529 plans are the most commonly used college savings vehicle among my regular readers. They benefit from higher annual contribution limits than Educational Savings Accounts (Coverdell ESAs), can be front-loaded for up to five years, and sometimes offer a break on state taxes. While not as flexible, they are superior to a UTMA or other taxable account due to protection ...

[Editor’s Note: Today’s WCI Network post from The Physician Philosopher discusses a common fallacy held among most people, including the high earners who compose the audience for this blog. Most people think that more money will make them happier. While the data suggests that it actually does make people happier to have more money (particularly as income grows up to ...

[Editor’s Note: Today’s guest post was submitted by financial planner, Ben Offit, CFP™. We have no financial relationship. Managing student loans can be a tricky business with a lot of money at stake. Check out the additional resources from the blog (and podcast) included throughout the post for more answers to your questions. In many cases, it is also wise ...

When it comes to investing in individual companies, I’ve largely stuck to index funds. I’m not that into “stock picking.” There was a time when I invested in a few dividend stocks back during the Great Recession. I saw a lot of great blue-chip companies, many dividend aristocrats, who were being knocked down because of the financial crisis. It was ...

Podcast #191 Show Notes: Don’t Make These 10 Financial Mistakes There are 10 big financial mistakes that doctors make. We see these made repeatedly over and over again. If you can avoid these, you’re going to have a great career and financial life. We often think we have to get everything right with our finances, but you really don’t. You ...

Rising health care costs have spurred constantly changing efforts to help Americans afford medical care. One benefit growing in popularity is the flexible spending account (FSA), which goes above and beyond your health insurance policy to help you pay for out-of-pocket medical costs. If your employer offers an FSA, here’s everything you need to know about enrolling in and using the ...

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The vast majority of physicians and other high-income professionals should and do buy a disability insurance policy at some point during their careers. Despite the presence of plenty of information about doctor disability insurance on the internet, too many of them are still doing it wrong. In this post, I’m going to address seventeen common errors that doctors continue to ...

Despite the differences in political philosophies, the one thing both Republicans and Democrats can agree on is economic prosperity. Everybody wants to gain more wealth. Therefore, for stock market investors, having political gridlock tends to be wonderful for returns. No party can always get what it wants. And when one party does get what it wants, it is always a ...

Sometimes, we have to spend money to save money. For example, switching to energy-efficient light bulbs will help you save on electricity, and getting a low flow shower head means your water bill will go down. And a crock pot (or an Instant Pot if you’re fancy) allows busy families to cook cheap-yet-delicious meals. What products are helping you save ...

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