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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Burnout and dealing with its symptoms has become a hot topic in the last decade. It’s a problem that has multiple contributing factors. Some of those factors are thrust upon us and are beyond our control, such as government regulations. Other factors are self-imposed, and thus under our control, such as volunteering for extra call shifts. One self-imposed factor is a little thing we use to improve our lives, our ...

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If you have been following my writing, you know I have been out of the surgical workforce for a year and a half. I have settled into a much more relaxing lifestyle as an author who can set his own work schedule. This week I got a flashback of what my old life was like as a general surgeon when I attended a four-day conference called FinCon. Each morning of the ...

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An interesting phenomena recurs when I work with physicians to makeover their finances. They almost never believe that overspending is the problem. They believe the reason their credit card balance is growing, and their large monthly income isn’t enough to pay their expenses can’t be due to their own choice to overspend. They always have a reason for the lack money: They have huge student loans. They have eight kids. They are in ...

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