior experience, we are likely to hit some snags. It’s best to learn about these snags from others and not … Read more
This time of year, many physicians are moving and buying new homes. It will likely be their first home. My oldest son bought his first rental house before he even moved out of our house. Then he bought another one shortly before his wedding. After the wedding, he moved into it with his new bride. … Read more