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Wealthy Doc

Blog Info

Name:
Wealthy Doc
Category:
General Finance
Tags:
physicians, doctors, high income, financial independence, high net worth, investing, personal finance, financial planning, money management, early retirement
Start Year:
2011

Blogger Bio

Location:
Indianapolis, Indiana, United States
Age:
Unspecified
Race:
Unspecified
Gender:
Male
Life stage:
SIK (Single Income, Kids)
Profession:
Physician (Doctor)
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Latest Blog Posts

This post is inspired by J.D. Roth’s book, “Your Money – the Missing Manual.”  He wrote that his ideas of financial philosophy are lurking behind the pages of his book.  He also explicitly listed then in the book’s introduction. Financial success is more about a mental game than it is mastering numbers.A lot of success comes from understanding yourself and mastering your emotional state.  You don’t need a high IQ or ...
Posted: Oct 19 2017 @ 8:00 AM
How can you create more and do more?  Jim Rohn was a “business philosopher” who influenced Tony Robbins, Mark Victor Hansen, Jack Canfield, and Brian Tracy among thousands of other people.  Mr. Rohn taught timeless topics like how to live your values, create your future, achieve your goals, and become a true success.  He felt our natural tendency to be ambitious can and should be fostered and supported to create ...
Posted: Oct 18 2017 @ 8:00 AM
Psychology is important when it comes to personal finance.  It is most important to understand yourself.  There are some patterns that have been identified.​Here are some of the more common ones, according to psychologist and author, Dr. Kathleen Gurney.  See if any sound familiar to you.  Safety Player               You are fearful of outside forces that affect your money.  You value safety and maintenance of principal above all else.  Why take a ...
Posted: Oct 17 2017 @ 8:00 AM
Come tax time do you receive a 1099 for income you received?  I don’t mean for interest from the bank account, 1099-Int.  I’m talking about income from your “side gig.”  What?  You don’t have a side gig?  OMG, why not?  A side gig is a great way to diversify your income streams, boost your cash flow, and make some of your business expenses deductible.For example, if I attend an IME ...
Posted: Oct 16 2017 @ 8:00 AM
Robert Kiyosaki in his book, “Rich Dad’s Increase Your Financial IQ” wrote about protecting your money.  Most of us would think of this topic as asset protection.  Maybe estate planning or corporate structures, etc.  Instead Robert wrote about all the parties who can’t wait to get their hands in your pockets.Robert’s “Rich Dad” taught him that the thieves to a farmer are “bunnies, birds, and bugs.”  The farmer needs to ...
Posted: Oct 13 2017 @ 8:00 AM
  Robert Kiyosaki argues that the difference between the rich and the poor is largely due to variation in financial IQ.  He even wrote a book on the topic, “Rich Dad’s Increase your Financial IQ.”  Here are his five types of financial IQ. Financial IQ #1: Making More MoneyThose who earn more have a higher “financial IQ” using this terminology.  One who earns $500K is much higher on this scale than $50K.  ...
Posted: Oct 12 2017 @ 8:00 AM
I am often asked what my best investment was.  It is a challenge to answer.  I usually bring up some of the commercial real estate work I have done.  Or maybe senior living projects?  Or surgery centers.  Medical office buildings have produced a healthy and steady return.  Then there are bread and butter mutual funds which have added considerably to my wealth.But no, none of those is the best.  The ...
Posted: Oct 11 2017 @ 8:00 AM
I first learned of this concept from Mitch Anthony, author of “The New Retirementality.”  He wrote that many of us have aging parents.  Some of our parents are set for life with plenty of financial assets.  Others are not so set.  Many are living on subsistence incomes patched together with social security, limited savings, and part-time work.Most of us feel grateful to our parents.  I know my parents always did ...
Posted: Oct 10 2017 @ 8:00 AM
U.S. retiree financial security has diminished in recent decades.  The days of pensions (Defined Benefit Retirement Programs) are almost gone.  They have been replaced with so-called Defined Contribution Retirement options, such as IRAs, 401Ks, etc.This is a case of risk-shifting.  Employers used to take on this financial risk.  Now the employees are responsible.  Some employees are excited by this change since they are now fully in control.  They aren’t tied ...
Posted: Oct 09 2017 @ 8:00 AM
This post is inspired by Dave Ramsey’s book, “The Total Money Makeover.”Dave Ramsey has helped countless thousands of people out of debt.  He encourages Americans not to be “normal” or “average” since the average American is broke and up to his eyeballs in debt.  Dave has seen myths repeated over and over.  It is worth reviewing a few of the basics here: MYTH: Debt is a tool and should be used ...
Posted: Oct 06 2017 @ 8:00 AM

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