The idea of financial freedom is something everyone dreams of. Many of us are at different stages of that journey, but on some level, it’s something we all work toward. In a previous post, I mentioned that I’m financially free from medicine, and I’m happy to say that still holds true, even a couple months later. Not only that, but my passive income streams continue to grow without necessarily putting in ...

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Cars are incredible inventions.  They allow you to transport yourself hundreds of miles, whenever you want, in a relatively short time period.  Cars allow you to arrive at your desk job without any sweat or dirt on your face.  They also allow you to take amazing road trips and might even act as a camper on a rainy night. Cars are a depreciating asset However, don’t forget that cars are a luxury ...

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There are a lot of competing goals when you first get out of residency. You have hundreds of thousands of student loans to pay off. You need to build up your investment accounts, which lag far behind your college classmates who have been working for the past decade. You need to save up for a down payment for your dream home. If you have kids, you need to begin saving for their college educations. And of course, you’ve been living like ...

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Once upon a time I wrote an article about private real estate investment trusts (REITs). These are some of the favorite tools of salesmen masquerading as financial advisors (there’s a reason they’re called “brokers”). They would sell these investments with a promise of high income. 8% yields were not uncommon. The value of these REITs were not marked to market. For years. So although you knew you were getting ...

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Many doctors today find themselves living paycheck to paycheck. They make a good income but just never seem to get caught up. Non-doctors see us as rich. But many of us are just broke on a larger salary. The whole reason I wrote my book stemmed from a conversation with a doctor who was struggling to make ends meet on a $450,000 a year income. That should never happen. The national ...

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We are a product of our upbringing.  For many of us, this means we develop values and beliefs about money and work from our parents.  Our communities, however, also play a role.  It is in these communities that we learn a joint value system, a blueprint for how to approach and interact with the world.  It’s easy to underestimate the profundity of this effect. I grew up in vastly different cities.  One ...

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Every day, we’re presented with choices. Some are larger than others, and though some make little difference in the grand scheme of things, some choices can be life-altering. In life and in business, when we have a big decision to make, it’s all too easy to err on the side of caution -- sometimes to our personal or financial detriment. It’s human nature. But what is it that keeps us from ...

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If you haven’t noticed, Americans love debt.  The average household has around $130,000 in total debt, including $50,000 in student loan debt, nearly $30,000 in auto loans, and $16,000 in credit card debt. With an average credit card interest rate of 15%, that would be $2,400 in interest per year. With a student loan interest rate of 6.8%, that would be $3,500 in interest, ...

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Many physicians don’t want to think too hard about investing. There are a lot more fun things to do in life than worry about the minutiae of index funds. One of the best investments for beginner investors are target-date funds. It’s a great way to get started with investing, while you learn more about the principles of asset allocation. But there are literally hundreds of target-date funds available. How do you pick ...

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My email box is an endless source of material for the blog and podcast. As always, details are changed to protect the innocent. Assume genders are swapped about half the time, specialties are changed, and identifying details are obscured. Today’s Q&A provides a great discussion of some things to think about as you approach retirement. The situation discussed is very common among docs and is hardly the only time I’ve ...

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