You were strong in college You were strong enough to get through weed-out classes in undergrad.  You were strong enough to balance the extra-curricular activities and clinical shadowing expected of you while crushing a 21-hour semester.  You were strong enough to say, “no, I have to study” when friends wanted to go out because you had a dream of becoming a doctor someday. You were strong enough to pay for the applications, ...

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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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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 is what Jason ...

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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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By this point, a lot of people have heard the famous Dave Ramsey quote, “If you live like no one else, later you can live like no one else.”  Ramsey is known for being a proponent of attacking debt aggressively when people ask, “How should I pay off my debt?” He proposes one method that I think works for the vast majority of Americans, but today I’ll argue that method isn’t necessarily ...

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