The Loan Debt Number That Changed My Life
Over a million dollars...my heart beat rose, my eyes scanned the bottom of the page believing I imagined those extra zeroes, but the numbers and decimal points remain unchanged. 1.5 million dollars was the number on the loan repayment plan page. No - I’m not talking about MY loan (whew!), but rather that of my best friends-- a dual physician couple that I grew up with, now with a newborn, and…
Economics 101: Why Your Investment Activities Don’t Influence the Price of Stocks
They tumble, slide, jump, soar. They get the jitters and often seem moodier than a hormone-addled teenager. They are the stuff of which dreams are made—the rise and fall of fortunes in mythological proportions. I’m thinking of how fortune smiled on that lucky mortal who bought Apple shares for a song back in the ‘80s and became a bajillionaire. Yes, I’m talking about financial markets. Yes, it’s…
How to Manage Your Green to Stay Golden (with a Sound Retirement Spending Plan)
“I want the last cheque I write to bounce.” Chuck Feeney Ah, the golden years—riding into that retirement sunset. For some, it’s an eagerly-anticipated time in life, filled with big dreams; possibly, plans of moving to Florida. For others, shudder-the-thought. Wherever your feelings might fall on the spectrum, one thing may hold true: you probably don’t want to burn through your retirement…
Create and Put Your Estate Plan in Place STAT: Here’s How
If you’re looking for a barrel of laughs, you should probably read something else; if you’re looking for practical advice on how to ensure your “affairs” are “in order” before you “croak,” you’re in the right place! And if you’re looking for an opening line using unnecessary quotation marks for silly dramatic effect, you just passed it. Welcome to Part 2 on estate planning! If you missed my last…
Because You Can’t Take It With You...Estate Planning!
The term “estate” is commonly defined as a vast piece of property owned by a prominent family. As in, William Pumpernickel of the Pensicola Pumpernickels invites you to his country estate for croquet and crumpets. For purposes of this post, I’ll be referring to an alternate definition of estate: an individual’s total assets (e.g., all land and real estate, possessions, financial securities,…
Financial Literacy Should Be a Required Part of the Residency Training Curriculum
Financial literacy is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources. It is not emphasized in radiology training programs. Here are 13 reasons why it should be: 76% of medical students graduate with a median $200,000 of debt, which plays a major role in personal financial problems,…
Understanding Your Tax Bill: Property, Sales Tax, and How to Avoid Sticker Shock
"The power of taxing people and their property is essential to the very existence of government.'' -James Madison, U.S. President https://www.youtube.com/watch?v=fQ0t_BuXIrU&feature=youtu.be Whether you aspire to build a real estate empire on Park Place and Boardwalk, or just a modest little home somewhere around, say, Baltic Avenue, there’s no avoiding the tax bill. Both on the Monopoly…
Test Your Powers of Deduction, Earn Extra Credit! (Income Tax: The Sequel)
Looking to put your powers of deduction to the test? Want to rack up some extra credit? Your powers of tax deduction, that is. And by credit, I mean tax credits. And by tax credits, I mean a lower tax bill and keeping more of your money in the bank. If so, then you have come to the right place! This is part two of my discussion of income taxes. If you didn’t read my last post (part 1) you…
Code Green! The Taxman Cometh: Making Sense of Tax Law Gobbledygook
“I am proud to be paying taxes in the United States. The only thing is – I could be just as proud for half the money.” -Arthur Godfrey, entertainer What’s that noise? Why, that’s the sound of your bank account crying when tax time rolls around. Navigating the seemingly complex annals of the tax code and process of filing your taxes can be less painful when you are well-informed (and that…
Ensure You’re Most Assuredly Insured: Home, Auto, and Extended Warranties
It is generally agreed that insurance is not exactly the most palatable way to spend your money. After all, you’re regularly paying for a product you don’t want to ever actually have to use. From one perspective, one might view it as sort of a rigged system. Insurance companies usually pay out less in claims than they receive in premiums, so insurance buyers collectively lose money. No one…