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 Recommended 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.

Now on to my Friday Favorites……..

Debt Free DDS’ Friday Favorites 02/21/20

1) Do you think your Student Loans were forgiven in bankruptcy? Maybe not. Read this article about how 30,000 people thought their loans had been discharged in Bankruptcy but Navient disagrees. Whether you are on some sort of IBR, PSLF, or trying to get them discharged via bankruptcy, make sure you are very careful. If you are going for one of these things it is best to save money in a side fund so that you have the money to pay them off if this doesn’t work out. And as always, you can always refinance your loans and live like a resident for a few years and try to destroy them like I did.

2) Managing your own finances and investments is possible. You do need to get some education on how to do it but this education is out there for free or at very low cost. See some resources here. The White Coat Investor had a back to basics post this week that reiterates how simple it really can be. Check out that article here. Remember, this blog post alone is not enough to be educated to manage your own money. But it is an outline of how simple your plan can be and what you need to educate yourself on.

3) Life Style Inflation (aka Lifestyle Creep) is real. When you are surrounded by people either with a lot of money, or with a lot of things it is hard not to want what they have. It is especially difficult as a dentist or high income professional. We have gone through a lot of school and have made little money sometimes into our late 20’s or early 30’s. We feel like we’ve earned a degree that allows us to be called “doctor” and so we need to look like a doctor. A nice house, fancy car etc. is what is deserved. Avoiding this thinking is essential if you are going to hit the ground running towards getting out of debt and getting to financial independence. This week I read a post from Think Save Retire from a few months ago about this very subject. Read it here and commit today to avoid Lifestyle inflation.

4) I’ve talked a couple of times on this blog about getting free money and free travel from credit cards. This game is not for everyone. You must have your financial ducks in a row, and you must not ever carry any credit card debt. But if you can be disciplined, then there is a lot of free money to get from credit card use. This week I cam across an article from the Points guy that even I didn’t really know. Luckily I think I have adhered to this anyway. This post tells us why we shouldn’t close our credit card accounts before the one year mark.

5) I ran across this figure on the American Dental Association Website. It states that in 2008 around 9% of dentists were age 65 or older. In 2018 that number jump to over 15%. Is this problematic? I wouldn’t say that. We are living longer these days and continuing to help people by improving their oral health is a noble profession. If you love dentistry and have the ability and desire to practice past age 65 then by all means, do it. However, I wonder if there is another reason this number is increasing. Are more and more dentists working past the age of 65 because they have to financially? I am sure that is part of it at least. Could be a huge part of it.

I have no idea if I will be practicing dentistry at the age of 65. I do love it. However, if I do practice to that age or beyond, it won’t be because I have to, it will be because I want to. Reaching financial independence long before age 65 is possible and it is my goal (My goal is 52). You have to destroy your debt within 5 years of dental school, save a lot of money, have a sound WRITTEN financial plan, and invest wisely. Any one can do this. Check out all of the resources I have recommended to get you on this path. I know you can do it.

This Week’s Recommendation

I’ve talked a lot about how important it is to get a financial education. Whether you want to manage your money yourself or hire an advisor, you must get educated. Books are my favorite way but there are many ways I use and recommend.

Have a great weekend. Read these articles. Get this book. Start getting educated and take the bull by the horns. You can do this. You don’t have to be a slave to debt, or a lack of financial knowledge. Together we can become debt free, financially literate, and financially independent.

-Debt Free DDS

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