This week we continue to build on our Core Principle series that we kicked off last month with the first core principle of redefining affordability. In a nutshell, the first core principle centers on changing your definition of being able to afford something not as being able to make the monthly payment, but instead being able to pay cash for what you want.
As a quick refresher, DFMD Core Principles are beliefs, mindsets, perspectives, and values that are vital in living a debt-free life. We believe without adherence to the core principles it's not likely you will become a DFMD, or more importantly, continue to be a DFMD once you've become one.
In this blog we will discuss the second core principle of developing a new mindset when it comes to money - a DFMD mindset.
If you wanted to be the best physician in your specialty what would you do?
There are many things you might consider such as joining a professional association, going...
Last week we blogged about five simple ways to make 2020 your best year ever when it comes to making great decisions about you and your money. This week we turn to spending time reflecting on 2019 so you can step confidently through 2020.
Have you made it a habit to think about the past year at the start of a new year?
Most people in this world are in such a hurry to get to what's next we forget to look back at what's taken place in our lives.
Hurry is not just a part of life; hurry is life for many of us.
We would go even further and suggest most of us are addicted to hurry.
Not sure if you're addicted to hurry? Take the test by trying one or two of these:
The New Year is upon us and with that comes New Year's resolutions that research shows few people ever stick with. Strava, the social networking site for athletes, showed that after studying 800 million user activity data points, by January 19th most had already abandoned their resolutions - just 19 days into the new year!
A study conducted by University of Scranton found that only 8 percent of people succeed in keeping their resolutions. Maybe you can relate to these studies having failed to keep your own goals. We certainly can.
Setting goals is the easy part. Actually accomplishing them is the real challenge!
Let's look at some tactics you might consider to improve your chance of looking back on 2020 as your best year ever, especially in your personal finances.
1. Start routinely talking about your behavior with money.
You've heard us say it before, "money is not the root cause of your money problems. It's your behavior...
2019 has been a great year for DFMD. Our subscriber list has grown, and we are another year closer to helping all of you become debt-free millionaire doctors. Hopefully, you've taken some of our advice and put it into practice and are starting to see the results.
We'd love to hear about your progress. Send us a quick email of what you've accomplished in 2019.
As we close out the year we feel it's important to help you start 2020 with a new (or reinforced if you've already got it) mindset regarding how you behave with your money.
We're calling this a Core Principle that will become a key part of an online learning experience we plan to roll out in 2020 to help you speed up the process of becoming a DFMD.
DFMD Core Principles are beliefs, mindsets, perspectives, and values that are vital in living a debt-free life. We believe without adherence to the core principles it's not likely you will become a DFMD, or more importantly, continue to be a...
Walk into any dealership today and we can almost guarantee they will steer you toward leasing a vehicle. Why? Because leases are the most profitable product dealers offer. Leasing is also generally less expensive on a monthly basis versus financing.
What's not to like?
The smell of a new car is alluring. Crisp uncreased leather seats. No dents, dings, or scratches. The solid feel of a new vehicle door slam. Not to mention all the technology in cars today.
Then you get back into your old car. There's dings and dents. Mabye a stain on the carpet in the back seat where your kids spilled their favorite drink they probably shouldn't even have in the car. Over 100,000 miles on the odometer. It just feels old, and maybe it smells a bit too!
That new car is soooo tempting after getting back into your old car!
In this blog we share five reasons why leasing a vehicle is a bad idea, especially if you want to one day become...
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? ...
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...
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...
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...
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...