Lesson Two: Three General Principles
In Lesson Two of Business Is the Best Medicine’s Personal Finance for Medical Professionals, we cover three key principles for financial success:
Spend Less Than You Earn & Invest the Difference: Save at least 25% of your net income and invest it to build wealth.
Start Early: Begin investing early to develop good habits and benefit from compound interest.
Know Your Goals & Make a Plan: Set clear financial goals and create a plan to achieve them.
By following these principles, you can effectively manage your finances and secure a prosperous future.
Lesson One: Why Learn About Personal Finance?
Welcome to the first lesson in our Personal Finance series for medical professionals. Despite their high incomes, many medical professionals struggle with money management due to a lack of financial education. This lesson highlights the unique financial challenges and advantages faced by medical professionals and the importance of proactive financial planning.
Key points include understanding gross vs. net income, setting a high savings rate, budgeting, and wise investing. The goal is financial independence, enabling career and life choices without financial constraints.
Stay tuned for more practical advice to build a solid financial foundation and achieve your financial goals
The Paradox of Money
Dr. Slater, an ER physician reflects on his lifelong fascination with money, balancing the pursuit of wealth with lessons on modesty and fulfillment. He navigates dualities, striving for financial independence while avoiding material excess, ultimately finding satisfaction in simplicity and meaningful pursuits.
Lessons from Japan’s 34 Years of “Zero” Stock Market Returns
[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”4.25.1″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” header_font=”|700|||||||” header_2_font=”|700|||||||” sticky_enabled=”0″] If you follow financial news, perhaps you noticed that the Japanese stock market has recently returned to its historical peak after 34 years. On February 22, 2024, Japan’s Nikkei […]
Lottery Lessons
We all have probably passed a billboard with the lottery winnings on there and wondered “What would I do with all of that money?” Tune into to read how Dr. Slater’s thoughts on winning the lottery and how his thoughts have changed throughout his career.
The Realities of Using Your Vacation Home as a Rental
In the second part of the series about owning a vacation home, Dr. Slater discusses using your vacation home as a rental. Learn pros and cons of renting out the vacation home, from cost savings, getting regular usage from the home and having a property management company to wear and tear, annoying your neighbors, and meeting regulations.
Our Vacation Home: Dream Come True or Financial Nightmare?
Dr. Slater writes a series of articles about his vacation home in Hawaii. Explore part 1 about the decision to purchase his home. Look forward to part 2 and 3 when he discusses renting out his vacation home and the tax implications of having a vacation home.
15 Money Mistakes That Have Cost Me Millions
Read about Dr. Neill Slaters top 15 financial mistakes. Make sure on your way to millions, you don’t make the same ones!
New Guest Post: The Myth of the Tax Write-Off
How do tax write-offs work? Was I able to deduct my donation to this non-profit organization? Can you write off meals, trips, and other items? My new guest post, The Myth of the Tax Write Off at The Motivated M.D. – Financial Tips for Physicians (themotivatedmd.com), answers these questions and more.
My First Guest Post
Dr. Slater wrote an article about why he still works, after achieving FI. The Motivated MD featured it as a guest post. Read here to get the link and check it out!
