Many doctors today find themselves living paycheck to paycheck. They make a good income but just never seem to get caught up. Non-doctors see us as rich. But many of us are just broke on a larger salary. The whole reason I wrote my book stemmed from a conversation with a doctor who was struggling to make ends meet on a $450,000 a year income. That should never happen.

The national …

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As I work with people one-on-one as a high-performance coach, I have found that the most important aspect to their wealth accumulation, is their habits. Good habits create good results, and bad habits create bad results. The good news is, habits are learned.

You were not born with any of your habits; you learned them somewhere along the way. That means you can unlearn your bad habits and learn some new …

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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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I have been helping doctors with their personal finances for a long time. I recently realized that there is a single statement, if doctors would learn to use it, that would change their lives.

It is very common for me to encounter doctors who are in over their heads financially, struggling with debt, and living paycheck to paycheck. They have a high income, but never seem to have money left over …

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When I was a young lad, just heading off to college, I had no debt. I had no credit cards. My family didn’t use debt for purchases other than buying our house. I really didn’t have any knowledge about how to best use debt. My student loan package included a scholarship, a work-study program and $1,500 a year in student loans. I earned about $4,000 each summer working in the …

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I am continually running into people who are confused as to what constitutes debt when we are doing a makeover with their spending plans. Wikipedia defines debt as money owed by one party, the borrower or debtor, to a second party, the lender or creditor.

I have clients who list out their accounts payable as personal debt. For example, they see the dentist, and he is going to send a $200 …

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Congress has passed the new tax bill. This was certainly not tax reform as has been discussed, but simply a rearrangement of how they calculate our taxes. This new plan lowers tax rates but eliminates many of the items that were previously deductible. Sort of like rearranging the deck chairs of the Titanic as it slowly sinks. Real tax reform might have made things so much simpler that the IRS …

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An unusual thing happened to me today; I was awakened by my phone alarm. Ever since I stopped practicing medicine ten months ago, I have rarely needed to set an alarm to get up. Today when my alarm sounded, Carolyn commented that when she woke up, she thought we were in Spain.

Last Spring, we were traveling through Spain on a two-week bus tour. Each day we had to have our …

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With a society living on credit, a government deep in debt, eight years of desensitization during training (something unique to doctors), rising tuition, and falling pay — it’s no wonder doctors are having a major problem with debt. Where will it end? Debt has become the norm. Will Rogers summed up this pattern of high consumption on borrowed money nicely: “Too many people spend money they haven’t earned to buy …

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I am frequently asked the following question: “Should I pay off my student loans before I put money aside to invest in the stock market?” The person asking this quick and simple question is looking for a yes or no answer. The problem I am faced with is there is not enough information in the question to give a proper answer. Therefore, I say, it depends.

It depends on how the …

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