Fawcett’s Favorites 2-7-22

(I will be giving two lectures in the White Coat Investors Physician Wellness and Financial Literacy Conference which starts in two days. To get virtual tickets click here. If you will be attending in person, please say hi. I love to meet my readers.)

Every week I find a few great articles I feel are especially valuable. Following are this week’s best. I hope you find them as useful as I did.

This week’s favorites include a few debt questions, the benefits of paying off your mortgage, nine diagrams that explain personal finance, do you need bonds, and ten things you shouldn’t do at a medical board hearing.

Happy reading!

Debt is a topic near and dear to my heart. The very first book I wrote, but the second one I published, was The Doctors Guide to Eliminating Debt. So when XRAYVSN published a collection of debt articles, it caught my eye. It is Grand Rounds: I am Forever in Your Debt. If you have been thinking about things like good debt/bad debt, whether to invest or pay down debt, or what advantages you have when you are debt free, then check out this post. 

While we are on the subject of debt, The White Coat Investor shares with us his take on the Benefits of Paying Off Your Mortgage – Evaluating the ROI. Many people mistakenly think the money they have in their home is “tied up” and not doing anything to increase their wealth. Dr. Dahle dispels that thinking by showing you exactly what your return on investment is by paying off your mortgage. There are a lot of financial advantages.  Neither he nor I have a mortgage anymore. He retired his 5 years ago and I retired mine 21 years ago. 

If you are a visual learner then Mr. Stingy has a wonderful learning tool in his collection of Money in Nine Diagrams. I especially like #7 on why you have less spending money than you think. Which of the diagrams hit home for you? 

Last week my blog talked about Why I Don’t Own Bonds, so this week I would like to share a bit about why you should own bonds. FIPhysician shares with us Do I Need Bonds?  There are definitely pros and cons to the subject and I hope this article will help with your decision.  If you want a financial advisor to help you decide, check out my list of recommended flat fee financial advisors

Two things that elevate a physician’s stress level are malpractice lawsuits and medical board hearings. Most of the time medical board hearings don’t lead to any punishment for the physician. This is because anyone can make a complaint to the board, so there are a lot of complaints the board needs to follow up on that have no merit. But that doesn’t mean you can blow off the issue simply because it has no merit. Medscape helps us out with a list of Ten Things Not to Do in a Medical Board Hearing. Treating it seriously and behaving in a professional manner will usually lead to a good outcome. But if you blow off the medical board, count on a bad result.

I hope you enjoy these articles as much as I did. I look forward to updating you again next week with a few more articles I find especially interesting. If you read an especially good article, send me the link so I can share it with others.

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