Family Wealth – 3 Things To Pass On Besides Money As I get older, it seems that my interests and priorities continue to change. I’m a Generation X’er which is defined as someone born between 1965 – 1979. In the U.S. we are 80+ million strong! So when I recently read about how over the…
How To Become Wealthy – Doctor’s 3 Step Guide It seems as if “good news” is hard to come by these days so I thought I’d start off by spreading some: “If you’re a doctor or other high-income professional wanting to learn how to become wealthy….GOOD NEWS!” It’s MUCH easier than you may realize. Why?…
The Ultimate Doctor’s Guide To Preserving Wealth Warren Buffett is known for his wealth and most notably his rules for attaining it. One of his more popular rules involves preserving wealth: Rule #1 – Don’t lose money Rule #2 – NEVER forget rule #1 As a doctor, making money shouldn’t be an issue as your…
3 Top Reasons Why Money Is Important What do you get the woman that has everything? Well I found out that my wife actually didn’t have “everything” last Christmas. She loves to workout and was excited to hear about new a in-home fitness technology that was being released shortly before the holidays….”The Mirror“ Have you…
5 Best Investments For Your Money Now (COVID-19!) [Editor’s Note: Today’s article is a guest post from Fred Leamnson who started the blog Money with a Purpose in October 2017. The blog focused on three primary areas: Personal Finance, Overcoming Adversity, and Lifestyle. During his time at Money with a Purpose, he was quoted in…
The Motley Fool Review: Is Their Stock Advisor Program Legit? [Editor’s Note: Today’s article in a guest post from Todd Kunsman who is the Founder of Invested Wallet and featured in Time, Business Insider, & HuffPost. Self-educated on personal finance and investing. He’s passionate about financial freedom, investing, side hustles, and helping others realize they too can…
Is The Fear And Greed Index Legit? If you’re a Warren Buffet fan like myself, then you’ve probably familiar with his recommendation regarding fear and greed: “Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” – Warren Buffett Research shows that we use the part of our brain that emotions stem from…
7 Steps – How To Make Your Money Work For You I once heard it said that one of the biggest differences between the average “Joe” and the wealthy is this: Wealthy people earn interest while everyone else pays it. Knowing what I know now, you can replace the average “Joe” with the average “doctor”.…
Do You Have A Fear Of Money? – Chrometophobia Whether you realize it or not, many people have some type of irrational fear of money. There’s actually a specific term for it: Chrometophobia – which is the extreme fear of money stemming from the Greek words “chrimata” (money) and “phobos” (fear). There are many different…
The Coronavirus Financial Survival Kit for Healthcare Professionals [Editor’s Note: Today’s article in a guest post from Dr. Brent W. Lacey, M.D. is a gastroenterologist who is passionate about helping physicians succeed with business and personal finances. As a physician, he understands how overwhelming it can be to step out of clinical training and into…
How To Become Financially Independent (FI) Recently while listening to a podcast, I was reminded about something I’d heard of several years ago when I first started practicing, Parkinson’s Law. It was developed by English writer Cyril Northcote Parkinson and states that, “Work expands so as to fill the time available for its completion.” For…
We hear a lot these days about alternative investments. Wall Street firms regularly tout their expertise in these investments and try to convince us we need them in our portfolio. In the beginning, alternative investments were only available to what most would consider the wealthy. The SEC set the definition of the wealthy with their…
Investing Your Money: What To Invest In Besides the Stock Market [Editor’s Note: Today’s article is a guest post from Todd Kunsman who runs the personal finance website Invested Wallet. He’s been featured in Time, Business Insider, & HuffPost. & is self-educated on personal finance and investing. He’s passionate about financial freedom, investing, side hustles,…
These Are Your Best Choices for Online Brokers [Editor’s Note: Today’s article in a guest post from Kevin who runs the personal finance website Just Start Investing, where he focuses on making investing easy. Just Start Investing has been featured on Business Insider, Forbes, and US News & World Report, among other major publications for his…
Robo-Advisors – The Good, The Bad, And The Ugly [Editor’s Note: Today’s article in a guest post from Kevin who runs the personal finance website Just Start Investing, where he focuses on making investing easy. Just Start Investing has been featured on Business Insider, Forbes, and US News & World Report, among other major publications…
Todd Tresidder over at the Financial Mentor once stated that “Freedom Isn’t Just Financial, And True Wealth Is More Than Just Money.” There’s too many docs and other high-income professionals with the illusion that building wealth involves always wanting MORE so they can get better with a different lifestyle versus everyone else. Unfortunately, if this…
The Complete Guide on Emergency Funds and Cash Reserves [Editor’s Note: Today’s article in a guest post from Mr. SR who blogs over at Semi-Retire Plan. He enjoys teaching others what it takes to become semi-retired early in life.] One of the few personal finance concepts that garners near-universal praise is the emergency fund. For…
7 Mistakes Six Figure-Earners Make [Editor’s Note: Today’s article is a guest post from Clint Haynes, a Certified Financial Planner® and Founder of NextGen Wealth. His primary focus is working with Millennials and Generation X clients with an emphasis on comprehensive financial planning.] Earning a six-figure salary can make building wealth easier, but it’s not a…
Index investing for Beginners – Your Complete Guide [Editor’s Note: Today’s article is from Kevin over at Just Start Investing. Enjoy!] Everyone should be investing in some capacity if they can. Whether it’s through a 401(k), a Roth IRA, or just a personal brokerage account, investing is one of the best things you can do…
The HSA Triple Tax Advantage For those that are striving towards FIRE (Financial Independence, Retire Early), one question that has to be addressed is: How to pay for healthcare? Baby Boomers don’t have to worry too much (hopefully) with Medicare still in place. But what about the younger generation and FIRE members? I realize that…
How To Build Wealth From Nothing If you’re like most doctors or other healthcare professionals, starting out practicing with a negative net worth is more common than not. While your friends began working in their 20’s, you couldn’t start until much later due to a lengthy training schedule well into your 30’s or 40’s. I…
[Editor’s Note: This guest post was was originally written by Adebayo Fasanya from Dr. Breathe Easy Finance.] The investing maze is complex and it can be very difficult to find the best and most effective way to navigate through it. Good news!! There are 7 habits that highly effective investors use regularly to simplify this…
(Editor’s note: This post was originally published on The Money Mix.) Congratulations. You’re a doctor and your income potential is much higher than most. Once you get to the point that you’ve paid off your student loans and credit card debt, it’s now time to focus on saving and investing. With so much information floating…
I recently read the hard to find book, Simple Wealth, Inevitable Wealth by Nick Murray. In it, he discussed four behavioral tactics to be practiced during different “seasons” of one’s investing lifetime. One of the behaviors was: “Invest the same amounts monthly, in the same funds, so as to harness the power of dollar cost…
Ok, Ok. I admit. I’m a bit biased on today’s topic regarding one of the best personal finance podcasts you should listen to. Denis and Katie over at the Chain Of Wealth recently reached out to yours truly for a podcast interview on their site. They’ve recorded over 150 episodes talking with members of the…
In 2004, I originally read David Bach’s book, The Automatic Millionaire, after it was first released. He has since updated it to an “Anniversary Edition” in 2016. Recently, there’s been a lot of talk in the financial blog space regarding millionaires. It seems that many people want to know two things: Who they are? How to…
Let’s face it. Doctors and other high-income professionals pay a lot of taxes. They’re unavoidable. But when it comes to your retirement savings, you have a choice as to when you want to pay them. Now, or later? One potential way to save on taxes later is converting a 401(k) to a Roth 401(k). Before we…
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…
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…
I read a lot of great material each week on other personal financial blogs such as: ESI Money, 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…
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