If you can’t beat ’em, join them (and make it better).  Am I right?  This was some of the sentiment I felt as I registered with FINRA (Financial Industry Regulatory Authority) to take the Series 65 exam.  Passing this exam will allow me to register in my state as an Independent Advisory Representative (IAR) and function as a financial advisor.   This begs the question: Why should I become a financial ...

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I like work.  I really do.  Although I have been talking up my half retirement, there is a reason I am not going the full monty.  I derive pleasure from being a physician.  The ability to reach out and help other human beings, and get paid for it is amazing.  Not only the work itself, but the human interaction is also quite gratifying.  I look forward ...

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The grass is always greener on the other side.  Humans are like that. For reasons that we can never consistently define, any situation other than the one that we are in has potential to be better.  I guess we just like to compare ourselves to others and assume that there is a better life over the horizon.  That doctors wish to get themselves in a better situation is nothing new. ...

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As an ER doctor, I often meet people on the worst day of their lives. I’m the guy who gets to tell you your mom is dead. I’m the one who works the futile code on your four-year-old, while your screams cut right through everyone in the room. I find your cancer. I tell you your husband overdosed in the McDonald’s parking lot. When you decide you want to shoot ...

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Doctors and other caretakers are the pawns of the health care system. We provide the services that allow hospitals and medical groups to bring in big revenue.  Unless we are contracting directly with insurers, doctors will never realize the true financial firepower that we have. As the health care environment evolves, we are seeing fewer individual physician-owned groups and more conglomerates.  The larger the system that we belong in, the ...

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Anger. Jealousy. Envy. Frustration. I was feeling all the emotions when NYU announced in August that their incoming and subsequent classes would be tuition-free into perpetuity. One consolation: at least I wasn’t one of the chronologically unfortunate that graduated from the school just months, or a year, before that announcement. For them, the time difference was small, but the difference in loans was vast — one year of tuition costs ...

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I have talked in the past about how I try to tackle the philosophy of financial independence.  Part of the reason is that there are so many other amazing voices that manage the mechanical side.  The other part is my profound belief that the grand majority of Americans can either cleave a path to financial independence or at least substantially improve their economic situation.  Yet, the majority don’t. ...

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By this point, a lot of people have heard the famous Dave Ramsey quote, “If you live like no one else, later you can live like no one else.”  Ramsey is known for being a proponent of attacking debt aggressively when people ask, “How should I pay off my debt?” He proposes one method that I think works for the vast majority of Americans, but today I’ll argue that method isn’t necessarily ...

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Financial freedom means different things to different people, but to me, it’s when you can quit your day job and be able to cover your expenses with other sources of income. The dollar amount depends on your unique situation, where you live, and the lifestyle you lead. I believe all physicians can attain financial freedom, but some encounter obstacles that delay them from reaching that point and sometimes keep them from ...

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Some of us like to micromanage.  Obviously, this trait is useful only for certain tasks that you need to accomplish.  Managing money can take some attention to detail, but fortunately, many issues work themselves out if you follow broad principles.  How much you should micromanage your daily expenditures really depends on your own tolerance and your individual financial situation.  We’ve all seen discussions about the cost of daily artisanal cups ...

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