Blog
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What To Do If You’re Thinking About Quitting Medicine
I recently came across a post on a forum for dentists from a 34 year old dentist. He wanted the group to “help him get out of dentistry.” He had only been practicing for 8 years and was miserable having to deal both with patient complaints and staffing issues. It’s hard for him to decide…
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Financial Planning For Doctors In 7 Steps
“What happens if Washington votes to raise our taxes?” “Do you think all the stimulus money is going to cause inflation to rise?” Questions like these commonly appear in my inbox from Passive Investors Circle members and honestly I can’t answer them (I don’t have a crystal ball). The government’s tax policy and the future…
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3 Reasons Value Add Real Estate Investing Can Work For You
3 Reasons Value Add Real Estate Investing Can Work For You My dad’s father and uncle started a hardware store (Star Hardware) in 1941 that my dad still runs today. There’s nothing that I’ve ever seen that he couldn’t fix. (Maybe that’s why his nickname is “Mr. Fix-it“? Occasionally my wife and I will call…
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Potential Changes To Real Estate Tax Loopholes Doctors Should Know
[Editor’s Note: Today’s article is a guest post from a friend of mine that wants to remain anonymous. He’s a doctor that teaches other doctors about all types of money matters at Wealthy Doc. ] As a real estate investor, the Wealthy Doc understands that one of the MOST important benefits for investing in the…
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What’s the Difference Between Earned vs Unearned Income?
What’s the Difference Between Earned vs Unearned Income? It wasn’t until about seven years ago that I started searching for income sources outside of my dental practice. It took a minor wrist injury while skiing to make me realize I was depending 100% on the practice’s income. Not a good plan to have especially when…
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Die With Zero: A Comprehensive Book Summary
Die With Zero: A Comprehensive Book Summary It didn’t take long after completing dental school and a surgical residency to start getting hounded by insurance agents and financial advisors. I had no idea how many policies were needed to own a practice! Anyway, the financial advisor recommended that I only work with him to ensure…
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Hotel Investment Opportunities – Ultimate Strategy Guide
On February 21, 2020, the Dow Jones was trading at an all time high of 28,992. Who would have thought that only a month later it would drop almost 10,000 points to 19,173 due to a worldwide pandemic? I don’t know about you but I’m certainly glad that 2020 is in our rearview mirror. Good…
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Wealth vs Income – What’s The Difference?
Wealth vs Income – Is there a difference between the two? Here’s how most people think about wealth and income… It’s actually fairly simple-minded as it goes something like this: The more a person’s income increases, the more wealthy they become. Sound familiar? If this was the case, then all doctors, lawyers and other professionals…
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How To Choose The Best Real Estate Asset Classes For Investing
Do you remember when you could order a burger and fries with no questions asked? Unfortunately, those days are long gone. If you tried that in restaurants today, you’d get bombarded with questions such as: what size burger – quarter pound? half pound? what type of bun? what would you like on it? sandwich only…
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Understanding Private Placement Memorandums For Syndications
When I first started learning about passive real estate investing, one of the biggest obstacles to overcome were the new terms involved. Some of the examples included: depreciation cap rate REITs Many times learning this new terminology is what initially keeps people away from investing in real estate. I know it did for me. But…
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Doctor Investing: How To Become a Millionaire in Real Estate
Research shows that 90% of millionaires do something specific to create wealth….invest in real estate. Even though doctors get a late start with tremendous debt, they still have an easier time reaching millionaire status due to a six-figure income. So good news, if you’re a doctor or other high-income earner, then the likelihood of becoming…
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The Next Millionaire Next Door Summary – 9 Minute Read
You may not be familiar with Dr. Sarah Stanley Fallaw, but you’ve probably heard of her dad, Dr. Thomas J. Stanley. He was the author of one of my favorite books, the Millionaire Next Door, which was the best selling personal finance book that yours truly read some 25 years ago. Sarah also knows a thing…
