Should You Save For Your Child’s Graduate School?

Should You Save For Your Child’s Graduate School?

For most physicians, it is a given that they will pay for their children’s college education. Most physicians should not have to sacrifice their retirement savings to pay for college. However, far fewer physicians choose to save for their children’s graduate school. In this article, we will look at the cost of graduate school, the percentage of students who have their medical school paid for by their parents, and the cultural and financial considerations of paying for graduate school. Cost…

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Forum Mailbag: 529 Allocation, Schwab, Newborn Whole Life, And More!

Forum Mailbag: 529 Allocation, Schwab, Newborn Whole Life, And More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, Mr. Money Mustache, Rockstar Finance, and Reddit. This is a roundup of my favorite discussions happening around the internet. 1. Bogleheads: 529 Asset Allocation Question: Pepperz is a new parent who received $650 as a gift from the grandparents to invest in the newborn’s 529. When allocating his investments for the new 529 contribution, he chose the “Aggressive” option, which…

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Do A “Financial Fellowship” After Residency

Do A “Financial Fellowship” After Residency

Every internal medicine resident has to decide in the middle of their residency whether to go into primary care or become a specialist. This is a very important decision. Practicing medicine as a primary care physician is very different than doing so as a specialist. There are financial implications to this decision as well. A primary care physician can immediately make an attending salary following residency and begin paying down student loans and saving for college, retirement, and other goals. The…

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How Do Stock Options Work? Part 2: Common Options Strategies

How Do Stock Options Work? Part 2: Common Options Strategies

Stock options can be confusing to many investors because they can be used to make bets on a wide variety of market outcomes. They have been marketed as portfolio insurance, a way to turbocharge returns, or a way to make money no matter which way the stock market moves. In Part 1 of this post, I explained how stock options work and how they are valued. In Part 2 of this post, I will describe some common stock option strategies. Stock…

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Forum Mailbag: 529 Plans, FIRE MDs, HSA Investment Options, and More!

Forum Mailbag: 529 Plans, FIRE MDs, HSA Investment Options, and More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, Mr. Money Mustache, Rockstar Finance, and Reddit. This is a roundup of my favorite discussions happening around the internet. 1. Bogleheads: 529 Plan for FL Resident Question: Lieutenant.Columbo lives in Florida, which does not have a state income tax. Therefore, he does not care about a state tax deduction when considering 529 plans. He would like to know the best 529…

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CamelCamelCamel Review: Save Money on Amazon Purchases

CamelCamelCamel Review: Save Money on Amazon Purchases

I purchase a lot of things on Amazon. I suspect a lot of my readers do as well. I like to use price tracking websites to save some money for items I don’t immediately need (like tax software). I currently use H&R Block for my taxes, but in the past I used Turbotax. I have found that H&R Block helps me file taxes just as easily as TurboTax, at less than half the price. Amazon frequently puts H&R Block on…

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How Do Stock Options Work? Part 1: The Basics

How Do Stock Options Work? Part 1: The Basics

Stock options have been marketed as portfolio insurance, a way to turbocharge returns, or a way to make money no matter which way the stock market moves. How is this possible?  Stock options can be confusing to many investors because they can be used to make bets on a wide variety of market outcomes. In Part 1 of this series, I’ll explain how stock options work and how they are valued. In Part 2, I will describe some common stock…

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Wall Street Deals [DEAL GONE]: H&R Block 2016 Deluxe + State for $18.99

Wall Street Deals [DEAL GONE]: H&R Block 2016 Deluxe + State for $18.99

[Update 2/7/17: As I predicted, the deal is now gone. The price is now $26.99. I would hold off on purchasing the software now. You will probably be able to get a better price sometime in the next few months. -WSP] H&R Block 2016 Deluxe + State is now only $18.99 on Amazon. This is the software that I use for my taxes. Sales on Amazon for H&R Block tax software typically last only a day in my experience, so…

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Forum Mailbag: Trump, Betterment, Financial Advice in Two Words, and More!

Forum Mailbag: Trump, Betterment, Financial Advice in Two Words, and More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, Mr. Money Mustache, Rockstar Finance, and Reddit. This is a roundup of my favorite discussions happening around the internet. 1. Mr. Money Mustache: Changing Portfolio in the Trump Era Question: HenryDavid from Canada is concerned that the new Trump administration will have a negative effect on global stock markets. He cites many of the common concerns and uncertainties associated…

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Wall Street Profiles: Jim Simons, Renaissance Technologies

Wall Street Profiles: Jim Simons, Renaissance Technologies

[Welcome, Physician on Fire readers! This article was featured in the 2/12/17 edition of The Sunday Best. If you’re new to this blog, I encourage you to check out my welcome page! -WSP]. This is the first of what hopefully will be a recurring series of profiles of Wall Street traders, examining their lives, trading careers, and keys to their success. Their stories illustrate what it takes to succeed on Wall Street, and that us physicians stand little chance when…

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