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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Finding a money mentor: 4 traits to seek in your search for help in becoming a DFMD.

We can all use a little help at times when we face situations we’ve never faced before.  Many of you are faced with six-figures of debt you’ve never had to deal with before (and hopefully never again once you become debt-free), and having someone help you through the process, someone who’s been there before, can be incredibly valuable.  In this blog we discuss finding a money mentor – where to look, how to evaluate potential mentors, and many other elements to consider when seeking guidance from a mentor.

There’s a proverb that states, “Whoever walks with the wise becomes wise, but the companion on fools will suffer harm.” (Proverbs 13:20).  There is much wisdom in this proverb that we become like those we spend time with.  If you spend time with people who are spending far beyond their means – taking expensive vacations, driving fancy leased vehicles, financing everything they do in life, chances are you may end up...

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To Give or Not to Give: Should I give while getting out of debt?

A topic that comes up quite frequently while getting out of debt is whether you should continue giving or start to give to those in need.  Are the dollars you're giving better utilized for getting out of debt or should you start / continue to give to the causes near-and-dear to your heart?  In this week's blog we share some insight on how best to make this decision.

Getting out of debt is hard work!  Some might even argue that losing weight is easier than getting rid of the six-figure student loans many doc's have hanging around their necks for a decade or more after graduating medical school.  So why should you continue giving while getting out of debt if it's only going to delay becoming debt-free?  Or why should you consider starting to give while you're getting out of debt?  

There are many kinds of benefits to giving.  Two types of benefits to giving include financial benefits and spiritual / wellbeing benefits.

Financial...

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Exploring the Anatomy of an Emergency Fund

This summer we made a big change in our lives and decided it was time to move.  Our house was starting to feel a bit cramped for many of the ministries we lead, and our backyard just felt too confining with our pool and outdoor kitchen taking up all of the limited space we had.  With two little girls who are really active there was no space to run and play safely.  So, we pulled the trigger and put our house on the market.

Does that sound like a silly excuse to buy a big house on two acres? 

Yes, it does, and we realize we were truly blessed to have the ability to do so, and don’t take it for granted.  In essence, the changes we made this summer are a direct result of having no debt.  It’s taken many years, but now the wise decisions we’ve made are paying off.  Regardless if your dream is a 5,000 square foot house on two acres or something completely different, know that diligence pays dividends, but it may take years before you...

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Kaizen your finances: Small steps to big results.

This past week we moved into a new house just a few miles away from our old house.  Many of you know the pains and joys of moving all too well from college, medical school, residency, and beyond.  The pain of moving is all the work it requires to pack and unpack everything.  The joy is moving into a new house, which for us means a lot more space both inside and out.  This got us thinking about our next step, unpacking, and how a Japanese improvement concept known as kaizen, could be helpful for not only unpacking after a move, but also for our finances.

Kaizen essentially means to break something apart and study it before putting it back together in a better way.  At the core of kaizen are small, easy, and fast improvements.  The concept was originally developed for the manufacturing industry in Japan.  Years ago, the Japanese were far ahead of U.S. automakers especially in quality of their cars, and one of the reasons why was their focus on...

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Becoming an Emotionally Intelligent Debt-Free Millionaire Doctor

We are all emotional beings.  Our emotions are part of who we are, and eventually who we become.  Emotions play into so many facets of our lives.  Marriage, parenting, work, and yes, even our finances are influenced by our emotions.  With such a powerful force that emotions play in our lives it's important to understand them at a deeper level, which is where this week's blog will focus.

In the last few decades the term Emotional Intelligence has been popularized in numerous settings such as business, education, healthcare, parenting, and marriage.  While the research is still considered to be in its infancy, many significant conclusions have been drawn between emotional intelligence and positive outcomes of all kinds.

For example, in Scott's doctoral dissertation research he found a significant connection between one's ability to manage their emotions and how engaged they are in their work.  His study participants who were better able to control their...

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Six Ways to Discover Frugal Fun

One common belief, especially in America, is that you can’t have as much fun in life when you’re focused on getting out of debt.  Killing your debt is often believed to kill enjoying life.  Sure, we would argue you shouldn’t fly first class to Europe while you’re getting out of debt, but there are many things you can do that cost very little, and even better, bring you and your family closer together.  Let’s explore some ideas in this week’s blog post.

Go camping.

A few weekends ago we took our girls who are four and three on their first camping trip.  We were a little worried that they might be too young to camp, especially in a tent with few amenities.  Should we bring toys along?  How about the iPads loaded up with movies?  Will they find things to keep themselves entertained for three days?  What we uncovered is we adults have much to learn from our kids when it comes to finding joy in the simple things...

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