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Top 3 Financial Mistakes Physicians Tend to Make

February 18, 2020

As a physician, you’ve sacrificed years of your life, significant monetary resources, and countless hours of sleep to achieve the success you have today. Through your education and extensive training, you’ve accumulated the knowledge and skills needed to make critical, life-saving decisions on a day-to-day basis. However, when it comes to finances, evaluating important money-related choices might not come as easily.

For high-income earning individuals like physicians, though, proper financial management will be imperative for maintaining a high quality of life throughout (and beyond) the trajectory of a lucrative career. With this in mind, we’ve compiled a list of the top 3 financial mistakes physicians tend to make so you can avoid making these same missteps in your financial life.

The Better Way to Budget – In Reverse

January 28, 2020

Around the beginning of the year I tend to get a lot of questions – both from clients and friends – about how to do a better job budgeting and saving on a regular basis. Studies have shown that saving money is one of the top five New Year’s resolutions, and is also one of the top five resolutions most people fail. The reason for that is simple: Our traditional version of budgeting is difficult to establish, time-consuming to manage and allows minimal margin for error.

Five New Year’s Resolutions to Keep in 2020

January 21, 2020

At the start of a new year, many of us sit back and make resolutions about a number of different things. It may be spending more time with your family, losing weight, traveling more, any number of things that are important to you. These are probably things that you have resolved to do previously but many times as the year goes on, you find that your resolve has dissipated.

However, resolutions around financial goals can be different. Many of these are things to consider and decide on. At the end of the process, you can feel confident that you have considered what is important for your financial health and move forward to the end of the year resolving to do the same the next year.

A Common Sense Guide to Heart Health

January 15, 2020

Want to see some amazing results in your life? It’s been said that a man with health has a thousand dreams, while a man with no health has but one. Don’t you owe it to yourself, your family, your career and your community to have not only a thousand dreams, but also the energy and engagement to make them happen?

Are you prepared for alimony to stop? Three ways to improve your finances if you’re getting alimony

January 7, 2020

A few months ago, I saw a sale sign in front of my neighbor Gina’s house. She’s lived on my street even longer than I have, so I was surprised that she was selling her home. I bumped into her a week later at the supermarket and asked her where she was planning to move. She told me (with some regret) that she was downsizing to a less expensive house. The alimony payments she’d been getting from her ex-husband had ended last year, and she hadn’t prepared for the loss of that income. She soon realized she could no longer afford to live in her home.

Remember in December: 8 Critical Ways to Organize your Finances Before Ringing in 2020

December 30, 2019

I’d like to believe that everyone understands the value in a year-end review of their personal finances. Statistics that I’ve seen indicate that over half of people who make resolutions indicate a change to household finances and saving money is a priority in the new year1. What is a bit of surprise to me is that so many put off (or neglect all together) actually reviewing their finances before year’s end. My conclusion: one of the biggest deterrents is the time it takes to get things organized.

When it comes to being successful with money, strong organization will empower you more than anything else you can do to take control of your finances moving forward. With my personal and professional understanding of the challenges of this process, I’ve put together an 8-step checklist to get your finances organized, take inventory of where you stand, and ultimately get you ready to close the books on 2019.

Category: Blog