It’s that time of year again. Over 30,000 medical residents are about to finish their training and start their first job. Many of them will make some big financial mistakes during their first year that will haunt them for years to come. I wrote The Doctors Guide to Starting Your Practice Right to help new … Read more
Wealth seems to be an elusive dream for many people. They desire to become wealthy, but feel they don’t earn enough money to reach that goal, as if earning more would make the difference. A study of 10,000 millionaires presented in Chris Hogan’s new book, Everyday Millionaires, showed that 69% of these millionaires reached that … Read more
Most people don’t realize how easy it is to become debt free. Instead they envision a horrible drop in lifestyle and great sacrifices that include turning back the clock to medical school days where they were living on peanut butter and Top Raman. When in fact, no sacrifice is required to become debt free. All … Read more
Too many doctors today believe that their income is what determines their level of success. This is a fallacy that is hurting way too many doctors. We hear things like “Become a specialist so you can make the big bucks” or “Now that I’m an attending, I can afford the payments on a new Tesla” … Read more
Most Americans live their lives on borrowed money, constantly spending a little more than they make, leaving them with a growing debt. These debt payments, and the added interest they must pay on their debt, decreases the amount of money that they have available to spend on future needs. Paradoxically, borrowing to buy depreciating items, … Read more
(Today’s guest post comes from Joseph Hogue, who is a reader of my blog and a retired economist. He now spends his time with his four websites teaching people about the wonderful world of finance. He presents some different ways to look at investing during your retired years.) These three investing strategies will help … Read more
We have been trained from the day we started earning money to put some of it away for the future. For most of us, the lion’s share of this is saving for retirement. The government has given us many helpful vehicles to do this: Traditional IRA, Roth IRA, SEPP IRA, 401(k), 403(b), HSA and others. … Read more
If you vacation often, you will run into snags. Cancelled flights, lost luggage, sea sickness, motorhome break downs, bad weather, injuries, a family member’s death, forgotten passports, and many other things could waylay your perfect vacation. Since a lot of money is spent on vacations, encountering a complication can be a significant financial loss. I … Read more
Today, I awoke to the news of a ceremony honoring those who lost their lives in the attack on the World Trade Center on 9/11/01. Most of us can remember where we were when we heard about this tragic event. I was awaken on that Tuesday morning by my clock radio announcing that an airplane … Read more
Today, as I write this, I sadly read about another celebrity with significant wealth who died without a will. Aretha Franklin left behind an estate worth $80 million with significant future royalties and no instructions for who should receive her fortune. Over the next few years, we will hear about the fighting and legal battles … Read more
