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Kickstart Your Financial Goals in 2024

Take a financial health day / Support kids without spoiling them? / Doctors neglect happiness; personal joy crucial.

The LOUNGE - A Newsletter for Savvy Physicians

We scour the net, selecting the most pertinent articles for the busy doc so you don’t have to! Here’s what kept our focus this week…

  • Want to start the year off on a financially healthy note? Consider taking a 'Financial Health Day' to reset your finances for 2024 and beyond.

  • Real estate investing can be a path to financial freedom - but only if you have a clear goal in mind.

  • Have you ever wondered about how to pass on an inheritance to your children without ruining them financially?

  • In the world of healthcare, happiness can often feel like an elusive goal for physicians, but what if there was a way to shift the narrative and truly thrive within the profession?

  • The consequences of excessive frugality can be detrimental to your health, productivity, and happiness.

  • Life is a journey of continuous growth, and understanding who we are in the present moment — balanced with who we'd like to be in the future — is a crucial aspect of this voyage.


In her TEDx Talk, Wendy De La Rosa suggests taking a "Financial Health Day" as a productive way to get your financial life in order. This can involve reviewing your budget, checking the status of your retirement goals, establishing or adding to an emergency fund, checking your credit reports, and changing your passwords. Working on your budget is crucial for managing your expenses and ensuring your income exceeds your expenses. You can use budgeting software like You Need a Budget (YNAB) to help with this. Checking the status of your retirement goals involves tallying the balances of your savings and investment accounts, while establishing or adding to an emergency fund provides a safety net for unexpected expenses. Checking your credit reports ensures the accuracy of the data that influences your credit score, and changing your passwords helps protect your financial accounts from cyber threats. Taking these steps can help you start the year off on a financially healthy note.

In order to achieve success in real estate investing, it's crucial to have clear goals, stay committed to learning, be consistent in your approach, remain flexible in a changing market, maintain confidence in your abilities, and never lose sight of your ultimate destination. Setting goals from the beginning will help guide your investment decisions and keep you focused on the long-term. Continually learning and staying updated on market trends will improve your decision-making abilities. Consistency, patience, and determination are key in this long-term game. Flexibility is essential as the market changes, so be open-minded and willing to adjust your strategy. Confidence in yourself will lead to better decisions and greater success. And finally, never lose sight of your ultimate goal and be willing to make adjustments along the way to ensure success.

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Dr. Jim Dahle, founder of The White Coat Investor, shares his plan for passing on an inheritance to his children without negatively impacting their financial well-being. He discusses the concept of "Economic Outpatient Care," where wealthy individuals give money to their adult children, which can ruin them financially. Dr. Dahle outlines his 5-point plan for helping his children, which includes providing them with financial knowledge, contributing to their 529 college funds, investing in a UTMA/UGMA account for their 20s fund, utilizing a "parent match" Roth IRA retirement fund, and encouraging them to own a business. He also mentions the existence of a trust fund, but notes that the bulk of their wealth will likely go to charity. Dr. Dahle emphasizes the importance of financial education and independence for his children, aiming to set them up for success without relying solely on inherited wealth.

In the demanding field of healthcare, finding happiness can be challenging for physicians who are often focused on their professional excellence and patient care. However, it is crucial for doctors to prioritize their own well-being and happiness in order to thrive within the profession. Cultivating personal joy in medicine starts with building self-awareness, which can be achieved through practices such as journaling, mindfulness, and regular check-ins. In addition, physicians can benefit from adopting various effective mental models, such as "First Principles Thinking" or "The Pareto Principle," to gain fresh perspectives and focus on fulfilling aspects of their work. Overcoming cognitive distortions, developing cognitive flexibility, and embracing a growth mindset are also key strategies for finding lasting happiness in a medical career. By challenging limiting beliefs and adopting an abundance mindset, physicians can unlock their potential, make informed choices, and create a more positive approach to their professional and personal lives. It is important to integrate these practices into a busy schedule by utilizing time blocking, setting boundaries, optimizing efficiency, and incorporating regular self-check-ins. Overall, cultivating personal happiness is a continuous process that evolves as each physician finds what works best for them in their unique context.

This article recounts a personal experience to illustrate how excessive frugality can have negative repercussions on one's health, productivity, and happiness. The author shares how, despite the financial savings, choosing the cheaper option for transportation ended up causing illness and various difficulties. The article emphasizes the importance of recognizing when being overly frugal can be detrimental and highlights key areas where it is crucial to prioritize spending: health and well-being, professional development, quality time with loved ones, and home and car maintenance. The author also reflects on the significance of contemplating contingency plans and securing life insurance.

In our personal growth journey, it is important to recognize that our initial reactions are not always an objective truth or a reflection of our present selves. Often, our knee-jerk responses are shaped by past experiences and conditioning. To truly embrace personal growth, we should take a moment to pause and think about how we want to respond. By consciously choosing our response, we gain control over our actions and empower ourselves to express our authentic identity. Finally, it is essential to acknowledge our growth and reflect on how far we have come. This recognition of personal growth fosters a deeper connection with our true selves and propels us forward on the journey of self-discovery.



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"Medicine and entrepreneurship share a common goal: to improve the human condition."

Dr. Arlen Meyers