Monday, May 21, 2018
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Gold Medal Wine Club Review and Unboxing

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While the majority of the guys I hang out with love a good beer or whiskey, there are definitely times that wine is the drink of choice!

DMD Lifestyle has partnered with Gold Medal Wine Club, the best wine club on the planet. Period.  When you subscribe to one of their club memberships, you get to enjoy small-production, award-winning wines delivered right to your door!

Join the Wine of the Month Club

Use our affiliate link below (so the editors of the site can buy milk for the babies and wine for mommy and daddy) to order your award-winning wine!

Click here to Shop the Wine Shop and save up to 70%

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5 Financial Tips Every Doctor Should Know

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Graduating from residency and starting your career is a busy time, but it’s also a time when you’ll experience a large income jump, when your student loans will be due, and when you’ll start to feel the pressure of lifestyle inflation.

So, although you’re busy taking care of others, don’t forget to take care of you too. Below are some ways to do just that.

1. ESTABLISH A BUDGET
While the B word seems boring and somewhat daunting for many physicians, it doesn’t have to be. There are amazing online tools that can help you analyze your spending and get your finances in order.

2. AVOID LIFESTYLE INFLATION
Being aware of your spending can help you avoid lifestyle inflation too. A good rule of thumb is to ensure your spending doesn’t increase by more than 20% in the first 3-5 years after residency.

It is extremely common for new physicians to get caught up in the lifestyle creep, so don’t let it happen to you! As someone who is married to a physician, I know it’s hard living off of a resident salary; however, it’s important to keep some perspective.

3. DO SOME GOAL PLANNING
Doctors are about as goal oriented as it gets, but that doesn’t always apply when it comes to financial goals. So, spend some time thinking about your goals and major expenses coming up in the next 1, 3 and 5 years, and write them down.

4. START INVESTING ASAP
While I can’t give exact investment advice, I invest in passively managed exchange traded funds, also known as index funds. Don’t fall prey to active management and advisors trying to beat the market.

5. HAVE A PLAN FOR YOUR LOANS
If you plan on trying to get forgiveness via the PSLF program, make sure you keep up with your public student loan forgiveness employment certification form. If you aren’t going for PSLF, closely evaluate your options and analyze if refinancing your student debt makes sense.

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Ultimately, now that you’ve graduated from residency, you have so much potential when it comes not only to your career, but your finances too. Take the time to make a plan for your finances, track your spending, and set strong goals, and you’ll be surprised at just how much wealth you can build in a short amount of time.

To learn more about these tips, including the best programs I recommend for budgeting and more investment tips, please check out the full post on the Physician Wealth Services blog.

4 Ways Physicians Can Escape Credit Card Debt

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credit card, physician wealth services

Many medical students and residents use credit cards throughout their training to help cover their expenses, and if that’s you, you’re not alone. In fact, the average credit card debt for a U.S. household carrying a balance is over $16,000.

In addition to having debt, many Americans have more debt than savings too. If this is you, you probably realize that it’s time for a change. After all, debt prevents you from living the life you actually want and being able to reach your biggest financial goals.

(Plus, if you’re a young doctor, you likely already have significant student loan debt; credit card debt is an added burden you can live without!)


To help get started with the process, below are 4 steps you can take to escape your credit card debt once and for all.

1. ANALYZE YOUR EXPENSES

In order to get your debt under control, you will need to start by analyzing your expenses.

2. FIND WAYS TO REDUCE WHAT YOU OWE

There are a several ways you can reduce what you owe on your fixed expenses. (See below for more details.)

3. SET UP A BUDGET

After you reduce your fixed expenses and analyze your spending, set up a budget.

4. CHANGE YOUR OUTLOOK ON MONEY

Once you pay off your credit card debt, it’s important to change your outlook on money to avoid falling back into the debt trap again.

Overall, it will take extreme discipline to change your lifestyle, but it will be for the better. No one is perfect, and the mistake of accumulating debt (even though it’s a bad one) isn’t the end of the world. Good things actually will come out of this; it will just take some hard work and discipline to achieve it.

To learn more about the four steps mentioned above, including more detailed explanations about how to best cut expenses and set up a budget, please check out the full post on the Physician Wealth Services blog.

The Top 10 Reasons Dads Make The BEST Foster Parents

The Williams Family adopting their 2 children

Dads: Foster Kids NEED You

By Derek Williams

If you are taking the time to read this article, the odds are you are already a dad. Maybe you’re new or maybe you’ve been a dad longer in life than not, but either way, you proudly claim the title and your heart melts a little each time one of your kids say ‘Daddy.’ (Unless of course the game is on…) You find yourself looking around like your head is on a swivel in groups to make sure your kids are ok. You gag while changing diapers, but power through. And you’ve been accused more than once of being the ‘overgrown kid’ in your family.

And you’re the perfect candidate to change the lives of kids in foster care.

Craft Beer Club

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DMD Lifestyle is proud to partner with The Original Craft Beer Club!

The finest Craft Beers… From America’s Best Micro Breweries

Craft Beer from all over the country?  Yes please, where do I sign up?

With our exclusive partnership, enjoy $5 off your order of a monthly craft beer box!

Click here to Join the BEER OF THE MONTH Club!

Need a nice frosted mug to enjoy your beer?

Get a DMD mug here: https://shop.spreadshirt.com/dmdgear/dmd+beer+mug-A103585299

Want a few other options for frosted beer mugs, check these out: http://amzn.to/2tRwWm1

Ready to order craft beer or better yet, get it delivered to your door monthly?

Click Here to Order Your Craft Beer NOW!

5 Tips Physicians Need to Know Before Buying a House

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Buying a home can be a really fun process, but it can also be overwhelming. After all, there are a lot of different options for physicians when it comes to home loans. Plus, let’s be honest, after spending so much time in school and in training, it’s really important that you find a house you love – something you enjoy coming home to after a long day taking care of patients.

So, in order to ensure you do actually get the perfect house at the right price, it’s very important to follow the five tips below.

 

  1. GET A WRITTEN MORTGAGE PRE-APPROVAL LETTER
  2. KNOW YOUR PRIORITIES WHEN IT COMES TO YOUR FUTURE HOME
  3. TAKE YOUR TIME
  4. WORK WITH A HIGHLY EXPERIENCED AGENT
  5. LOCATION, LOCATION, LOCATION

 

Ultimately, if you take your time when selecting a lender, your real estate agent, and choosing a home to buy, you’re less likely to make mistakes that could cost you in the long run. Just remember not to rush the process as this is a huge investment, probably only second to the investment you made in your medical education.

If you want more details about the five tips listed above including some important words of caution when selecting your real estate agent, check out the full post on the Physician Wealth Services blog.

Also, check out the discussion in the DMD FaceBook group surrounding installing a pool. Pools are expensive! Buy a home with a pool installed and put those saved $$ towards your man cave.

Don’t Let an Emergency Fund Ruin Your Finances

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Doctors, above anyone else, know exactly what an emergency looks like. If your PM is anything like mine, Im sure you have heard the stories…

That time they did chest compressions on a kid while in medical school or the time when that mother delivered a baby before she could make it to her hospital room?

Yep, those were emergencies.

Of course, there are financial emergencies that pop up from time to time too, and it’s important to be ready for them so they don’t negatively impact your hard earned income.

In fact, if you read almost anything out there relating to personal finance, you know “the rule.” The experts constantly say, “Save 3-6 months of your total monthly expenses.”

The real goal, though, would be to invest your money so wisely over time that you become one of the cool kids. No not just us in the DMD Facebook group (although I admit there are some pretty cool guys in the group!). I’m referencing the physicians and their families who are more established in their careers, have ample savings in their non retirement investment accounts, reliable monthly income from outside investments (ex: real estate rental income) and who are at financial independence.

To learn more about why emergency funds are important and how to reach the cool kids club, see my most recently post about how you shouldn’t let an emergency ruin your hard earned income.

How Doctors Can Grow Their Retirement Accounts Tax Free

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As physician families, sometimes it can feel like you’re constantly paying taxes. For as hard as you work, this can definitely be a drag. Luckily, when it comes to your retirement accounts, there is a way to grow your retirement money tax free, allowing you to keep a significant amount of your gains over the years.

Under current law, the government allows individuals to place their money into an account that grants their investments the ability to grow tax deferred or tax free depending on which account is set up. These accounts are called Individual Retirement Accounts, commonly referred to as an IRA.

There are two main types of IRA accounts: Traditional IRA accounts and Roth IRA accounts. While both accounts allow your investments to grow tax free from now up until you retire, they have some major differences that you should be aware of.

To learn more about IRAs and the differences between Traditional IRA accounts and Roth IRA accounts, please check out the full post at the Physician Wealth Services blog. Also, remember that regardless of which IRA plan you choose, make sure you take the initial step and actually open one up! Every source of income, whether it’s tax free or not, is important in retirement. The goal is to supplement your 401k and add to your retirement nest egg so you can achieve financial freedom quicker and retire when you want.

Norlan Whisky Glass – Review and Unboxing

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If you had told me that a glass could change the way my whisky tastes, I would laugh have laughed in your face.  I have drunk whisky from many a glass (or plastic red cup) and have always found the taste pleasing… especially the more drinks I had.

But then, one of our esteemed DMD members, introduced me to a glass that would forever change the way I drink whisky and any liquor for that matter.

Should Physician Couples Combine Their Finances?

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For many medical couples, combining finances might be a big mental hurdle to overcome once they tie the knot.

After all, you’ve been “on your own” through medical school, residency, or maybe even after training. You’re used to managing your own money, and you might even be accustomed to splitting rent, utilities, food, and other expenses while dating your other half or living together.

If splitting expenses has worked in the past, you might be wondering why you should switch it up after marriage. However, there are a few reasons why I think physician couples should definitely combine finances.

First of all, when it comes down to it, you make a vow when you get married and stand before your family and friends showing that you have selected your partner for life (forget the whole 51% divorce rate for a minute). You’ve also promised that you will support each other through better or worse and sickness and in health.

If that’s the truth, why would you want to complicate every financial decision for the rest of your life by figuring out who is paying for what and when?

Plus, that’s only one reason why I advise couples to avoid separate accounts. To find out what the other two reasons are, check out the full post at the Physician Wealth Services blog so you can succeed financially as a team.

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