As another year ends, there are a few tasks we should all consider completing. Some of the tasks have penalties assessed if they are not completed on time and others just lead to a lost opportunity if the deadline is missed. I missed a big opportunity the year I retired when I didn’t realize my … 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
Most of the doctors I’ve encountered who are financially secure at a young age have one thing in common, they are frugal. They are not cheap and I think that is a big distinction. Cheap is buying a particle board dresser for $60 that may not last more than a few years. Frugal is buying … 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
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
(Today I am at the Real Estate & Entrepreneurship Conference for Physicians, in Dallas. If you desire the information presented at this conference, this is your last chance. Click on the link above to attend virtually and avoid the FOMO. The lectures start at 2pm today.) Personal finance is driven by two things, numbers and … Read more
Last summer I wrote an article including the benefits of paying off low interest loans titled, You Should Pay Off That 3% Home Mortgage. I was surprised that many people totally missed the main point of the article; we must not have tunnel vision when making decisions. Many of us make decisions using only one … Read more
(Today’s guest post come to us from Emma Jones, who shares what she has learned about reigning in spending when the need arises.) One of the key skills that all physicians must have is making their practice profitable. If you cannot make ends meet, you can hardly hope to help people and improve your practice. … Read more
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 how much money does it take to live in New York, a check list for those retiring soon, why margin of error might … Read more
I tend to purchase cars that are either new or slightly used, and then drive them for a long time before replacement. My almost nineteen-years-old Ford Expedition has served me well since I purchased it new in 2004. I have been contemplating replacing it lately and finally pulled the trigger a few days before Christmas. … Read more