Below you'll find a list of all posts that have been categorized as “Physician Personal Finance”
There’s an interesting subtext I’ve found in some of my fellow physician finance blogger’s material that exhorts us to be more efficient, to not waste a single minute spent on our toilet seats, to regard exercise breaks as opportunities for self-improvement via podcasts played at 1.5 speed to cram our minds full of yet more knowledge. If that type of …
A short while ago, I enjoyed a rare treat: a socially distanced, masked get-together with a friend (and physician colleague) on the deck of my home. He has been a friend for years, someone I relish geeking out over personal finance with, yet I realized with awkwardness that this was the first time he was coming over to my house. …
Many folks pursuing Financial Independence (FI) as high income professionals often opt for a lifestyle comparable to average income households, arbitraging the difference in income (greater than households at similar spending levels) and expenses (far less than peers in their profession) to supercharge their investments. A modest lifestyle with high income and financial literacy can combine to act as a …
I have always been a saver, influenced by both nature and nurture. Growing up in the 1970s, my father took my brother, sister and I to the local McDonald’s where he promptly ordered one large chocolate shake and 3 small cups. I had no idea this was not what everyone did until a pair of cousins visiting from out of …
The math of wealth is based on earning, saving and investing. The art of feeling wealthy is about the stealthy accumulation of marginal gains, disciplined spending habits based on parsimony, and relishing the weight in your pocket of those small figurative and literal coins others will not deign to pick up. Someone tried to shame me at the beach yesterday …
Maintenance is a requirement and not a luxury by definition. Proper maintenance reduces the rate of depreciation of an asset like real estate by slowing the approach of entropy. Dilapidation is delayed if undeterred. Increasing control over my time has better enabled me to address the long-deferred maintenance of my health in a number of ways. I am not making …
A few years ago, a provocative concept became the basis for a most amusing book entitled, “Not Quite What I Was Planning.” The conceit was that, similar to the title, the book consisted entirely of six word memoirs submitted by persons ranging from the famous to the obscure. My favorite came from the writer Dave Eggers: “Fifteen years since last …
There’s an old adage that gets trotted out at every elementary school fundraiser: If you think education is expensive, try ignorance. Today I’d like to explore some of the consequences, both financial and non-monetary, of ignorance in my life through some illustrative case studies. Case #1: Failing To Contribute To A Roth IRA During Internship The Roth IRA was established …
At This Point, Does It Make Sense To Purchase A House? We’ve calculated you’ll need an income of at least $280k in order to max out your i401k. To max out the contributions we’ve discussed as an independent contractor you’ll be saving $56k for the i401k (= $19k employee + $37k employer contribution) $6k for your backdoor Roth $6k for …
A reader is an independent contractor in emergency medicine. He is married with young kids, looking to buy a house in the next 1-2 years in a high cost of living (HCOL) area in a high income tax state. He still has student loans under $200k, but they are refinanced at a low rate where the math favors paying the …