Grand Rounds: Dolla Dolla Bill Y’all
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Welcome to this session of grand rounds, a collection of posts I have discovered in the blogosphere and have found of interest and hope you do too.
This offering of Grand Rounds looks at articles from around the web that deal with that sweet green stuff that we trade our time for.
The professional athlete.
I would wager that most of us have watched these individuals and wonder what it must be like to be a “baller” and pull in that kind of income.
Sure it would be great if your child was the next Tiger Woods (and hopefully you can get a little of the action with your “manager fee”), but would that give him or her the greatest chance for a high lifetime career earning?
Debt Discipline assesses the difference between a career in professional sports and that of tech in, “Want Your Kid To Grow Up To Be A Millionaire?”
I have written about Passive Income and how it is my favorite type of money.
And what’s not to like?
Money working for you while you sleep.
No sick days, no vacation.
And best of all you get to keep more of it as it has favorable tax implications.
Well the big dog in the Physician Finance Blogosphere, The White Coat Investor, says not so fast.
Jim Dahle demonstrates why wage earnings should share some of the limelight in, “In Defense of Earned Income.”
Everyone want to increase their income.
However it is not how much you earn but how much you take home that matters most.
Coming out of residency I was incredibly naive financially.
I assumed when I went into private practice and signed a contract that the business model I became a part of was fine tuned and designed to maximize my take home pay.
I was wrong.
An often neglected aspect of increasing your financial bottom line is to see how efficient things are and eliminate items that are costly and unnecessary.
Wealthy Doc gives some great tips and guidelines to make sure you are pocketing as much of those hard earned dollars as you can in, “Maximizing Profits In Private Practice.”
Physicians make a lot of money.
There is no denying that as a doctor’s income typically puts him or her in the top 5% of earners.
But everything is not quite so rosy.
There is a lot of cost incurred in the making of a physician.
Couple that with the delayed start of true earnings/loss of time for compounding and some may contemplate if a medical career is worth it.
Physician On FIRE addresses this very topic in, “Is Medical School Worth The Cost?”
It’s what makes the world go around.
But have we really taken a moment and actually consider what money truly is?
It is more than just a piece of paper (or a round metallic disc).
Loonie Doc gives a wonderful post about this item that we seem to forever be chasing in, “Holistic Wealth: Money, Personal Capital, The Economy, And Our Society.”
Hope you enjoyed the reading material.
Have a great rest of the week.
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