5 Traits Separating the Wealthy from the Wealthy-want-to-be

Life is a trajectory. Wealth or poverty could be a lifelong or even multi-generational directional evolution. We are each journeying in the direction of greater or less wealth. Instead of comparing with one another, it’s helpful to see where we

5 Reasons to Stroll Down Wall Street in Our White Coats

“When wealth is lost, nothing is lost. When health is lost, something is lost. When character is lost, everything is lost.” –Billy Graham If any of us invest 1% of our intelligence and diligence we pursue and practice medicine with

5 Ways to Combat FOMO (Fear of Missing Out) & Pad Your Wallet

I recently stumbled upon Overcome FOMO (Fear of Missing Out) in 7 Steps by finance superhero. I was enlightened by this article and decided to write about the ways I personally combat FOMO. FOMO is likely the most prevalent psycho-social

5 Reasons I Choose Time in, not Timing, the Market

1.       Not worth my time to time the market. If a group of PhD economists who study and analyze companies all day long perform as well as a group of monkeys throwing darts in stock selection, why would I bother

5 Things Zootopia Taught Us about Money Success

I love the kids’ movie Zootopia. I laughed so hard and cried during that movie, frequently turning towards Mini Wise Money, sharing precious moments of inspiration and up-liftedness with her. It’s incredible what we learn as kids from cartoon movies

Top 5 Money Pitfalls Every Doctor Should Steer Clear

Most of us choose to become physicians because we care more about serving others than making the most money with least effort. In fact, one could argue a career in medicine is the antithesis of maximum money for minimum work.

5 Uncommon Financial Commonsense

I’ve been hearing the term “educated dumb” and “commonsense is uncommon” frequently lately. It’s true that to be financially successful, all one needs is commonsense, which is pointed out by a VA nurse who’s retiring at 55, with 750k in

How My 8 Year Old Funds Her 2016 Roth IRA: Just in Time, Tax Break for Mom, Roth IRA for Kiddo

IRS is pretty strict about what you can pay your kids for. In a tax audit, paying an 8 year old 10k a year may seem hard to justify. But I think I have a case with my 8 year

Dear Readers

Hi There, I’m Elva, apbka (also, previously, briefly, known as) Wise Money Shopper. Amanda, aka Dr. Wise Money, was my sister.

6 $ Tips I Would Tell Dear Younger Me

I love the song Dear younger me by Mercy Me. “Dear younger me I cannot decide Do I give some speech about how to get the most out of your life Or do I go deep And try to change

3 Things Society Doesn’t Know About Doctors

A Chinese folktale goes like this,   A magnificent Buddha statute sits at the mountain top where worshipers climb 100’s of 1000’s steps of stairs to arrive at his foot and to kneel down in prayers. One day, the slab

5 Ways Good Finance Parallels Good Cooking

Having grown up on the kitchen counter while my gourmet chef mother cooks, surrounded by the aroma of her 24 hour simmer chicken broth, and her 200+ types of wines jam packed in our 1,000 square foot apartment, cooking is

5 Ways to Stay in Clinical Medicine & Be Happy

My hero and mentor recently wrote “5 Ways to Get Out of Clinical Medicine.” His article inspired me to write “5 Ways to Stay in Clinical Medicine & Be Happy.”   Even though I am radiology resident and frequently seen

5 Ways Busy Docs Make Easy $

  Use credit cards. Credit cards save me time. I don’t carry or count any cash. I know down to the penny (if I’d like) where my money goes because it’s all charged on 1 credit card. Credit cards save

5 Doctor-Proof Rules to Wealth

We are our own worst enemies and harshest critics. I find this true frequently of my over-achieving USMLE step students who clearly master the content of medical school curriculum but suffer perpetual test anxiety and disproportionately low performance on standardized

5 Reasons to Not be a Doc, If You Wanna Be Rich.

Perhaps I’m preaching to the choir. It’s not hard to know that you are poor when you are in you 35 without a house, with a 20 year old Honda accord, without money in retirement savings, and with a student

5 Doctor-Proof Tips to Great Wealth: S.P.E.C.T.

Medicine is a profession of acronym, so here is one for your money and wealth. S.P.E.C.T. stands for Simple, Passive, Emotionless, Cheap, & Time. As physicians, we know our trade well, naturally, after spending an average of 23-27 years studying

4 Ways to Tax-Free Money Everyone Should Try

1.       Cash back from credit cards. We all need to eat. Buy your groceries, and in fact all your necessities with a credit card with good cash back. While most people settle for cash back of 1-2%, with a little

How Doctors Can Stop Living Paycheck to Paycheck

I was inspired by Passive Income M.D.’s post on Why Doctors Live Paycheck to Paycheck (P2P) and would like to offer some suggestions to live the other end of the lifestyle spectrum of P2P. I lived P2P once, in college and in

5 Ways to Optimize Wealth Building Before Your First Attending’s Check

A dollar invested in PGY1 has nearly one more doubling time compared to that 6-10 year-later-invested dollar in your first few attending years. And if you invest this PGY1 dollar in post-tax vehicles such as Roth IRA or Roth 401k,