Journal Club: 5-28-21 - Passive Income MD

Journal Club: 5-28-21

May 28, 2021 • 2 Min Read

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Here's Journal Club 5/28/21! Every week, I hold a JOURNAL CLUB. After filtering through the articles on the web, I present a few that impacted my life this week. Be safe and stay well!

If you want to create and follow a healthy financial plan, then saving is going to be the most crucial part of it. It’s extremely important that you are able to track where your money is coming from and, most importantly, where it’s all going. Budget Epicurean discusses several ways you can make and stick to a budget in this blog post. So if you’re ready to start a healthy financial journey, you’ll find this to be a perfect read.

Speaking of tracking your income and spending, why is it that doctors seem to have so much trouble controlling their expenses? Smart Money MD responds to the weighing question of why a doctor with a $200,000 salary seems to have to moonlight in order to make ends meet each month. Is what’s holding them back a matter of mindset, family, or just unforeseen and unplanned expenses? You can find out by checking out the entire article here

While we’re on the topic of setting and following a healthy financial plan through tracking and budgeting your money, what about those of us who need to focus more on the managing part? Sure, anyone can create a budget or identify their income sources and streams, but what about actually managing your finances on a daily, monthly, or annual basis? The Fioneers discuss how they manage their money via the “anti-budget” method in this blog post. So if you’re struggling to manage your finances responsibly, you’ll find this article a huge help. 

You’re probably thinking, “I’ll just live cheaply and I should be fine”. Wrong. Living frugally may not be the end-all-be-all solution for you and your family when it comes to launching a healthy financial plan. Fire Year Fire Escape talks about how the majority of people are actually practicing frugal living incorrectly in this blog post. So if you want to know when you can STOP living frugally and how to stay responsible financially after you stop living frugally, then this article is for you. 

That’s it for this week! I hope Journal Club 5/28/21 was helpful to you.

Disclaimer: The topic presented in this article is provided as general information and for educational purposes. It is not a substitute for professional advice. Accordingly, before taking action, consult with your team of professionals.

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