I’ve written before about some ways in which Dave Ramsey may be misleading you.  For the most part, however, I think he gives great advice, especially with regards to the behavioral issues relating to getting out of debt and dealing with family and small business financial issues.  One of the pearls Dave has contributed to the personal finance lexicon are ...

[This post was originally published in 2015, but it was fun to go back and review for republication now in April 2020. Note that my current asset allocation is slightly different from what is in this post as it was changed in 2017. I feel even more strongly now about having a written investing plan (investing policy statement) than I ...

Some of the best financial advice ever given to me by a colleague is encompassed in these four words: “Live like a resident.”  Simple, yet profound.  There are really five pieces of advice encompassed in this short phrase. # 1 When You are a Resident, Don’t Live Like an Attending It appalls me to see someone taking out just as many ...

The more I learn about doctors and their finances and the more I talk to other docs, the more I see several recurring themes that cause them to have difficulty reaching financial success.  This post explores these themes. 1. Poor Debt Management This one begins early for most medical students as they get into the habit of living beyond their means.  ...

There is a very strange phenomenon I’ve noticed amongst 4th-year medical students.  They have this seemingly overwhelming desire to buy a house.  I’m not sure if its the delayed gratification thing rearing its ugly head, or if it is some unwritten rule that once you own a house “you’ve made it.”  While everyone’s situation is different, and rules of thumb ...

Doctors are busy.  Luckily, you don’t have to spend much time on financial chores compared to what was needed in the past.  Nearly every step can be automated.   David Bach even wrote a series of books about how to become a millionaire “automatically.”  Here are some steps you can take to automate your financial life and help you reach your ...

I spend a great deal of time on this site imparting knowledge.  You know, how the PSLF program works, how to do a backdoor Roth IRA, the best way to use an HSA and the like.  What I am not nearly as good at teaching, however, is something that is probably even more important.  For lack of a better term, ...

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