Category: Personal Finance
-
Escape The Rat Race: What School Failed To Teach You About Money
Do you remember when you first started school? What was the goal by the end of kindergarten? To make it to first grade, right? Then it was to get into second, third, and fourth grade, etc. until you reached high school. That’s when the real pressure was put on to not only make good grades…
-
Want Freedom? How To Calculate Your FI Number
It’s amazing how many younger Passive Investors Circle members begin pursuing financial independence (FI) shortly after completing their training. I first learned about the financial independence/retire early or FIRE community after 10 years of practicing as a periodontist. Honestly, the concept of financial independence had never occurred to me. I thought there was no other…
-
Golden Handcuffs: The Ultimate Doctor Restraint
You finally made it. The grueling and exhaustive medical training is now over and recently you landed your dream job with a six-figure salary that’s going to provide a sweet lifestyle. Not to mention a MUCH better way to pay off that $400,000 worth of student loans and mounds of credit card debt. However, as…
-
The Resort At Paws Up – A Montana Adventure Of A Lifetime
I have a confession to make – I LOVE Montana. Heck, even “Honest Abe” did too! “My favorite state has not yet been invented. It will be called Montana, and it will be perfect.” – Abraham Lincoln If you’re a subscriber to this site (thank you!), then you’re probably wondering why I’m talking about traveling to…
-
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…
-
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…
-
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…
-
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…
-
37 Abundance Mindset Quotes For Success
After I had a job offer joining a periodontal group practice fall through two weeks before graduating, I shifted from an abundance mindset to one of scarcity. Even though I had close to $300K in student loan debt, the thought of starting out with a good income kept me thinking with an abundance mindset until…
-
19 Habits Of The Wealthy vs Poor – Which Do You Have?
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…
-
5 Reasons Why Doctors Aren’t A Prodigious Accumulator Of Wealth
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…
-
The Importance of Time Value of Money
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…
