MGM Disney Kids watch our every move. Who hasn’t seen a young boy who imitates what his dad does. Even to the point of standing, just like dad, leaning up against a railing with his legs crossed, and a piece of straw hanging out of his mouth. They hear what we say at home and … Read more
Cruising with Paul and Becky. Vacationing tends to be a very expensive item in a doctor’s spending plan. We work very hard and our time off is precious. Last week’s blog was about doctors needing more vacation time off when comparing to the average worker. So when we go on vacation, there are two things … Read more
I recently was asked about taking a low or no interest car loan and using the money they had earmarked for a car to instead invest for a higher return. This “I can get a better return” game is very common and can be a dangerous game to play. Often it is used as a … Read more
Fawcett Wedding. Before my wife and I got married, 28 years ago during my surgical internship, we were required to attend a pre-marital class. The class brought up many things for us to discuss ahead of the wedding date. The idea being, if you go into the marriage with expectations of each other that you … Read more
Today the Physician on Fire published a piece I penned about my first venture into buying a car. My parents had provided a car for me up until then. It was my second year of residency and my old car, an Oldsmobile Delta 88 which my parents drove for many years before giving it to … 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
My oldest son, Brian, is closing on his first house this month and will be moving into his own place soon. I’m proud to say he used good sense and bought something well within his budget and a bonus was having the appraisal come in significantly higher than his purchase price. Many people make a … Read more
My son recently announced his engagement and started an intense period of wedding planning since the wedding was only three months away. I began to reminisce about my wedding and the planning that led up to the big event, which for me was also a three month engagement. In my case, I was away at … Read more
Nothing messes up a good plan for a balanced financial life more than overspending your income. It’s human nature, but it’s like a siren call luring us to our death—as doctors we spent so many years under financial restraint, when it’s lifted we tend to go overboard. We buy too much house, too many toys, … Read more
I am frequently asked the following question: “Should I pay off my student loans before I put money aside to invest in the stock market?” The person asking this quick and simple question is looking for a yes or no answer. The problem I am faced with is there is not enough information in the … Read more
