This month marks nine years since I retired from practicing medicine.At age 54, even though my wife, an accountant, assured me we were financially ready for retirement, I wondered if we had enough passive income and retirement savings to meet our needs for the rest of our lives. I also wondered if I would miss … Read more
One of the biggest complaints I hear when I discuss becoming debt free is the dread of living on a shoestring. We did enough of that in medical school and we don’t want to do it anymore. Let me make something perfectly clear right up front, you absolutely do not need to scrimp and sacrifice … Read more
When I discuss living on half of one’s income, I’m almost always met with, “that would be impossible for me.” They say it as if it were a fact, that some outside source is preventing them from living on significantly less than they make. This outside source is somehow keeping them from saving a good … Read more
When I was 25 years old and in my third year of medical school, I laid out a plan to make me financially secure and able to retire by age 50. I began by calculating an estimate of the monthly income I would need during my retirement years. I then converted that to how big … Read more
Tomorrow many of us will take the day off to celebrate our country’s independence. Thank you to those who report for duty at hospitals around our country making it possible for the majority of physicians to celebrate this special holiday with their families. This year, let’s also celebrate the quest for our own financial independence. … Read more
Everyone has an idea of what they want their retirement years to be like. But when we finally pull the trigger and retire, we are traversing a new path for the first time. With no prior experience, we are likely to hit some snags. It’s best to learn about these snags from others and not … Read more
This time of year, many physicians are moving and buying new homes. It will likely be their first home. My oldest son bought his first rental house before he even moved out of our house. Then he bought another one shortly before his wedding. After the wedding, he moved into it with his new bride. … Read more
I have often written about the benefits of becoming debt free. In fact, last month I listed 20 good reasons to pay off your home mortgage. Whenever I write about becoming debt free, I get mail informing me that being debt free is a stupid idea. They say things like “I can invest my money … Read more
Personal debt is a topic that lends itself to many disagreements. There is the argument about “good” debt and “bad” debt, which is ridiculous since every debt is a burden. “Good” debt is akin to wearing your cleanest dirty shirt. If given the choice between inheriting a house that has “good” debt (a mortgage), or … Read more
(Are you interested in learning about real estate investing or becoming financially free? Join me at the Physician Freedom Summit 2025, October 6-8, in Los Angeles. I will be speaking on purchasing property with no money down, which is how I started investing in real estate.) There are many forks in the road of life. … Read more