Q. Have you ever thought about doing a post on oversaving? I realize most docs probably have the opposite problem, but I bet there is a subset of the FIRE crowd that this may apply to. Does this ever come up in all the interactions you have? A. It was no surprise to see this question come in as a direct message on the WCI Forum, rather than an email ...

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Disability can be a devastating outcome to a doctor’s career and self-image. Think about it: You busted your butt to learn how to do a Whipple procedure, end up getting into a skiing accident that ends your career right there. No worries, because you purchased the appropriate coverage of own-occupation disability insurance, right? Having disability insurance certainly provides a protective cushion, especially you are the sole breadwinner. This is a no-brainer, ...

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As Christmas approaches, I have begun seeing ads for things our family "must" have this Christmas. Overspending in December is a common problem I often find when I do a financial makeover for doctors. There is a huge push to buy things during the Christmas season, whether they can afford it or not. Those who choose to overspend, end up with a big headache when their January’s Visa bill arrives. Overspending ...

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It is widely recommended in the financial world that you prioritize your retirement savings over college savings for your children. I agree with this advice. Yet, I run into people all the time who are not following it. Perhaps it is because college often arrives a decade or more earlier than retirement so it seems natural to save for college first and then turn your attention toward ...

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It’s been a little over two years since I started this journey of blogging about passive income, and I’ve learned so much along the way. The term "passive income" has come to mean something very different to me over these years. I used to think that passive income was simply earning money in a way that isn’t proportional to the time you put in. And while this is ...

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To my wife, Let’s just start at the beginning. When we first met, you thought I was arrogant and prideful.  For two and a half years we would rarely talk while we walked past each other in our small college town.  At the time, we never could have imagined that one day we would get married.  In a twist of irony, two weeks before we started dating you still didn’t know as ...

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Retirement, or half retirement in my case, is a major life change.  Transitioning from the accumulation phase, to the maintenance stage, and eventually to the deaccumulation phase can be daunting.  These transitions are accompanied by a series of losses.  We all understand the loss of income.  But there are many other changes we don’t often talk about.  There is loss of social interaction.  Loss of purpose.  And ...

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When Jason Kilar graduated from college he experienced tremendous personal and professional adversity.  Three days after graduation, Kilar’s father ended his own life after battling bipolar disorder. Kilar also battled professional valleys. In the months after graduation,  the work-life he had long envisioned couldn’t have seemed further from the reality he faced. After building shelves at a local store and hustling to find a job that he actually loved, this ...

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I sadly read about another celebrity with significant wealth who died without a will. Aretha Franklin left behind an estate worth $80 million with significant future royalties and no instructions for who should receive her fortune. Over the next few years, we will hear about the fighting and legal battles over her estate. Abraham Lincoln died without a will.  Since he was an attorney, he could have written it himself, yet ...

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It’s human nature to be social.  The collective sensation of being in a group or organization helps us belong. We see this in school, where kids band together for activities. We see this in the doctor’s lounge, where the anesthesia guys chat about the latest hospital gossip. Occasionally we see the loners who shed the collective mentality and shine through their own path. If these novel beliefs are compelling enough ...

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