The future of the Public Service Loan Forgiveness Program is uncertain. How to choose a student loan repayment plan.

High Level Summary of this Post: No one knows what will happen to the public service loan forgiveness program (PSLF). Regardless, you should absolutely select the best income-driven repayment plan for you, from among PAYE/REPAYE/IBR and keep making the smallest possible payments (thus maximizing the forgiveness potential) on loans which are eligible for forgiveness AS […]

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The Psychology of High Deductible Health Plans and Health Savings Accounts: Are You a “Rational” Consumer of Health Care?

Employer-provided high deductible health plans (HDHPs), sometimes referred to as catastrophic-coverage plans, and their associated Health Savings Accounts (HSAs) have become commonplace in the past several years. Like many other Americans, I have recently chosen to enroll in an HDHP with an HSA. The (highly recommended) non-profit financial website “Bogleheads” summarizes an HDHP as: “…a […]

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How Much Will I Get from Social Security?

How much will you collect in Social Security? Have you ever tried to estimate your benefits? In general, “old age” benefits (i.e. the benefits we commonly refer to when talking about social security) scale with our earnings history. That is, the more we make, the more we’ll get. However the formula depends on dozens of […]

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Cognitive Biases in Medicine: The Power of the Default Option aka “Status Quo Bias”

I like to be believe that I am a rational thinker who makes rational decisions, particularly when it comes to medicine. However, such rationality tells me that I am surely an irrational thinker, subject to the same list of cognitive biases as anyone else. We are all familiar with optical illusions which fool our visual pathway into thinking […]

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A “See One, Do One, Teach One” Approach to Financial Education: A Guest Post at “Bogleheads.org”

If you are looking for unbiased, commercial-free education and advice about anything at all related to personal finance, investing, taxes, etc., I highly recommend you check out the very popular site at www.bogleheads.org (named in honor of John Bogle) The site is run by volunteers, and has thousands of volunteer members who help to maintain […]

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Physicians Aren’t Saving Enough

It’s long been a cliche that physicians are particularly bad at managing their money. However in my many years of helping physicians, and others, with their finances, I have not necessarily found that to be true. Instead, I feel that most people in general, regardless of profession, do not have a sufficient understanding of basic financial […]

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