I’m not sure about you, but I love a good sale. As a young professional who hates paying more for something than I could, I marvel at the chance to buy valuable items at a discount. The only thing I don’t like are the crowds at stores or the look of my bank account the weekend after I go shopping. If you are like me and would like to enjoy the sales without spending too much money, here are some Black Friday Tips to consider.
1. Plan ahead—set aside money for holiday spending. It can be easy to overspend during the holidays. Minimize the chance it will happen this year by planning ahead. Reserve some money from your last paycheck and find ways to lower your expenses on other items this month. Consider working some overtime at your job, try to make some extra money from your side hustle, and pull in cash from other revenue streams. I plan ahead for holiday expenses throughout the year by setting aside $100-$200 each month for holiday spending. I know other people who forgo retirement contributions during the month of December and instead use that money to pay for added expenses during Christmas time. There are even folks who sell some of the investments they made throughout the year and use the profits to pay for expenses. My point? Plan ahead to make sure you have the money you need for all of your holiday expenses.
2. Make a list of your expenses and expected purchases. One of the things that can hurt your finances is buying things you don’t need or didn’t expect to purchase. Try to avoid this by making a list of your expenses ahead of time. Include flights, money for gifts, and any social outings or restaurants you may go to. If you know you are going to do some holiday shopping, write down the things you plan to buy and leave a little extra room for unexpected purchases. Making a list of your expenses gives you a glimpse of how much you will spend and can help you prepare in advance for your purchases.
3. Search for deals but avoid the temptation to buy more. It can be great to find sales on the items you already plan to purchase but be careful. In the midst of looking at deals, try not to fall into the trap of buying more than you anticipated. If you know you need to buy clothes for one of your family members, avoid looking in the electronics section. If you already plan to buy a household appliance, avoid browsing the shoe section. In fact, if you already know what you need, then you may want to consider buying the items online to avoid the temptation of buying more than you anticipated at the stores in person.
4. Set a spending limit and stick to it. Sometimes we have good intentions but still fall short. One way to avoid that is to set an overall spending limit. Make a goal not spend more than a certain amount this holiday season, and stick to it. Set a spending limit each time you decide to go shopping. For example, my gift giving limit is $500 (which includes secret santa gifts, stocking stuffers, and gifts for each of my family members). Since I usually buy clothes during the holiday season, I also set an overall limit for how much money I will spend on myself. Once I reach my spending limit, I go home and avoid looking at additional sales. You should too.
5. Avoid credit card debt. It can be so easy to swipe a card and get all the things you desire. The temptation to buy something we really want can be quite strong. In fact, many people accumulate a substantial amount of credit card debt during the holiday season as a result. Don’t let this be you. Make a goal right now to avoid credit card debt. Don’t let one month of spending during the holidays derail all the progress you made toward your money goals this year. Simply put, don’t use money you don’t have to purchase things you don’t need. Avoid debt.
Financial Planning for the Holidays
1. Get a baseline for where you are financially. Most of us spend a lot more money during the winter holidays than we do during any other season of the year. We may have increased travel costs and higher grocery bills along with more costs related to decorations and gifts. However, unlike previous years, 2020 had been quite different.
The coronavirus pandemic has changed our lives in numerous ways and may have drastically changed our financial outlook. While some young professionals have saved lots of money from decreased entertainment costs or travel expenses, other young professionals might have experienced a salary decrease that may have put a huge strain on their finances. Regardless of which experience you may have had, it’s critical to get a baseline for where you are financially so you know how much money you can afford to spend during this holiday season.
2. Have spending limits for different costs. After examining your income and budget for the remainder of the year, it’s important to make a plan for how much you can afford to spend during the holiday season. Many of us have desires to bless those we love with elaborate gifts this holiday season, but before we overspend, it might be wise to make a spending plan.
When I make my spending plan, I have categories of expenses and an estimate of how much I plan to spend on each thing. I set a certain amount for travel, decorations, gifts, food, etc. That way, when I’m shopping or thinking of gifts to purchase, I have a set limit in mind of how much I can spend. It’s one of the most effective ways I attempt to keep my spending in check.
3. Set expectations with yourself and others. Once you see where you are financially and come up with spending limits, it’s important to set expectations with yourself and others. If you know that money is tight and you don’t plan to decorate your home as much as you have in years past, then be sure to let your family know so that everyone is on the same page.
If you can’t spend quite as much money on gifts for your loved ones, then let them know in advance and think of other ways show them how much you care. If the pandemic has precluded you from traveling to see your family like you normally would, then be sure to find other ways to show your appreciation.
The Power of Delayed Gratification
As someone who spent most of my most of my life in school or training, delayed gratification is something I know firsthand. There are so many things I was unable to purchase or trips I couldn’t take during my twenties due to cost or scheduling conflicts that delayed gratification become quite the norm. Although it made me sad initially, I got used to it and now as I look back I realize that this helped develop me into the person I am today. Those times I spent in school delaying gratification had several benefits:
1. Taught me to live within my means
Spending 4 years in undergrad, then electing to get a master’s degree and doctorate degree meant that I spent most of my time as a full-time student. It also means that I spent most of my life not working. The one full year I did work, I lived in an expensive city and barely made enough to cover my rent, let alone “enjoy life.” By my mid twenties I owed so much money in student loans that I couldn’t fathom racking up even more debt for unnecessary things. This period of financial instability forced me to live within my means. For most of my years in school I lived off of bi-annual lump sum student loan checks. I had to budget how much I could spend each month knowing that if I didn’t keep track of my expenses, I may not have money for food during the last few weeks of the semester. I purchased items that were on sale, didn’t travel much, and tried to stay away from the malls. My roommate and I spent the weekends finding sources of free entertainment avoiding expensive outings and restaurants. Although I liked the finer things in life, this period of my life forced me to be happy with less and live within my means.
2. Helped me learn to stop comparing myself to others
For most of my twenties I was a broke college student, or post-graduate student, who couldn’t do the things that most people with stable careers could do. My friends from undergrad would go on elaborate international vacations, purchase the newest smartphones, or drive luxury cars but I couldn’t do any of that. The only vacations I took were trips that were funded by parents which were few and far between. The only time I traveled was to visit family or go on some recruiting trip or national conference for whatever school I attended at the time. Because I couldn’t live like some of the other people my age and realized it would be a long time before I would have the money to upgrade my lifestyle, I had to learn to stop comparing myself to other people. Constantly envying what they had would drive me insane. My mental health depended on my ability to be genuinely happy for others without any associated jealousy or animosity. As I look back on my life, that habit of not comparing myself to others has been extremely helpful. Nowadays, when I look on social media and see something I like, I use it as a source of inspiration to work even harder and can be happy for those around me and remain satisfied with my own life.
3. Made me less materialistic
One of the good things about having to delay gratification so long in my life is that I no longer need nice things in order to be happy. I drive a cheap used car that is in dire need of a new paint job. I don’t own really expensive designer handbags and most of my clothes were purchased on sale or with a discount. Although I make a decent amount of money today, living as a student for most of my life made me less materialistic. I no longer run out to purchase things just because I can afford them which means I have a lot more money left over each month than I would have otherwise. Instead of using money to buy more “stuff,” I have more funds available to save and invest for the future.
4. Forced me to prioritize the intangible things in life
Having to delay getting many of the things I desired forced me to find other things that would make me happy. Although I would love to travel more, buy new clothes, purchase a dream home or drive a better car, I’m happy and content while I wait. All those years of delayed gratification taught me that my worth as a person is not dependent on how much money I have or how fancy my lifestyle is. I started doing things to make myself happy and stopped looking to others for approval and validation based on what I have. Nowadays, I am more focused on the intangible things in life. I strive to strengthen relationships with my family and friends each day. I recognize the importance of sacrificing now for future benefits so I prioritize saving and investing for the future. I once heard someone state that one of the things she learned in her twenties was that the benefits of discipline, hard work, and delayed gratification are bigger than one could ever imagine. For me, this couldn’t be truer.
5 Financial Moves to Make This Fall
As you continue to mature you may begin to think about money in a different way. Instead of viewing money as something you can use to buy the things you want, you may start to consider the opportunities that money affords you and start thinking of ways to accumulate more. Here are 5 things you should consider doing this fall to take your finances to the next level.
1. Start investing in the stock market. Whether you are in your early 20s and just got your first salaried job, or are about to reach your 10 year work anniversary, investing in the stock market is something everyone should consider doing at all stages of life. Many people have opportunities to invest in the stock market through their jobs via a 401K or 403b retirement plan. Some companies may even offer a retirement “match” to incentivize you to invest through these venues. You should make it a goal to invest at least 10% of your income in index funds through your 401K, 403b or IRA retirement plan. If you’re able, consider investing even more money into your Roth IRA or using some of the money you have left over each month to invest via apps Robinhood, Acorns, or Stash. Investing in the stock market by purchasing index funds through retirement plans or brokerage accounts will allow your money to make money (aka “interest”) and after awhile, that interest will begin to make even more money for you (aka “compound interest”). One of the best things you can do for your financial future is invest your money and let the magic of compound interest work in your favor.
2. Reconsider what car you drive. Another decision that can have a huge impact on your finances is what car you choose to drive and more importantly, how you choose to pay for it. Many people love to purchase brand new cars. They love the new car smell, updated features, and the peace-of-mind in knowing they have reliable transportation for many years to come. Despite these benefits, there are downsides to buying a new car. One of the main drawbacks of buying a new car is that it loses its value fairly quickly in the first few years. This means it will continue to depreciate (or lose value with time). Thus, you end up spending a lot of money and having pretty hefty car payments for many years on a car that will lose value. If you are trying to invest money for retirement, spend money on other things, or save money for future trips and vacations, having a $500 car payment for the next 5-6 years may preclude you from doing so.
Other people choose to lease cars. They like being able to drive a different car every few years and don’t want to pay the full price of a car that will lose value over time. However, the downside of leasing a car is that you will still have a monthly payment each month of several hundred dollars for the next 3-5 years. When your lease is finally up, you will have to give back the car, and take out a new lease with a new set of monthly payments so that you can continue to have transportation. The most sound decision to make is to pay cash for a slightly used car. Cars that are 2-4 years old tend to still be aesthetically appealing, reliable, and are more reasonably priced. Paying for a slightly used car in cash can also prevent you from having a big car payment each month. Because the car is cheaper, you can get a much smaller car loan with much smaller car payments that you can pay off quicker, even if you didn’t have all the cash you need to pay for the on day 1. My point? Car payments can be a rather large monthly bill, so reconsider what you drive and think of ways you can reduce this payment or prevent yourself from having the payment in the first place.
3. Prioritize paying off your credit card debt. Credit card debt can negatively impact your finances in numerous ways. It charges you extreme amounts of interest each month if you don’t pay back the money in a timely manner. Since many people are unable to pay back all the charges in one month, they keep accumulating interest, on top of what they already owe. By the time they finally pay off the credit card, they have paid hundreds if not thousands of extra dollars in interest payments. If you are spending money paying off credit card debt, and the interest you owe on that debt, that’s less money you have to invest. One of the best things you can do for you finances is make a plan to pay off your credit card debt as soon as possible and try to avoid accumulating more.
4. Think twice about your living situation. Buying a house is a major goal for many people, especially young families. The idea of having something of your own to build memories in is quite alluring. In contrast, living in a high-rise apartment is extremely attractive for many young professionals who live in the city, especially if they do not have children. The convenience of being able to walk to bars and restaurants and having short commutes to other forms of entertainment can be quite attractive. While there’s nothing inherently wrong with your desires about where to live, it’s important to remember that where you choose to live, and how much you decide to pay each month for housing, can have a big impact on your financial future. Be wary of buying a house that is too large or too expensive. Be wary of renting an apartment with rent that is too high. Housing is one of our largest expenses each month. How much you choose to pay for a mortgage or rent can have a big impact on how much money you are able to save, invest, and spend on other things in your life.
5. Set up automatic savings. One of the best things you can do to ensure you meet your financial goals is to set up automatic savings. This means having a set amount of your paycheck automatically sent to a different savings account. Ideally, this savings account would be separate from the checking account that the rest of your paycheck goes into. By having it automatically deposited into a separate account you essentially “pay yourself first” and protect yourself from spending the money you were supposed to be saving. Doing this will help you build your savings each month which will increase your net worth over time and allow you to save money for an emergency fund, upcoming vacations, and other large purchases like a home, wedding, or college fund for your children.
What do you think, which of these 5 financial moves do you plan to make this fall?
5 Things you can do to support Black Americans and fight against injustice
Over the past few weeks, there have been several events, from Coronavirus to racial injustice, that have affected our jobs and the way we work. Although we may be focused on our careers, there are several things everyone can do to be even more supportive in the fight for racial equality.
1. Be a visible ally. Show up to protests, post information in support of racial equality on social media, sign petitions for change, and help amplify the voices of Black people in productive ways. Correct others when they say something that minimizes the efforts of those fighting for justice. Encourage others to do the same.
2. Take action against inequality. Minimize purchases from companies that have not expressed a genuine interest in recognizing that #BlackLivesMatter. Donate to people, organizations, and causes that are fighting for justice, peacefully protesting inequities, and working to change our country for the better.
3. Educate yourself on the systemic injustices that exist. Go to reputable sources to inform yourself of the racial disparities that exists in police arrests, criminal charges, and prison sentencing. Understand the systemic structures in place that negatively impact or hinder the progress of African Americans. Read books (like White Fragility by Robin Diangelo, How to be Anti-Racist by Ibram X. Kendi, or The new Jim Crow by Michell Alexander) and listen to a podcasts centered on Black issues (like 1619 , About Race, and Code Switch) so you are educated on what inequities exist and better understand the plight of those who may look and think differently than you are accustomed.
4. Apply pressure on persons in power to ensure justice is served. Contact your local police chief and state attorney general asking for police body cams to be turned on at all times, improved methods of evaluating police misconduct, and standardized officer trainings that minimize the use of undue force and shootings during civilian arrests. Support campaigns like 8cantwait.org. Contact your mayor, governor, and state representatives asking them what policies they are enacting and supporting to help decrease racial tensions and health care disparities in your city.
5. Help right the wrongs by increasing opportunities and resources for African Americans. Choose an area of interest ranging from economic advancement, educational attainment, criminal justice reform, and health care improvements to focus on. Contribute to organizations committed to achieving justice. Support black-owned businesses and entrepreneurs. Consider donating to historically Black colleges and universities or creating scholarship funds for minorities at your alma mater. Create and support programs at your local church or surrounding community committed to teaching financial literacy, expanding career opportunities, and providing healthcare access.
My point? Many Black Americans would love to have non-black allies who are committed to supporting the fight for racial equality. We, as Black people, want to know that we can count on you to speak up against injustice, support policies that promote equality, and vote for politicians who help ensure these propositions are passed in Congress. Even if you aren’t Black, these are things you can do to show that #BlackLivesMatter.
6 Things To Do With Your Stimulus Check
Of note, a version of this article first appeared on Doximity’s OpMed.
The federal government has started sending out stimulus checks of $1200 to all Americans with an adjusted gross income of less than $75,000 a year for singles and 150,000 a year for married couples. Although the amount of the stimulus decreases for those who make above $75,000 a year and is completely phased out for those who make over $99,000 a year, many people will be seeing a bank account boost, if they haven’t already. Here are 6 things you should consider doing with your stimulus check:
1. Pay bills and buy necessities. With over 22 million people filing for unemployment over the last 4weeks, many people are seeing a sharp reduction in their income and may be relying solely on government assistance. This $1200 may be just what people need to cover all their bills during this time. It may also help newer physicians and healthcare workers with any extra expenses we might be facing such as increased transportation costs to and from the hospital or increased food costs as we pay for more take out & delivery services. Others people may have children or a spouse they are helping to support and may need to use this money to pay a babysitter or cover other childcare fees. Regardless of what the expense is, we should all use this extra money to cover any bills we would have had difficulty paying otherwise.
2. Create an emergency fund. Saving money for an emergency fund it a little bit like trying to eat healthier or lose weight. We know we should do it, but we’re always tempted to put it off. Why not use this stimulus check to finally get the ball rolling? Although many of our jobs are salaried and thus our income seems guaranteed, an emergency fund is still useful. You never know when the car might break down, the house needs repair, or our cell phone stops working. While these inconveniences may not bankrupt us, having money set aside for these seemingly inevitable, unpredictable expenses is a good use of our money. According to finance guru Dave Ramsey, the minimum amount of money in any emergency fund should be $1,000 and many financial planners advise patrons to have about 3 months of expenses in cash available at all times. This stimulus check is a good starting point.
3. Pay down your debt. If you have any consumer debt like credit card bills or car loans that have an interest rate of higher than 8%, use this money to pay down the debt. The sooner you are able to eliminate your consumer debt, the quicker you’ll be able to build wealth and become financially independent. Instead of sending hundreds of dollars a month to a credit card company or car dealership, after paying off the debt you can instead use that money to increase your savings, invest, and fund future trips and vacations. With the Coronavirus pandemic, you may even be able to refinance loans at a lower interest rate which will allow you to pay off the balance you owe even sooner.
4. Spend it when the economy bounces back. Whether it’s gifts for your kids or a much-needed family vacation, one of the things you could do with the money is simply spend it. Now for those who already buy way more things than they need, perhaps this isn’t the best idea, but for others who have a budget in place and are meeting all of their saving goals, using some of the money to “treat yo’self” may not be a bad idea. Many of us have been on the front lines of this pandemic and have sacrificed a great deal to help care for others. Despite the increase in hours, workload, and mental stress, many jobs don’t include any sort of bonus pay for times like these. Instead of feeling like you have to always put others before yourself, why not consider going against then grain and spending part of the stimulus money on yourself or those you love? Perhaps you’ve delayed buying those air pods you see your colleagues wearing at work. Maybe you’ve always wanted to travel overseas with your family, party in Las Vegas with your friends, or go wine tasting with your significant other. We all work hard and deserve a break. Why not use part of this check to do something nice for yourself?
5. Prepare to invest it when good opportunities arise. Although the economy is down right now, it won’t be this way forever. Once the pandemic begins to subside and the prevalence of the virus decreases, the economy will start to bounce back. Why not use this money to prepare for when it does? Using this stimulus check, along with any additional money you may have received from your tax return or previous savings might leave you with a nice sum of cash to invest in various opportunities. Perhaps you’ve considered investing in an intriguing business idea, purchasing a rental property, or simply want to increase your investments in the stock market. Using this stimulus check as a jumpstart for your future investments might be a good use of this money.
6. Give some of it away. I’d be remiss, and a bit selfish, if I didn’t mention that one additional thing you could do with your check is give part of it away. For those of us who are in a good financial position, giving part of the money away to our friends and family who may be less fortunate may also be a good use of this money. While many of us have financial goals or fancy trips we’d like to save up for, we can all think of at least one person in our life who could use a little extra cash around this time of the year. Perhaps we could commit to giving at least a small portion of the money away or buying someone we love a nice gift. As the biblical saying goes, “We are blessed to be a blessing.” Why not use this money to provide a small token of love to someone else?
In the Midst of the Coronavirus: Buy Disability Insurance!
As COVID 19 continues to spread throughout the country and leave lasting impacts on our economy, many of us are trying our best to cope with the changes. While this can take a huge toll on our mental health and leave us unsure of our next move, there’s one thing we need to do in the midst of the chaos: BUY LONG-TERM DISABILITY INSURANCE. Here are 6 things you need to know about disability insurance during this COVID 19 crisis:
Disability insurance helps to protect your income. The purpose of long-term disability insurance is to protect your income in case you become disabled or unable to work due to a physical or mental illness. This means if you get sick (i.e. with coronavirus, depression from the virus, or some other ailment) and are unable to work at your full capacity or generate your normal revenue, disability insurance will kick-in and help supplement your income until you recover and get back on your feet.
2. Many doctors are rushing to get it. As healthcare workers, we take care of patients who may have the virus and have come into contact with many others who have been exposed. With the nationwide shortage of personal protective equipment, we may be even more vulnerable to contracting the virus, or being an asymptomatic carrier of the virus than we realize. Due to our increased risk of exposure, many doctors, especially those who work in the Emergency Department or the Intensive Care Unit (ICU) have been rushing to get disability insurance. They want to make sure that their income is protected in the unfortunate possibility that they contract the virus or acquire a mental health disorder from treating others with the virus that could impact their income.
3. Pricing hasn’t changed & there are discounts available. Despite the risk of Coronavirus infection, the price of disability insurance hasn’t increased. In fact, many insurance companies are still offering a 10-20% discount to newer doctors who are still in residency training programs or fellowships. Plus, female attending physicians and a few resident physicians can still get unisex policies that will prevent them from paying more for disability insurance than their male counterparts. Although these unique features may only be available in certain areas from a select group of carriers, they can save so much money that they are worth seeking out. Remember, the cost of disability insurance varies by state as companies have realized that your risk of becoming disabled is increased or decreased if you live in certain areas. A policy in Georgia is much cheaper than a policy in California.
4. Companies are still accepting new applications. I called my insurance agent, Pradeep Audho from PKA Insurance Group, to follow up on some paperwork for my own on disability insurance policy. During our conversation, he mentioned something I found surprising: although more doctors were trying to secure disability insurance, the application process had not changed. There was no hold on claims or freeze on new applications even with Coronavirus spreading. The process itself is similar, if not easier than before. To get started, you just reach out to an insurance agent who can help you determine your desired policy amount and any added protections (or riders) you may need, such as extra payments to cover student loans, partial disability coverage, and a cost-of-living adjuster, etc.
5. The process of approval is easier than before. Despite the chaos, it’s easier to get approved now than it used to be. Once you figure out the payout and features of your desired policy, the insurance company will then assess your risk of getting disabled so they can determine the specific price to charge you for the policy. One way they assess your risk is by inquiring about your medical history. Many companies used to require a detailed medical exam for any policy with a payout greater than $6000 a month. Nowadays, things are much easier. Most people can skip the detailed medical exam and get approved by filling out an online or telephone medical questionnaire for any policy that pays you up to $120,000 a year. While the process could change in the future, as of 3/30/2020 the process is the same as before, if not easier.
6. You can still get coverage, so get it now! The Coronavirus pandemic has been a sobering reminder that our health is not guaranteed. Although we may feel fine today, all workers need some form of long-term disability insurance to supplement their income in case they fall ill for an extended period of time and aren’t able to work at the capacity they used to. Companies are still accepting applications, many agents are offering discounts, and the process is easier than before.. If you’re unsure of where to look you can start with PKA Insurance Group or browse the list of trusted agents on the White Coat Investor page. You can also view prior articles on Disability Insurance and skim the 9 things I learned when I bought my own policy. Although we have lot on our plate, take a few minutes to apply for it now.
***Bonus: You may want to consider term-life insurance as well. As a single person with no children or family members who rely on my income, I don’t yet have an individual term-life insurance policy. However, I recognize that I’m in the minority. Many doctors have children and spouses who’s yearly expenses and savings goals are largely dependent on their doctor income. If this is the case for you, consider term-life insurance as well. Just like disability insurance, you can seek help from an insurance agent who will give you some price quotes. Plus, many policies with a payout under $5 million no longer require a detailed medical exam. The only change in the life insurance process is that insurance companies are taking a little longer before they confirm your policy. As of March 30, 2020, insurance companies may be hesitant to approve your policy if you have traveled internationally within the last 60 days and may require a 30-day waiting period if you have recently been exposed to the virus. Although there are a few more hold ups with term-life insurance than there are with long-term disability insurance, they are both worth looking into. In the midst of this crisis, be sure you’re protecting yourself, and your [future] income.
5 Books to Read while Social Distancing from the Coronavirus
With coronavirus and the nationwide push for “social distancing,” you may find yourself home a lot more often than you’re used to. While binging Netflix shows and old movies can be fun for a while, you may also find that you want to do something a little different or perhaps use some of your extra time to gain new insights. If that’s the case, here are 5 books about business, finance, and real estate that you may want to consider read while quarantining:
Rich Dad Poor Dad by Robert Kiyosaki. This was one of the first books I read about finance and I can’t even articulate how good it is. Unlike most investment books that delve deep into the details of FICO scores and retirement accounts, this book is completely different. It actually tells of story of two fathers: one is well-educated and broke while the other is minimally educated but rich. In this book, Kiyosaki highlights the life lessons he picked up from both men. He also explains why accumulating wealth requires a shift in thinking and how pursuing a career in real estate or entrepreneurship can be the springboard we need to reach our monetary goals. While you may not agree with all of his life lessons, there is no doubt this book will cause a paradigm shift in the way you think about money, while entertaining you along the way.
The White Coat Investor by Jim Dahle. This is one of my favorite personal finance books. Besides the fact that it was written specifically for doctors like myself and other high-income earners, I like this book for a couple other reasons as well. First, it’s easy to understand. If you never read anything about personal finance or money management before, start with this one. It goes over the basics, easily defines terms in an interesting way, and starts off by answering the most basic question “why should I even care?.” Secondly, this book is easy to follow and gives you all the tools you need to know to get your life in order. You don’t have to go picking stocks or making complicated tax manipulations. Instead, he walks you through the most important things so that you don’t screw up in a major way. You’ll gain some student loan insight and get basic info on retirement plans, buying a house, building wealth, and protecting your assets. It’s a must-read for any doctor and a really good read for anyone else.
The ABCs of Real Estate Investing by Ken McElroy. After I read Rich Dad Poor Dad, I began to think about investing in real estate. Real estate investing is one ways many people accumulate wealth and since I didn’t have any personal experience in that area, I wanted to educate myself on the topic. Ken McElroy invests in real estate with Robert Kiyosaki, the author of Rich Dad Poor Dad, so I figured his book would be a great start. I’m so glad I got it. This book is like a beginner’s guide to real estate investing and does so in an informative, easy-to-understand manner. I learned a lot from this book including the benefits of real estate and how to properly evaluate a variety of deals. If you’re even the slightest bit interested in real estate investing, consider reading this book.
Ego is the Enemy by Ryan Holiday. Those who know me personally have seen me post quotes and excerpts from this book since the start of the new year. Ego is the Enemy is a must-read for any one with even the slightest bit of ambition. In this classic, Holiday walks us through how to manage our ambition, properly handle our successes, and overcome our failures in a clear-cut way. Each chapter is fairly short and clearly delineates a character trait we either need to develop further or break entirely to become the best version of ourselves. This book will make you examine your habits and really think about what you can do differently to reach the level of success you desire.
Lean In by Sheryl Stanberg. Sheryl Stanberg is one of the most well-known female senior managers in the country. From her work at Google to her current role as the Chief Operating Officer at Facebook, she is a household name and an idol for women in corporate business. In this book, Stanberg challenges us women to seek leadership positions and “lean in” to push ourselves even further to succeed in our careers. Stanberg examines how she reached such a high level of success in her own life and pinpoints tips to help other women overcome some of the most common obstacles. She famously talks about the “competing” desire to have a successful career while nurturing a loving family and provides some advice on how she tackled handled both priorities. For females who desire a successful career and family, it’s definitely worth a read.