A friend invited me to dinner to meet his new girlfriend.  I’d get to hang out with several other people from work and residency, too.  So, I was looking forward to dinner. We all sat down to eat. About ten minutes into the meal, I felt and looked like I had just gotten out of a swimming pool.  I was sweating.  A lot.  I thought to myself, “Why do these people ...

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Adrian Peterson (AP) made news lately. And it’s not because he is breaking records. In fact, he is breaking in a completely different way. The news that “broke” is that AP is, well, broke. Despite being one of the most prolific running backs to ever play the game, Adrian Peterson’s money problems are impressive. The story outlines how they feel that AP landed in such a bad spot, ...

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A book was recommended to me recently by a resident of mine.  It is written by Simon Sinek and called Leaders Eat Last.  I already knew that I agreed with a lot of what Sinek says because I’ve seen You Tube Videos by Sinek that feel like he has reached inside my head and ripped my ideas directly from my mind. Today, I don’t want to deliver a ...

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When it comes to destroying debt, many of us are familiar with the two most common methods to pay down debt. Many choose the debt snowball method where you pay off your smallest debt first while paying the minimum on others. Once that first debt is gone, you roll that payment into the next. Eventually, you gain a ton of momentum as your debt snowball accumulates. This allows ...

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“Someday Syndrome” is prevalent in many walks of life, but it is particularly bad in medicine.  You know what I am talking about.  “Someday, when I have graduated medical school …” or perhaps the more common phrase is, “Someday, when I am an attending …” Phrases that start with this sort of expression imply that today is not good enough.  And I am here to tell you that if ...

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Much of the personal finance blogosphere directed at physicians spend time discussing spending money. And for good reason.  Physicians have a spending problem.  While I am all about educating people about their personal finance shortcomings, it is also important to find balance in life.  Some things in life are worth the money because they provide happiness despite not building your wealth.  One might even argue that these non-monetary ...

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In one of the recent physician burnout and depression surveys, doctors were asked to name the causes of their burnout.  The typical culprits were listed: lack of autonomy, EMRs, lack of support from administrators, insurance companies, lack of time with patients, and so on.  However, when they were asked what would improve their burnout, getting paid more was the number 2 cause.  Apparently, I am not the only ...

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Whenever I tell people outside of medicine how bad doctors are with money, they are always shocked.  Almost universally, they wonder why we don’t save enough money.  They understand that – to become a doctor – you must be hardworking, intelligent, and dedicated to the cause.  These are the same attributes – when they are applied correctly – that result in financial success.  How in the world can ...

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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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