Recently, a dual physician couple, held a debt planning meeting with me. They had various financial obligations and one spouse had just received a rather large bonus. This couple is not US-born and are not totally rooted in our customs. In their country of origin, however, debt is a big no-no. Continue reading
Moving on up! Should We Become Landlords?
A recent, true-life client situation is the inspiration for this month’s post. Dr. Tony* and his wife, Sam*, had just made a bid on their “forever” home in California. We had prepared a plan scenario to determine the amount of home they could reasonably afford given their long-term goals and projected income and savings. After some expected haggling, they emailed to tell me their bid had been Continue reading
Are you house-poor? A case study
“I think we are house-poor,” said Greta*, a physician client who lives with her husband, Zeke*, on Long Island. We were only part-way through developing their IFP (Initial Foundation Plan) so I didn’t yet have a grasp on whether this statement was simply a feeling or based on difficulties with their cash flow and the inability to reach Continue reading
How to Get to Financial Independence (FI)
A client and I were meeting recently and were going over her plans for a radical change in her work habits. She’s a fairly new attending (less than 5 years out) and plans to cut back by 50% in 10 years and then retire when her youngest starts college. And she wants the same for her husband, who is not a physician and makes about 1/3 of her salary. As we put together a plan to make this happen, she made a comment that struck me: Continue reading
Ideas for Doing Finances as a Couple [VIDEO]
It’s a rare couple that is in 100% agreement on spending. But you need to be able to find some common ground, especially if you are planning for early FI. Ben has some tips to help you pull in the same direction when you’re discussing money! Continue reading
Your Child’s Most Important Asset
Unless your kid was born with a silver spoon in his mouth, he probably doesn’t own a lot of property. But he owns an intangible asset that is very valuable to criminals. What is it?
When should I buy my first home?
A home is one of the rare consumer goods that actually increases in value, so it is both Continue reading
Should you co-sign?
Maybe you should “Just say no” the next time a friend or family member asks if you will Continue reading
I have negative net worth! Why pay a financial planner?
Recently, Passive Income, MD kindly asked me to write a guest post on what, initially, seemed to be a difficult topic. He wanted me to write a post making the case for residents – Continue reading
Why I’ve Learned to Respect Reverse Mortgages
When you hear the term “Reverse Mortgage”, you may imagine a slick sales scheme peddled by old TV actors (the Fonz!) trying to drum up business and trick seniors into risking title to their homes. And, truth be told, that wasn’t far from the truth until the FHA and HUD changed the rules Continue reading