What’s the best way to invest 50K? This question was recently posted on a doctor-finance private Facebook group that I’m privy to. I was amazed at both the number of responses and broad range of answers given. Coming into an extra $50,000 is a great problem to have. It could come from an inheritance, tax refund, lottery winning, sale of a
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The more personal finance and debt free blogs I come across, the more I realize most doctors are striving to achieve financial freedom. What exactly does this mean? In simple terms, a financially independent person has enough wealth to live on without working. There’s an entire group of FIRE (Financially Independent Retire Early) people (like Physician On Fire) that have started
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For some reason, I’ve been on a kick lately researching millionaires, specifically, what it takes to become one. One phrase that has popped up several times during my research was: “the first million is the hardest.” If you’re a doctor reading this, listen up. These next few paragraphs will hopefully open your eyes and motivate you to stop what you’re
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I’ve been a long time listener of the Dave Ramsey show. For those of you familiar with Dave, then you’ve probably heard him mention the Seven Baby Steps to financial freedom that I’ve discussed in the past. Baby step #5 has to do with starting to fund your kid’s college. He recommends either a Coverdell Education Savings Account (ESA) or a
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Last year, when I first heard that Chris Hogan (part of the Dave Ramsey Solutions team) was writing an everyday millionaire book, I realized it had been over twenty years since I’d read The Millionaire Next Door. Luckily, I still had the copy I purchased when it was released in 1996 (my senior year of college) and set out to
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There are no two bigger financial gurus in America than Dave Ramsey and Suze Orman. Both have become extremely wealthy giving financial advice to folks with high amounts of consumer debt. Is one better than the other? Who should you listen to? Let’s take a closer look and do a head-to-head comparison between Suze Orman vs Dave Ramsey. My History
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Usually when a New Year rolls around, many are thinking about setting new goals and resolutions. There are numerous studies out there touting why most people don’t reach them such as: making them too vague and impossible to reach. As someone that’s always been goal oriented, I feel that many fail because they only list and focus on long-term goals.
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Is there really a difference between rich and wealthy? There is but it seems that most don’t know what that difference is. According to a recent survey, investment firm Charles Schwab asked 1,000 Americans, “How much money would it take for you to feel rich?” Survey says!: 2.4 million For them, being wealthy meant: Spending time with family (62%) Having time to
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When I first got out in practice, I didn’t give much thought to paying taxes (or investing) as I was barely making ends meet. Between working out of multiple dental offices and mowing yards (yes, mowing yards!) tax returns were the least of my worries. After a few years of networking with other dentists and learning basic marketing skills, the
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I read a lot of great material each week on other personal financial blogs such as: ESI Money, White Coat Investor, Physician on Fire, Passive Income MD and many others. Most topics are centered around becoming financially independent, retiring early, saving money and living a balanced life. Unfortunately one of the best kept secrets, which happens to be a tax
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