Many of us take for granted that we should be paying next to nothing for our index funds. VanguardFidelity, and Schwab offer great index funds with very low expense ratios. But there are many other providers of index funds. And unfortunately, they do not charge the low expense ratios we have come to expect from Vanguard, Fidelity, and Schwab. Interactive Brokers and no transaction fee index ...

Read more...

Being in a high income, high-risk field I often think of asset protection. The lawsuit may not come from medical work, but from an auto accident or someone slipping on my front step. All of these can lead to suits, and as a high-income earner, we all have a target on our back. The last thing I want to do is work hard to save money to then have it ...

Read more...

The high-pitched wail of the pneumatic saw cutting through the tibia, and the little bits of tissue the blade flung onto the surgeon’s gown were not enough to get to me the first time I saw a surgery, during my senior year in high school. It was the smell. Sliding down the wall in the corner of the operating room, wondering if lunch would stay put, I began to question ...

Read more...

The fall is over, and winter has come, which means I have just wrapped up a busy season of medical school interviews. Most interviews are conducted in a similar fashion with an hour of introduction, speeches by the dean, presentations of facts I already knew from the website, and finally the interviews. Within the first hour, I understand the reason: “We are the best medical school at (fill in the blank).” ...

Read more...

That’s right folks, I am talking about two types of money saving maneuvers:

  • Save Money #1: spending as little as possible when making purchases through price competitions, coupons and rebates.
  • Save Money #2: putting money you don’t spend into savings and investment accounts for your future.
Save money on purchases ‘Tis the season for giving, but ’tis also the season for buying.  Make sure you are doing everything you can to save ...

Read more...

I owe a lot to Robert Kiyosaki. His book, Rich Dad Poor Dad, actually helped start me on my path to financial freedom, and his other writings have all taught me very valuable lessons. While I don’t agree with everything, he says in every book, one thing that really cemented the idea of passive income in my mind was the concept of the “cash flow quadrant.” This concept is so important and ...

Read more...

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 ...

Read more...

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 ...

Read more...

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 ...

Read more...

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 ...

Read more...

Join 147,000+ subscribers

Get the best of KevinMD in your inbox

Sign me up! It's free. 
close-link