There are some milestones that need to be appropriately celebrated. For the 80% of physicians who graduated with student loan debt, paying those loans off certainly qualifies as such a moment. Everyone has a different way of tackling their student loans. Today, I want to outline how we paid off $200,000 in student loans in 19 months, and then discuss what our plans are to rid ourselves of the rest …
Wealth seems to be an elusive dream for many people. They desire to become wealthy, but feel they don’t earn enough money to reach that goal, as if earning more would make the difference. A study of 10,000 millionaires presented in Chris Hogan’s new book, Everyday Millionaires, showed that 69% of these millionaires reached that level of affluence on a household income of less than $100,000 a year. If all …
Nearly five years into practice, I have negotiated my first contract, multiple pay increases, call compensation and independent contractor status. I prepared by researching my market value and reading about negotiation strategy. The following are some points I have learned along the way.
If you negotiate in medicine, you may feel like the only one.
Over the years, my mid-career colleagues confided that they have not received a single pay increase, only …
So much of personal finance and investing isn’t about winning; it’s about not losing. That’s because investing is a single-player game; it’s you against your goals, not you against your neighbor or your partner or some yahoo on an internet forum. However, there are precious few whose ultimate financial goal is to be broke and if you can avoid doing that, well, that’s one mark of success. There aren’t that …
Not only is an audit unlikely to happen — if it does, it’s rarely a huge deal.
Few words inspire such fear in the hearts of Americans as “IRS audit.” But one of the biggest mistakes that taxpayers make is letting fear of the IRS stop them from taking advantage of tax savings they deserve. Especially for locums tenens docs and other 1099 income earners since the 67,000-page tax code favors …
A retirement plan isn’t usually a top priority for fresh doctors looking for their first jobs, whether that final date is in five years or thirty. Perhaps knowing when to hang up your hat is immaterial so early in your career since most doctors will end up leaving their first job within the first five years anyway. However, I do wish that I had some inkling about the career paths …
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 …
Women physicians are disheartened when they discover the financial implications of having children. Most of us will not get paid leave. Many of us are the breadwinning partner. And most of us will not become stay at home moms so we will need to pay for high-quality childcare or have a stay at home spouse.
Certain things should be in place prior to becoming pregnant. So even if you’re single, I …
Asset protection is a term that gets tossed around quite a bit when we discuss how long and difficult the journey is for doctors to establish their careers. You always want to protect what you’ve worked hard for, right? The principles for asset protection apply not only to doctors but essentially anyone who wishes to have some sort of security for their assets. The key is to make sure you don’t over …
We’ve all heard about credit card points and miles by now—put enough of your expenses on plastic and you’ll be flying first class airlines all the time, right? We are actually fortunate in American (sorry for those of you residing in, let’s say Japan, who still are stuck in a mostly cash-based society) to be able to have incredible amount of credit card options to squeeze out every penny.
While the …
Disability can be a devastating outcome to a doctor’s career and self-image. Think about it: You busted your butt to learn how to do a Whipple procedure, end up getting into a skiing accident that ends your career right there. No worries, because you purchased the appropriate coverage of own-occupation disability insurance, right?
Having disability insurance certainly provides a protective cushion, especially you are the sole breadwinner. This is a no-brainer, …
It’s been a little over two years since I started this journey of blogging about passive income, and I’ve learned so much along the way. The term “passive income” has come to mean something very different to me over these years.
I used to think that passive income was simply earning money in a way that isn’t proportional to the time you put in. And while this is …
To my wife,
Let’s just start at the beginning.
When we first met, you thought I was arrogant and prideful. For two and a half years we would rarely talk while we walked past each other in our small college town. At the time, we never could have imagined that one day we would get married. In a twist of irony, two weeks before we started dating you still didn’t know as …
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When Jason Kilar graduated from college he experienced tremendous personal and professional adversity. Three days after graduation, Kilar’s father ended his own life after battling bipolar disorder.
Kilar also battled professional valleys. In the months after graduation, the work-life he had long envisioned couldn’t have seemed further from the reality he faced.
After building shelves at a local store and hustling to find a job that he actually loved, this is what …
It is official. I have left my day job and have two months off before starting my next day job thanks to being financially secure. As many of you know, the Tubb’s Fire has led to many changes in my life over the past year. We had many decisions to make and now, 13 months out, are putting those plans into effect. The biggest of these decisions was to …
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:
We talk about money on my website, and how to make sure that you have enough of it. In fact, that’s pretty much the entire strategy for the growing crowd of people in the world who are gunning to retire at an age that most neurosurgeons start their careers.
Those of us in the medical field who also have similar ambitions to work our finances intelligently are likely to have similar …
If you can’t beat ’em, join them (and make it better). Am I right? This was some of the sentiment I felt as I registered with FINRA (Financial Industry Regulatory Authority) to take the Series 65 exam. Passing this exam will allow me to register in my state as an Independent Advisory Representative (IAR) and function as a financial advisor. This begs the question: Why should I become a financial …
Anger. Jealousy. Envy. Frustration. I was feeling all the emotions when NYU announced in August that their incoming and subsequent classes would be tuition-free into perpetuity. One consolation: at least I wasn’t one of the chronologically unfortunate that graduated from the school just months, or a year, before that announcement. For them, the time difference was small, but the difference in loans was vast — one year of tuition costs …
Within the medical community, there seems to be a prevailing belief that when it comes to business and finance: Well, we’re just not very good at it. Some chalk it up to the lack of financial training we received in medical school. Others say it’s simply not in the physician’s DNA – that our brains are wired differently.
I would disagree.
In reality, I’ve seen many, many physicians become successful …
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