Category: Money

October Spending: a Great Reminder that Cars are Expensive

October Spending: a Great Reminder that Cars are Expensive

So October included a Car vs. Bike Rack showdown. The bike rack won, suffering minimal damage while somehow ripping up our car to the tune of over $2,2oo and over a week in the body shop. Since we are reasonably responsible adults, we do have decent car insurance… but we are still out the $1k deductible. And after the catastrophe last year with the same car, I’m assuming our insurance rates will go up any time now.

The silver lining of the situation is that we have been functioning just fine as a 1-car family. That was one of our goals in moving to this part of town – not to get rid of a car necessarily, but to be able to if we wanted to. And now we know we can! Huzzah!

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A Desert Wedding, an Epic Race, and Other September Spending

A Desert Wedding, an Epic Race, and Other September Spending

We’ve somehow made to the end of 3rd Quarter, tracking every dollar we’ve spent this year (scroll to the bottom of the post for the total numbers)!

A quick reminder: these spending reports are an effort to keep myself accountable to the idea that doctors do not have to spend a totally ridiculous amount of money to live well and love life. We’re planning to do these spending reports through the end of 2018.

As I have mentioned before, we do not do traditional budgeting. You absolutely should do traditional budgeting if that works for you as a way to control your spending.  More on this topic here.

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Why Business Partnerships Might Just be Perfect for Millennials

Why Business Partnerships Might Just be Perfect for Millennials

Millennials are changing the workplace. Love ’em or hate ’em, this is a reality.

And it’s a reality we’ll all have to deal with for the next several years, since the tail end of the Millennial generation is just starting to graduate college, move back in with their parents, and apply to part-time jobs so they can spend 20 hours per week at rallies protesting student loans.

Haha! I’m totally kidding. Sort of.

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Ferry Rides, Fireplaces, and Other July Spending

Ferry Rides, Fireplaces, and Other July Spending

A quick reminder: these spending reports are an effort to keep myself accountable to the idea that doctors do not have to spend a totally ridiculous amount of money to live well and love life. We’re trying to do these spending reports for every month of 2018.

As I have mentioned before, we do not do traditional budgeting. You absolutely should do traditional budgeting if that works for you as a way to control your spending.  More on this topic here.

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How We Accidentally Saved $5,000 on Cell Phones

How We Accidentally Saved $5,000 on Cell Phones

I’ve been hearing complaints from a lot of people about their cell phones and/or cell phone service. Most recently, it was from the guy fixing my fireplace. Turns out he is spending way more on his phone and phone service than I am, and he isn’t nearly as happy with it.

I’m not sure why it’s not already common knowledge, but more people should know this: cell phones do not need to be expensive.

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Teaching Your Employees How to Ask for a Raise

Teaching Your Employees How to Ask for a Raise

I believe that we should be teaching our employees how to be successful – not just in their specific roles in our business but also in their own career paths as the professional men and women they are. This means they need to know how to ask for raises and negotiate pay.

I don’t do raises or performance reviews just because another calendar year has passed. I meet with my employees when I need to or want to. I have an “open door” policy that allows my employees to schedule time to meet with me when they feel the need. This has worked well for my particular business.

I want my employees to love their jobs. I want to empower them to ask for the things they want out of their job, including raises.

The instructions below were written with the help of an excellent employee of mine who has been with me for four years.

 

Here is what I ask my employees to do when they feel they have earned a raise:

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Fancy Family Vacations and Other June Spending

Fancy Family Vacations and Other June Spending

A quick reminder: these spending reports are an effort to keep myself accountable to the idea that doctors do not have to spend a totally ridiculous amount of money to live well and love life. We’re trying to do these spending reports for every month of 2018.

As I have mentioned before, we do not do traditional budgeting. You absolutely should do traditional budgeting if that works for you as a way to control your spending.  More on this topic here.

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FAQs on Student Debt, Loan Forgiveness, and Refinancing

FAQs on Student Debt, Loan Forgiveness, and Refinancing

Okay friends, I’m starting to get questions about student loans pretty frequently from my fellow doctors. It’s some version of “Good for you for getting your student debt under control and all, but WTF am I supposed to do about mine?”

Usually the more detailed questions go something like the following, so let’s go through them one at a time and I’ll do my very best to answer in a reasonably helpful way:

How did you decide what to do about your loans?

Great question!

Here’s why we decided to destroy our student loans, as well as the update on our progress from May of 2018.

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Doctors with Money Problems

Doctors with Money Problems

I was just about done with the original version of this post when the Wall Street Journal published this article with the apparent goal of making my profession look like it’s composed entirely of Tesla drivers who can’t do math.

This article of course popped up almost immediately in my social media doctor groups and in my social media finance / FIRE groups and got thousands of comments and shares and emoticon reactions.

The doctor group’s reaction was largely along the lines of “No one understands what doctors go through, student loans are the worst, school costs so much, the educational system / federal loan program is oh-so-broken, etc.” The FIRE group’s reaction was (to bring it down to PG vocabulary): “Stop whining and pay back your debts like you said you would, you spoiled rich brats.”

Things got so exciting that Dave Ramsey got involved.

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Hiking Gear, Bike Repairs, and Other May Spending

Hiking Gear, Bike Repairs, and Other May Spending

A quick reminder: these spending reports are an effort to keep myself accountable to the idea that doctors do not have to spend a totally ridiculous amount of money to live well and love life. We’re trying to do these spending reports for every month of 2018.

As I have mentioned before, we do not do traditional budgeting. You absolutely should do traditional budgeting if that works for you as a way to control your spending.  More on this topic here.

Notes About May

May seemed to be an explosion of spending money, and not just because we purchased a house (which we consider to be a separate endeavor from our month-to-month spending). You can read the details about the money part of the house purchase and the move here.

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