Think about where you are right now. If you’re a doctor or other high-income earner then more than likely you’re in the position you’re in because of personal habits. While friends were out partying in college; you chose to study instead. In college, I got into the habit of studying a minimum of 3-4 days…
I first heard the term, “prodigious accumulators of wealth” in 1996 while reading one of the most popular finance books ever written by Dr. Thomas Stanley, The Millionaire Next Door. If you haven’t read it then head over to Amazon and get it now. Even though some of the statistics might be outdated, the…
You’ve probably heard about the importance of time value of money. But do you know what it really means? One of the first people to coin the phrase “Time is money” was Benjamin Franklin in his book, “Advice to a Young Tradesman, Written by an Old One”. The original quote was: “Remember that Time is…
87 Robert Kiyosaki Quotes About Wealth & Success One of the most popular financial books ever written has inspired millions to pursue passive income via real estate investing. It’s also been responsible for changing the way investors think about wealth and success. Robert Kiyosaki’s Rich Dad Poor Dad is that book with over 40 million…
The Dave Ramsey Baby Steps Explained If you enjoy reading and learning about personal finance, then it’s safe to say you’ve probably heard the name Dave Ramsey. Since the 90’s, The Dave Ramsey Baby Steps have helped millions of people get out of debt and start them down the path to achieving financial freedom. No…
What To Do With 10 Million Dollars If It Fell In Your Lap There’s a Louisiana Lottery and Powerball electronic sign in between our house and church. Every Sunday morning after we leave church, my 14 year old and I play a game. As we pass the sign I ask him, “What would you do…
Living Below Your Means vs Expanding Your Means It wasn’t until recently that I heard a podcast host mention that instead of focusing on living below your means, we should instead EXPAND them. The majority of finance articles focused on financial independence (FI) mentions that living below your means is the first step. This principle…
For the non-medical professional hearing a doctor say, “I hate being a doctor” would be like Michael Jordan back in the day saying, “I hate being a NBA player.” It doesn’t make sense, right? Unfortunately it’s hard to put ourselves in someone else’s shoes until we walk in them too. I searched the web to…
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…
The 3 Levels of Wealth From a Billionaire’s Perspective I’ve been a member of several online groups for real estate investors in the past. The majority have used a messaging tool called Slack for internal communication among members. Last year, during the pandemic shutdown across the United States, Slack allowed companies the best way to…
What’s Your Financial Freedom Definition? It seems like everybody is striving for “financial freedom” these days even though they’re not quite sure what it means. Literally every article I read or podcast I listen to has some mention of it. Let me ask you a question… What’s your financial freedom definition? If you answered, “It’s…
37 Motivational Financial Freedom Quotes Financial freedom is a term that gets tossed around quite a bit in the personal finance space. It can mean different things to different people. High income earners many times feel that becoming financially free is not possible as their income is too high to replace. The two main definitions…
Scarcity Mindset: How It Can Impact Your Kids What’s holding you back from growing wealth and passive income? Could it be something inside your head? Is it negative, fearful thoughts focused on what you don’t have? This certainly could be the case whether or not you realize it. Unfortunately, many of the preconceived notions we…
Are Doctors Rich As The Public Thinks? It seems as if the general public tend to assume that certain professionals are always well off. [You know what happens when you ASS-UME, right? :)] This could be anything from an attorney, doctor or engineer. But when a group of doctors were polled and asked, “Are doctors…
5 Steps: How To Become a Millionaire In Your 40’s Want to be a millionaire? Most doctors and other high-income earners should have an easier time to obtain millionaire status versus the average person. But they face two major hurdles: #1 Late start #2 High debt Depending on your profession, you may not start earning…
Secrets To Raising Your Money Savvy Family [Editor’s note: Today’s guest post comes from Doug Nordman. He retired from the U.S. Navy’s submarine force in 2002 at the age of 41. He and his spouse, a retired Navy Reservist, reached their financial independence on a high savings rate. Doug wrote the book “The Military Guide…
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…
3 Steps Doctors Can Take To Stop Trading Time For Money We get an education (for much longer if we’re doctors), work 40+ hours a week for 35+ years then retire and HOPE we’re healthy enough to enjoy it all withOUT running out of money. Sounds more like a Nightmare on Elm Street rather than a dream!…
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…
Don’t Be Afraid To Fail – Your Wealth Will Thank You FOMO (Fear Of Missing Out) is one of the major issues kids and adults alike are facing these days. Being able to see that your friends are at a party that you weren’t invited to on social media (Snapchat) makes this even worse for…
Psychology Of Happiness – Can Money Help? During the COVID-19 pandemic, our periodontal practice (along with all Louisiana dental practices) were mandated to shut down. Now granted we could still see emergencies but for the most part, we didn’t treat or see patients for seven weeks. During that down time I was able to get…
Dave Ramsey vs Robert Kiyosaki – Who Should You Listen To? If you’ve been following this blog for awhile then you’re aware that we used the Dave Ramsey’s Baby Steps to become consumer debt free after racking up close to $300K in student loans. The financial principles he teaches are important, especially for the masses.…
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…
The 10 Best Business Quotes to Inspire Success [Editor’s Note: Today’s article is a guest post from Andrew Herrig the founder of Wealthy Nickel where he writes about all things personal finance. He has a passion for helping people pursue financial freedom through saving money, making money, and building wealth. Andrew documents his family’s journey to…
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”.…
The Best Leadership Quotes and How to Apply Them [Editor’s Note: Today’s article in a guest post from Jesse Cramer who is an engineer and an avid reader/writer. He runs the blog The Best Interest, which started as his creative outlet but gained recognition for explaining complex personal finance ideas in simple terms. Jesse discusses money basics,…
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…
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