Learning to budget is scary.  After all, it means you have to say NO to unnecessary purchases and keep your eye on long-term goals at the expense of short-term pleasure.  There are a variety of ways to budget, ranging from the restrictive and somewhat impractical “envelope system” to the more vague and potentially ineffective “wing it” system.  I’d like to present a balanced approach to budgeting that ...

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With a society living on credit, a government deep in debt, eight years of desensitization during training (something unique to doctors), rising tuition, and falling pay -- it’s no wonder doctors are having a major problem with debt. Where will it end? Debt has become the norm. Will Rogers summed up this pattern of high consumption on borrowed money nicely: "Too many people spend money they haven’t earned to buy ...

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Pop quiz: Fill out the chart above. If this was too easy for you, move along, this isn’t the post you’re looking for.  If you’re slightly unsure, either follow along or skip to the end. I’m going in order. Retirement accounts There are so many to “choose” from it seems slightly overwhelming at first.  You really don’t get that many choices: If you’re self-employed, you ...

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I first heard the term “accredited investor” over coffee with a friend who happened to be a financial advisor. He was excited about a real estate deal he was involved in. My interest piqued, I asked him how he finds access to these deals. He said he’d be happy to introduce me to the operators, but I needed to be an accredited investor first. I had no idea what that meant, ...

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“Can I look at that book?” said the man next to me in an accent I would soon learn to be Pakistani. I had placed the book face down on the park bench intentionally. In a busy, public place, I didn’t want to broadcast that I was reading The Doctors Guide to Smart Career Alternatives and Retirement. The back cover contained enough information to pique the polite man’s interest. “Sure,” I said. ...

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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 ...

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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 ...

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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 ...

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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).” ...

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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 ...

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