LATEST ARTICLES

Don’t Compare Your Investment Returns With Others (Especially On The Internet)

Investors are competitive people. When I was a Wall Street trader, work was all about the P&L (profit & loss). Higher P&L meant higher bonuses...

Quitting Medicine To Become A Hedge Fund Trader: An Interview With Phillip Guerra of...

Making the jump from Wall Street to medicine is relatively uncommon. Leaving medicine to work on Wall Street is even rarer. Those who do typically...

The Wall Street Physician Blog in 2018, And An Announcement

The Wall Street Physician blog had over 150 posts and more than 408,000 views in 2018 (an increase from 107,000 views in 2017). Thank...

5 Things To Know About Volatile Markets

The past few weeks in the stock market has brought volatility that investors haven't seen since the financial crisis. Swings of >2% have become the...

Financial CME #10: Test Your Knowledge

This is the tenth of a recurring series of quizzes to test your knowledge on physician personal finance and investing topics. Some people learn...

5 Reasons To Invest In Choppy Markets

The stock market in 2018 has felt like riding a boat in choppy waters. There have been ups. There have been downs. As we head into...

Forum Mailbag: Madness Of Crowds, Stock Market Randomness, Recency Bias And More!

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

Home Insurance 101 (From Someone Who Lost His Home)

As many of you know, I lost my home in the Tubb’s Fire. At that time I knew the general types of insurance policies...

Index Investing And Rock-Paper-Scissors

Rock-paper-scissors is a game that nearly all of us played as children. It is a game with incredible opportunities to play mind games with your...

How To Invest In International Stocks in 2019

The three core asset classes in a diversified portfolio are U.S. stocks, U.S. bonds, and international stocks. The process of buying U.S. stocks is intuitive...

Financial CME #9: Test Your Knowledge

This is the ninth of a recurring series of quizzes to test your knowledge on physician personal finance and investing topics. Some people learn...

Donate To Your Favorite School Projects This Year With DonorsChoose.org

December is a time for giving, and I'm sure charities of all causes are asking for your donations. However, I wanted to highlight again DonorsChoose.org,...

Forum Mailbag: HELOC To Fund Retirement Contributions, Costco Gas, Saving For Down Payment, And...

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

Three Ways “First, Do No Harm” Applies to Personal Finance

We are taught it early and often in medical training: First, do no harm. The premise is that medical diagnostics and treatment can and...

Best Stocks for 2019? Let’s Look At The 2018 Stock Picks First!

Near the end of every year, financial publications publish their picks for the coming year. This year is no different. Kiplinger and U.S. News have...

Four Reasons To Hire A Financial Advisor

I'm a big proponent of do-it-yourself investing. In the age of index funds, many investors can manage their own investments at very low cost. And...

Financial CME #8: Test Your Knowledge

This is the eighth of a recurring series of quizzes to test your knowledge on physician personal finance and investing topics. Some people learn...

What Are Your Causes Of Financial Anxiety?

Life is full of potential worries. Personal, professional, and other stresses can make us anxious and reduce our happiness and quality-of-life. A major source of...

Forum Mailbag: Rebalancing, Roth Allocation, NASDAQ vs. Total Market, And More!

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

The Key To Financial Success As A Doctor – Staying Hungry

We all know the importance of compound interest in building wealth. The fuel for compound interest is time—the longer you are committed the greater...

Book Review: The Doctors Guide To Starting Your Practice Right

For residents, there is scattered information about the job search and the transition from being a resident/fellow to an attending physician. Many residents get their...

Disability Insurance For Female Physicians: The Agony Of Defeat

We have all been there. You decided that you need or want to purchase a certain product or service. You do your research, visit...

Financial CME #7: Test Your Knowledge

This is the seventh of a recurring series of quizzes to test your knowledge on physician personal finance and investing topics. Some people learn...

If You Could See Medicine Through My Eyes: Resident Perspective

Medicine has changed immensely over the past 40 years. Not only has the drugs, surgeries, and procedures changed, but the culture and economics of...

New Post Tomorrow

There is no post today because I am participating in a post series tomorrow with fellow physician finance bloggers Xrayvsn, Doctor of Finance MD,...

Forum Mailbag: 401(k) Taxes, 10% Retirement Cash Flow, HSA and FSA, And More!

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

Are We On The Verge Of A Generation Of Hyper-Risky Investors?

I recently posted about a friend whose wife had no tolerance for equity risk based on her negative prior experience watching her parents lose...

Annual Contribution Limit Increases for 2019 (401k, 403b, IRA, HSA)

We're nearing the end of the year, and people are starting to think ahead to 2019. November brings open enrollment season for many workers, so...

The Growth Of An Investor

There was an interesting discussion on the White Coat Investor forum, which was started by a poster named Krentist (emphasis mine): "As I’ve become more...

Financial CME #6: Test Your Knowledge

This is the sixth of a recurring series of quizzes to test your knowledge on physician personal finance and investing topics. Some people learn...

Preparing For The Next Recession

The current bull market is over 9.5 years old, one of the longest on record. I've frequently written about how you cannot predict when the...

Forum Mailbag: Stop-Loss Orders, Term Insurance Ladders, High-Commission IRAs, And More!

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

Why It’s Not Wrong For Doctors To Retire Early

When Jason Kilar graduated from college he experienced tremendous personal and professional adversity. Three days after graduation, Kilar’s father ended his own life after battling...

VTSAX Review: Invest In The Largest Mutual Fund In The World

There are nearly 10,000 mutual funds available to investors. The biggest one of them all is Vanguard Total Stock Market Index Fund (VTSAX). With over $813...

Child Tax Credit: Significantly Expanded For 2018 And Beyond

The tax law signed by President Trump in 2017 brought several new changes for physicians and other high-income professionals. One helpful change for families with...

Financial CME #5: Test Your Knowledge

This is the fifth of a recurring series of quizzes to test your knowledge on physician personal finance and investing topics. Some people learn...

Turn Off The Financial News

There's a lot of financial information out there. Some of it is helpful, and some of it is unhelpful. I'm sure many of you take...

Forum Mailbag: Tilting To Defensive Sectors, Autopaying Credit Cards, Holding Too Many Credit Cards,...

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

Debt Is The Great Equalizer

Imagine we are on a desert trip. Every 2 weeks we come across an oasis with a spring full of fresh water. We replenish...

Keep Bonds Out Of Your Roth IRA

There's a significant debate in the financial community about where investors should put their bonds. Some people keep it simple and purchase their desired asset...

Will The Cost Of Financial Advising Drop Like Other Fees In The Financial Services...

Nearly every service in the investment industry has declined in cost over time. Commissions, mutual fund fees, and bank fees have all declined over...

Financial CME #4: Test Your Knowledge

This is the fourth of a recurring series of quizzes to test your knowledge on physician personal finance and investing topics. Some people learn...

Planning For An (Uncertain) Financial Future

The tricky part about retirement planning is uncertainty. Uncertainty in retirement planning comes from three major sources. 1. Current and Future Income Doctors are fortunate in that...

Forum Mailbag: Conservative Asset Allocation, HSA Question, Emerging Markets In Total International Fund, And...

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

Freedom, Freedom Index, or Freedom Blend: Understanding Fidelity’s Confusing Lineup Of Target-Date Funds

For beginning investors, I've long advocated for target-date funds as a great way to get started with investing. In a single target-date fund, you are...

Zero, Nil, Zip (Fees): A Look At Fidelity’s FNILX And FZIPX Index Funds

Fidelity rocked the investment world in July 2018 with its introduction of the first two mutual funds with zero fees: Fidelity ZERO Total Market...

The Simple Solution To Physician Financial Illiteracy

Physician financial literacy is dismal. In the past, many physicians got their first introduction to finance from insurance salesman or financial advisors who give...

Financial CME #3: Test Your Knowledge

This is the third of a recurring series of quizzes to test your knowledge on physician personal finance and investing topics. Some people learn...

Making Money In The Stock Market Is Not Easy

It's really hard to make money in the stock market. No, I'm not saying that the process of investing in index funds is difficult. In...

Forum Mailbag: 403(b) vs. Car Loan, United Credit Card, 529 Contribution Deadline, And More!

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

How To Minimize Investment Returns

Warren Buffett told a parable in his 2006 shareholder letter to teach us how to get rich. This post is based on his thought...

Paying For Financial Advice: Fee-for-service vs. Concierge Financial Planning

Financial advice, just like medical advice, is not cheap. There are several different models when paying for financial advice. In many ways, these models are...

How To Get To Your Retirement Number Faster

I was driving up to Northern MI recently for a nice vacation with family, and like any long road trip, before I left, I...

Financial CME #2: Test Your Knowledge

This is the second of a recurring series of quizzes to test your knowledge on physician personal finance and investing topics. Some people learn...

Ten Things You Should Know About Index Fund Investing

When I first became interested in investing 20 years ago, investing in individual stocks and actively managed mutual funds dominated financial magazines and television. These...

Forum Mailbag: Investing When FI, Preferred Stock, Using 529 Money On Yourself, And More!

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

Should You Hedge Your Portfolio Against A Bear Market With Stock Options?

The bull market has been going strong since March 2009, defying analysts' frequent predictions of its demise. Nevertheless, a lot of investors continue to...

Pro/Con: Would You Go To An Accelerated BS/MD Program?

Pro: Among Other Reasons, Accelerated BS/MD Programs Are Cheaper Than Traditional Pathways BS/MD programs offer accelerated pathways to medical school without many of the hassles...

How Do Vanguard, Fidelity, and Schwab Make Money Offering Low Expense Ratio Index Funds?

People have been marveling at how Fidelity is able to offer two index funds (FZROX, FZILX) with zero expense ratios to their investors. There's something...

Financial CME #1: Test Your Knowledge

This is the first of hopefully a recurring series of quizzes to test your knowledge on physician personal finance and investing topics. Some people...

Index Fund Portfolios Using Etrade Commission-Free ETFs

Etrade made its name in the 1990s as one of the leading online-only stockbrokers. They, along with other internet brokers such as Scottrade and...

Forum Mailbag: Three-Fund Portfolio Allocation, Vanguard Recession Warning, Expensive In-State 529 Plans, And More!

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

A Letter To My Widow

I am the one obsessed with finances in our house. Updating our monthly net worth spreadsheet and ensuring we are not paying mindless monthly...

Should You Save More Or Work Longer?

The formula for building wealth is simple: save money, especially early in your career, and allow it to earn compound interest over time. However, one...

Understanding The Conflicts Of Interest of Financial Advisors

On his White Coat Investor podcast in June 2018, Dr. Jim Dahle interviewed Sarah Catherine Gutierrez, a financial advisor at Aptus Financial, which is...

Top 5 Methods That Doctors Can Use To Reclaim Their Time

As with most professionals, doctors exchange their time for money. Sure, there are clever side gigs, real estate investments, and other means for us...

What Do Fidelity’s ZERO Expense Ratio Index Funds (FZROX, FZILX) Mean For You?

Vanguard, Fidelity, and Schwab have been engaging in a fierce competition to claim the mantle as the leading provider of low-cost index funds. As...

Forum Mailbag – 401(k) or Roth IRA for Residents, Investment Banking Internships, Paying For...

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

Ten Stepping Stones On The Path To Financial Independence

Do you want to achieve financial independence? Do you know how to get there? There is a “best practice” to achieving financial independence. It...

Should You Convert Your 401(k) To A Roth IRA After Residency/Fellowship?

Many residents and fellows will contribute to a 401(k) or 403(b) over the course of their medical training. They should be commended for saving...

Inverted Yield Curve: Predictor of Recession and Bear Market?

The current bull market has been going strong since 2009. For years, some investors have been reducing equity exposure in anticipation of the next...

Don’t Just Do Something, Stand There!

One of my favorite attendings in residency used to quip: “Don’t just do something, stand there!” This was said in the Emergency Department at...

Is It Still Worth It Financially To Go To Medical School?

It is no secret that medical school is getting very expensive. Over the past 20 years, the cost of medical school has greatly outpaced...

Forum Mailbag – Target Date Funds, Best Fidelity Small-Cap Fund, 529 For K-12 Expenses,...

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

Completing A Financial Fellowship

In many areas of medicine, there is the ability to undergo additional training for specialization. For most specialties, additional training via fellowship usually means...

What Stock Market Return Should You Expect In The Future?

No one can predict the future, but when making projections for things like retirement planning, what investment return should you expect? What do we mean...

Predicting The Future: The Wisdom Of Betting Markets

What's the stock market going to do in the next year? This question is asked by millions of investors, both professional and amateur, every day. Many...

Ten Reasons Why Medicine Is An Awesome Career

I feel privileged to be practicing medicine. Many people consider doctor careers and imagine how great it may be. Is it the right thing...

American Funds vs. Vanguard: Active vs. Passive Investing

Here's a question I saw on the recently formed White Coat Investors Facebook group: Curious what everyone's opinion regarding American Funds vs Vanguard. My Spouse...

Forum Mailbag: Vanguard Expands Commission-Free ETFs, Deliver Amazon Packages, Closing Old Credit Card, And...

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

Building Wealth: What’s Your Threshold For Penny-Pinching?

Back when I was a resident, I lived in a high cost of living area. About one and a half of my paychecks went towards...

A Review Of The Bogleheads’ Guide To The Three-Fund Portfolio

I've written a lot about the three-fund portfolio. I've explained how you can implement this simple, diversified portfolio whether you have your money at...

Bull Case / Bear Case: Why The Stock Market Will (Or Won’t) Rise In...

At the beginning of the year, I wrote that there were equally strong arguments that the stock market would overperform or underperform in 2018....

How To Turn $122K into $88K

The illusion of competence is an amazing brain function. I tend to think of myself as a financial genius. After all, I have raised...

Have Fun Learning About Personal Finance By Playing Fidelity’s New Interactive Game

Personal finance can be pretty boring, especially for those in the millennial generation. As a result, the savings rate in America is abysmal. Many Americans...

Forum Mailbag: Alumni VC Funds, Shorting Amazon, International Stock Allocation, And More!

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

Why Japanese Workers (and Medical Residents) Should Pursue FIRE

In the years following WWII, the U.S. helped Japan rebuild infrastructure and institutions. From that time onward, the relationship has been mostly a bromance....

Which Fidelity International Index Fund Should You Buy?

The backbone of a three-fund portfolio consists of a domestic stock fund (usually the S&P 500 or a total stock market index fund), an...

Saving For College: Introduction to 529 Plans

Saving for a child's college education is one of the biggest expenses in a young physician's budget. Most physicians will not qualify for need-based...

How Your Credit Score Is Like Your Board Scores

I've talked about the credit score before (see Your Credit Score - Demystified). By virtue of you being a FPMD reader, there's a very...

The Rent vs. Buy Decision For Medical Residents (Intern Financial Survival Guide)

One of the most common financial questions that new residents ask is whether they should rent or buy a home. While everyone's circumstances are...

Forum Mailbag: MD/MBA to Law at Age 60, Switching to VTSAX, Fidelity Tech Sector...

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

When Life Gets Stressful, Reset Your Mind

The other day I was doing my taxes and I was in an endless loop of error. I was entering my backdoor IRA conversion...

We’re Teaching Our Kids About Investing The Wrong Way

I have loved investing in the stock market since I was very young. I remember watching Nightly Business Report on PBS with my dad...

How To Stay The Course And Stick With Your Investment Plan

There's a certain excitement when you first start getting into finance and investing. You may have used to pick stocks, but have since learned (either...

The Financial Cost Of Being An Academic Physician

After doctors finish their medical training, there is a spectrum of career options that range from full-time clinical medicine (which most people choose) to...

The Seven Types of Investors Who Beat The Market (And Why You Aren’t One...

It is very difficult to beat the market. That's why I've emphasized many times that investors should aim to match the market returns through...

Forum Mailbag – Surgeon vs. Real Estate Investor, Tax-Gain Harvesting, Savings Rate Question, And...

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

Avoid These Ten Examples Of Suboptimal Investor Behavior

I reviewed my investment return results with a CFP investment advisor recently. I noticed that my return was solid and positive but not as...

How Volatility Encourages Investors To Trade

I've written many times that traders rarely win in the long-run. However, in this article, I wanted to highlight the fact that the volatility...

Why Doctors Don’t Have An Edge in Healthcare Investing

I strongly believe that clinical physicians do not have an edge on the rest of the market. Therefore, they should heed Warren Buffett's advice...

One Simple Method To Assess Your Risk Tolerance

One of the challenges for a new investor is determining your risk tolerance, which is how aggressively to invest your savings. There are several...

What is the Best S&P 500 ETF: SPY, VOO, or IVV?

The S&P 500 is the benchmark index by which many investors compare their returns. Many index investors use the S&P 500 (or the total...

Forum Mailbag: 1-Hour Commute In Residency, 4-Year Vs. 5-Year Med School, Job Decision, And...

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

Debunking 4 Myths About Public Service Loan Forgiveness (PSLF)

Since the very beginning of FPMD, I've been recommending all graduating medical students to consider signing onto Public Service Loan Forgiveness (PSLF) if their...

Second-Guessing Your Portfolio

There are a lot of what-ifs in life. If only I had made that putt on 14, I could have shot my best score ever. If...

IShares Russell Top 200 Growth ETF (IWY): Should You Tilt To Large-Cap Growth?

I'm an advocate of the three-fund portfolio, but I understand why many investors might want to slice and dice their portfolio. Most prefer to...

Revocable Living Trusts

This post may contain affiliate links. Please read my disclaimer for more info. This is the fourth piece in an 8 part series on getting your...

The Stock Market Is The Best Long-Term Investment

Since 2002, Gallup has periodically conducted a poll which asks respondents a variant on the following question: Which do you think is the best long-term...

Forum Mailbag: Suze Orman, Funding Multiple 529s, Buying A Larger Home, And More!

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

Tax-Adjusted Asset Allocation: Is It Necessary?

Asset allocation is one of the most important principles in investing. Investors need to strike the appropriate balance between stocks, bonds, and other asset...

Investors: Don’t Keep Your Powder Dry

It is common for many investors to want to have some cash on the sidelines. They want to have money available to use if...

Free Rent Through House Hacking: Feasible For Medical Students?

I was browsing the White Coat Investor forums and came across this question from a soon-to-be medical student: I am 25 and I start medical...

In The Stock Market, No News Is Good News

The stock market can be turbulent at times. If it weren't, it wouldn't provide the superlative returns that it does. In order to get...

The Investing Game Is Won By Not Losing

When I became interested in the financial markets many years ago, I spent many hours and days trying to devise ways to make money...

Forum Mailbag: New Intern Budget, Dual Physician Couple Home, ONEQ ETF, And More!

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

Are Merger Arbitrage Trading Strategies Really Arbitrage?

Arbitrage is a term that gets thrown around a lot on Wall Street. In its purest form, arbitrage takes advantage of the discrepancy in...

Here’s One Underappreciated Reason Why Index Funds Have Been So Popular

Investing in index funds have become incredibly popular. While investing used to be all about picking the hot stock or finding the next star...

Would Most Doctors Pass The Stanford Marshmallow Test?

The premise of the marshmallow test is simple. Put a young child in a room with a marshmallow. Promise them two marshmallows if they can...

Financial Calculations With The Payment (PMT) Function

I know that doctors, in general, don't like working with numbers. However, I do know that doctors like to use calculators when necessary in...

Don’t Order A Test If It Won’t Change Your Management

Doctors order a lot of tests. Let's be clear, most of these tests are quite good and help with diagnosis and management. They can help...

Forum Mailbag: Technical Analysis, Ideal Rent As Resident, Beating The Harvard Endowment, And More!

There is so much great information on personal finance forums. I participate on several message boards, including the Bogleheads and White Coat Investor forums....

Health Savings Accounts (HSA): The Basics

Most investors know about the major tax-advantaged accounts. They have a 401(k), which forms the backbone of their retirement portfolios. They might have a...

For Medical School, Would You Go To A More Prestigious Private School or A...

It's a question that reverberates in the minds of premeds around the country. If you have a choice between multiple medical schools, should you go...

How To Purchase Individual Municipal Bonds For Your Portfolio

I currently hold around $40,000 in municipal bonds split between my home state and its counties. This represents a small portion of my overall...

The Pros And Cons Of Term Life Insurance Ladders

One of the most common questions among physicians who are considering purchasing term life insurance is how much life insurance do you need to...

Can “Safe” Bonds Make Your Portfolio More Risky?

Warren Buffett publishes an annual letter to Berkshire Hathaway shareholders. It's an open letter to shareholders, and it has become a must-read for investors...

Forum Mailbag: TD Ameritrade Solo 401(k), $3500/month Rent In Residency, Cutting Back On Shifts,...

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads and White Coat Investor. Here...

Financial Calculations with the Future Value (FV) Spreadsheet Function

Physicians are notoriously averse to math. From acid-base calculations in general chemistry to memorizing Winter's Formula for USMLE Step 1 and the clinical wards,...

What To Do If You Missed Out On The Bull Market

We are now 9 years into the current bull market, and the S&P 500 has risen over 300% from its March 2009 low. Unfortunately, there...

How To Calculate Your Savings Rate

The savings rate in America is abysmal. As a result, many Americans rely on Social Security and pensions to fund their retirement. However, physicians would...

Single-Family Homes: An Opportunity To Beat The Market?

I believe that the equity and bond markets are very efficient, as there are millions of investors all valuing the same securities. We are...

It’s Not All About The $$$: Endpoints in Personal Finance

Every physician, especially those who work in oncology, have read their fair share of clinical trials. In order to advance the field of medicine,...

Forum Mailbag: Perfect Credit Score, International Bond Fund, Roth 401k Versus IRA, And More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads and White Coat Investor. Here...

Quotes For The Regular Investor From Warren Buffett’s 2018 Berkshire Hathaway Annual Letter

Every year, Warren Buffett publishes an annual letter to shareholders. While the letter includes a lot of boring details about the performance of the Berkshire...

How Much Of Your Total Returns Are Lost To Fees?

In the past, investors had to pay an actively-managed mutual fund to manage their money. The average actively-managed mutual fund charges about 1% of...

Fidelity Total Market Index Fund (FSKAX) Review

There are over 10,000 mutual funds available for purchase at Fidelity. Of these, one of the mutual funds I invest in is the Fidelity...

Should You Invest In High-Dividend Stocks Or Index Funds?

I'm a big advocate of index funds in investing. It's simple, and you can get a diversified portfolio with just a few mutual funds. However,...

Wall Street Profiles: High-Frequency Traders

In this seventh installment of my Wall Street Profiles series, I discuss high-frequency trading strategies. Highlighted beautifully by Michael Lewis in the book Flash Boys:...

Forum Mailbag: Factor Investing, Roth IRA Question, Shorting AGG, And More!

There is so much great information on personal finance forums. I regularly participate on the Bogleheads and White Coat Investor forums. Here are some...

The Pros And Cons Of Managed Futures

1. Tell me a little bit about yourself and how you got into managed futures trading. I have always been fascinated by all type of...

Introduction To Disability Insurance For Physicians

Especially when we are young, we feel invincible. We're healthy, and think we will stay that way. Unfortunately, we're only one car accident or...

What Is The Value Of A Roth IRA?

While introduced only in 1997, the Roth IRA has become a major retirement vehicle for millions of Americans. While everyone knows that the Roth...

Vanguard Corporate Bond ETF (VTC) Review: Is It Worth Buying?

Vanguard launched its Corporate Bond ETF (ticker symbol VTC) in November 2017. It is a three-in-one ETF that holds short-term, intermediate-term, and long-term corporate...

Paying Down Student Loans Versus Investing

There are a lot of competing goals when you first get out of residency. You have hundreds of thousands of student loans to pay off. You...

Forum Mailbag: 24-Hour Trading, Timing The Next Bear Market, 4% Rule, And Taxes, And...

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

Wade Pfau and the Safe Savings Rate

Retirement planning can be split into two phases, the accumulation phase and the spending phase. The spending phase has been pretty well-studied, with the backbone...

White Coat Investor Course Review: Fire Your Financial Advisor!

How did you learn best in college and medical school? Were you a book person, reading and highlighting textbooks? Or were you a Powerpoint person, flipping...

How To Buy A Mutual Fund At Fidelity (With Screenshots)

Investing can be overwhelming for many new investors. With so much money on the line, they're worried that might make a mistake with even the...

It’s Official: Backdoor Roth IRAs Are Legal!

While the Backdoor Roth IRA strategy has been employed by high-income individuals since 2010, its legality was questioned by some because of the IRS...

Highlights From The Wall Street Physician’s 1st Year

The Wall Street Physician blog recently turned one year old. Thank you so much for making the blog's first year a success. I know that...

Forum Mailbag: Too Much Money in 401(k), Overslicing And Dicing, Investing Prior to Med...

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

Dogs Of The Dow Review: Is It A Winning Strategy?

I've heard of the Dogs of the Dow strategy for as long as I've been interested with investing. The Dogs of the Dow strategy was...

Introduction to Life Insurance For Physicians

Life insurance is one of the key foundations of a good financial plan. In this article, we will discuss the basics of life insurance. Why...

The Impact Of Stock Market Volatility On Retirement Planning

We can control most of the variables that will affect our financial futures. We can control our income by choosing to work more hours...

Physician Retirement Age: When Is The Right Time To Retire?

The decision to retire is a difficult one for anyone, including physicians. However, with everyone's investment accounts so flush with money because of the bull...

Forum Mailbag: Buying In Hot Housing Market, Retirement Bond Allocation, 100% Stocks For Resident,...

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

How The New Tax Bill Will Affect Medical Residents

Donald Trump signed the Tax Cuts and Jobs Act of 2017 late last year. Americans and corporations are feverishly reading news summaries of the...

Why The Stock Market Will Underperform in 2018

The stock market had an amazing 2017, with the S&P 500 rising 21.8%. In my last post, I made the argument that the good times...

Why The Stock Market Will Overperform in 2018

2017 was a great year for investors. Before looking ahead to 2018, let's review how the major asset classes performed in 2017. 2017 Asset Class...

Donate To School Projects With DonorsChoose.org

Since we are in the last week of the year and many people are thinking about charitable contributions, I'd love to give a shout-out...

Increase Your Happiness By Spending Money On Others

It's the end of the year, and December is the season for giving. The holiday season inspires many to give to charity through a...

Forum Mailbag: Choosing A Medical School, Trying To Beat The Market, REITs and Ex-Div...

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

Best Stocks for 2018? Let’s Look At The 2017 Stock Picks First!

At the end of every year, financial publications publish their picks for the next year. This year is no different. Kiplinger, Fortune, and Forbes have...

How Much Do You Need To Save For Retirement?

One of the first personal finance questions people ask when they begin financial planning is "How much do I need to save for retirement?" Google...

Do You Really Need To Cut The Starbucks Latte?

You’ve probably heard of the Starbucks latte effect. As the theory goes, small changes, multiplied and compounded over time, can end up becoming big savings. For...

Do Published Trading Strategies Work?

When you browse finance-related websites, it doesn’t take long for you to see ads that claim that they can help you make money, fast. "I've...

How To Get Out Of A High Expense Ratio Portfolio

A common question from readers is what to do about an account that contains a bunch of high expense ratio mutual funds or individual...

Forum Mailbag: Minimizing Trading Fees, Non-Traditional Resident, Bitcoin, And More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

Bitcoin Rises To Another Record, Horrifying Economists And Financial Bloggers Everywhere

New York, NY -- Bitcoin rose to another record close today on strong demand from speculators and "investors" alike. The cryptocurrency, founded in 2009, has...

Harry Browne and the “Permanent Portfolio”

There are many ways to construct an investment portfolio. My preference is to have your core asset classes be U.S. stocks, international stocks, and...

A Trading Strategy with a 95% Win Rate? Run Away!

Some trading ads you see on the Internet may tout their trading strategies. They might make a pitch like the following: Use My Proven trading...

Should You Invest In Municipal Bonds?

Municipal bonds are attractive to investors, particularly high tax-bracket investors, because they are potentially exempt from federal and state income taxes. But my concern is...

Backtesting Is Finance’s Version of Retrospective Research

A lot of effort and money is spent looking for ways to make money in the stock market. While you can get perfectly good...

Forum Mailbag: 529s and Marriage, HELOC to Maximize Retirement Contributions, Dave Ramsey and Credit...

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

How To Buy A Stock At Fidelity (with Screenshots)

We’re going to go really basic today, but even experienced investors might find a pearl or two in this post. In the past, I’ve been...

How To Choose The Right Target-Date Fund For You

Many physicians don't want to think too hard about investing. There are a lot more fun things to do in life than worry about...

Not All Index Funds Have Low Expense Ratios

Many of us take for granted that we should be paying next to nothing for our index funds. Vanguard, Fidelity, and Schwab offer great index...

How To Save For A Big Purchase

Most people's monthly spending is a series of recurring payments, like rent, food, and utilities. There are also some one-time purchases that might require...

Debunking The Mortgage Accelerator Program

Mortgage debt is the largest debt most people will ever hold. You want to pay off your mortgage quickly, but the standard mortgage term...

Forum Mailbag: Preparing For Bear Market, Feeling Poor, Remembering Past Financial Mistakes, And More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

15 Warren Buffett Quotes On Investing, Personal Finance, and Life

Warren Buffett is famous not only for his tremendous long-term success as an investor, but for his folksy, down-to-earth personality. He is so quotable,...

Wall Street Profiles: Donald Trump

In this sixth installment of my Wall Street Profiles series, I discuss the investment career of Donald Trump, real estate mogul and the 45th...

Tax Cuts? Why Not Raise Your “Taxes” Instead?

Donald Trump and Congressional Republicans recently passed their long-anticipated tax bill, which offers tax cuts for the majority of Americans. I'm sure you are reading...

Health Savings Account (HSA) or Healthcare Flexible Savings Account (FSA)?

November is open enrollment season, and many physicians and residents are mulling over their health insurance options for the upcoming year. One of the major...

Retirement Planning Under Tax Law Uncertainty

Donald Trump and the Republicans will soon unveil their long-awaited tax proposal. It's expected that they will introduce cuts to business and individual income...

Forum Mailbag: Paying for Child’s Medical School, TD Ameritrade, 529 vs. Taxable, And More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

Save Money On Childcare With The Dependent Care Flexible Savings Account (FSA)

For many families, childcare is a major part of their household budgets. Some families spend several thousand dollars a month on childcare, depending on...

Does Your Asset Allocation Change As You Become Wealthier?

Investors should be wary about being too aggressive with the asset allocation early in their careers. As I wrote a few weeks back, many...

It’s Not What You Make, It’s What You Keep: Improving Your After-Tax Returns

One underrated aspect of personal finance is investing a tax-efficient manner. The role of taxes in investing is often overlooked, typically because everyone’s tax...

Market Skew: Another Cause For Investor Underperformance?

Studies have continually shown that the majority of market participants underperform the market. For example, in 2014, 86% of large-cap actively-managed mutual funds failed...

Schwab 1000 Index ETF (SCHK): A Review Of Schwab’s Newest ETF

Schwab, along with Vanguard and Fidelity, are the three leading providers of low-cost index funds to investors. Each offers many ETFs and index funds...

Forum Mailbag: September Effect, HSA Investments, Protecting Against Correction, And More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

Why You Shouldn’t Try To Be A Billionaire

A while back, Physician on FIRE discussed the dream of a $10 million dollar portfolio. It’s certainly doable, but for most physicians, the likelihood...

The Status Quo Bias in Personal Finance and Investing

For decades, economics and finance relied on a central assumption for its theories: that people acted in a rational manner. Most people knew that this...

A Look At The Coffeehouse Portfolio (Lazy Portfolios)

My favorite asset allocation uses a three-fund portfolio consisting of U.S. stocks, international stocks, and U.S. bonds. There are certainly other similar asset allocations...

The High Cost of Living In A HCOL Region

When I worked on Wall Street, I lived in the Financial District neighborhood on the southern tip of Manhattan. The Financial District is actually...

Bull Case vs. Bear Case: 4th Quarter 2017

It's really hard to predict the future. That's why I don't try to time the market and just buy a diversified set of low-cost...

Forum Mailbag: Value of Financial Advisors, Taxable Account Allocation, Keeping Life Insurance, And More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

Why Do Traders Underperform The Market?

Inevitably, every investor, especially those who enjoy reading personal finance blogs, will want to give trading a shot. I certainly tried my hand at...

Don’t Micromanage Your Investment Portfolio

Investing doesn’t have to be complicated. All it takes is an investment in three index funds to build a diversified portfolio at very low...

Psychology Versus Math In Personal Finance

Many personal finance questions boil down to a decision between psychology and math. When deciding between two options, you can run the numbers and...

In Search Of Low-Cost Active Management Mutual Funds

In the past, I’ve written about five of the most expensive mutual funds on Wall Street. These mutual funds all had expense ratios greater...

Is It Better To Use Cash Or Credit Cards For Purchases?

I put almost all of my purchases on my credit card. I use plastic even for tiny sub-$5 purchases. It’s convenient, I don’t have...

Forum Mailbag: Older FI Docs Not Retiring, 403(b) vs Taxable for Residents, Warren Buffet...

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

Everybody Has A Plan Until They Get Punched In The Mouth: Mike Tyson And...

Asset allocation is one of the most important decisions an investor needs to make. To determine your mix of domestic stocks, international stocks, and...

What Is A Good Savings Rate For Retirement?

One of the most common questions graduating residents ask is how much they should be saving for retirement. They are about to grow into...

Why It’s So Hard To Pick The Next Amazon

Amazon. Google. Starbucks. Tesla. In retrospect, it seems so easy to pick these winners. I’ve been shopping at Amazon for at least 15 years, and the...

What Is The Cheapest Way To Build A 3-Fund Portfolio In 2019?

The three-fund portfolio is one of the most popular ways to build a lazy index fund portfolio. By using just three index funds, you...

Why Young Investors Should Not Hope For A Bear Market

I am a fan of the ChooseFI podcast, and they recently had blogger and author JL Collins as a guest. He is the writer...

Forum Mailbag: No 401(k), Where To Park Emergency Fund, Moving From Saving To Spending,...

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

Ten Tips To Save Big Money On Residency Interviews

Applying for residencies is extraordinarily expensive. A major contributor to the expense of applying for residency is the cost of traveling for interviews. Unlike...

The Dream Team Loses Big: The Fall of Long-Term Capital Management (Wall Street Profiles)

In this fifth installment of the Wall Street Profiles series, we look at the infamous Long-Term Capital Management (LTCM) hedge fund. It's been almost...

Aldi: Should You Shop At The Discount Grocer?

Founded in Germany, Aldi is taking America by storm by offering a great (but minimalist) shopping experience with lower prices than the regular supermarket....

The Hard Right Edge And A Market Timing Strategy Gone Awry

There is such an allure to looking at stock charts. The price jumps up and down, and our tendency to try to make patterns...

The Three-Fund Portfolio Using Schwab Index Funds / ETFs

The three-fund portfolio is one of the simplest ways to get a low-cost and diversified portfolio. I've previously described how to build a Vanguard three-fund...

Forum Mailbag: Disability Insurance For Interns, Exit Strategies, Fidelity vs. Citi Credit Card, And...

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

The Child Tax Credit For Medical Residents

Many resident physicians will have children during residency, and you should be sure to get the tax credits and deductions you deserve for your...

Are You Saving Too Much? A Case For Loosening The Purse Strings

Most physicians save too little and spend too much, making it very difficult for them to save enough money for retirement. On the other hand,...

On Paper Gains and Paper Losses

The stock market has had a breathtaking run over the past 8 years. Since its low point in March 2009, when the S&P 500...

Race To The Bottom: Will The Price War Between Vanguard And Fidelity Lead To...

News came out in late July that Fidelity was again cutting expense ratios on their mutual funds. Vanguard responded emphatically in a conference call...

Understanding The Medicare Physician Payments Database

In an era of increasing transparency in medicine, the Centers for Medicaid and Medicaid Services (CMS) has been publishing data on payments to individual...

Forum Mailbag: Early Job Offer, Cost of Youth Sports, Domestic / International Rebalancing, And...

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

Why Do Student Loans Have Low Interest Rates, But Credit Cards Have High Interest...

Most of us will hold debt at some point in our lives. Some forms of debt, such as student loans or mortgages, have relatively...

To Boost Happiness, Trade Your Money For Time

A major focus of this blog is to help improve your finances and increase your net worth through shrewd, but simple investing techniques. But...

A Simple Retirement Calculator For Physicians

Retirement planning can be made endlessly complicated with terminology and complicated spreadsheets. Many physicians get so intimidated by the alphabet soup of retirement planning that...

Are Emergency Funds Necessary For Physicians?

Emergency funds have been under fire recently. Once a bedrock principle of personal finance, the role of the emergency fund has evolved. Let's look...

How Much Bonds Should You Have In Your Portfolio?

Bonds have been getting a bad rap recently. Investors have been reducing their bond allocation for years as the stock market rises to new...

Forum Mailbag: Slaughtered Pigs Trading Adage, Finance Camp For Kids, Paying Cash Or Financing...

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

How Many Of These Common Investing Mistakes Are You Making?

Through my years of following the markets, I’ve identified many mistakes that investors make again and again. Even experienced investors are prone to some...

Portfolio Rebalancing: Why, When, and How

Investing can be pretty simple -- just pick a few index funds and decide how much of each asset class (e.g. stocks, bonds) to...

The Bull Market Is Over (Or Is It?)

The stock market has had a breathtaking run over the past eight years. Since its low point in March 2009, when the S&P 500...

Decision Fatigue: Is There Such Thing As Too Many Choices?

Imagine you're at the grocery store on your way home from work to quickly grab some groceries before dinner. No big deal, should be...

The Hidden Sources Of Leverage In Your Portfolio

One of the most common questions in the personal finance community is whether to pay down low-interest debt or to invest the money in...

Forum Mailbag: Overspending Physicians, Using Emergency Funds, Buying a $2,000,000 Home, And More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

The Trinity University Study And The 4% Safe Withdrawal Rate (SWR)

The Trinity University study is one of the most widely-cited papers in retirement planning. Its key conclusion, that a fixed 4% withdrawal rate is...

How Have The 2017 Stock Picks of Time, Fortune, and Forbes Done This Year?...

We're now halfway through 2017, and it's time to see how the stock picks of some of the leading popular finance publications (Time, Fortune,...

Primary Care Physicians vs. Specialists: The Impact of Fees

With rising tuition prices, people are starting to ask whether it's still worth it to be a physician. In fact, I was asked last...

Is It Worth It To Shop At Costco?

People either love or hate Costco. Those that love Costco enjoy the experience of pushing those oversized carts around the wide aisles, enjoying free samples...

Should You Invest in the S&P 500 or the Total Stock Market?

The backbone of any three-fund portfolio is a U.S. stock market index fund. The two most common stock funds are the S&P 500 and...

Forum Mailbag: Dave Ramsey’s Advice To Residents, Tilt Away From Healthcare, Modeling Inflation, and...

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

Should You Invest In A Bad 401(k) With High Fees?

Everyone knows the benefits of investing in a 401(k). You get that upfront tax deduction and tax-deferred growth on your investments. However, unlike in...

Why Jim Cramer Is Wrong About Doing Your Homework

When I worked on Wall Street, CNBC played on the TVs around the trading floor. Most of the traders were gone by 5:30 pm,...

What Should Be Your International Stock Allocation?

Don’t put all your eggs in one basket. You’ve probably heard many people tell you this, from your mom to Jim Cramer to folks writing on...

Ten Tips To Save Money On Medical Student Away Rotations

Summertime is high-season for away rotations. After the grueling gauntlet of required 3rd year rotations, many medical students welcome the beginning of the 4th year, when...

To Win the Savings Race, Don’t Pace Yourself

I ran my first and only half-marathon the year before I started medical school. It was a small half-marathon in Queens, and my goal...

Forum Mailbag: Million Dollar Doctors, Fear of Missing Out, Writing Options, and More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

Wall Street Profiles: Raj Rajaratnam, Galleon Group

In this fourth installment of my Wall Street Profiles series, I profile Raj Rajaratnam, the billionaire hedge fund manager at Galleon Group who was...

Three-Fund Portfolios Using Fidelity Index Funds

One of the most popular posts on the blog so far has been my article describing how you can build simple index fund portfolios,...

YOLO: Financial Independence and the CDC Life Tables

Early retirement is on the minds of many in the physician finance community. There are many good reasons to retire early, and one reason...

TopCashback Review: Save Money On Everyday Online Purchases

One of my favorite ways to save money on online purchases is through shopping portals. By clicking on a referral link to your favorite...

Budgeting As A Resident (Intern Financial Survival Guide)

Budgeting is an important aspect of any resident’s finances. You're making your first paycheck, and now you have to put that money to work...

Forum Mailbag: Most Lucrative Specialties Over Time, Bob Veres, Avocado Toast, and More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

Real Chart or Fake Chart: Quiz Answers and Results!

Thank you to everyone who took the quiz last week, which tested your ability to distinguish between real charts of S&P 500 companies and...

Worst of the Worst: A Look at Five of the Most Expensive Mutual Funds...

As most regular readers know, I am a huge advocate of low-cost index funds. The best portfolio for most investors is a three-fund portfolio. But...

Is There Too Much Money In Index Funds?

Are index funds growing too quickly? The finance community has been fiercely debating this question over the past few years. They worry that too much...

Readers, Take The Quiz: Real Chart or Fake Chart?

I wrote a guest post on White Coat Investor arguing that technical analysis is simply creating patterns from random stock movements. I used to...

Guest Post on the White Coat Investor Blog Today

The White Coat Investor blog published my guest post this morning, Technical Analysis: How to Interpret Randomness. I describe my personal experience with technical...

Forum Mailbag: Ethics of FIRE for Physicians, Paying for Med School with a 529,...

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

The Benefits of Simplicity in Personal Finance

Personal finance and investing doesn’t need to be complicated. You can get 90% of the results in personal finance with 10% of the effort. Filling...

A 15% Yield Does Not Equal A 15% Return: A Cautionary Note About High-Yield...

Many new investors are attracted by the interest rates offered by high-yield bonds. With the advent of peer-to-peer loan marketplaces, investors can lend money...

How Much Do Doctors Make? Takeaways from Doximity’s First Annual Physician Compensation Report

Physicians and non-physicians alike are curious about doctors' salaries. Information on physician salaries is scattered, with the MGMA survey being the most widely-cited compensation survey....

The 10 Best Quotes from Warren Buffett’s 2016 Berkshire Hathaway Annual Letter

Warren Buffett writes an annual letter to his Berkshire Hathaway shareholders. In addition to relatively dry descriptions of the conglomerate’s financial results, Buffett adds...

Invest Like A Yalie: The Model Portfolio of David Swensen, Investment Manager of the...

With over $29 billion dollars under management, the Yale endowment is the second largest college endowment in the world (Harvard is #1). It wasn’t...

Forum Mailbag: Quitting Med School, Selling in May, Betterment and Roth IRAs, and More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

How To Invest In A 401(k) Or 403(b) Plan (Intern Financial Survival Series)

Welcome to residency, new interns! Your formal schooling is complete, and you are now working for a real paycheck. While you will be supervised...

Welcome, KevinMD Readers!

I wrote an article for KevinMD that was published today on their blog. For the regular readers of the WSP blog, I encourage you...

Optimizing Cashback and Travel Rewards (Intern Financial Survival Guide)

As new interns, you will finally be getting paid a paycheck after four years of spending tens of thousands of dollars on your medical...

Wall Street Profiles: Carl Icahn

In this third installment of my recurring series on famous Wall Street investors (I have previously written about Jim Simons of Renaissance Technologies and...

This Is The First Number I Look At When Choosing Mutual Funds

Investing in mutual funds can be daunting for many new investors. There are literally thousands of mutual funds. When deciding among all of the...

Forum Mailbag: Mutual Fund Underperformance, Telemedicine, Bond Ratings, and More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

Choosing A Health Insurance Plan (Intern Financial Survival Guide)

The health insurance system is complicated. You spent four years in medical school, but you probably weren't taught anything about how health insurance works....

How The 2017 Stock Picks of Time, Fortune, and Forbes Have Done So Far...

Every year, most of the popular finance (and non-finance) magazines will write articles making stock picks for the upcoming year. Inevitably, the article gets...

Do Not Be Fearful Of The Fed Rate Hikes, Keep Your Bonds

The Federal Reserve has been increasing interest rates over the past 6 months. Because of this, a lot of investors are getting nervous about...

Building a Vanguard Three-Fund Portfolio (Or Other Simple Index Fund Portfolios)

Investing doesn’t have to be complicated. I’ve spent twenty years studying the financial markets. I majored in finance and worked as a trader at...

How Valuable is a 401(k)?

The centerpiece of any financial plan for retirement is the use of tax-advantaged investment accounts. The most well-known retirement account is the 401(k). While...

Forum Mailbag: Bond Asset Allocation, Med Students and Primary Care, Growth Tilt, and More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

Picking Stocks Is Like Being an NFL or MLB GM

I love sports. I suspect many of you do as well. I enjoy watching, reading, and talking sports. In sports, you can't win without...

Moving Expenses Tax Deduction For Graduating Medical Students / New Residents

As they graduate from medical school in the coming months, medical students from around the country will be moving to new locations. Moving can...

Forum Mailbag: Leverage, Long Wave Investing, Market Timing, And More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, and Rockstar Finance....

PCP vs. Specialists: The Impact Of Short-Term vs. Long-Term Trading

For better or for worse, there is a wide range in salaries between primary care physicians compared to surgeons and other specialists. Some of...

Wall Street Profiles: Bill Miller, Legg Mason Value Trust

In this second installment of my recurring series on famous Wall Street investors, I profile Bill Miller, the former manager of the Legg Mason...

Forum Mailbag: Fellowships, Disability Insurance, Addicted To Saving, And More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, Mr. Money...

Match Day: Beginning the Transition from Medical School to Residency

March 17, 2021 is Match Day for tens of thousands of medical students in the United States. Physicians know Match Day well as the...

How Wall Street Is Like A Game of High-Stakes Poker

. I love a good game of poker. I fondly remember the evening poker games I played in college. I even went to the local...

Forum Mailbag: Warren Buffett, Bond Funds, Basic Fidelity Portfolios, And More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, Mr. Money...

The Warren Buffett Bet: S&P 500 versus Hedge Funds

In 2007, Warren Buffett made a $1,000,000 bet with the hedge fund manager Protege Partners that the S&P 500 would perform better than a...

Saver’s Credit for Medical Residents

Medical residents are always looking for ways to save taxes. The Saver's Credit is a way to save some money on taxes while getting...

Forum Mailbag: Investing Diary, Kids And Med School, Stock Bubbles, And More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, Mr. Money...

Investment Returns Will Determine Your Financial Future

I love spreadsheets. Microsoft Excel was one of my favorite pieces of software when I was working on Wall Street, along with my Bloomberg...

Dollar Cost Averaging vs Lump Sum Investing

When I worked on Wall Street, Valentine’s Day was one of the best days of the year. Not because of the chocolates or the...

Forum Mailbag: Timeshares, Emergency Fund Asset Allocation, Job Decisions, and More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, Mr. Money...

Why I Don’t Read Daily Market Wraps

The front page of most financial websites (Bloomberg, Wall Street Journal, CNBC, etc.) will usually have an article recapping the day's market action. I don't...

Should You Save For Your Child’s Graduate School?

For most physicians, it is a given that they will pay for their children's college education. Most physicians should not have to sacrifice their...

Forum Mailbag: 529 Allocation, Schwab, Newborn Whole Life, And More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, Mr. Money...

Do A “Financial Fellowship” After Residency

Every internal medicine resident has to decide in the middle of their residency whether to go into primary care or become a specialist. This...

How Do Stock Options Work? Part 2: Common Options Strategies

Stock options can be confusing to many investors because they can be used to make bets on a wide variety of market outcomes. They have...

Forum Mailbag: 529 Plans, FIRE MDs, HSA Investment Options, and More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, Mr. Money...

CamelCamelCamel Review: Save Money on Amazon Purchases

I purchase a lot of things on Amazon. I suspect a lot of my readers do as well. I like to use price tracking...

How Do Stock Options Work? Part 1: The Basics

Stock options have been marketed as portfolio insurance, a way to turbocharge returns, or a way to make money no matter which way the...

Wall Street Deals [DEAL GONE]: H&R Block 2016 Deluxe + State for $18.99

H&R Block 2016 Deluxe + State is now only $18.99 on Amazon. This is the software that I use for my taxes. Sales on...

Forum Mailbag: Trump, Betterment, Financial Advice in Two Words, and More!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, Mr. Money...

Wall Street Profiles: Jim Simons, Renaissance Technologies

. This is the first of what hopefully will be a recurring series of profiles of Wall Street traders, examining their lives, trading careers, and...

Did You Beat The S&P 500 Last Year?

Everyone loves to compare. Physicians are especially prone to comparing themselves to others. After every medical school exam, the first question out of most...

Forum Mailbag: Dow 20,000, Financially Savvy Physicians, Ethical Index Fund Investing, and more!

There is so much great information on personal finance forums. I regularly participate on several message boards, including Bogleheads, White Coat Investor, Mr. Money...

The Traditional vs. Roth Decision for Medical Residents

Many residents are eager to begin saving for retirement during residency. Often, they will have a choice between traditional and Roth retirement accounts. Deciding...

Why Invest?

For many physicians, the decision to invest in the stock market is very easy. They understand the benefits and are reaping the rewards. For...

How to Make Money Off Of Donald Trump’s Tweets

Donald Trump was inaugurated as the 45th president of the United States on January 20, 2021. No matter how you feel about his political...

If You Must Trade, Follow These Five Rules

It might surprise readers given my background as a former Wall Street trader, but I do not recommend short-term trading. You are unlikely to...

Statistically Significant, Clinically (or Financially) Insignificant

There is so much to learn about the nuances of different investment accounts, asset classes, and savings techniques. But once you know the basics,...

8 Reasons Why You Should Not Trade

Every physician investor has at one time or another considered trying their hand at trading. Maybe their friends work on Wall Street, or they...

Pick Your Taxable Account Allocation Wisely

As you probably know, I am a proponent of using index funds for all of your accounts, including your taxable account. But with so...

Tax Gain Harvesting

The standard advice for most investors, including nearly all attendings, is to take advantage of tax-loss harvesting opportunities. You harvest losses and take deductions...

Three-Fund vs. Target-Date Fund Portfolios

I am a huge proponent of the three-fund portfolio for investing. In fact, my asset allocation matches that of the Fidelity target-date funds. So...

How often do you check your investments?

I'll admit, I check my investments way more than I need to. Checking the stock market is a form of procrastination, along with Facebook...

Welcome!

Hi! I am the Wall Street Physician. In a previous life, I worked on Wall Street as a trader at an investment bank. Now...