Often a stay at home mom, like we have in our house, is not thought of as a contributor to wealth. Too often, only the person who “really” works and brings home an income is considered to be generating wealth. This is a case of incorrect thinking. The non-working spouse is a very big factor … Read more
I was recently asked what I thought was the number one problem that caused unhappiness in America. We are one of the most prosperous nations in history. You might think that with all that prosperity and wealth, Americans would be happy. Obviously wealth does not equal happiness. Many would argue that since America has a … Read more
Ever since I was a teenager, I was fascinated by finance. I ran my own businesses in my teens; yard care, piano lessons, multi-level marketing, and performed in a rock-n-roll band which I also managed. I have read many books about finance and wealth over the years. When people ask me about my favorite books, … Read more
Many doctors today find themselves living paycheck to paycheck. They make a good income but just never seem to get caught up. Non-doctors see us as rich. But many of us are just broke on a larger salary. The whole reason I began Prescription for Financial Success – Helping Healthcare Professionals Thrive, stemmed from a … Read more
Last year I wanted to take my family on vacation during Christmas break while my youngest son, Keith, was on break from college. My oldest son, Brian, was not able to get time off work as that was a very busy time for the store. So we decided to take a staycation to allow our … Read more
I have been helping doctors with their personal finances for a long time. I recently realized that there is a single statement, if doctors would learn to use it, that would change their lives. It is very common for me to encounter doctors who are in over their heads financially, struggling with debt, and living … Read more
In my last post, I told my story of how I got out of medical school with only $18,000 of debt. By the time I left residency I had that whittled down to $6,000 at 3% interest. Then during the next three years after starting my practice I had accumulated almost $500,000 of new debt. … Read more
When I was a young lad, just heading off to college, I had no debt. I had no credit cards. My family didn’t use debt for purchases other than buying our house. I really didn’t have any knowledge about how to best use debt. My student loan package included a scholarship, a work study program … Read more
Almost everyone is familiar with the story of Ebenezer Scrooge in A Christmas Carol. I was thinking about that this year and thought Charles Dickens could have just as easily written about Ebenezer’s financial situation and had visits from the ghost of finance past (Debt), the ghost of finance present (Budget), and the ghost of … Read more
I am continually running into people who are confused as to what constitutes debt when we are doing a makeover with their spending plans. Wikipedia defines debt as money owed by one party, the borrower or debtor, to a second party, the lender or creditor I have clients who list out their accounts payable as … Read more
