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
“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
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 come to us from Emma Jones, who shares what she has learned about reigning in spending when the need arises.) One of the key skills that all physicians must have is making their practice profitable. If you cannot make ends meet, you can hardly hope to help people and improve your practice. … Read more
One of my blog readers recently found a house that he felt would be good for his family and met their needs. He made an offer on the house, but his offer was not accepted. He is currently continuing his search. He contacted me because his friends, after hearing about the house he put an … Read more
It seems like every day I read a request on social media asking for input on whether or not someone can buy an expensive item. More often than not the item is an automobile and the question is posed anonymously as if the purchase of a car is top secret/privileged financial information. Rarely the situation … Read more
A backdoor Roth IRA is a great additional retirement savings plan for high earning professionals. Since I get many questions on how to make a backdoor Roth IRA contribution, I thought it would be good to help set the record straight and explain the Backdoor Roth IRA rules and answer the common questions that confuse … Read more
I have a routine that I undergo each December to be sure the year ends well financially. With the December 31st deadline approaching I don’t want to miss any of the things that must be completed before year-end. There are many things to consider and I don’t do everything that people talk about doing at … Read more
(This article was originally published on KevinMD under the title Should Physicians Own Timeshares?) Timeshares have an undeserved bad rap. I’ve owned and used my timeshare for great and cost-effective vacations all over the world for 30 years. After getting tired of reading all the misinformation on the web concerning timeshares, I put my timeshare … Read more
