In order to safely plan for a successful retirement, it’s imperative to have a general idea of what your spending needs will be when retired. We cannot calculate whether or not our anticipated withdrawal rate would be considered safe (in the range of 3% to 4%) without knowing the size of the annual withdrawal. That number can be difficult to pin down, as there are many variables. It can be informative ...

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Most people’s monthly spending is a series of recurring payments, like rent, food, and utilities. There are also some one-time purchases that might require a few months of saving, like a nice vacation or a new suit. And then there are some things that require many months or years of savings. An engagement ring. A wedding. A new car. A down payment on a house. When saving for big purchases, how do you ...

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I am frequently asked the following question: “Should I pay off my student loans before I put money aside to invest in the stock market?” The person asking this quick and simple question is looking for a yes or no answer. The problem I am faced with is there is not enough information in the question to give a proper answer. Therefore, I say, it depends. It depends on how the ...

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As the husband of a physician, I know what it's like to live on a low income while watching your spouse go through the grueling process that is residency. I know what it's like to want a nicer car, a nicer home, and just about nicer everything. One one hand, I think physicians have earned the right to a better than average lifestyle. After all, doctors are some of the hardest ...

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Buying a home is a big deal; it’s one of the biggest and most emotional financial decisions you’ll make in your entire lifetime. Haven’t we all dreamt of the home we’d buy when we grow up? When my wife and I neared the end of our medical training, discussions of where to live (and how many kids to have) began to arise. Like most people, our first home felt like the ...

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“Ask not what your money will do for you. Ask what you can do for your money.” - Anonymous I think what this Anonymous fellow is trying to say, isn’t “what will you do for money?” because frankly, we probably don’t want to know what you would do for money, but rather, “what will you do for your finances?” We all want our money to grow and grow and be there for us when ...

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Congratulations! After months of planning, you are now a proud parent. Starting today the rest of your life will change. No longer will you worry about getting reservations at the “in” restaurant. … or any restaurant. Nope. You won’t have time. Nor will you have energy. Both will get zapped, and that is okay. Instead, you will be figuring out breastfeeding, bottle feeding, sleep schedules, diaper changes, educational and interesting toys for ...

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I’ll be the first to admit that I am a frugal physician. Frugality has served me well, and I wouldn’t be financially independent without that quality. Yes, I refer to frugality as a quality, and as far as qualities go, it’s a quality quality to have. While not everyone thinks of frugality as a decidedly positive quality to possess, it just might be that others confuse frugality with its ...

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The only time my husband outearned me was during our first three years of marriage when I was still in residency and working 80-plus hours per week earning less than minimum wage per hour. Since then, despite graduating in a professional degree, we have made relocation moves that primarily help with my career growth, to the detriment of his. In 2015, an NPR article quoted statistics showing that 38 percent of ...

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You've worked hard for your money, now make sure it works for you. We all want our money to grow and grow and be there for us when we ask for it, serve as our nest egg during retirement, eventually go to our kids, grandkids and charitable accounts when we leave this earth. But if we don’t take the necessary steps now, our money will not do this for us. This is ...

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