We all need advice from time to time. Sometimes that advice is about personal finances, Investing, borrowing, or maybe even how to play better pickleball. When choosing a source for your financial advice, stay away from financial advisors who have a conflict of interest. The advisor who makes money on your investment decisions is like … Read more
(The photo with this article is the view I have as I write this from a timeshare resort in Escondido, California. I couldn’t travel as much if I was still working.) I’m a physician who retired from medicine early, based on most people’s thinking. But at what age is retirement early? The Social Security department … Read more
There are many misconceptions about money and money principles floating around. Most of the time when someone contacts me for help with their finances, there is a financial principle they are not using, or they have fallen prey to a myth that is hurting their family. Some myths are perpetuated by those who would like … Read more
(Keep an eye out for my upcoming book The Doctors Guide to Finding Joy in Your Work, coming March 11th on Amazon. We can all use a little more joy in our lives and this book will help attain it.) Money is a lot like oxygen. When we have enough, we don’t think about it. When we feel we do not have enough, we can’t stop … Read more
Doctors today are drowning in debt. That’s not a big revelation, but how did we get here? We moved in a little at a time, like a lobster in a pot of water slowly increasing in temperature until it finally dies when the water gets too hot. Think back to a few months before your … Read more
Professionals who realize something is wrong with their finances, but can’t pin down the problem, often contact me. Although they make a very good income, they are not accumulating wealth as rapidly as they feel they should. Or they feel at their current trajectory, they will not have enough savings to retire in the manner … Read more
There are times in life when we stand at a fork in the road where our future can be greatly altered. Once we choose which tine of the fork to take, it sets in motion many changes that can lead to very different outcomes. When I was recently asked to perform in a musical, I … Read more
Debt is a very touchy subject. Some people think there is such a thing as “good” debt. Then there are others who mistakenly think they will become wealthy by hanging onto their 3% loan as long as possible. And still others can’t tell the difference between being able to afford a car vs being able … Read more
Every time I speak or write about retiring at age 54, someone feels the need to tell me “I could have done that too if I was a Specialist like you. I’m just a pediatrician.” Or they are one of the other specialties that tends to rank lower in income than general surgeons. The implication … Read more
Each July new physicians come out of residency and begin their lives as attendings. Many of them will or have already unwittingly set themselves up to lose their independence. All physicians can just as easily set themselves up for independence. Independence in medicine is not about being in private practice vs being an employee, although … Read more