These 3 items often give people an upset stomach when talking about the future and planning.
My parents were budgeters… not because they enjoyed it, but because they didn’t have the means to be extravagant. I grew up in a two parent working household and that was to make ends meet. I was extremely fortunate that my parents valued my future, and it was evidenced in how they spent and saved their money. Home cooked meals were the norm — until I started in activities that kept me at lessons or practice from the time school recessed until the late evening. I never questioned the sacrifices they made nor the financial understanding of what they were doing. I’ve learned a lot from how they spent their money, and it’s something I want to pass on to my kid(s).
When I look around at people and their spending habits, I’m appalled at what they purchase. Eating meals out every night…. buying tons of clothes/makeup/shoes…. these are just some of the things that just seem to be wasteful to me. Do I do it? Yes, but minimally. Do I think about it every time and wonder if it’s worth it? Absolutely. But, it’s never too late to start a plan or get on track to be financially savvy or responsible.
If you’ve just graduated high school…. here’s a great place to start: What I Wish I’d Known at 18 from Physician on Fire.
Helpful links to tackle:
- The Money Habit
- Retirement Researcher
- Suze Orman
- Bogle Heads
- Personal Capital
- White Coat Investor
- Physician on Fire
- Passive Income MD
- 1500 Days to Freedom
- Top Personal Finance blogs 2018
- Kiplinger top 10 personal finance blogs
- Inc. top personal finance blogs
- Motley Fool top personal finance blogs
Updated March 19, 2019
I’m always curious as to what others are doing for financial success. Do people do side hustles? Are you guys knowledgeable in stocks and options? Are some really savvy at retirement accounts? What are people doing these days to plan for a solid financial future?
A couple of years ago, I came across a website called White Coat Investor. I got an Audible book of White Coat Investor and I wish I had it while in college and about to enter medical school. I continue to be on their email list bc it’s one of the few websites I found that includes helpful financial tips in a newsletter. The one I came across today was a subsidiary of WCI, called Physician on Fire. They have a great post on The Cash Balance Plan, which our group started offering to us a couple of years ago. It’s worth a read…as are most of the articles at POF.
About a week ago, I got an email and followup call from a consulting firm requesting various advice/expertise on medical devices. This was the first time I had been contacted re: a consulting opportunity.
Another thing I could use is more diversification of my stock/investment portfolio. Here’s a great article for considering adding new asset classes.
Side Hustles for Physicians
- PassiveIncomeMD: List of Side Hustles
- POF: Obstacles to pursuing a side hustle
- KevinMD: Lazy side hustles
- SEAK: Expert Witness resources
- SEAK: Physician Resources
- Case review for physicians
What is a backdoor roth?
How to setup a backdoor roth: