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 02/28/2020
1) The Corona Virus is all the rage right now. I recently read this article https://amp.usatoday.com/amp/4889977002 from USA today about how fears from the Corona Virus is causing the market to fall. In fact over a two day period stocks had lost $1.7 Trillion in value. While we do need to be concerned about the corona virus, I don’t think we should fear or spread fear. Remember that if you are prepared, you don’t need to fear. So get prepared financially. See how to prepare from my post from this last Monday here https://debtfreedds.com/2020/02/24/how-to-be-prepared-for-the-corona-virus/
2) Mike Piper from the “Oblivious Investor” is one of my favorite bloggers, authors, and speakers. If you haven’t read any of his stuff I recommend this article first where he discusses why we should be investing in Index Funds and not individual stocks. Be sure to check our his other posts and books. There is a huge amount of knowledge to get from him.
3) Have you thought about starting a 529 plan but haven’t got around to it? We have 529 plans for each of our kids but we didn’t start the until after my student loans were paid off. I know we as parents want what’s best for our kids, but saving for their education before ours is paid for isn’t the best financial move. I read a great post recently on FrugalWoods that will help you understand 529 plans a little better and give you resources on how to get started.
4) I recently read a good article on Squawkfox about FOMO. Read it here. FOMO is real. Don’t know what that means? It is “Fear of Missing Out”. Sometimes we as dentists think we need what all of the other dentist’s have. We may not realize that they have already paid off their debt, or maybe they are going in to debt to get all of these things. Patience is a virtue. If you are smart with your money, pay off your debts, build an emergency fund, and save at least 20% of your paycheck, you will get to the point where you can buy anything (not everything) you want.
5) Are Dentist’s monsters? Find out from this great post from the new dentist blog at ADA.org. https://newdentistblog.ada.org/are-dentists-monsters/
The truth is, a lot of people don’t like coming to the dentist. There are a lot of dental problems untreated because of this fear. We need to do everything we can to make the patient feel comfortable in our chair. I hear of way too many stories of dentists being mean to their patients or making them feel uncomfortable. Even though we have the expertise to fix their dental problems, they have plenty of choices. They can choose to go to a different dentist or not fix the problem at all. Let’s not drive patient’s away by confirming their fears. What we do may bot be pleasant sometimes, but we can be pleasant and make our patient’s feel comfortable.
This Week’s Recommendation
Getting out of debt, investing wisely, and building wealth can be easier when you see everything together. It is easier to have your full financial picture when it is all in one place. There is a wonderful free tool called Personal Capital. There you can see all of your bank accounts, investing accounts, and debts. Basically your whole financial life. You can also get tips and help to build your wealth. I recommend you click this link and sign up today. Remember it is completely free and a great way to track your financial life to make sure you are on track with your goals.
Hope you had a great week. Have a great weekend.
-Debt Free DDS
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