Brian M. Johnson

Choking on theSilver Spoon: Keeping YourKids Healthy, Wealthy, andWise in a Land of Plenty

Of course physician-parentswant to provide thevery best for their children,but is giving them everythingreally a positive influence? Inhis new book 

(Simplon; 2003), Dr. Gary W. Buffoneaddresses the value of good financialparenting and the steps busy physicianscan take as parents to nourish the livesof their children.

Dr. Buffone offers several answers tothe questions that come with raising afinancially privileged child. If you raiseyour child by doling out their every wish,he explains, they could grow up whinyand demanding. He declares that financiallyprivileged children are headedtoward a slippery, downhill slope toboredom, financial irresponsibility, dependency,addiction, narcissistic entitlement,and abject failure. Thebook provides solutions todealing with these situationsbefore they become a realproblem, such as teachingyour children about moneyand empowering them with ahealthy work ethic.

The book also contains theauthor's Five Immutable Laws ofFinancial Parenting. They include TheLaw of Necessity: Don't give your childrenmore material comfort than theyabsolutely need; The Law of LovingLimits: Do fulfill all nonmaterial needs;The Law of Reciprocity: Do insist thatthey earn what they receive; The Lawof Fiscal Responsibility: Do teach themmoney management; and The Law ofExample: Do practice what you preach.

While you may want to give your childthe world on a silver platter, Dr. Buffone'sbook will teach you how to responsiblydish it out to them.

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Reading Room: Choking on the Silver Spoon

 FiveRules for Successful Stock Investing

(John Wiley & Sons; 2003), by PatDorsey, Morningstar's director of stockanalysis, offers investors detailed insightinto the fund analyst company's highlysuccessful approach to the market.

Dorsey outlines five core principles toa sound and successful investing strategy,including doing your homework,finding companies with strong competitiveadvantages, maintaining a marginof safety, holding for the long term, andknowing when to sell. The book not onlyteaches the reader how to apply thoserules to successful investing, but it alsotakes a thorough look at every majorsector of the market. 

Reading Room: The Five Rules for Successful Stock Investing

Despite a roller coaster economy and the constantthreat of terrorism, 71% of Americans stillfeel optimistic about being able to live the good life,according to a survey by the market research firmRoperASW. That number is surprising, consideringthat 72% of Americans felt the same way back in1999, long before the stock market bust and theSept. 11 attacks.

However, the way we define the "good life" isever changing. According to RoperASW, 89% ofAmericans believe that the good life means owningyour own home. Other findings from the surveyinclude the following:

A healthy 87% of Americans believe that maintaininggood health equals a good life.

According to 57%, providing a college educationfor your children is a top priority for the good life.

For 48%, owning a vacation home is a goodlife staple, up from 35% in 1999.

More than half of those surveyed think that asecond car is key, up from 43% in 1999.

Around 81% say a happy marriage is a suresign of the good life.

Despite most respondents claiming that they possessedthe keys to their idea of the good lifeâ€”a house,good health, a car, and childrenâ€”only 9% said theyhad achieved good life status.

Defining the Good Life

If you rent a home, condo, or apartment,the situation may arise whenyou have to move out right away.This is a common predicament for youngphysicians, who have saved up enoughmoney to buy their first home but arestill stuck in their rental lease. Breaking alease can be a monumental nuisance ifnot handled properly. Your landlordcould make things very difficult, and youmight end up paying vast sums of moneyjust to get out of it.

The first thing you should do is carefullyread over your lease, as it will containclauses about the terms of breakingit. There could possibly be a penalty feeattached. Unless you're fortunate enoughto have an early release clause in yourlease, getting your landlord to agree tolet you out of your lease is perhaps themost difficult part. Obviously, theywould much rather have you stay andcontinue to collect your rent money.From the landlord's point of view, a highturnover in tenants can hurt the reputationof the rental property, as well aspossible physical damage to the propertythrough moving in and out frequently.

One advantage you may have in gettingout of your lease is if there areunsatisfactory conditions in your property,such as a pest problem or shoddy construction.If you point these conditionsout to your landlord, they could be morelenient with you.

Reaching an agreement with yourlandlord through negotiations is critical.Breaking your lease without your landlord'sapproval can put a ding in yourcredit rating or may even cause a lawsuit.The best way to avoid this is to helpyour landlord find another tenant whocan move in as quickly as possible.Unfortunately, that isn't always easy.

If you don't know anyone who cantake the apartment off your handsimmediately, a good resource to turn tois Sublet.com. On this site, you can post alisting for your rental property, whichcan then be seen by thousands of potentialtenants. Or you could go the moretraditional route by placing a classifiedad either in your local paper or on a Website such as Yahoo! Classifieds (www.classifieds.yahoo.com).

, an e-form kit from Nolo ($19.95; 800-728-3555; www.nolo.com). Written byattorney Janet Portman, the kit containseverything you need to know about gettingout of your residential lease withoutupsetting your landlord or involving thelaw. The kit includes forms for both terminatingand assigning a lease, as well as asample letter for a landlord-tenant buyoutagreement.

Brian M. Johnson

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