Pay Debt vs Start Your TFSA, RESP, or RRSP?
The Loonie Doctor | Physician Finance Canada
by The Loonie Doctor
1w ago
Most early career professionals are torn by competing priorities. Paying debt vs investing is one of the big dilemmas. Some people will decide to eliminate debt, and then sequentially start investing. However, a compromise to do both appeals to many people. That not only stops the waste of mental energy agonizing over the dilemma, but it also helps you to start building good investing habits. Once you have your debt at a safe level where you can absorb cashflow shocks and sleep at night, then it is reasonable to start your investing journey. A Tax-Free Savings Account (TFSA) is usually a great ..read more
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My Net Worth Dropped. My Financial Goals Were Met.
The Loonie Doctor | Physician Finance Canada
by The Loonie Doctor
2w ago
In the preceding post, I unpacked my net worth for you to see and share my insights from that. One message was that it did not grow linearly or exponentially. In fact, in 2022 my net worth dropped. However, I am still quite happy with my financial performance. I have met my financial goals, improved my processes, and they survived 2022. I hope that that you can apply this glimpse into my financial journey for your own financial goal setting, building wealth, and improving your investment performance. Set smart financial goals to get you there. Goal & Control Unmearsured Wealth improved i ..read more
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Unpacking My Net Worth
The Loonie Doctor | Physician Finance Canada
by The Loonie Doctor
3w ago
Net worth is commonly used as a measure of wealth. It is simple to calculate (assets minus liabilties) and the notion that you want it to grow is readily apparent to most people. The wide range of net worth amongst people with similar incomes also shines a direct light onto the fact that a high income is not wealth. I have tracked my financial life in an Excel-based budget and planning workbook for >15 years now. There are a lot of interesting lessons in that data. Today I will start to unpack my net worth growth and share some insights from it. Plus, who doesn’t like a little financial voy ..read more
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Highlights of Year 5: My Blog is Back Alive
The Loonie Doctor | Physician Finance Canada
by The Loonie Doctor
1M ago
When I started the Loonie Doctor in the fall of 2017, I was in oscillating stages of burn-out. Fortunately, the negative forces that pushed me there also caused me to pause and look around. I started paying more attention to what I, and my family, were sacrificing for diminishing returns. It was eye-opening and helped me to gradually rediscover a better balance. That process also gave me a new purpose. To share what I have been learning. It has been three years since I gave an update on the blog, but much has happened and I also want to give a peek at what I have in store for you. What happen ..read more
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Medical Student Debt Repayment in Early Practice
The Loonie Doctor | Physician Finance Canada
by The Loonie Doctor
1M ago
Hopefully, you minimized debt during medical school and controlled it as a resident. Despite that, most physicians will still have a significant debt load when they start practice. When you become an attending, the future has arrived. You have felt the growing burden of your debt and now it is time to the turn the tables and crush it. That requires you to pay attention and make a medical student debt repayment plan. How much money you have to smash your debt depends on your income, lifestyle spending, and investing. Everyone’s balance of those variables will be different. The underlying messag ..read more
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Dealing With Medical Student & Resident Debt
The Loonie Doctor | Physician Finance Canada
by The Loonie Doctor
1M ago
I was recently reminded about how much debt weighs on students when I did a talk for our local medical school. I pre-polled the audience about what topics they wanted to hear about. The vast majority of questions and concerns were around debt. Actually, “crippling debt” was used by three different respondents. However, one pretty much summed them up. “Dude. I am in a LOT of debt. Please tell me that it will be okay.” Anonymous Medical Student Alternate Post Title: Dude – It will be okay. Seriously. That opinion is based on my own experience and interactions with many residents and early caree ..read more
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How to Donate to Charity Tax Efficiently
The Loonie Doctor | Physician Finance Canada
by The Loonie Doctor
1M ago
Giving to help causes that align with your values yields one of the best returns on investment for your money. I previously described how to give more effectively to boost your impact and satisfaction. Giving should actually be a deliberate part of your financial plan. The other aspect of donating to charity is how to do so tax efficiently. There are charity tax credits, tax deductions, and other tax-saving ways to donate. Developing a tax-efficient donation strategy means that more money is available to give directly to the causes that you are trying to support. It could even mean more money ..read more
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Use My DIY Investor Hub to Crush the Barriers
The Loonie Doctor | Physician Finance Canada
by The Loonie Doctor
2M ago
Over the last five years, I have been helping colleagues to take control of their financial lives. It has been incredibly gratifying to see the transformation this has on people’s lives and careers. I met with one of my first mentee‘s last week. She is killing it, and now trying to help her colleagues to open their eyes. I hope that the new DIY Investor education hub that I have created will also help to expand the reach of my mission. Taking the plunge to use a simple and effective DIY investing approach, grounded in the best evidence, is one of the most tangible and impactful ways for you to ..read more
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Spending & Debt: A Chat with Future-You
The Loonie Doctor | Physician Finance Canada
by The Loonie Doctor
2M ago
In the preceding post, you morphed your mind from mere human to mature Vulcan to logically think about debt. Debt is spending the income of “Future-You” in the present. Future-You must pay back the principal plus interest. Logically, spending while in debt and taking on new debt are equivalent. One mental check to use when taking on a debt or deciding to spend while already in debt, is to ask what Future-You thinks about the spend. We can’t really predict the future and we will also change as we age. Hopefully, we will retain our logical faculties. So, let’s take a logical approach to consider ..read more
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Give Your Capital To Receive Happiness
The Loonie Doctor | Physician Finance Canada
by The Loonie Doctor
3M ago
Giving effectively is one of the financial skills that we must master to make the most of our human and financial capital. Pro-social spending helps us to build social capital that we indirectly benefit from. Moreover, we also benefit directly through increased levels of happiness and life satisfaction. You don’t gain much satisfaction when you are dead. So, learn how to give regularly and effectively while you are alive. It is like a muscle that you must exercise regularly and deliberately and in return you will become stronger. Also like exercise, it is not something to put off to “someday w ..read more
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