4 Lies About Money That Make You Poor

Lies About Money

There are a lot of reasons why doctors make financial mistakes.  Many of them – that I am going to spend some time disproving today – were caused by lies, myths, and otherwise untrue statements that are told to us.  Today we will dispel four lies about money that are told to physicians, which prevent them from making the right choices.

When is the right time to buy the next house?

when is the right time to buy the next house?

Our networth exploded this year because we have been living on 20% of our income, which was only possible because we didn’t buy a house.  In fact, the more that I think about it, the more I realize that buying a house after residency is likely the number one reason physicians take so long to reach financial independence, if they reach it at all. Today’s post discusses our thought process.

How I used the 10% Rule to Increase Our Net Worth $250K in 1 Year

Net Worth

Today is the third installment of the quarterly net worth update, but it is actually a full year out (I wasn’t blogging during the first quarter) from training at this point.  My goal for this time point was to have $100,000 in assets at this point.  Two years out I planned to have a positive net worth.  To find out how I did, keep reading.

Patient Perspectives #2: Episodic Ataxia and a Life Well Lived

A life well lived

This is a guest post from Mark who blogs over at The Retirement Spot.  In this post, we will continue our series on Patient Perspectives.  Mark has had quite the journey and wants to remind you why you started it in the first place and the role financial independence in producing a life well lived.  … Read more

Practical Investing Advice: The Pareto Principle

The Pareto Principle

The Pareto Principle can be stated many ways, but the idea is that 20% of the work will get you 80% of the results. Physician finance is no different. It is the job of the financial industry to make things seem complicated. However, they don’t have to be, and you can certainly do all of … Read more

Three Ways “First, Do No Harm” Applies to Personal Finance

First, Do No Harm

Early and often we are taught to advocate for our patients and “First, Do No Harm.” What if I told you that the same principle applies to personal finance and, in particular, physician finance? It is your job to protect yourself from harm. Today we will discuss three key concepts in this arena.

Wasting Your Money on Conflicted Financial Advice

Good Financial Advisors

I am in the process of writing a book specifically for medical students, residents, and early career attending physicians. One of the chapters is on conflict of interest, because by and large this is one of the biggest reasons that physicians make massive financial mistakes after getting financial advice.  In the process of writing that … Read more

Time is Money, but Money Can’t Buy Time

Time is Money

Please, tell me I am not the only one who thinks like this?  My monetary mindset currently revolves around our biggest (current) financial goal: Paying off our student loans. I hope that some day I can truly learn that Time is Money and that money is a means to an end. It’s not an end in itself.

Will I be able to retire? The Mice and Money Model

will i be able to retire

Mouse is a self-described husband (to a doctor), father, engineer, and finance blogger.  He builds awesome money models to predict the chances people have at successfully reaching their goals.  Today, we will see Mouse’s model for me and answer the pen-ultimate question: Will I be able to retire?