Category: Personal Finance

What Are Dave Ramsey’s Baby Steps? (Updated) I can still vividly remember where I was when I first heard the Dave Ramsey show. At the time, I was completing a dental residency in New Orleans. Honestly, I hadn’t given much thought to my accumulating student loan debt ($250K+) because I thought I’d make decent money…

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We love to travel. Honestly, we spend more on travel each year than any other category in our budget. A handful of people have asked, “Since you love traveling so much, why not buy a timeshare?” Doctors are suckers for deals. Especially timeshare deals. Salespeople feed off of our “desire for relaxation” because they know…

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In 2004, I originally read David Bach’s book, The Automatic Millionaire, after it was first released. He has since updated it to an “Anniversary Edition” in 2016. Recently, there’s been a lot of talk in the financial blog space regarding millionaires. It seems that many people want to know two things: Who they are? How to…

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Let’s face it. Doctors and other high-income professionals pay a lot of taxes. They’re unavoidable. But when it comes to your retirement savings, you have a choice as to when you want to pay them. Now, or later? One potential way to save on taxes later is converting a 401(k) to a Roth 401(k).  Before we…

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5 Best Ways To Invest 50K Wisely For 2024 And Beyond What’s the best way to invest 50K? This question was recently posted on a doctor-finance private Facebook group that I’m privy to. I was amazed at the number of responses and broad range of answers regarding the best investment strategy. Having an extra $50,000 is…

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The more personal finance and debt free blogs I come across, the more I realize most doctors are striving to achieve financial freedom. What exactly does this mean? In simple terms, a financially independent person has enough wealth to live on without working. There’s an entire group of FIRE (Financially Independent Retire Early) people (like Physician…

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For some reason, I’ve been on a kick lately researching millionaires, specifically, what it takes to become one. One phrase that has popped up several times during my research was: “the first million is the hardest.” If you’re a doctor reading this, listen up. These next few paragraphs will hopefully open your eyes and motivate…

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I’ve been a long time listener of the Dave Ramsey show. For those of you familiar with Dave, then you’ve probably heard him mention the Seven Baby Steps to financial freedom that I’ve discussed in the past. Baby step #5 has to do with starting to fund your kid’s college. He recommends either a Coverdell Education…

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There are no two bigger financial gurus in America than Dave Ramsey and Suze Orman. Both have become extremely wealthy giving financial advice to folks with high amounts of consumer debt. Is one better than the other? Who should you listen to? Let’s take a closer look and do a head-to-head comparison between Suze Orman…

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Usually when a New Year rolls around, many are thinking about setting new goals and resolutions. There are numerous studies out there touting why most people don’t reach them such as: making them too vague and impossible to reach. As someone that’s always been goal oriented, I feel that many fail because they only list…

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Is there really a difference between rich and wealthy? There is but it seems that most don’t know what that difference is. According to a recent survey, investment firm Charles Schwab asked 1,000 Americans, “How much money would it take for you to feel rich?” Survey says!: 2.4 million For them, being wealthy meant:  Spending time with…

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I read a lot of great material each week on other personal financial blogs such as: ESI Money,  Physician on Fire, Passive Income MD and many others. Most topics are centered around becoming financially independent, retiring early, saving money and living a balanced life. Unfortunately one of the best kept secrets, which happens to be…

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