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5 Tips for Avoiding a Holiday Financial Hangover

The holidays are one of our favorite times of the year.  We get to spend time with family, and take a break from our work to catch a breath before the new year kicks off.  Unfortunately, this is also a time of year when many people will make poor financial decisions that lead to a holiday hangover that could last for years.

According to a recent survey by credit karma, over a quarter of Americans plan on going into debt during the holidays.  In other words, they intentionally plan to dig themselves into a deeper hole than they're already in with debt.  Some of the other key findings are listed in the table below.

What strikes us as most saddening is that 43% think that debt is unavoidable during the holidays and 22% are still paying off last year's debt.  Talk about a long hangover!

If you've been reading this blog for more than a minute you know just how ridiculous these statistics are.  Going into debt to buy xmas gifts is unavoidable? ...

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10 Reasons to Hire a Financial Coach

Getting out of debt is hard-maybe the hardest thing you will ever do in your life.  Some even say losing weight is easier than losing debt!  Both are harmful to your future health and financial success, respectively.  What can you do to better your chances of success?  One option to consider is hiring a financial coach.  In this blog we'll share 10 reasons why a financial coach might be a good option for you to consider.

What is a financial coach?

First, we need to get a full understanding of what a financial coach is and is not.  As in sports, a coach helps you win the game.  In this case the "game" we're speaking of is getting out of debt.  Like in sports, a coach is on the "sidelines" observing, planning, guiding, directing, encouraging, etc. 

A financial coach does the same thing.  They start by understanding your situation-why you want to get out of debt, your dreams and aspirations, frustrations and troubles; all the things...

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How to use a high deductible health care plan to build wealth

The fall is often when many of you, like us, are eligible to change your healthcare plan for the following year, and this week's blog focuses on one option that could help you in your wealth-building process.

If you're like us, even though you work in healthcare, thinking about health plans is not very exciting.  This is especially true if you're blessed to be healthy and never need to see a doctor.  However, deciding which type of plan to choose can lead to significant benefits down the road as you work to build significant wealth.

While there are many options to explore when selecting a health plan, we would argue, a high deductible health plan (HDHP) combined with a health savings account (HSA) is one of the best options to consider.  In this blog we'll break down how this plan works and the benefits to selecting such a plan.

What is an HDHP?

Healthcare.gov defines an HDHP as:

"A plan with a higher deductible than a traditional insurance plan. The monthly premium...

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Million Dollar Cars: How what you drive can determine what you're worth.

We Americans love our cars!  For many, what you drive is an extension of who you are and how others see you.  Think about it.  You're sitting at a stoplight and on your left you see a middle-aged man driving a 2006 Toyota Corolla with two child car seats in the back, a few scrapes on the bumpers, and silver paint that is showing the signs of being a 13 year old vehicle.  On your right you see another guy about the same age driving a 2019 Mercedes AMG GT Roadster

What's going through your mind if someone were to ask you to describe these two men?

If you're like most people, you would assume the guy driving the $150K Mercedes is successful and wealthy, and the guy driving the old Toyota is not.

Hopefully, if you've been reading our blog for any length of time you'll know that millionaires are hard to spot by what they drive, but many still associate flashy cars with wealth when much of the research shows millionaires tend to drive older used...

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Getting on The Same Page: 5 ways to start the process of getting your spouse on-board with getting out of debt.

One of the most common challenges we hear about couples working to get out of debt is that one of the couple is not totally bought into getting out of debt.  While it is still possible to get out of debt working by yourself, most likely you won't stay debt-free very long if your spouse is not on the same page when it comes to money.  In this blog we share five simple things you can do with your spouse to begin the debt-free millionaire doctor journey.

#1: Start with why.

Starting with why has become a bit cliche ever since Simon Sinek's book Start with Why was published a decade ago, but the logic still holds true in that you need to start with the reason(s) why you want to become debt free.  Skipping this step doesn't mean you won't find success, but as the challenges come in your debt-free journey it will be much easier to stop when there's no reason to persevere.

The end of the year is a great time to start the process of determining your why.  Consider...

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Finding Breathing Room in Your Life

As we come to the end of another year it's a great time to start doing some reflection to look back on 2019 and determine how well you did in taking a step forward to become a debt-free millionaire doctor.  In this blog we’ll share some tips on how to look back to make 2020 an even better year as you work toward becoming debt-free.

For those that got out of debt in 2019 congratulations!  Tell us your story here

You’ve taken an incredible step forward in building wealth now that you are free from your debt!  Make sure to take some time to celebrate this incredible milestone.  We also suggest sharing your success with others.  This isn’t meant to be a way to brag about your success, but instead to show others who may be in a similar situation it is possible to get out of debt. 

You are an inspiration to many who think it’s not possible to live in a way that leads to debt freedom.  Share your story so others can do the...

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4 Steps to Breaking Free of the Month-End Mindset to Build Wealth

This week’s blog is centered on what we would argue is the biggest wealth killer – having a month-end mindset.  Our society has trained us to focus on the month end when it comes to many things, including our finances.  Have you ever heard of a credit card with an annual payment?  How about a car with a quarterly payment?  Maybe a mortgage with a biannual payment?  Of course not.  Our finances are centered around monthly payments, and we would argue to build wealth you will have to break your month-end mindset.  Let’s look at some ways to do this.

First, what is a mindset? 

A mindset is a collection of attitudes and beliefs.  This collection of attitudes and beliefs make up the mental inclination, habit or disposition that predetermines a person's interpretations and responses to events, circumstances and situations.

Your mindset is based in your beliefs and thoughts.  We all have mindsets on a variety...

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Wealth Building by Going Green

This blog kicks off a series we'll be adding to over the next few months focused on building wealth by "Going Green".  The YourDictionary.com site defines Going Green as making more environmentally friendly decisions such as to "reduce, reuse and recycle." 

How can going green lead to building wealth? 

Let's explore this question by stepping through the process we recently went through to contract the installation of a solar system on our property.

Going Solar to Build Wealth

For us, going green is becoming more a reality as we just signed a contract to install solar panels on our barn to power our home.  One potential wealth killer is the price we pay for power in California where we live.  We weren't totally shocked, but it was still an eye-opener when we received our first electrical bill that was over $1,000! 

Technically, the bill was for a month and a half since we moved into our new home mid-August, however, the total bill for September...

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5 reasons why paying off debt can be good for your life.

Being a doctor is hard work.  Many of you work long hours and deal with complicated issues that, in some cases, can mean the difference between life and death.  However, the career of a physician can be incredibly rewarding despite the challenges, but over time the stress can build to a point that is very hard to recover from. 

The stress many doc's face comes not only at work, but also at home, and one of the biggest sources of stress for many is their debt.  In this blog we discuss five reasons why paying off your debt can actually lead to better physical, emotional, and career health.

Debt is powerful.  Sometimes so powerful it takes control of our lives.  Don't believe us?  Take a few months off paying your debt and you'll quickly see the control it has over your life!  One of the greatest outcomes of us paying off our debt is the freedom it has given us to live our lives as we choose to, not as we have to.  The great thing about...

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Taking a Digital Detox: Getting unplugged to stay energized.

What's the longest you've ever gone without Internet access?  If you're like most people, it probably hasn't been very long.  Is it even possible to live without Internet access in the modern connected world we live in?  Are there benefits to disconnecting or even taking an extended disconnect (aka digital detox)?  In this week's blog we explore how going offline can be beneficial from not only a psychological perspective, but also a financial perspective.

We spend a lot of time online!

A recent report by Hootsuite and We Are Social calculates the average time spent per day using the Internet is 6 1/2 hours.  Yes, that's per day!  In total this equate to 100 days online each year, nearly one-third of our lives.  This number is shocking considering we know many people who don't even get this much sleep every night! 

In some ways this number isn't all that shocking.  So much of what we do each day is connected to the Internet. ...

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