[Editor’s Note: Before we get to today’s post, we want to invite you to a free, live masterclass called The 3 Pillars to Physician Freedom that will be held this week only. This masterclass, hosted by WCI Network Jimmy Turner, is for any doctor who feels trapped in medicine or who is looking to get to financial independence sooner. If ...

The doctor divorce rate is 25%. We get questions on the podcast and blog from doctors going through divorce frequently but we have little experience with it. People want answers from those who have lived through it. Our guest in this episode, Dr. George Hwang, presented at the WCI Conference 2021 about how you can survive and thrive as a ...

Many of you have previously seen the series of posts I did for “high income” doctors aimed primarily at well-paid specialists or dual-income families making $500K-$1M or more per year. This post addresses the opposite issue, “low-income” doctors. The average physician these days makes around $275K, and polls show that the vast majority of doctors are in the $180-$450K range. ...

[Editor’s Note: February 22, 2021, is the last day to receive SALE pricing on the newly updated Fire Your Financial Advisor course and our new CME eligible course, Financial Wellness and Burnout Prevention for Medical Professionals. This new CME course includes EVERYTHING in Fire Your Financial Advisor AND an additional eight hours of wellness content. You’ll have unlimited access (and ...

How Do I Increase My Savings? Q. I’m leaving the military for a hospital-employed urology practice (all W-2 income). I haven’t been a great saver the last few years but would like to do better. I know I can max out my available 403(b) and HSA, but I’m trying to decide whether to use the 457(b) or backdoor Roth IRAs. ...

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 ...

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