The Backdoor Roth IRA has become all the rage in the last few years. Almost every physician financial blogger is writing about how to get around the income limits imposed by the Roth IRA rules. This clever work around is called the Backdoor Roth IRA. But congress is contemplating ending the rules that make this … Read more
The amount you spend on your house is possibly the most important factor in achieving financial independence and happiness in life. Overspending on the house will leave you with such a big housing bill that you will not have enough money to do all the other things you want to do. This mistake can take … Read more
I recently received a large sum of unexpected cash. An investment I had made a few years ago suddenly cashed out. When this situation comes up on social media it sparks a debate as to what to do with the money. Usually only two options are discussed: Invest the money (stocks or real estate) or … Read more
(Don’t miss your chance to sign up for the upcoming Marriage and Money MD Conference November 15-17, which is free to attend, but you must register. You don’t want to miss my two topics. My main conference topic is Your Spouse is Your Greatest Financial Asset. I am also covering Divorce Proofing Your Marriage that … Read more
Almost no one accidentally becomes a millionaire. There are a few who inherit a fortune and become millionaires without any effort, but for the rest of us, becoming wealthy requires purposeful action. But it requires less purposeful action if you simply automate the process. As you know from my real estate investing story, after I … Read more
People are surprised when they learn we have maintained a debt free household for the last twenty years. For many, they realize for the first time, that being debt free is possible. Others think they could never become debt free as their total debt seems overwhelming. When we first heard the concept of living debt … Read more
The real estate investor’s biggest fear is buying at the top of the market. Almost daily, I encounter someone asking if it is a good time to buy real estate with the current high market prices. This is a disguised way of asking “Should I be trying to time the real estate market?” Never try … Read more
When buying a long-term service, such as insurance, or getting a big project done, such as painting your house, NEVER go with the first bid. Every company prices their product based on their recent experience, and since every companies past experience is different, their pricing method will also be different. One bid can be as … Read more
Many people have asked me how I knew it was the right time to retire. They are struggling with the decision and are afraid to pull the trigger too soon. Retiring from medicine is almost a final move as it is very difficult to return after being away for a period of time. I haven’t … Read more
I remember when I first began investing in real estate. As I discussed my first real estate purchase with various people, those in the older generation kept telling me they were too old to begin investing in real estate. They would say things like, “If only I was in my twenties, then I would consider … Read more
