The Sunday Best (6/25/2017)


The Sunday Best is a collection of articles I’ve curated for your reading pleasure.

Expect most of the writing to be from recent weeks and consistent with the themes presented on this website: investing & taxes, financial independence, early retirement, and physician issues.

 

Presenting, this week’s Sunday Best:

 

$100,000 is the average retirement savings for people aged 65. Dozens more surprising stats from Mr. Firestation in Numbers to Put Your FIRE Journey in Perspective.

 

Private practice medicine generally pays better, but does it make you a better doctor? EJ @ Dads Dollars & Debts think so. Being in Private Practice Makes Me a Better Doctor.

 

A physician looking to boost income will love this guest post and how-to from Wealthy Doc on The White Coat Investor: A Side Hustle to Consider — Medicolegal or Insurance Consulting.

 

She retired early. And felt lost. Kinda like our friend Dr. Segan. How did JP of The Money Habit find her way out of the funk? Work and Meaning in Retirement — One Year Out.

 

Aaron at Wealth Psychology has no doubt early retirement will be worth it. He’s compiled a list of rebuttals to the common complaints and misunderstandings: Notes to Those That Don’t Get It.

 

I’ve let go of my $10 Million Dream. Meanwhile, The Wealthy Accountant has surpassed it! How does he feel about his riches? $10 Million Isn’t What it Used to Be.

 

Retire Before Dad doesn’t need $10 Million. He’s traveled the world on much less. In this post, he discusses four types of people and which is the best to be in The Holy Grail of Travel.


Most physicians have a negative net worth at 32. How nice would it be to have 10-year careers under your belts like the Saverdinks? How This 32-Year Old Couple Saved $1 Million.

 

 

Speaking of traveling the world, the FIREcracker couple from Millennial Revolution wrote a four part series on their trip around the globe.

 

Dr. Tom of High Income Parents has FIVE kids. Dr. Tom would like them to be financially responsible. Dr. Tom would appreciate it if y’all would Please Stop Telling Me My Kids’ Money Habits are Formed by Age 7.

Teach Your Children Well

 

There is so much a child needs to learn, and I agree that money habits are an important one. But they need the ability to walk before they learn to run.

My boys are now 6 and 8, and they can both walk and run. Last week, I went on a couple of two mile jogs with them. They are also learning some money basics, and we discuss money in plain and simple terms when it comes up. They’ve got a small allowance, with $1 going into each of the Spend, Save, and Give jars.

They’re both enrolled in public schools now, but we started giving them an education long before they got there. I started reading to our oldest when he was in the womb. He had The Very Hungry Caterpillar down pat by the time he was born. So did I.

Our second born got 60 to 90 minutes of stories per day before he was born, as we often read for 30 minutes before his older brother’s naps and bedtime. The at least twice-daily trend continued until they were in pre-school and beyond.

They developed a love of books and a curiosity in words. Noticing their piqued interest, we took advantage of the opportunity to teach them about words when the time seemed right.

When they were age 3 1/2 (two years apart), each of them was enrolled in the Mommy & Daddy School of Phonics. I was able to do most of the lessons the first time around, and about half for our younger son. My wife had found this amazing book that enabled the two of us to teach them how to read in 100 consecutive days. I don’t believe we missed a day, or if we did, I’ve since forgotten.

 

teach your child to read

 

With gold stars (and red, blue, and green) as incentives, we worked through the lessons until they could read books independently in a little over three months. The lessons were anywhere from 10 minutes at the beginning to maybe 40 minutes when they were reading full pages later on.

For parents out there, I highly recommend the book and the experience of giving your child a gift that will last a lifetime.

I’m away from my family for a couple weeks at the moment and I’m starting to miss them.

Can you tell?

 


You’re still not using Personal Capital? Track all your accounts in one place like I do.



You may have noticed a new tab in the Header Menu below my logo at the top of the page entitled “LeverageRx”. You’ll learn more about LeverageRx in the Q&A that follows. I like what they’re doing, have met Colin in person, and can attest that he is a stand-up guy.

LeverageRx is a paid advertiser of this site, and some of the links that follow are affiliate links that support this site and its charitable mission if you purchase any products from them.

 

Please give my readers a brief overview of LeverageRx and how your company can help healthcare professionals. 

 

LeverageRx is a digital lending and insurance marketplace specifically built for physicians, dentists and other medical professionals. Our goal is to make it incredibly simple to compare financial services companies and get instant rates and pricing to make smarter financial decisions. Think LendingTree or Nerdwallet, but for doctors.

After working in banking, insurance and wealth management and helping young doctors get financially set when starting practice, I realized that while I have the luxury of using companies like SelectQuote and Term for Sale for insurance needs and LendingTree for mortgage needs, these don’t always address the needs of young doctors.

So we built LeverageRx, which is centered around software and financial services specific to doctors. Today we are the only place on the web where doctors can get instant disability insurance quotes. 

We currently have over 45 financial services partners covering physician mortgage loans, student loan refinancing, disability and life insurance and several other financial services categories relevant to medical professionals. We know doctors are incredibly busy people, so our entire platform is built to help make it simple and cut out the time it can take to find the information needed to make the best decision.

 

A number of companies and individuals with many years of experience offer similar services. What sets you apart?

 

Absolutely. Similar to Credible and many of the lending and insurance marketplaces, we don’t replace the companies and individuals themselves, we just make it easier to compare them and find the best pricing. Many of our partners are also advertisers of this site and several other physician blogs.

Instead of spending time contacting them individually, we allow you to fill out your information only once and then get rates and pricing for all partners. For example, our software allows doctors to tell us what they are looking for in a mortgage loan, and then we show them which lenders have mortgage programs that can match that criteria. This helps significantly cut down on time researching and emailing to get information, and makes sure that doctors really do find the best company based on their needs.

 

How much information does someone need to provide to receive a quote for disability insurance or term life insurance?

 

We collect similar information to what would be asked from a normal agent – basic contact information, age, gender, etc. as well as a little information on your employer to try and match you to an agent that can give you the best pricing. It typically takes less than 2 minutes to get an instant quote estimate from the top six disability insurance carriers.

All the disability insurance products we quote are own-occupation and specifically quoted based on what the majority of doctors are normally purchasing. These quotes can then be customized and modified through one of our recommended insurance agent partners.

 

What other services do you offer?

 

Along with disability insurance term life insurance and mortgage loans, we we’ve chosen our other services to specifically meet the tangible needs of young doctors.

We offer the ability to compare personal loans if you need to borrow money for residency interviews or consolidate credit card debt. These are lenders that have been selected based on their rates and aren’t high interest predatory lenders. Some of our personal loans are also interest only for a certain period and exclusive to doctors. We also do this for student loan refinancing. We have some big plans to continue adding new products and services in the near future.

 

How can my readers contact you?

 

Readers can visit us at LeverageRx.com or drop me a note directly at colin@leveragerx.com. We always love hearing from doctors about what we can improve and how we can help solve their financial problems through technology.


 

Have a great week!

-Physician on FIRE

 


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21 comments

  • Thanks for the book recommendation, PoF. My son is almost 3.5; I didn’t realize he was supposed to be learning to read already! I’m going to check that book out.

    • Every child will learn at a different pace, but we had success with ours at that age. Giving them the ability to read and an early love of books is a wonderful gift, and it’s a wonderful bonding experience to spend that time with them daily. I highly recommend it.

      Cheers!
      -PoF

  • What an incredible list of posts. Thanks for the info on teaching your kids to read. I recently found out my daughter is expecting so I’ve added the book to my list for her. Love the pictures 🙂

  • Jim

    We used the above mentioned book with both our kids and taught them to read before kindergarten. It was a little different with each kid as my youngest needed a little more effort/time but it does work.
    There are so many different things to teach little kids but I feel teaching reading is the best investment of time overall.
    I would also add that if you start using the book and it is not working just put it away for a month or two then try again. The introduction tips in the book should be followed closely, the little tips make a huge difference. Finally if you look at the reviews on amazon people document their own experiences which I found very helpful.

    • That’s great to hear, Jim.

      It’s amazing when those little ones start stringing sounds together into words. Your recommendation of taking a break if it’s not working is a great one.

      We did that with potty training, too. Tried it with our younger son at 18 months and it didn’t take. Three months later, he was ready.

      Cheers!
      -PoF

  • Wow great list! Thank you so much for sharing!

    It’s great to know that your kids love books. I’m trying to read to teach Baby FAF the basics as well, but his interest and attention span is unpredictable. I think I need to check out the book you mentioned. Hopefully it will help.

    • It is a great book and you’ll find out within two weeks whether or not your child is ready. If he starts stringing the sounds together, keep on going. If not, you can take a breather for a few months and reintroduce it.

      Cheers!
      -PoF

  • PoF,
    Thanks for the feature today and last week. Always nice to see one of the archived pieces get shared. FI remains the Holy Grail of Travel!
    -RBD

  • Thanks PoF for the feature. It looks like you’re getting the boys off to a great start.
    We used a program called Spell to Write and Read. It’s a little more phonics based than Teach Your Child to Read in 100 Lessons. From what I hear both work pretty darn well depending on the teacher and how the kiddos learn. That’s another one your readers could look at if they are so inclined.

    Tom @ HIP

  • Thanks for the mention/link – an interesting collection of links (as always). Good for you on landing a highly relevant sponsor!

  • Thanks for the mention and the other great links! We have read to our kid for a very long time and at 26 months (his current age) he loves books, words, letters, and all things nerdy (or maybe he will be a dork). We could not be prouder. Hope you see your family soon.

  • I’m taking the fine wine approach to child-rearing: leave them in a cool, dry place for 18 years and hope for the best 🙂

    Seriously, though, it’s pretty incredible your children learned to read that young and that quickly. My mother is trained as speech pathologist and has worked her whole life in early intervention, and always touts the importance of phonics in my brothers’ and my education.

    Kudos on your two smarties!

    • That’s cool about your Mom. I’m pretty proud of those little guys for all they’re able to accomplish. Yesterday, they both ran an “inflatable” 5k (actually 3.4 miles with 10 or 11 inflatable obstacles). They both ran the entire way. I don’t think I ran a single mile at once until I was in 7th grade.

      Cheers!
      -PoF

  • Great Sunday Best PoF! I particularly liked the post from the Wealthy Accountant.

    My kids are just now getting to reading age, so we might have to check out that book. Thanks for the recommendation!

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