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The Dangerous Student to Doctor Transformation

financing an expensive luxury car

This post is from fellow optometrist and personal finance blogger, Syed at The Broke Professional. Thanks for helping me out while I navigate the no wifi land of rural Kentucky! When I was in school, nothing else mattered.  Life was all about doing well on the next test, and then doing well on the one after that.  This was true both during undergrad and optometry school, and it seemed like no end was in sight.  Though I knew it would end at some point, it was always “how do I get ready for the next test or practical?” Many of my classmates in optometry school felt the same way.  Professional school is similar to undergrad in that you want to get good grades and do the best you can, but it’s different because you and every other student in your class is there for one reason and one reason alone.  And you attend classes and take board exams with the same group of people for four years.  This can build a lot of camaraderie and produce a sort of “us against the world” mentality over time. A Whole New World But then after four years, it’s finally over.  We dealt ...

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How Rich Is Too Rich?

can people be too rich?

For the past couple of years, I’ve been blogging about things like ending debt, building wealth, and leaving the work force before being old and gray. To do all those things, you need money. I’m sure most of us think we could never have enough money and the richer we are, the more we would be able to do with our lives, including charity work and educating others. I think that’s true in some ways, but I also think you can have too much money. How rich is too rich? Rich People Expect Different Treatment As m any of you already know, I have worked in Telluride a few days a month for many years. It’s a resort town with a very diverse population. Most of the patients I see there are average working Joes trying to make enough money to live in a town where single family homes under $1 million are few and far between. We do have a handful of very rich patients, and from my experience, uber rich people expect to be treated differently. By uber rich, I don’t mean people who make under $1 million a year and have a net worth of a few ...

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Don’t Be Afraid Of What You Don’t Understand

understanding rental property loans

I’m going to go out on a limb here and say that everyone is good at something. Maybe it’s a skill picked up over time or with experience. Maybe we learned it in school. Maybe our parents taught us. Brain surgeons are good at neurology. Crackheads are good at finding ways to obtain crack. We all have our strengths and often don’t stray outside of the comfort zone. Today, I’ll tell you a story of how our comfort zone almost cost us thousands of dollars, all because we were afraid of what we didn’t understand. Fourplex Drama I won’t say we are skilled real estate investors, but with two properties under our belts, we felt OK with branching into a multi-family property. Everything was going almost too smoothly with the process. Things I thought might be a problem were non-issues including repairs we wanted the seller to make,  our credit card churning history and my change in employment status. What did become a huge issue was something far beyond our control. There were no comps for the type of property we were trying to buy. What Does No Comps Mean? In order to get a mortgage, you have to have ...

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3 Financial Things To Do Before The End Of The Year

It’s hard to believe we only have a few short weeks until the end of the year. It’s down to the wire on getting our financial houses in place before New Year’s Day. Hopefully everyone can take a few minutes away from eggnog and holiday festivities to make sure we’ve made the best choices with our money. Here are three things I believe are worth doing before the end of the year. Flex Plan or a Health Savings Account for Health Care Spending Flexible spending plans are a great way pay for health care expenses pre-tax for a great discount. They used to be use it or lose it, meaning if you didn’t use all of your allotted money by the end of the year, it went back to your employer. In 2013, Congress passed a law that says you can roll over $500 into the next year if you procrastinated or didn’t need to use all of your flex money during the year. Health savings accounts are a totally different animal.You don’t have to use money by the end of the year. In fact, you can let it grow until retirement if you want. Some people, self included, think ...

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Did We Manage to Live On 50% Our Income This Year?

living on half your income

My regular readers might have some big question marks about this post because I’ve never talked about living on half our income or made it a public goal. I don’t even know that we’ve been consciously trying to live on half, but we do try to invest and save as much as possible with the goal of leaving the rat race within the next decade. I actually had another post title picked out but when I read this post on Budgets are Sexy, I decided to copy change the name in tribute to all those other people out there who are working toward a similar goal. When you track your spending it can be really eye opening, in a good or bad way, to see where your money went. So without further ado, let’s see if we managed to live on 50% of our income this past year. I won’t  give  exact numbers as to how much money we bring home. Some people would say we are wasting our time with the amount we make and save. Others would say we are rich, and there is no way to save much because their income isn’t as high as ours. I ...

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