Of all wealthy families, 90% of them lose their wealth by the third generation. NINETY percent. While there are multiple psychological reasons behind this (entitlement, lack of trust in the family, not having to work for it, taking it for granted, etc) – there is also one other major reason. Wealthy kids tend to become financially illiterate.  While you may or may not be wealthy, today’s post hopes to help prevent financial illiteracy in…Read more

This is Physician Finance Interview #11.  You can find all of the other PFI posts here.

As the interview has progressed, we have broadened the category of people being interviewed. Each person interviewed is either a medical professional of some kind (or married to one).  Sometimes that’s a physician. Other times its a dentist, PA, CRNA, or another health care professional.

The interview allows us an in depth view of their life and financial decisions. …Read more

The day should have been filled with joy.  In the same weekend, our offer on the house we wanted to buy was accepted, my favorite NFL team kicked an NFL record-tying field goal as time was expiring to win the game , and my 33rd birthday was being celebrated! However, joy is not what I felt.  What I felt was anxiety stemming from the fear of spending money.

Is this normal?
Buying the next house
For six…Read more

“It must be borne in mind that the tragedy of life doesn’t lie in not reaching your goal. The tragedy lies in having no goals to reach.” —Benjamin E. Mays

You may not realize the reason behind the name of this website.  No, I didn’t name it The Physician Philosopher because it’s difficult to say and spelling it on a keyboard makes your hands cramp (rookie mistake?).  While I am many things, two of…Read more

This is Physician Finance Interview #10.  You can find all of the other PFI posts here.

As the interview has progressed, we have broadened the category of people being interviewed. Each person interviewed is either a medical professional of some kind (or married to one).  Sometimes that’s a physician. Other times its a dentist, PA, CRNA, or another health care professional.

The interview allows us an in depth view of their life and financial decisions. …Read more