Most people think doctors are wealthy, even doctors do. Why do they have this perception? Because doctors make a lot of money (top 5%), they are very smart (only the top students get into medical school), they are hardworking (that’s what it takes to get through our training), and they are resilient (otherwise how could … Read more
I want to wish all you mothers an early Happy Mother’s Day. We welcomed our first grandson into the world a few months ago and I have been reflecting on both the effect he has had on our family, and the effect our family will have on him. Every woman’s face just lights up when … Read more
Think about how many times you have heard someone say, “If I had a time machine I would go back and change …….” They then proceed to make no changes in their lives; continuing as they were, wishing things were different. Twenty years from now they will be saying the same thing, “If I had … Read more
When I speak with people about their goals and dreams, almost everyone gives the same answer. How can it be so many people, with such a diverse background, would want the same thing? So what is this universal human desire? The quest for MORE! More money, more time off from work, more time with their … Read more
(Don’t miss my lectures today at the WCI Physician Wellness and Financial Literacy Conference. Get your tickets today for this awesome CME event going on right now.) Retirement is often thought of when we think about financial independence. The FIRE (Financial Independence/Retire Early) movement definitely ties the two together. But financial independence is so much … Read more
As 2020 draws to an end, it is time to close the year and give ourselves a fresh start. When a new year begins we make New Year’s resolutions that we plan to achieve during the year, but often by the end of January we have reverted back to our old ways. Resolutions long forgotten. … Read more
During the holiday season we feel a heightened desire to spend more time with our family. Maybe it is because there are multiple family events occurring close together. Many of us end up having two Thanksgiving celebrations, one for each side of the family. Then there are multiple Christmas parties topped off with a New … Read more
Now and then, life hands us remarkable breakthroughs which offer us a quantum leap forward. Some examples include: passing medical boards, getting married, the birth of a child, or even shipping the first COVID-19 vaccine to the world. I had one such breakthrough the first week of December when I was taking my recertification class … Read more
Most people who are saving for retirement are familiar with the 4% rule. According to this rule, proposed by William P. Bengen in 1994, and later confirmed by Trinity University in 1998, you can withdraw 4% of your retirement assets the first year of retirement and then increase your withdrawal for inflation each year thereafter. … Read more
I saw a recent conversation on social media where someone stated that he only had a few years left on his home mortgage, so there wasn’t much interest left to pay. Because of this he felt it was far better to pay out the mortgage as scheduled and invest his money for a higher return. … Read more