Book Review: Everyday Millionaires by Chris Hogan

Calculating how to become a millionaire is pretty simple math.  Just accumulate enough assets to offset your liabilities so the difference between the two is at least a positive million.  However, the process to become a millionaire is not so simple.  The great news is many people have become millionaires and we can learn from what they did to build wealth.  Chris Hogan writes about research on over 10,000 millionaires in his book Everyday Millionaires.  In this blog we share some of his key findings to aid you in your path to becoming a millionaire.     

The easiest way to become like someone you look up to is to uncover the secrets to their success.  For example, if you want to be the greatest pediatrician ever you would find mentors who have been successful and ask them what they did to achieve their success, and then just copy what they did.  This, of course, doesn’t guarantee success, but it’s a good...

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Comparison Cancer: 3 Prescriptions to Cure Yourself From Comparisons

 Let’s face it.  Most of us struggle to avoid looking at others and comparing ourselves to them.  Whether it’s our career, house, car, jewelry, clothing, even children; we find ourselves often comparing our lives to the lives of others to determine how we “stack up”.  We would argue this is especially true of super-competitive people like many physicians tend to be.

Think about it.  We start competing from the time we are born.  It starts with competing with other children and things (i.e. smart phones, TV) for our parent’s attention the day we are born.  Moving on through K-12 education we are graded, awarded, class ranked, etc.  Then comes college – taking entrance exams and getting scored, competing with others to get into the college of your choice.  Continuing on in your higher learning and taking MCAT’s to get into a med school, then the ranking process with residency, and on-and-on into a...

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The Big "D" and Making Sure You're Prepared for It

Whether or not you want to think about it or ignore it you are not going to be here at some point in the future.  Sad, but true, we all pass away.  As the old saying goes, “Nothing in life is guaranteed except death and taxes.”  So, if we all know what’s coming, we might as well do our best to prepare for it.  In this week’s post we’ll cover a topic most will find rather depressing and boring, but it’s also one of the most critical to being financially responsible – life insurance.

Teresa’s story.

Teresa was a healthy 35-year-old family practice physician.  She had just finished residency a few years earlier and was starting to build her practice in a new city.  Her husband, Jesse, an engineer, had also started a new position shortly after their move.  They were parents to three boys ranging in age from 4 to 10.  They were a busy family on the go from the time they got up in the morning until...

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Financial Tidying Up: Getting your financial house in order.

There’s a popular series airing right now on Netflix called Tidying Up with Marie Kondo.  The series is based on Marie’s best-selling book titled The Life-Changing Magic of Tidying Up.  You might be thinking to yourself why we are writing about tidying up on a blog focused on helping doctors become debt-free millionaires, but believe us there’s a connection to getting organized and getting out of debt.  Let’s explore these connections in this week’s blog post.

One of Scott’s passions is helping organizations get faster and better at what they love to do for their customers, and a foundational steps in the process he teaches centers on getting organized.  Maybe you can relate if you’ve ever worked or are currently working in a messy environment.  How efficient and effective can one be working in a messy workspace, not to mention what will your patients, clients, or customers think when they walk into an organization...

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Living an Intentionally Driven Life: Ready, set, goal!

As physicians you are no doubt very capable of setting lofty goals and accomplishing them.  You set a goal to graduate college, something only about a third of Americans have done.  Maybe you also got a masters degree, which a little over 10% of Americans have accomplished, but then you went on to get a doctorate, which less than 5% of Americans have accomplished.  So there is no question you can set goals and accomplish them! 

However, when we ask fellow doctors, family, friends, etc. if they have goals related to key areas in their lives, specifically written goals, we often find the answer is “no”.  Why is it so few people set written goals, and does it even matter?  These are just a few questions we answer in this week’s blog post.  Even if you do set goals we guarantee you’ll learn something to help you do it more efficiently and effectively.  Let’s get started!

Why goals matter to winning with just about...

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Building Your First Emergency Fund: What you need to know and how to do it.

There are two kinds of people in this world.  Those who have faced a financial emergency and those who will face a financial emergency.  When we say “financial emergency” we’re describing a situation where something unexpected happens that instantly requires money to fix – something you can’t save up to pay for.  For example, you own one car and drive 20 miles each way to work and suddenly the transmission goes out, or maybe you’re like us and have a high deductible health insurance plan and you break your arm requiring immediate surgery and need to pay a deductible of several thousand dollars.  This leads to the questions we’ll focus on in this week’s post.  Are you financially prepared for an emergency?  If not, what can you do to prepare?

Unfortunately, the sad truth is nearly 80% of Americans are living paycheck-to-paycheck, and over 60% could not pay for a $1,000 emergency without going into...

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Values: The Foundation of Life and Money

What we value drives much of what we do in life.  In some sense our values are one of the only things that no one can take away from us.  However, few people have spent any time in their life thinking about their personal values.  Rarely have we come in contact with families who can describe specific values they as a family live out each day.  Regardless if we have written them down or even thought about our values, we all have them, and this post centers on how to harness the power of values, specifically family values, to help shape and guide your life and finances.

What are values?

Let’s start with a basic description of what values are and are not.  Values are characteristics and behaviors that describe who we are and what is important to us.  They motivate and guide us in much of what we do each day.  For example, we would argue many of you as physicians value hard work.  If you didn’t value hard work and perseverance you...

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Contentment: The Secret Ingredient to Financial Success

How much is enough?  The answer to this simple question could determine how likely you are to find contentment in your life.  A few years back Scott read a book titled Enough by the late John Bogle (inventor of the index fund and The Vanguard Group founder) that opens with a story that is quite fitting to this topic.  Two incredibly successful authors, Kurt Vonnegut and Joseph Heller have been invited to a party hosted by a billionaire hedge fund manager.  Kurt says to Joseph, “You know, this billionaire makes more money in one day than you made in your whole lifetime from your novel Catch-22.”  Joe responds, “Yes, but I have something he will never have…enough.”  Do you have enough?

In this blog post we’ll discuss the idea of “enough”.  Each of us has a different perspective on what enough means in our life, and for some, like the aforementioned billionaire, enough is something elusive we chase our...

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Disability Insurance – What is it and do you need it?

After a long week of seeing patients and dealing with endless paperwork, Sarah, an Ob/Gyn physician, was looking forward to a long relaxing bike ride on Saturday morning in hopes of leaving all her workplace stress behind in exchange for warm sunshine on her back and a refreshing breeze in her face.  The winter had been cold and dreary the past several months and she was excited that spring had finally arrived.  Unfortunately, the tranquil begin of this day would not be how it would end.

Sarah planned to ride from her house to the local bike path where she’d head west away from the hustle and bustle of the city and into the scenic quiet countryside.  One of the things Sarah hated was having to ride on busy roads to get to the bike path, but it seemed like a waste of time and energy to load her bike on her car to drive two short miles to the trailhead. 

On what felt like a picture-perfect day with sunny skies, temps in the low 70s, and almost no wind, Sarah...

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3 Ways to Build Intensity to Crush Your Debt

Paying off debt is a fairly simple process that for the most part needs no instruction.  If you want to be normal when it comes to debt you can just simply make the minimum monthly payment and over time the debt will be paid off.  Unfortunately, the downside to this approach is that it will take you longer (much longer in most cases) and cost more in interest than any other approach to paying off debt.

For example, if you take the average U.S. household that has a credit card balance of $6,929 with an average interest rate of 17.68% making minimum monthly payments it would take 184 months or 15 years to pay off the card!  You would also pay $6,204 in interest.  So that $6,929 would end up costing you $13,133.  Can you begin to see why credit card companies are so profitable and why they want to lure you with points and other enticements to use their cards for every purchase you make?  You didn’t think they were doing that stuff just because they...

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