2017 has been the year of the cryptocurrency. Of course, the most famous is Bitcoin. It’s been all over the news recently, largely because its value has skyrocketed in a very short time. Since the focus of this blog has a lot to do with investing, particularly in alternative investments, I’d be remiss if I didn’t at least touch on the subject. Now, making money from currency exchanges is nothing new. ...

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My goal with this post is to try to answer some of the more popular questions that we get asked about multi-level marketing (MLM). Why write about it? Besides the fact that my wife and I are involved in one, and it’s made a significant impact on our income, the number of physicians getting involved these days is huge. My goal is not for everyone to go out and ...

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In January of this year, I wrote one of my favorite posts after helping a retired couple free themselves from their financial advisor, greatly simplify their portfolio, and saving them more than $20,000 per year in the process. For details, please read "From 28 Funds to 3," then return here for a follow-up. In summary, the couple previously owned 28 funds (with 48 positions between three accounts). The ...

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You’ve probably heard of the Starbucks latte effect. As the theory goes, small changes, multiplied and compounded over time, can end up becoming big savings. For example, if you drink 1 Starbucks latte for $3.50 every day for 250 work days a year, then over 10 years, you’ll have spent tens of thousands of dollars on Starbucks coffee. Cut the Starbucks coffee from your life, and you could buy a nice car ...

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Yup, I won the lottery! $785 million dollars. Pinch me because I must be dreaming. I am a physician finance blogger; I would not recommend buying a lottery ticket. But I did. So screw all the people who said it was a waste of $2. So here I am, the big time winner: What to do now? Well, that is what this post is about. (In reality, I did not win the ...

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In my post, "Use it Or Lose It," I talked about the awesome benefits of the Roth IRA.  You do have to pay taxes on the money now, but it grows tax-free, and you can withdraw the money after age 59.5 without owing any taxes.  It’s the only way to win the tax game.  It is 100% your money, forever! In comparison, money in a traditional IRA, traditional 401k, ...

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An unusual thing happened to me today; I was awakened by my phone alarm. Ever since I stopped practicing medicine ten months ago, I have rarely needed to set an alarm to get up. Today when my alarm sounded, Carolyn commented that when she woke up, she thought we were in Spain. Last Spring, we were traveling through Spain on a two-week bus tour. Each day we had to have our ...

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Hopefully, you’ve realized when all of your accounts are taxed; if not, here is a quick refresher. On the surface, the taxable account looks like a bad deal compared to the others:

  • You use after-tax money to contribute to these accounts
  • You pay taxes on any dividends you receive each year
  • You pay taxes on any capital gains when you take money out
So basically it’s a lose-lose-lose scenario when it comes ...

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"A hobby is an activity, interest, enthusiasm, or pastime that is undertaken for pleasure or relaxation, typically done during one’s own time." – Wikipedia "A job is often defined as a regular activity pastime performed in exchange for payment." – Wikipedia If you search “hobby” on Wikipedia, you’ll be presented with a lengthy list of the most common ones: everything from magic to beekeeping to vehicle restoration. But if you look at these “hobbies” ...

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You did it! You worked, you saved, you conquered. Your investments add up to 25 times your expenses, or 30 times, or whatever your magic number is. You have achieved financial independence (FI), however you have chosen to define it. What’s that low rumbling sound I hear? Is that a bear coming out of hibernation? I won’t pretend to know when it’s coming, but I promise you I haven’t seen my last bear market. It could start ...

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