Financial Clarity Blog

The first step to achieving financial independence is to define what financial independence means to you. It's going to be different for everyone. How do you want your life to look? What do you want to do for work if you could choose? What would you like to do in your free time? How much free time do you want to have?

I’m really good at contradicting myself and making sense (in my head) while doing it. For example, I am a big advocate of setting goals and creating a plan to achieve those goals. The simple process of creating a goal and an action plan to achieve it can help you accomplish a lot. I’m not a big fan of New Year’s resolutions because they are usually a half-hearted self-improvement “goal” that we bail on by February. For example, every year, I tell myself I will swear less, say more positive things, and less negative things. I don’t make much progress.

When it comes to debt, there are both financial and psychological factors at play. The financial ramifications of paying interest ultimately exacerbate the total cost of a purchase. The fixed cost that comes with a monthly debt payment limits your ability to do other things with your money.

An important aspect of financial planning is risk management. How we manage the financial risks that could affect us could mean the difference between achieving financial independence or not. When planning for your financial goals, consider what risks could hinder your ability to achieve those goals? What can you do to either mitigate them? Today we will discuss what financial risk is, why it arises, and how managing risks can impact your financial future.

The 2019-2020 academic year is behind us, which means there are approximately 45,000 new doctors entering practice in America (according to the ACGME Data Resource Book). That's a lot of new doctors who have a fantastic opportunity to achieve financial independence if they get started on the right foot. Today we are going to dive into six ways to achieve financial success as a new attending physician.

For most doctors buying a house, especially early in their careers, a mortgage is a necessity. A common question you may be wondering is, do doctors get better mortgage rates?

Which option is best? As you can expect, my first reply is always, “It depends!” And that is because the best option depends on WHY you are no longer able to contribute to your employer’s plan.

People assume that doctors are rich, because being a doctor is a considered prestigious job and most prestigious jobs pay good incomes. However, having a good income and being rich are two different things.

While most of you reading this don’t earn anywhere near $1M/year, it may seem crazy to think that you would find yourself going broke if you earned that much. However, I have seen enough people’s finances to tell you that there are people out there earning $1M/year living paycheck to paycheck.

To kick-start 2020, I wanted to put together a list of 20 money tips for 2020 that you can strive to implement this year.