Debt Free DDS’ Friday Favorites are a collection of this past week’s (or month’s or year’s if still relevant) financial blog posts, articles, or other resources. These are resources I have found very helpful for me on my journey to becoming debt free, financially literate, and financially independent. I believe they will help you too.
If you need help with financial education, please see my Financial Eduction Resources tab. If you are drowning in student loan like I once was, start by refinancing them to get a lower interest rate. See my Student Loan refinancing tab for great options. And if you don’t feel like you know enough to manage your own finances and you need help, see my Financial Planning Services tab for help.
This week we are going a little retro and doing some older, yet relevant and classic articles…
Debt Free DDS’ Friday Favorites 01/31/20
1)How much money do you need to retire? That can be answered in a lot of ways and with a lot of calculations. However, 25x your annual expenses seems to be a consensus on a good place to start. The Physician on Fire retired at 43 with a lot more that 25X. See his post on maybe why you should have more than that too.
2) Feeling lost on how you can take control of your investments and get on the road to financial independence? Crispy Doc did at one time too. See how he found Mr Money Mustache and others that helped financially educate him and get started on the path to FI.
3) Do you feel like it’s too late for you to get out of debt quickly? Have you been carrying student loans for a long time but already have the doctor home and the doctor car? It’s not too late. It may not be easy, but it can be done. I love The Frugal Physician’s story about her down sizing her house. I first heard her story on the White Coat Investor podcast and I really liked it and so I have been following her blog. Read here about her experience downsizing her house. If she can do it, so can you.
4) The more money you have, the easier it is to make more money. Sounds obvious right? But it is so true. Debt Free Dr is another fellow dentist (Periodontist) and so naturally I have been reading his blog. One of my favorite posts is called “The #1 reason the first million is the hardest”.
Some of us feel so deprived when we get out of school that we buy our doctor home and car right away. We get comfortable with debt and never really build wealth despite a good income. But there is a better way. If we can “Live like a resident” until we have paid off our student loans, and then still live pretty frugally until we get our first million, then we can loosen the purse strings more. You see, if we now buy a doctor home or car, we still have that million working hard for us to make more money. Don’t get me wrong, you aren’t done saving at a million. But man it becomes a lot easier to make money after that.
5) Do you need help managing your money and investments? It would be easier if you could do it all in one place right? I came across this review of Personal Capital on Making Sense of Cents. It is a great tool and can really help you track your finances and investment goals. See the review here on Making Sense of Cents.
This Week’s Recommendation
After you read the review of Personal Capital, I hope you sign up. It is free software that helps you manage and track your finances and investments. I am sure you have heard of Mint.com. I personally like Personal Capital better and I think you will too. Sign up for free here and start managing your finances better today.
-Debt Free DDS
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