A few months ago, I took the plunge (so to speak), and decided to try using a shampoo bar instead of the liquid stuff sold in plastic bottles. I was mostly inspired by Michelle at Boomer Eco Crusader, who argued that shampoo bars were better for the environment and less expensive, too. I started using my first bar about 3 and 1/2 months ago, and I see it’s about time to replace it, so I thought it might be time to reflect on my experience. The more I think about it, the more I realize that I have contradictory thoughts about the impacts of small changes. Let’s start with the shampoos. I wonder ..read more

It’s currently early in the academic year, when newly graduated medical students finally get a paycheck, and newly minted attendings finally receive their “Doctor Salary” income. I think it’s worth reviewing the ways in which the sticker price of a purchase is not the same as the full cost of ownership. I may have mentioned, once or twice already, that I am thinking about buying a second car. Not my preferred mode of transport While I won’t say that price is no object, I will say that I don’t have a strict budget in mind. We want an SUV, which costs more than a subcompact, and some bells and w ..read more

If you look for it, money lessons are everywhere. This weekend, I was working with the brand new interns. They had a tough morning, rounding with a tired attending, with lots of new-to-them patients. As we finished, I was hungry starving. I asked them if they had anything for lunch lunch: they did not. The hospital cafeteria was closed. As I am not entirely heartless, and also no longer broke, I ordered lunch. Between increased charges on the delivery app, tips, etc., 2 sandwiches cost about as much as a nice date used to, when I was in my 20s. I was glad to buy lunch, but the thought of doing ..read more

Many doctors go straight through school, meaning that they haven’t had to live off of their salary, ever. This suggests that they may need (want) some guidance in figuring out how to live off their first salary, once they are receiving their first paycheck in internship. It’s always better to have a plan. Or, as people periodically tell me, failing to plan is planning to fail. I’ve written about a budget for intern year before, in some very wordy posts. I thought I might recap those posts with a few words, and a few tables. I am much taken with the 50/30/20 budget, put forth by Elizabeth Warre ..read more

My friend with One More Year Syndrome has finally decided to retire. She met with her financial advisor earlier this year, and was assured that she has plenty to support herself (and spouse) if she stops working. However, she came back from that meeting with a notebook and a mission to track her spending. I guess she didn’t really know what she was spending her money on. In the weeks since, I have heard about her canceling subscriptions, and cutting back on smaller purchases. Which leads me to wonder: would I rather screw down the clamps on my spending early, perhaps feeling pinched (or at lea ..read more

My oldest cousin called me over the weekend, just to say hi and check in. This lady does not at all resemble my cousin. Really. In the last few years, whenever I say anything about possibly retiring early, she responds quite strongly, something to the effect of: you’re not old enough to retire! And, what would you do with yourself? Since she is quite a bit older than me, and her husband is older yet, and they are still working…well, I don’t say much more. Today she let drop that she will probably retire at the end of next year. At that time, the grandchild she is putting through college should ..read more

Over the past 10 years or so, I have set up my life to avoid shopping. Well, avoiding shopping is maybe too strong a term. However, I don’t go window shopping or shop socially anymore. Some of this is related to the pandemic (trying to stay home and away from germs), some is related to long hours working (who has time to shop if you are at work all the time?), some related to our 1-car household (if I don’t have the car, I am not going on a shopping spree). Other factors include wanting to avoid wasting money when I have other financial goals (paying off the mortgage, for example) and not want ..read more

As I noted in my post about my net worth at the end of 2023, said net worth went up quite a bit since the beginning of 2023. Actually, it went up by a lot. I’m still thinking about my annual spending for 2023, but it’s clear that my net worth is more than 25 times that amount. My net worth is even more than 25 times my expected spending, i.e. my current spending, plus extra spending to cover health insurance costs, increased travel, anticipated large costs in the future (a new car, a new roof, etc.) According to guidelines suggested by the Trinity study, if I have assets (liquid assets, no les ..read more

I have just returned from WCICON24 (The White Coat Investor Physician Wellness and Financial Literacy Conference) in Orlando. I have been wanting to go to this conference since the first one was announced in 2018, and was super-excited to finally go this year. It didn’t hurt that I was worn out and looking forward to some time away from all the craziness at home. I tried writing down a pearl from each lecture. It wasn’t always the point of the talk, and towards the end of the meeting, I skipped a few. I thought I might share them with you. I added a few other thoughts about the meeting as well ..read more

Every year, for over 20 years, I take time at the end of the year to look at my finances. (Now “our finances,” but considering who does most of the number crunching, I will continue in the first person for this post.) I calculate my liquid worth, I review my spending in the year just past, and then take a look at my savings goals for the coming year. I think these exercises have been helpful over the years, and not just because they tend to keep me off the roads around a dangerous holiday. They keep me honest about my debts and spending, and force me to prioritize financial goals over the comi ..read more