I am often asked the question, “Is it better to pay down debt or invest?” It is uncanny how often this question comes up. This question is asked as if those were the only two options to choose from. I never hear, “Should I go on a three week trip to Paris or invest?” “Should I buy a new car or pay off my debt?” “Should I buy disability insurance ...

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The transition from medical school to internship is both an exciting and traumatic period for doctors.  As a fully anointed “MD” (or DO), the new doctor has a well-deserved and distinguished title to her name.  No more “student doctor” anymore.  Most orders won’t have to be cosigned anymore.  Want to place an order for 100 mg of Lasix? Prime those kidneys, and have at it.  On the flip side, being ...

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A friend invited me to dinner to meet his new girlfriend.  I’d get to hang out with several other people from work and residency, too.  So, I was looking forward to dinner. We all sat down to eat. About ten minutes into the meal, I felt and looked like I had just gotten out of a swimming pool.  I was sweating.  A lot.  I thought to myself, “Why do these people ...

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I’m a big proponent of do-it-yourself investing. In the age of index funds, many investors can manage their own investments at very low cost. And fees you pay to a financial advisor could be used to invest and grow your nest egg. But that’s not to say that I believe that no one should have a financial advisor. There are many situations where it can be beneficial to hire a financial ...

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So you've done your research and you are sold on the idea of investing as a limited partner in real estate syndications such as apartments, mobile home parks, or self-storage facilities. "But," you lament, "that means I need to have at least $25,000 just lying around!" Once you have decided to start investing in real estate,  it may take some time to save 25 to 50 grand. But you may already have money to invest ...

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As resident physicians, we work a ton! Fortunately, it’s not all in vain. Unlike our life as medical students, we finally get paid! Before we spend all the money from our first checks and start treating ourselves to overpriced dinners, let’s set some financial goals and create a spending plan. Since everyone’s priorities may differ, it’s important to tailor your spending plan to your own individual needs. As you start getting ...

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Adrian Peterson (AP) made news lately. And it’s not because he is breaking records. In fact, he is breaking in a completely different way. The news that “broke” is that AP is, well, broke. Despite being one of the most prolific running backs to ever play the game, Adrian Peterson’s money problems are impressive. The story outlines how they feel that AP landed in such a bad spot, ...

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Many physicians have a poor understanding of personal finance. Since personal finance isn’t a required course in high school, college or medical school, physicians are often unprepared to handle their high income when they become an attending. Sometimes the results of this lack of education are not pretty. Other times it’s a downright disaster. Yet some of us are able to figure out this thing called money. I was thinking about ...

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If you’ve ever delved into the world of personal finance, you might have heard of the phrase “pay yourself first.” In fact, many investment gurus mention this approach as one of the keys to getting your finances on track and building your net worth.

This concept can seem confusing initially, so let me break it down. Paying yourself first simply means making yourself a priority. It’s actively choosing to ...

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One of my coworkers who grew up in India told me that their teachers in grade school would post everyone’s scores in the hallway after every exam.  This comparison of grades and objective testing further extended to cities and even regions in the country.  There are people going through the hierarchical ranks with “gold medals” in science or engineering.  Throughout this process, it was relatively transparent who the smartest or ...

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