Docs Who Cut Back #7: Loonie Doc

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Editor’s note: My wife likes to quote an old world saying that there’s a lid for every pot (usually used in the context of dating). Similarly, I want every reader of this blog to find at least one interviewee that reflects the reader’s peculiar circumstances and compulsions. This interviewee qualifies, in the best of ways, as both peculiar and compulsive. …

Docs Who Cut Back #6: Dawn Baker, MD / Practice Balance

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1. What is your specialty? Anesthesiology 1a. How many years of residency/fellowship did you complete? 4 years of residency 1b. How old were you when you began to cut back? I started working 0.75 FTE straight out of residency (I was 37). After my daughter was born, I cut back to 0.5 FTE at age 42. 1c. How many years …

My First And Second Businesses By Crispy Jr

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A few weeks ago I found my son packing several balloons into his backpack. When I inquired what they were for, he informed me they were part of his business, and showed me his ledger of clients. It turned out this was his second venture as an entrepreneur. Crispy Jr was kind enough to allow me to interview him for …

Docs Who Cut Back #5: Wealthy Doc

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Wealthy Doc was possibly the first physician finance blogger, generously helping us learn financial literacy back when Al Gore had barely invented the internet. In those days, the White Coat Investor had not yet started his blog, skinny ties were all the rage, and we docs were doing stupid things with our money. Nearly a decade later, WCI might clear …

Strategies For Cutting Back: Group Policy Change

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But we’ve always done it this way! Medicine is a conservative profession, where change is viewed with suspicion and the reason, “But we’ve always done it this way!” is as unquestionable as, “I’m the mommy, that’s why!” was in childhood. (Incidentally, the latter was the bumper sticker on the station wagon that served as my first car, which made meeting …

Teaching My Kids To Prepare For A Bear

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I’ve written previously about my attempts to teach our children about investing in order to demonstrate the value of letting your money work for you. With the raging bull market, it had been an easy lesson, since every time we checked their investments they could see gains. Now comes the greater challenge. How can I teach my kids to stay …

Convergence

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Alternate Title: Carolina In My Mind This weekend was spent in North Carolina strengthening ties with people we love but see less often than we’d like. BT is one of those people. He was not a typical emergency medicine resident Most of us were single. BT was married with a kid. Most of us had family in California BT was …

A Priority We Pursue vs. A Luxury We Can Uniquely Afford

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Pursuing financial independence, especially as a physician, can inadvertently bring about feelings of resentment from colleagues. Taking cues from bloggers far smarter and more experienced than I am, I’ve learned not to bring up the subject of finances around co-workers, although if asked I’ll volunteer that I geeked out on finance a few years back and took over managing our …

My Investor Policy Statement for Time

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A key component of any financial plan includes an investor policy statement (IPS). The idea is to identify objectives, map a route to reach them, and detail the logistics in a manner where you can hold yourself accountable to the plan you create. This is critical because in defining a specific course of action you create a model to stick …