I used to have a patient who was an undertaker.  We had many conversations about philosophy and practicality,  and it didn’t take long to realize the profound insights one must learn when engaged in such a unique business.  As I was often fond of saying, when the undertaker speaks, you should really listen.  This belief that our experiences can lead to new and different perspectives has pushed me to analyze not ...

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My wife is a urogynecologist lucky enough to get through her seven years of residency plus fellowship with “only” $124,000 of student debt. When we discussed how we were going to get rid of this debt, she had always assumed that it was going to take a couple decades to pay off. With our combined income, we certainly could’ve lived like paupers and extinguished her loans rapidly. However, I knew a ...

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A few years ago my son expressed interest in racing bicycles. I thought that would be a great way to spend time with him, and if I was going to be at all the races, I might as well race too. It would also help me take a few unwanted pounds off and get me into better shape. We started racing part way through the year and learned the nuances of ...

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The trap had been set.  I arranged my baseball cards in the three boxes that I had arranged in a circle around my bedroom floor.  I checked again to make sure that anything of value had already been packed away in the dresser drawer in the closet.  Bill’s mom would be dropping him off in a few minutes.  I salivated as I thought about the bundles of cards he ...

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It seems like everywhere I look these days people are talking about passive income streams: why you should start them, which ones you could start, how they can change your life, and how much money you can make from them. Doctors commonly look for ways to create passive income as a way of being able to work less while still maintaining the lifestyle they want or honestly to quit ...

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It’s that time of year again. Over 30,000 medical residents are about to finish their training and start their first job. Many of them will make some big financial mistakes during their first year that will haunt them for years to come. One of the biggest errors many doctors make is to buy a house right after they leave residency. Society gives us a big push to own a house, after ...

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I return there sometimes in my dreams.  Plodding down the streets of my childhood, I turn sharply to the right and push through the door as the bell clangs announcing my presence.  A middle-aged man is bent over rummaging; he peers past the display case and calls to me in acknowledgment.  The air is warm and humid inviting me to peel off my jacket, hat, and gloves.  I throw them ...

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I strongly believe that clinical physicians do not have an edge on the rest of the market. Therefore, they should heed Warren Buffett’s advice — avoid picking individual stocks and invest in index funds. Nevertheless, some doctors do believe that they have an edge when it comes to investing in health care stocks. They think that just because they are a doctor, they are better trained to ...

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Upon retiring from clinical medicine and becoming a full-time author/coach (I like to say I’m repurposed), I was uncertain as to the amount of taxes I needed to pay. I have a complicated tax return with several K-1s that don’t surface until March. My final return totals 32 pages for federal and 5 pages for state.  After making an estimate of my tax bill at year end, I figured I ...

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Financial independence is fantastic.  It allows you to wrangle free from the hum-drum existence of the W-2 asset class and aspire towards your individual life calling.  Maybe you want to start a non-for-profit.  Or volunteer at a local hospital. Or travel to the Galapagos islands and study the unique evolution of the flora and fauna.  Whatever your passions may be, there is no greater accelerator than freeing up forty ...

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