Category: Personal Finance
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What To Do If You’re Thinking About Quitting Medicine
I recently came across a post on a forum for dentists from a 34 year old dentist. He wanted the group to “help him get out of dentistry.” He had only been practicing for 8 years and was miserable having to deal both with patient complaints and staffing issues. It’s hard for him to decide…
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Financial Planning For Doctors In 7 Steps
“What happens if Washington votes to raise our taxes?” “Do you think all the stimulus money is going to cause inflation to rise?” Questions like these commonly appear in my inbox from Passive Investors Circle members and honestly I can’t answer them (I don’t have a crystal ball). The government’s tax policy and the future…
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What’s the Difference Between Earned vs Unearned Income?
What’s the Difference Between Earned vs Unearned Income? It wasn’t until about seven years ago that I started searching for income sources outside of my dental practice. It took a minor wrist injury while skiing to make me realize I was depending 100% on the practice’s income. Not a good plan to have especially when…
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Wealth vs Income – What’s The Difference?
Wealth vs Income – Is there a difference between the two? Here’s how most people think about wealth and income… It’s actually fairly simple-minded as it goes something like this: The more a person’s income increases, the more wealthy they become. Sound familiar? If this was the case, then all doctors, lawyers and other professionals…
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37 Abundance Mindset Quotes For Success
After I had a job offer joining a periodontal group practice fall through two weeks before graduating, I shifted from an abundance mindset to one of scarcity. Even though I had close to $300K in student loan debt, the thought of starting out with a good income kept me thinking with an abundance mindset until…
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19 Habits Of The Wealthy vs Poor – Which Do You Have?
Think about where you are right now. If you’re a doctor or other high-income earner then more than likely you’re in the position you’re in because of personal habits. While friends were out partying in college; you chose to study instead. In college, I got into the habit of studying a minimum of 3-4 days…
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5 Reasons Why Doctors Aren’t A Prodigious Accumulator Of Wealth
I first heard the term, “prodigious accumulators of wealth” in 1996 while reading one of the most popular finance books ever written by Dr. Thomas Stanley, The Millionaire Next Door. If you haven’t read it then head over to Amazon and get it now. Even though some of the statistics might be outdated, the…
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The Importance of Time Value of Money
You’ve probably heard about the importance of time value of money. But do you know what it really means? One of the first people to coin the phrase “Time is money” was Benjamin Franklin in his book, “Advice to a Young Tradesman, Written by an Old One”. The original quote was: “Remember that Time is…
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87 Robert Kiyosaki Quotes About Wealth & Success
87 Robert Kiyosaki Quotes About Wealth & Success One of the most popular financial books ever written has inspired millions to pursue passive income via real estate investing. It’s also been responsible for changing the way investors think about wealth and success. Robert Kiyosaki’s Rich Dad Poor Dad is that book with over 40 million…
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The 7 Dave Ramsey Baby Steps Explained
The Dave Ramsey Baby Steps Explained If you enjoy reading and learning about personal finance, then it’s safe to say you’ve probably heard the name Dave Ramsey. Since the 90s, Dave Ramsey’s Baby Steps has helped millions of people get out of debt and start them down the path to achieving financial freedom. No matter…
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What To Do With 10 Million Dollars If It Fell In Your Lap
What To Do With 10 Million Dollars If It Fell In Your Lap There’s a Louisiana Lottery and Powerball electronic sign in between our house and church. Every Sunday morning after we leave church, my 16-year-old and I play a game. As we pass the sign, I ask him, “What would you do if you…
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Living Below Your Means vs Expanding Your Means – How To Get Rich
Living Below Your Means vs Expanding Your Means It wasn’t until recently that I heard a podcast host mention that instead of focusing on living below your means, we should instead EXPAND them. The majority of finance articles focused on financial independence (FI) mentions that living below your means is the first step. This principle…
