The subject of physician burnout has become a major point of contention in our community. Institutions try to help by implementing “mindfulness programs” or bringing in “burnout experts” for a one-time lecture. Physicians complain that the system is flawed and mindfulness is just another way for them to “blame the victim” for being burned out. Meanwhile, there are doctors who are simply trying to survive through each day; they walk ...

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As a personal finance coach, I have learned that the most important aspect to wealth accumulation is having good money habits. Good habits create good results, and good results are what everyone wants. We were not born with any of our habits; we learned them somewhere along the way. That’s good news, because that means we can easily learn new habits. After all, we didn’t have any trouble learning the habits ...

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When we think of a brand, we usually think of companies such as Apple or Coca-Cola with their recognizable logos and colors. We may also think about celebrities, such as Beyoncé and the Kardashians, who have large-scale exposure and garner massive attention. But, what is a brand? A brand is a particular identity or image that’s regarded as useful or valuable. And, a brand’s identity is how a business wants to ...

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I truly believe that the business asset class is important in supercharging the race to financial independence.  While many dream of starting their own Google or Amazon, I find myself much more interested in the small, less scalable business.  The kind that spins off some revenue, builds experience and know how, and is fun. Although I have owned multiple small businesses (mostly medical practices and real estate), the one that I ...

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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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Money is great.  It provides security, options, and freedom.  If you work hard, practice relative deprivation, and save enough money to become financially independent, you will have reached a commendable milestone. However, financial independence means nothing if you don’t have your health.  It doesn’t matter that you have $5 million if you aren’t around to enjoy it, or if your health is so poor you can’t travel, start a business, teach a class ...

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The final year of any residency is a time of accelerated independence, moonlighting, and an intense search for that first job as an attending. This decision is critical as one embarks on a life-long career in medicine, and it will undoubtedly blend a mix of analytics, emotion, and finance into the final analysis. With a bit of candor, I want to share the mistakes I made when accepting my first contract ...

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The primary benefit of municipal bonds compared with other bonds is that the interest earned is typically exempt from federal income taxes. In general, income from municipal bonds is also exempt from state income taxes if you live in the state where the bond is issued. Calculating the equivalent return of municipal bonds Municipal bonds will typically have lower returns than an equally risky corporate or government bond. However, the interest on corporate and ...

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We’re going to address the most common question I see. Should you pay off debt or use your money to invest? Over and over again it is asked, always with slightly different details. 95% of the time, the answer is a simple “It depends.” So today, we’re going to talk about what it depends on. I’ve written about this topic before, but it has been six years. I ...

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I recently posted a graph of my net worth since I started tracking it in 2014 on Twitter. Despite becoming an attending in 2012, I did not track my net worth early on. As you can see, it has been a slow and steady climb to a positive net worth. I posted this, and the White Coat Investor stated this is a good case to discuss one house, one ...

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