Physicians go through extensive training to become doctors bringing in a high income. Unfortunately, they have no training in how to manage all that money. Consequently, we make a lot of money mistakes. I have taught personal finance for the last three decades. It has been both fun and rewarding, especially when someone finally realizes … Read more
Last night I read a very interesting article about a woman who just discovered her husband had more money in his 401k than she had is hers while making the same income. They have both been saving for several years, but he had been putting a larger percentage into his plan than she had put … Read more
Debt is a very touchy subject. Some people think there is such a thing as “good” debt. Then there are others who mistakenly think they will become wealthy by hanging onto their 3% loan as long as possible. And still others can’t tell the difference between being able to afford a car vs being able … Read more
I recently attended an investment seminar. The main premise of the seminar was to teach us to build wealth and be generous with our excess. They were very inspirational in teaching those two points. I left the seminar fired up to grow my wealth and give my excess (the income above what my family needs … Read more
(Today I am at the Real Estate & Entrepreneurship Conference for Physicians, in Dallas. If you desire the information presented at this conference, this is your last chance. Click on the link above to attend virtually and avoid the FOMO. The lectures start at 2pm today.) Personal finance is driven by two things, numbers and … Read more
(Are you attending the Real Estate & Entrepreneurship Conference for Physicians on September 26-28, 2024 in Dallas, Texas? If not, why not? If you are considering it but can’t find the time to get away, then you can attend virtually as well. Just click on the link above for details. Thanks to all of you who are sending … Read more
(Are you attending the Real Estate & Entrepreneurship Conference for Physicians on September 26-28, 2024 in Dallas, Texas? If so, send me a message so we can meet up. I would love to meet you in person.) Purchasing life insurance is a very misunderstood transaction. The buyer doesn’t know how much life insurance his family will need, … Read more
Every time I speak or write about retiring at age 54, someone feels the need to tell me “I could have done that too if I was a Specialist like you. I’m just a pediatrician.” Or they are one of the other specialties that tends to rank lower in income than general surgeons. The implication … Read more
Each July new physicians come out of residency and begin their lives as attendings. Many of them will or have already unwittingly set themselves up to lose their independence. All physicians can just as easily set themselves up for independence. Independence in medicine is not about being in private practice vs being an employee, although … Read more
As years go by, we learn many lessons from the school of hard knocks. Although some of these lessons we could have learned from someone who had previously learned the lesson, such as don’t grab an electric fence. If we learn from someone else’s experience, we won’t get the hard knocks that come with learning … Read more
