The True Power of Financial Independence (FI) is NOT Retirement

(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

No, Personal Finance for Doctors is NOT New

I recently read a post where the writer stated something to the effect that no one was teaching financial information to doctors until just recently. That statement is absolutely not true. The real issues were most doctors were not seeking this information until just recently and those doctors who were looking thought the information had … Read more

Four Money Mistakes Almost Everyone is Making

Over the last 32 years I have been following the literature concerning money, investing and debt. In the last few years I started writing about the topic as well as sharing my knowledge with other physicians through one-on-one financial coaching. Through the years I have seen many people make the same mistakes when projecting financial … Read more

Everyone is using the 4% rule wrong

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

Why Everyone Should Track Their Net Worth

One of the first things I do with my financial makeover clients is set up a spreadsheet, tailored to them, to track their net worth on a quarterly basis. This program is set up to be used for the rest of their lives on my proprietary Excel spreadsheet. I have used this program to track … Read more