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.
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.
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.
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
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
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