“What is the main purpose of money in your life?” If you ask that question to physicians at different stages of their careers, you will likely get different answers. Ask a resident and they'll probably tell you it's for paying off student loans. Ask a physician ten years into practice, and they might say it's for providing opportunities for their family. Ask a physician who has achieved financial independence, and you may hear something completely different: "It gave me the f

A recently widowed client asked me an important planning question, one that many parents eventually face. One of her sons was preparing to enter graduate school, and his 529 plan had been depleted during his undergraduate years. At the same time, she had just received life insurance proceeds following her spouse's death. Should she use some of that money to help pay for graduate school for her son instead of requiring him to take out federal student loans? And if so, should s

Most physicians have their number in mind—their retirement number. The amount that they have determined that their net worth must reach to sustain them for the rest of their lives. Once they hit it, they assume that they will be ready to hang it up and call it a career. They may have come up with this number on their own, using a tool like the 4% rule, or perhaps a financial advisor has helped them with some more sophisticated planning. Either way, the number becomes the g