I’m a big proponent of do-it-yourself investing. In the age of index funds, many investors can manage their own investments at very low cost. And fees you pay to a financial advisor could be used to invest and grow your nest egg. But that’s not to say that I believe that no one should have a financial advisor. There are many situations where it can be beneficial to hire a financial ...

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Rock-paper-scissors is a game that nearly all of us played as children. It is a game with incredible opportunities to play mind games with your opponent. There is no luck in rock-paper-scissors as with card games. The game does not have complex rules like chess. You simply have to figure out the patterns of your opponent (or induce patterns into them) and take advantage accordingly. Can you beat the New York Times computer bot? Back in ...

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Life is full of potential worries. Personal, professional, and other stresses can make us anxious and reduce our happiness and quality-of-life. A major source of anxiety in our lives can be financial. A recent survey found that 85% of Americans are at least “sometimes” stressed about money and 30% of Americans state they are “constantly” stressed about it. In order for physicians to reduce their financial anxiety, they first have to ...

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Medicine has changed immensely over the past 40 years. Not only has the drugs, surgeries, and procedures changed, but the culture and economics of medicine have changed as well. Radiologist and blogger Xrayvsn enlisted physician finance bloggers young and experienced to write posts on the common topic of generational perspectives of the past, present, and future of medicine:

  1. Doctor of Finance MD: A Late-Career Perspective On Medicine
  2. Xrayvsn: 
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There’s a lot of financial information out there. Some of it is helpful, and some of it is unhelpful. I’m sure many of you take notice when the Dow Jones falls 1,000 points in two days. And even if you don’t usually follow the stock market on a daily basis, when the stock market is dropping, the financial news media will let you know about it. Because when the stock market is crashing, ...

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Physician financial literacy is dismal. In the past, many physicians got their first introduction to finance from insurance salesman or financial advisors who give presentations over a free steak dinner. My medical school’s attempt at teaching us personal finance was to have a financial advisory firm give a half-day lecture about student loan management, budgeting, and investing. While the advice wasn’t inherently bad, I don’t think many of my classmates retained ...

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The tricky part about retirement planning is uncertainty. Uncertainty in retirement planning comes from three major sources. 1. Current and future income Doctors are fortunate in that they have very high job security. Even if you were to be let go from your current position, there will almost always be another position somewhere in the country (although you might have to move out of your current metropolitan area). However, the high income doctors currently ...

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No, I’m not saying that the process of investing in index funds is difficult. In fact, it’s actually quite simple to build a diversified index portfolio, whether your money is invested at Vanguard, Fidelity, Schwab, or Etrade. What makes investing in the stock market so difficult is tolerating its high volatility. Many investors are unable to stick with the stock market in the long run because of the ups and downs. But those who stay invested ...

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I was driving up to Northern Michigan recently for a nice vacation with family, and like any long road trip, before I left, I turned on my GPS on my iPhone to see how many hours it would take to get there. There’s an initial excitement to get on the road, looking forward to how enjoyable your upcoming vacation will be. However, once you hit the highway, road trips can become long, ...

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Vanguard, Fidelity, and Schwab have been engaging in a fierce competition to claim the mantle as the leading provider of low-cost index funds. As a result, each has aggressively lowered their fees for their index fund offerings over the past few years and advertised their low-cost offerings to investors. After the latest round of fee reductions in mid-2017, I wrote a post speculating whether it was inevitable that Vanguard, Fidelity, ...

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