In the 1960s, Lew Goldberg showed that a physician’s intuition and judgment can be fatally flawed.  Interestingly, the same fatal flaw that was exposed by Goldberg is the same fatal flaw that causes some of the biggest financial mistakes that doctors make with money.  Why aren’t doctors rich?  Psychology has an interesting explanation that everyone should understand. Tag along as we dive into the mind of physicians ...

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There are some milestones that need to be appropriately celebrated.  For the 80% of physicians who graduated with student loan debt, paying those loans off certainly qualifies as such a moment.  Everyone has a different way of tackling their student loans.  Today, I want to outline how we paid off $200,000 in student loans in 19 months, and then discuss what our plans are to rid ourselves of the rest ...

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An excerpt from The Physician Philosopher's Guide to Personal Finance: The 20% of Personal Finance Doctors Need to Know to Get 80% of the Results. At my little girl’s golf practice one day, I got to talking to her coach. I asked him how he decided he wanted to be ...

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While at a gathering during residency, I found myself talking to an older physician.  He graduated from the same residency ten to fifteen years prior.  He was a natural leader and a good storyteller.  He was also a good teacher because he was about to teach me a lot about delayed gratification. In the midst of our discussion, I told him that my wife and I intended to move ...

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It seems like natural human tendency to explain ourselves.  When we are late to a meeting, we come up with an excuse in case anyone asks.  When our kid starts throwing a temper tantrum at the store, people stare at us expecting an apology.  In the same way, when we decide that there are things outside of medicine that are more important to us than the job – an explanation ...

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Doctors are notoriously bad with money.  Part of this has to do with the fact that the schools that prepare our future doctors are ill equipped to teach them about money.  When I was a fourth-year medical student, my school had a financial group come and talk to us about money.  Not only was their advice conflicted, but the lawyer who owned the financial group would later end ...

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To my wife, Let’s just start at the beginning. When we first met, you thought I was arrogant and prideful.  For two and a half years we would rarely talk while we walked past each other in our small college town.  At the time, we never could have imagined that one day we would get married.  In a twist of irony, two weeks before we started dating you still didn’t know as ...

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When Jason Kilar graduated from college he experienced tremendous personal and professional adversity.  Three days after graduation, Kilar’s father ended his own life after battling bipolar disorder. Kilar also battled professional valleys. In the months after graduation,  the work-life he had long envisioned couldn’t have seemed further from the reality he faced. After building shelves at a local store and hustling to find a job that he actually loved, this ...

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Recently, Crispy Doc ran an interview with Vagabond MD that highlighted his road to part-time work.  This struck a chord with me as I’ve considered doing the same despite being in my second year as an attending physician.  In fact, Crispy Doc and I had a conversation about achieving work-life balance through part-time work in Orlando at FinCon. When I came home after the conference, I ran into one of ...

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If you can’t beat ’em, join them (and make it better).  Am I right?  This was some of the sentiment I felt as I registered with FINRA (Financial Industry Regulatory Authority) to take the Series 65 exam.  Passing this exam will allow me to register in my state as an Independent Advisory Representative (IAR) and function as a financial advisor.   This begs the question: Why should I become a financial ...

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