Track Your Financial Goals with Four Key Measurements

Today’s Saturday Selection from The White Coat Investor gives you four key benchmarks to track while working to achieve your financial goals. Whether you’re trying to get out debt, save up for a big purchase like a trip, house, or boat, or achieve financial independence, tracking these four key measurements will help you achieve those goals. We wish you success in achieving whatever goals you’ve set! As always, this article originally appeared on The White Coat Investor.   Question: I am […]

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My First Bear Market

FIrst Bear Market

Today, we have an insightful guest post from a frequent contributor here on both physicianonfire.com and on the White Coat Investor Forum. You may recognize him as Vagabond MD, a radiologist who recently appeared on the WCI Podcast. He writes about his first bear market, which occurred just after the turn of the millennium. At the time, I was a medical student and was minimally invested in an IRA and not paying a whole lot of attention, and certainly not […]

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The Ten Commandments of the White Coat Investor

WCI-Banner

Do you want to reach financial independence? Of course you do. Do you want to get there in a reasonable amount of time? I’ll take it that’s a yes. Back in 2012, Dr. Jim Dahle of The White Coat Investor wrote the Ten Commandments you should be willing to follow. More recently, in late 2017, Ether to FI shared with us his report card as it relates to these directives. How did he do? Check out Ether to FI: Obeying […]

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Investing Basics for Physicians With Little Time or Experience, Part II

In Part I, we explored the various types of common retirement and investment accounts, including workplace retirement plans, self-employed retirement plans, and the taxable brokerage account. Today, in Part II, we will explore how to choose funds to occupy those accounts, touching on fees, asset allocation, and asset location (yes, those are two different things), and we’ll touch on real estate. Entire books are written on these topics, so if you’re looking for a deeper dive into some of these […]

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Should You Consider Your Primary Home a Part of Your Net Worth?

Home Net Worth

Today, in the Saturday Selection, Passive Income MD ponders whether or not a home is a good investment, and whether or not you should count it as a part of your net worth. Note that these are two distinct questions, and the answer may not be the same for both of them. And the answer or answers may depend on the experiences you’ve had as a homeowner. Personally, I don’t think of my primary home (or second home) as an […]

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Why Joseph Should Continue in Real Estate Investing

LEGO New York

Today’s guest post is courtesy of Evan Roberts, a Baltimore real estate investor with Dependable Homebuyers. He reached out to me after reading Joseph Hogue’s guest post about failures with real estate investments. Evan had a similar experience starting out in real estate as Joseph, but he applied the lessons learned to improve his real estate investing. Evan runs a home buying company that focuses on flipping single family homes and holding low income rentals. Personally, I’ve been too busy […]

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Top 5 Ways I Make Poor Choices With Money

Drum_Lake_MI

Nobody’s perfect. I’m living, walking, occasionally limping proof of that. I try to do most things the right way, or at least what I think is the right way, but due to some combination of laziness, inexperience, or overconfidence, I often manage to goof things up. Sometimes it’s just small stuff. Like leaving the remote in the refrigerator or bumping my head on the stinkin’ monitor suspended from the ceiling in O.R. 6 that’s inexplicably 5’10” off the floor. Gets […]

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How Leverage Can Multiply Your Returns & Create Massive Wealth

leverage

Today’s Saturday Selection from Passive Income MD demonstrates the power of leverage in boosting returns when investing in real estate. In the world of stocks and bonds, using leverage is referred to investing “on margin,” or with borrowed money, but we’ll leave that lesson for another day. The math laid out below shows how leverage can be a real boon to the investor’s return when returns are positive. When returns turn south, leverage can come back to bite you. As […]

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What I Wish I’d Known at 18: Money Advice For a Graduating Senior

money lessons graduate

Today’s post is a guest post from radiologist Dr. Matthew Morgan of The First Habit. I typically reserve guest posts for Thursdays, but given the timeliness of today’s topic, it didn’t make sense to put this one at the end of the queue. I’ve met Dr. Morgan a couple times now — he happens to live next door to Dr. Jim Dahle of The White Coat Investor, and I’m happy to hear the first of his six children is graduating and […]

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Should You Invest in a Roth or Traditional 401(k)?

When investing in retirement accounts such as a 401(k), or perhaps for you it’s a 403(b), SEP or SIMPLE IRA, or another variety, you will likely be faced with a choice. Do you invest in traditional, tax-deferred manner or make Roth contributions? Maybe both? Whatever you choose, it’s important that you invest. If you’re employed, there’s a good chance you’ll have some matching dollars invested on your behalf. Even without a match, there are wonderful tax advantages to either option, […]

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Do You Feel Lucky, Punk? Determining Appropriate Portfolio Risk

Today, we’ve got a Saturday Selection from the White Coat Investor, where this article originally appeared. This is an important topic for investors, and it’s a great example of how personal finance is personal. Some people are comfortable with risk. Others are conservative by nature. Some people avoid the stock market because they don’t understand it and consider it gambling. Personally, I’ve never been afraid to take risk with my portfolio. I don’t take uncompensated or unnecessary risk, but I […]

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My Rich Dad. My Poor Dad.

rich dad poor dad

PoF: Personally, I’m more of a John Bogle guy than a Robert Kiyosaki guy, but I’ve heard if you can separate the wheat from the chaff, there are some valuable lessons to be learned in his books. The most famous of his books is Rich Dad Poor Dad. He may have made one of them up, but I’m not here to debate that. I’m here to present you with a post from Passive Income MD in which he discusses his […]

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Money Lessons from the Amazing Dr. Shaq

Shaq Soda

I’m always intrigued by those who earn millions of dollars per year or even per month. Some manage to blow all that money and then some. Others, like a select few NFL players, choose to spend wisely and save prodigiously. Today’s Saturday Selection highlights the habits of one athlete who was among the highest paid NBA stars for many years. The headlines sadly feature athletes with similar income who don’t have a penny to their name. Shaquille O’Neal will not […]

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Investing in a Three Fund Portfolio Across Numerous Accounts. Get the Spreadsheet!

I’ve written a number of times on the effectiveness and beautiful simplicity of a three fund portfolio. All you need to do is own one total stock market fund, one total international fund, and one total bond fund and you’ve got a portfolio that is incredibly well diversified and likely to perform as well or better than many far more complicated portfolios. There’s a slight problem, though. Nobody, and I mean nobody, has a portfolio this simple. For one thing, […]

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I Owned Six Homes and Lost It All With Real Estate Investing

lower ninth ward

Today’s guest post is courtesy of Joseph Hogue, a man who once dreamed of becoming a real estate mogul and fell flat on his face. Joseph previously worked as an equity analyst and an economist before realizing being rich is no substitute for being happy. He now runs My Stock Market Basics and four additional websites in the personal finance and crowdfunding niche, making more money than he ever did at a 9-to-5 job, and loves building his work from home […]

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Paying Off the Mortgage Early is a Mistake I’ll Never Regret

japanese house hilo

Today, we have a guest post from a co-nominee for the Best New Personal Finance Blog at FinCon last year. Neither of us won the Plutus Award, but the nomination alone was an honor. That recognition is not the only thing we have in common. There’s also the fact that both of us chose to be debt-free rather than carry a mortgage in spite of the math that would suggest it’s not the smartest financial move. Why? I’ll let Rob […]

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The White Coat Investor Backdoor Roth Tutorial

backdoor roth wci

I’m excited to bring you one of the most popular posts The White Coat Investor has ever written. The original post, Backdoor Roth IRA Tutorial,  has over 1,600 comments. If you’ve got questions, I’m fairly certain you’ll find the answer there. I’m a big fan of doing this, and as of 2019, I’ve made seven pairs of backdoor Roth contributions for my wife and me. I’ve captured screenshots at every step when I’ve made the contributions, and that post, Vanguard Backdoor […]

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Got Student Loans? Alter Your Asset Allocation.

Bull Bison

I’m happy to introduce you to another physician anesthesiologist and blogger, The Physician Philosopher. He has been quite active online in recent months since getting started with his site where he discusses both wealth and wellness from a doctor’s perspective. He’s got a pledge to donate a quarter of the site’s income to endeavors that promote wellness, which I love to see. I have no financial or other relationship with the good doctor, and as far as I know, The […]

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How to Think About Money

How does one normally think about money? How should one think about money? The answer to the first question, at least for me, has typically been what money can buy. For a lot of years, money bought me stuff. In grade school, money bought me football cards and candy. In high school, money paid for movies and first dates. There may have even been a second date one time, but that’s not important. In college, money paid for tuition and beer. […]

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