Why is it so important that both partners in a relationship understand their tax situation, even if they're not the one filing the taxes?
When it comes to earnings made from self-employment, which could be anything from locum tenens on weekends, to a private practice you built from scratch, the IRS offers two powerful retirement accounts: the Solo 401(k) and the SEP-IRA. But which one actually belongs in your financial plan?
Emptying your savings to buy a home isn't automatically wrong, but it does increase risk. A larger loan can be the smarter move if your income supports it and you're a strong saver.
Housing is unaffordable for many. Although the median U.S. rent for new leases is down 1.5% from a year ago, it's still roughly 20% above pre-pandemic levels, at $1,400 a month. A new Harvard report finds a record number of renters are “cost-burdened,” spending more than 30% of their income on rent and utilities.
For investors, avoiding disastrous last-place finishes outweighs fantastic regular-season records. Staying in the game long enough for compounding to do its magic is vastly more vital than dominating opponents.
If financial independence is so important, why don't people just sell up and move to some cheap, remote part of the world? Because most people don't actually want financial independence. What they want is to maintain a certain lifestyle without having to worry about money.
There's a personal finance cliche that debt is the devil. This makes sense when it comes to onerous debt like carrying a credit card balance. But lots of rich people borrow money and use debt as a tool. Why?
Roughly one-third of Americans cut back on food, utilities or other daily expenses to pay for healthcare last year, research from the West Health-Gallup Center showed on Thursday, as steeper prices and rising living costs hit households.
The IEA on Friday issued advice to consumers, businesses and industry to help stabilize energy prices. While policymakers continue to manage supply disruption due to the conflict in the Middle East, efforts to reduce consumption could provide faster relief, the agency said.
Gold and silver plunged on Thursday in their steepest selloff in years, with gold falling 5.9% and silver dropping 8.2%as inflation fears from the Iran war crushed hopes for interest rate cuts. The metals were headed for their worst week since March 2020, down more than 7% for gold and 11% for silver.
Upcoming Event
You Already Matched. Did Your Money?
A few days ago, 44,000 positions filled across the country. The biggest Match in history. Somewhere right now, a 26-year-old is calling their parents, about to start the same financial journey you did.
You remember how that felt. You also know what nobody told you back then.
The tax decisions in your first few attending years set a trajectory that's genuinely hard to reverse. Miss the right deductions, ignore entity structure, leave backdoor Roth contributions on the table, and you're not just losing money. You're losing the compounding on that money, for decades.
This Tuesday is worth an hour of your time.
Carole Foos, CPA, joins us March 24 at 2:30 PM ET for a session built around what physicians actually get wrong at tax time. She's spent 25 years advising doctors on exactly this: estimated tax penalties, the deductions hiding in your existing expenses (CME, home office, business costs), when an S-Corp structure actually pencils out, backdoor Roth, cash balance plans, donor-advised funds.
You'll also get her Physician Tax Season Checklist. Run it every April. Thank yourself every decade.
Tax season feels like a deadline. It's actually an annual opportunity that most physicians underuse, repeatedly, for their entire careers.
Show up Tuesday. Bring your questions.
Save your free seat below
Physician on Fire helps doctors build financial independence without waiting until they're too tired to enjoy it.
