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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I recently had an experience that opened my eyes to a big problem in medicine: availability. My son came to me one morning and said he was kept awake by the dripping over his bed. My roof was leaking. Once I found the source of the leak and discovered that it was more than I wanted to tackle, I needed to find a roofer. Every call to a roofing company resulted in ...

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Let me start by saying that I am a huge Dave Ramsey fan.  When I completed residency and began my current position, The Total Money Makeover was the first personal finance book I read, and pardon the cliché, but it changed my life.  It instilled in me a strong foundation in money management and offered me a road map to handle the situation I was in: hundreds of thousands of dollar in ...

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“You’re a doctor; focus on being a doctor.” This piece of advice was recently given to me by my own father, in regards to my multiple ambitions outside of the medical field. He himself only recently retired from a long career as a surgeon, so his opinion is the result of years of experience. His advice got me thinking. What makes for career longevity in our field? Statistics show that more than half ...

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In an era of increasing transparency in medicine, the Centers for Medicare & Medicaid Services (CMS) has been publishing data annually on payments to individual physicians since 2014. The database, officially called the Medicare Provider Utilization and Payment Data: Physician and Other Supplier Public Use File, has been a window (albeit a cracked and opaque window) into the practice patterns and reimbursement of individual physicians. It includes most payments for services ...

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There is a lot of talk on the web about having an emergency fund. Typically this is three to six months of expenses. Some would argue to keep three to six times bare bones expenses, and others would argue to keep three to six times the average amount you spend on expenses. Having an emergency fund makes sense to cover life’s unexpected occurrences. What could these be? Well, the biggest ...

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This is a tough post to write. I struggle with this issue daily. Is it OK for a physician to retire early? The obvious answer is: yes. Each individual should live their life as they see fit. But with a continued shortage of physicians (granted this is more in rural areas and not big metropolitan cities), and the time, money and resources required for training physicians, is it selfish to ...

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