Every day, we’re presented with choices. Some are larger than others, and though some make little difference in the grand scheme of things, some choices can be life-altering. In life and in business, when we have a big decision to make, it’s all too easy to err on the side of caution–sometimes to our personal or financial detriment. It’s human nature. But what is it that keeps us from making tough ...

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The fear of running out of money in retirement is very real. In fact, it’s the number one fear among older adults – even over declining health. According to the Transamerica Center for Retirement Studies, 43% of adults surveyed said their greatest fear about retirement was outliving their savings and investments. This very fear is what keeps people working well past what might have been their retirement age. It also makes people take ...

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We all understand the concept of net income or net pay. If you’re an employee, it’s what you see deposited into your bank account after federal and state taxes, Social Security taxes, Medicare taxes, etc. are all withheld. If you’re self-employed, it’s what you’re left with after you set aside the funds for many of those same taxes plus paid off your business expenses. In real estate, the term is referred ...

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The idea of financial freedom is something everyone dreams of. Many of us are at different stages of that journey, but on some level, it’s something we all work toward. In a previous post, I mentioned that I’m financially free from medicine, and I’m happy to say that still holds true, even a couple months later. Not only that, but my passive income streams continue to grow without necessarily putting in ...

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Every day, we’re presented with choices. Some are larger than others, and though some make little difference in the grand scheme of things, some choices can be life-altering. In life and in business, when we have a big decision to make, it’s all too easy to err on the side of caution -- sometimes to our personal or financial detriment. It’s human nature. But what is it that keeps us from ...

Read more...

We all know that life is unpredictable. In fact, the only thing that’s certain is that things will be uncertain. Despite this, or perhaps because of it, I think the majority of people are risk-averse. We’re concerned about future and its potential for unfortunate circumstances. If we weren’t, there would be no such thing as insurance–and there’s insurance for just about everything. While it’s important to think optimistically, knowing you have ...

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I am so excited to write this post. It’s been a long time coming, but in fact, it’s come years sooner than I had even dared to hope. Now, I can finally say that I am truly financially free from medicine and I wholeheartedly believe that anyone can achieve this. Setting the scene First, a little background. My wife and I are both physicians, and we’re both about six years out of training. We’ve ...

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Recently, I made the announcement that I am financially independent from medicine. As a quick recap, I’ll just say that I no longer have to rely on my physician’s salary as my primary source of income thanks to my other ventures, and yes, passive sources of income. Since then, the number one question I’ve received is this: “So, when are you going to retire?” Retirement as a way of life Well, the fact is ...

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I’ve been thinking about mortgages and savings a bit more than usual lately, and with good reason. My father recently retired from his nearly 40-year career as a physician, and in trying to be a good son, I’ve been helping him prepare for the transition financially. This involved taking an account of what he has saved up, his investments, and his expected cash flow. For him, the future that many ...

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So a new year is upon us! 2017 was a fantastic year for investors in general, so I hope it was a prosperous one for you. I believe that 2018 will be a great year as well and filled with multiple opportunities for everyone. A quick wish: May your 2018 be filled with much joy, great health, and hefty growth of your passive income streams. Now back to the post – One ...

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The recently passed Tax Cuts and Jobs Act is controversial, to say the least. However you feel about it though, the fact is it’s here to stay, affecting everyone by 2018. However, in looking at our own situation as a two physician couple (purely from the medical income standpoint), at first glance, it seems as though our taxes would actually go up. In addition, if it’s going up for us, it surely ...

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2017 has been the year of the cryptocurrency. Of course, the most famous is Bitcoin. It’s been all over the news recently, largely because its value has skyrocketed in a very short time. Since the focus of this blog has a lot to do with investing, particularly in alternative investments, I’d be remiss if I didn’t at least touch on the subject. Now, making money from currency exchanges is nothing new. ...

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My goal with this post is to try to answer some of the more popular questions that we get asked about multi-level marketing (MLM). Why write about it? Besides the fact that my wife and I are involved in one, and it’s made a significant impact on our income, the number of physicians getting involved these days is huge. My goal is not for everyone to go out and ...

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"A hobby is an activity, interest, enthusiasm, or pastime that is undertaken for pleasure or relaxation, typically done during one’s own time." – Wikipedia "A job is often defined as a regular activity pastime performed in exchange for payment." – Wikipedia If you search “hobby” on Wikipedia, you’ll be presented with a lengthy list of the most common ones: everything from magic to beekeeping to vehicle restoration. But if you look at these “hobbies” ...

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I first heard the term “accredited investor” over coffee with a friend who happened to be a financial advisor. He was excited about a real estate deal he was involved in. My interest piqued, I asked him how he finds access to these deals. He said he’d be happy to introduce me to the operators, but I needed to be an accredited investor first. I had no idea what that meant, ...

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I owe a lot to Robert Kiyosaki. His book, Rich Dad Poor Dad, actually helped start me on my path to financial freedom, and his other writings have all taught me very valuable lessons. While I don’t agree with everything, he says in every book, one thing that really cemented the idea of passive income in my mind was the concept of the “cash flow quadrant.” This concept is so important and ...

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Buying a home is a big deal; it’s one of the biggest and most emotional financial decisions you’ll make in your entire lifetime. Haven’t we all dreamt of the home we’d buy when we grow up? When my wife and I neared the end of our medical training, discussions of where to live (and how many kids to have) began to arise. Like most people, our first home felt like the ...

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“You’re a doctor; focus on being a doctor.” This piece of advice was recently given to me by my own father, in regards to my multiple ambitions outside of the medical field. He himself only recently retired from a long career as a surgeon, so his opinion is the result of years of experience. His advice got me thinking. What makes for career longevity in our field? Statistics show that more than half ...

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In a recent TED Talk, businesswoman Margaret Heffernan explored a very interesting and relevant topic. She touched on the subject of productivity by referring to an experiment by William Mure, an evolutionary biologist. In this experiment, Mure set out to prove whether a flock of chickens could be more productive by filling it with what he termed “super chickens.” Basically, these super chickens were the top egg producers out of the ...

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