Many people are under the impression that financial independence (FI) is a number or a destination. For example, once I have a net worth of ‘X’, I will be FI and life will begin. I encountered this attitude during a dinner conversation I had at a conference last weekend with a doctor who is two … Read more
With interest rates going back up, many people are mistakenly thinking these new rates are high. The incredible run of low interest rates that we have grown accustomed to are now back in their normal range. When I bought my first house, interest was at 7% and no one was complaining it was high. But … Read more
(Today’s guest post comes from Angela Petteys. I recently had this very issue in my life and ended up making renovations.) When you purchased your home, you likely bought it because it worked well for a specific need you had. Maybe it was a comfortable size for you and your family, near parks and good … Read more
(Today’s guest post come to you from David Rosenstrock, who is a certified financial planner with an MBA and the Founder of Wharton Wealth Planning, LLC.) The daily tasks and responsibilities of a doctor are challenging and can frequently involve a wide range of patients and functions, including many of the administrative aspect of running … Read more
“When can I begin to splurge on my dreams?” This is an almost universal question that comes to mind as soon as we start earning a living. As such, it is one of the first things we address during my Total Financial Makeover Coaching Program: Dreams and Goals. If your financial planning is not heading … Read more
There is a lot of buzz about real estate investors attaining real estate professional status (REPS). The only reason to get REPS is to be able to use your real estate depreciation losses sooner than you would otherwise. It does not generate “new” losses to write off. It only allows one to use their losses … Read more
When I retired, one of the dreads I faced was the need to pay quarterly taxes. After I retired from my medical practice and was a locum tenens doctor working through my private corporation receiving a 1099 each year, I had to file quarterly payroll taxes, even though I had no employees. I do understand … Read more
(Today’s guest post comes to us from Emma Jones, whose father was a physician and knows first-hand the importance of busy professionals making time for themselves.) Have you ever felt like life was spinning out of control, leaving you exhausted and overwhelmed? I certainly have. The constant hustle and demands of modern life can take … Read more
There was a time in the not too distant past when retirement was not an option. People literally worked until they died. In 1935 President Franklin D. Roosevelt signed the Social Security Act. From that day forward, the US government helped Americans retire, but this help came with strings attached. These strings were anchored around … Read more
(Today’s guest post come to you from David Rosenstrock, who is a certified financial planner with an MBA and the Founder of Wharton Wealth Planning, LLC.) As a physician, when you end the workday with your patients and your team and walk out the door you may not have a lot left to give to … Read more
