We have all received many gifts throughout our lifetime. Most are long gone and forgotten, but a few gifts stand out as favorites. As kids, we are given so many toys that we don’t even remember most of them. As we get older, practical gifts like ties and socks are given. Sometimes people don’t know what to give us, so we get gifts we don’t even want or need. There ...

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Many people look at their 401(k) like it is a piggy bank. Since they often don’t have any other savings, when they need a lump sum of money for a large purchase, the only account they have with a decent balance is their retirement account. Since most people are not saving outside of their retirement plan, many people end up with an empty checking account, an empty savings account, no emergency ...

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There are only three valid reasons to file an extension on your taxes, which changes your required filing date from April 15th to October 15th. Unfortunately, I see many people who have filed an extension incorrectly or for the wrong reason that end up getting billed by the IRS for interest and penalties. There is no reason anyone should have to pay penalties for late tax filing since correctly filing for ...

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Wealth seems to be an elusive dream for many people. They desire to become wealthy, but feel they don’t earn enough money to reach that goal, as if earning more would make the difference. A study of 10,000 millionaires presented in Chris Hogan’s new book, Everyday Millionaires, showed that 69% of these millionaires reached that level of affluence on a household income of less than $100,000 a year. If all ...

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It’s interesting, but not surprising, to hear that numerous government employees are crippled by the delay of a single paycheck. This is precisely the reason everyone needs an emergency fund. When an unexpected financial catastrophe pops up, we need to be able to weather the financial storm. Many people consider a car breakdown, a sick pet, or a roof leak to be an emergency. These are not emergencies. These are things ...

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Most don’t realize how easy it is to become debt free. Instead, they envision a horrible drop in lifestyle and great sacrifices that include turning back the clock to medical school days where they were living on peanut butter and ramen. When in fact, no sacrifice is required to become debt free. All it takes is to decide that becoming debt free is what you want and then stop borrowing ...

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Too many doctors today believe that their income is what determines their level of success. This is a fallacy that is hurting way too many doctors. We hear things like, “Become a specialist so you can make the big bucks,” or “Now that I’m an attending, I can afford the payments on a new Tesla,” or “I’ve lived in an apartment too long, now is the time to get my ...

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How often do we face a physical or mental feat that we’ve always wanted to do, but never seemed to be able to complete successfully? I had a physical feat that I wanted to do my entire life, and this year, at age 56, I finally succeeded. I can still picture my junior high gym class. Lots of other people could do it. Why couldn’t I? They didn’t seem to ...

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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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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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