Proof of concept is important because accountability is a tenuous thing. One can pretty much say whatever they want on the internet. They can boast. Spin half-truths. Tell a tale. The most deadly of these are the ones that are just a slight variation of reality. Personal finance is no different. Net worth projections, budgets, the acumen of a business venture or ...

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It was a beautiful warm mid-July morning in Minnesota. And I was taken by surprise by my feeling of complete and utter contentment. I was with my family bicycling around a lake on a smooth groomed gravel path surrounded by trees, ferns and so many shades of green my breath was taken away. The cool riparian air mixed with the warmth of the sun, and the laughter of children up ...

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An excerpt from The Physician Philosopher's Guide to Personal Finance: The 20% of Personal Finance Doctors Need to Know to Get 80% of the Results. At my little girl’s golf practice one day, I got to talking to her coach. I asked him how he decided he wanted to be ...

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Nearly five years into practice, I have negotiated my first contract, multiple pay increases, call compensation and independent contractor status. I prepared by researching my market value and reading about negotiation strategy. The following are some points I have learned along the way. If you negotiate in medicine, you may feel like the only one. Over the years, my mid-career colleagues confided that they have not received a single pay increase, only ...

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It’s interesting, but not surprising, to hear that numerous government employees are crippled by the delay of a single paycheck. This is precisely the reason everyone needs an emergency fund. When an unexpected financial catastrophe pops up, we need to be able to weather the financial storm. Many people consider a car breakdown, a sick pet, or a roof leak to be an emergency. These are not emergencies. These are things ...

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Reaching financial independence is no small feat. One has to turn inward and explore personal habits, goals, and rebalance value systems. These are somewhat introspective topics. Indeed, they require quite a bit of self-focus. This, I believe, is good. If we don’t continuously re-evaluate our beliefs and actions then how are we going to grow? On the other hand, such thinking leads to another critical question. Is financial independence selfish? Are ...

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While at a gathering during residency, I found myself talking to an older physician.  He graduated from the same residency ten to fifteen years prior.  He was a natural leader and a good storyteller.  He was also a good teacher because he was about to teach me a lot about delayed gratification. In the midst of our discussion, I told him that my wife and I intended to move ...

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So much of personal finance and investing isn’t about winning; it’s about not losing. That’s because investing is a single-player game; it’s you against your goals, not you against your neighbor or your partner or some yahoo on an internet forum. However, there are precious few whose ultimate financial goal is to be broke and if you can avoid doing that, well, that’s one mark of success. There aren’t that ...

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Most don’t realize how easy it is to become debt free. Instead, they envision a horrible drop in lifestyle and great sacrifices that include turning back the clock to medical school days where they were living on peanut butter and ramen. When in fact, no sacrifice is required to become debt free. All it takes is to decide that becoming debt free is what you want and then stop borrowing ...

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Not only is an audit unlikely to happen — if it does, it’s rarely a huge deal. Few words inspire such fear in the hearts of Americans as “IRS audit.” But one of the biggest mistakes that taxpayers make is letting fear of the IRS stop them from taking advantage of tax savings they deserve. Especially for locums tenens docs and other 1099 income earners since the 67,000-page tax code favors ...

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