There are some milestones that need to be appropriately celebrated.  For the 80% of physicians who graduated with student loan debt, paying those loans off certainly qualifies as such a moment.  Everyone has a different way of tackling their student loans.  Today, I want to outline how we paid off $200,000 in student loans in 19 months, and then discuss what our plans are to rid ourselves of the rest ...

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Wealth seems to be an elusive dream for many people. They desire to become wealthy, but feel they don’t earn enough money to reach that goal, as if earning more would make the difference. A study of 10,000 millionaires presented in Chris Hogan’s new book, Everyday Millionaires, showed that 69% of these millionaires reached that level of affluence on a household income of less than $100,000 a year. If all ...

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Proof of concept is important because accountability is a tenuous thing. One can pretty much say whatever they want on the internet. They can boast. Spin half-truths. Tell a tale. The most deadly of these are the ones that are just a slight variation of reality. Personal finance is no different. Net worth projections, budgets, the acumen of a business venture or ...

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It was a beautiful warm mid-July morning in Minnesota. And I was taken by surprise by my feeling of complete and utter contentment. I was with my family bicycling around a lake on a smooth groomed gravel path surrounded by trees, ferns and so many shades of green my breath was taken away. The cool riparian air mixed with the warmth of the sun, and the laughter of children up ...

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An excerpt from The Physician Philosopher's Guide to Personal Finance: The 20% of Personal Finance Doctors Need to Know to Get 80% of the Results. At my little girl’s golf practice one day, I got to talking to her coach. I asked him how he decided he wanted to be ...

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Nearly five years into practice, I have negotiated my first contract, multiple pay increases, call compensation and independent contractor status. I prepared by researching my market value and reading about negotiation strategy. The following are some points I have learned along the way. If you negotiate in medicine, you may feel like the only one. Over the years, my mid-career colleagues confided that they have not received a single pay increase, only ...

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It’s interesting, but not surprising, to hear that numerous government employees are crippled by the delay of a single paycheck. This is precisely the reason everyone needs an emergency fund. When an unexpected financial catastrophe pops up, we need to be able to weather the financial storm. Many people consider a car breakdown, a sick pet, or a roof leak to be an emergency. These are not emergencies. These are things ...

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Reaching financial independence is no small feat. One has to turn inward and explore personal habits, goals, and rebalance value systems. These are somewhat introspective topics. Indeed, they require quite a bit of self-focus. This, I believe, is good. If we don’t continuously re-evaluate our beliefs and actions then how are we going to grow? On the other hand, such thinking leads to another critical question. Is financial independence selfish? Are ...

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While at a gathering during residency, I found myself talking to an older physician.  He graduated from the same residency ten to fifteen years prior.  He was a natural leader and a good storyteller.  He was also a good teacher because he was about to teach me a lot about delayed gratification. In the midst of our discussion, I told him that my wife and I intended to move ...

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So much of personal finance and investing isn’t about winning; it’s about not losing. That’s because investing is a single-player game; it’s you against your goals, not you against your neighbor or your partner or some yahoo on an internet forum. However, there are precious few whose ultimate financial goal is to be broke and if you can avoid doing that, well, that’s one mark of success. There aren’t that ...

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