Anger. Jealousy. Envy. Frustration. I was feeling all the emotions when NYU announced in August that their incoming and subsequent classes would be tuition-free into perpetuity. One consolation: at least I wasn’t one of the chronologically unfortunate that graduated from the school just months, or a year, before that announcement. For them, the time difference was small, but the difference in loans was vast — one year of tuition costs ...

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I have talked in the past about how I try to tackle the philosophy of financial independence.  Part of the reason is that there are so many other amazing voices that manage the mechanical side.  The other part is my profound belief that the grand majority of Americans can either cleave a path to financial independence or at least substantially improve their economic situation.  Yet, the majority don’t. ...

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By this point, a lot of people have heard the famous Dave Ramsey quote, “If you live like no one else, later you can live like no one else.”  Ramsey is known for being a proponent of attacking debt aggressively when people ask, “How should I pay off my debt?” He proposes one method that I think works for the vast majority of Americans, but today I’ll argue that method isn’t necessarily ...

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Financial freedom means different things to different people, but to me, it’s when you can quit your day job and be able to cover your expenses with other sources of income. The dollar amount depends on your unique situation, where you live, and the lifestyle you lead. I believe all physicians can attain financial freedom, but some encounter obstacles that delay them from reaching that point and sometimes keep them from ...

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Some of us like to micromanage.  Obviously, this trait is useful only for certain tasks that you need to accomplish.  Managing money can take some attention to detail, but fortunately, many issues work themselves out if you follow broad principles.  How much you should micromanage your daily expenditures really depends on your own tolerance and your individual financial situation.  We’ve all seen discussions about the cost of daily artisanal cups ...

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Within the medical community, there seems to be a prevailing belief that when it comes to business and finance: Well, we’re just not very good at it. Some chalk it up to the lack of financial training we received in medical school. Others say it’s simply not in the physician’s DNA – that our brains are wired differently. I would disagree. In reality, I’ve seen many, many physicians become successful ...

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Necessity is the mother of invention. If you need something badly enough, you are more likely to find a way to obtain it. This proverb clearly rings true in all aspects of life. The key is really knowing how badly we need it. I knew someone who wanted to become a dermatologist. After several additional years of research after medical school and applying to residency, she eventually achieved her goal. ...

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There’s a lot of financial information out there. Some of it is helpful, and some of it is unhelpful. I’m sure many of you take notice when the Dow Jones falls 1,000 points in two days. And even if you don’t usually follow the stock market on a daily basis, when the stock market is dropping, the financial news media will let you know about it. Because when the stock market is crashing, ...

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I was sitting across from a new acquaintance at the CampFI Midwest and he was telling me about his next budding venture.  He had a brilliant business plan.  An idea which no one had capitalized on before.  He was in the middle of gathering investors and beginning the long process of due diligence.  I probed further.  I am always wary of what I call the financial independence ...

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Physician financial literacy is dismal. In the past, many physicians got their first introduction to finance from insurance salesman or financial advisors who give presentations over a free steak dinner. My medical school’s attempt at teaching us personal finance was to have a financial advisory firm give a half-day lecture about student loan management, budgeting, and investing. While the advice wasn’t inherently bad, I don’t think many of my classmates retained ...

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