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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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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It’s funny how I run across ideas to write about. During our summer Adventures by Disney vacation to beautiful Yellowstone, good ole dad decided to venture out on a hike by himself while Mrs. DFD and kids went horseback riding. Little did I know, while braving the outdoors, I’d come across information for one of the easiest ways to simplify
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Doctors, dentists and other high income earners are constantly looking for ways to lower their tax burden, especially when retirement rolls around. One of the best methods to achieve this is via the Backdoor Roth IRA. There have been numerous articles written about backdoor Roth IRA steps you can take to convert your traditional IRAs into Roth IRAs. I’m all
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Did I get your attention? I hope so. I’m sure you’ve heard the phrase “if it sounds too good to be true…it probably is“, right? I know I have. Well, I’m going to be a rule breaker and let you in on a little secret that I KNOW for a fact you’ve heard about but more than likely you’re NOT
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