The Live on Half Challenge

Castle Rock UP

Live on Half.   It’s not a suggestion or a recommendation. It’s a challenge. If you can find a way to meet this challenge, you will be rewarded handsomely. How so? Living on half of your take-home pay, or to put it another way, saving and investing as much as you spend, should lead to financial independence (FI) in roughly 15 to 20 years. Work becomes optional. You can live the rest of your life on your own terms. That’s a reward that I feel makes certain sacrifices well worth it. What kind of a sacrifice are we talking about? I’m so glad I asked! […]

» Read more

A Fifth Physician: Dr. F & The Half Time Option

Today, I’d like to introduce a fifth physician, Dr. Findley. This physician shares a few qualities with our other 4 physicians. Like Dr. A, his family budget is about $80,000 per year, and he shares her interest in part-time work. Like Dr. C, he found a job in an area and specialty with excellent pay, and is now earning about $400,000 per year. We’ll pick up the fictional Dr. Findley’s story at the point where he becomes financially independent. Despite some early mistakes, he managed to realize his goal of having 25x annual expenses by age 40. A full-fledged multimillionaire, the […]

» Read more

Calculating the Value of Your Backdoor Roth Contributions

I recently published a detailed article questioning the Marginal Value of the Backdoor Roth. I wanted to answer a simple question. “Is it worth doing?” The answer I came up with? Probably, yes. Unless you’ve got significant obstacles, namely a tax-deferred IRA in your name that you can’t easily roll over into an employer’s 401(k) or individual 401(k). Then, it’s not that big of a deal if you don’t. The thing is, in the first year that you do the Backdoor Roth, your tax savings is probably going to be somewhere in the range of $10 to $40. We’re comparing […]

» Read more

2018 Q4 & Annual PoF Portfolio, Spending, and Blog Performance Update

Every three months, I publish an update to let you know how well my portfolio has done, how much we’ve spent as a family of four, and what’s going on with the blog. Some people like to know the blog stats. Weird, I know. After three years of tracking our family’s expenses, I’ve learned something. We spend about as much as I thought we did. As the late Denny Green famously said, “they are who we thought they were!” That’s us. Before I started blogging, I had a pretty good idea of what we were spending based on the credit […]

» Read more

The Sunday Best (1/6/2018)

The Sunday Best

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:   I recently went underwent a diagnostic study, courtesy of the radiologist with XRAYVSN. He played a role more consistent with that of a psychiatrist, asking all sorts of questions. The X-ray Beam: The Physician On FIRE The X-ray Beam: The Physician On FIRE (Part II)   WCI Network partner […]

» Read more

Christopher Guest Post: Mr. Crazy Kicks

It’s my pleasure to welcome “Mr. Crazy Kicks” as the latest guest to be featured in my eleven-question interview series, the Christopher Guest Post. Stop me if you’ve heard this story before. Talented engineer makes good money, lives simply, invests in index funds, and retires in his thirties. Enjoys his days exploring new hobbies, riding a bicycle, and travels for next-to-nothing. Oh, and he started a blog. While it may be a familiar story, Mr. CK has some unique hobbies (shrooms), is an urban homesteader, and is making this happen in the relatively high-cost-of-living area known as Connecticut. You’ll also […]

» Read more

Top 10 Financial New Year’s Resolutions to Make (and Keep) in 2019

Happy New Year! Have you made your New Year’s Resolutions yet? If you said yes, have you broken your New Year’s Resolutions yet? I usually wait until mid-to-late January to break mine, but I I’d like to give you some achievable New Year’s Resolutions that you can keep. Each of these ten items will help you improve your financial situation, and most of them are something you can do, check off the list, and move on. I’m not asking you to make any drastic changes in habits, like my good-beer-loving friend across the pond who’s giving up beer for a […]

» Read more

I Quit Obstetrics at age 43: the “DABDA” Stages of a Major Practice Change

Angry Newborn

A few months ago, a physician who had discovered this website reached out to me with a flattering e-mail, letting me know that she was making some major changes in her career trajectory, and that what she had read here helped confirm her decision to take a step back from a demanding work schedule. This was not an easy decision for her. I don’t think anyone, including me, chooses to give up valuable skills that were not easy to come by without some serious contemplation and reflection. This OB/Gyn grappled with her decision to drop the OB part, and she […]

» Read more

Avoiding the Hedonic Treadmill

Yacht Hedonic Treadmill

Most high-income professionals are getting a never-ending workout on this contraption they don’t even realize they’re on: the hedonic treadmill. Some are going at a manageable, comfortable pace and still managing to set aside plenty of money for their futures while slowly increasing their standard of living. Others are at a sprint, taking on additional debts to fund the lifestyle they’ve been dreaming of for years. Why not? The income will always be there, right? Right? And then there’s Ludicrous Speed. It’s incredible how much one can spend when the means are there (or seem to be). This article was […]

» Read more

The Sunday Best (12/16/2018)

The Sunday Best

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:   Do you realize that South America is not only south of the United States, but almost entirely east of it, as well? Or that most of Africa is in the northern hemisphere? Zach from Four Pillar Freedom wonders if you know money any better than geography. Using Data to Debunk […]

» Read more

Christopher Guest Post: Miss Bonnie MD

I’m honored to have my friend Miss Bonnie MD here to allow us to get to know her better. The good doctor is a leading voice in the physician personal finance space. She focuses on empowering female physicians to take control of their finances to create a better, more balanced life in medicine. I first met Miss Bonnie when I was visiting New York early this year, and we grabbed a beverage at the world’s best bar.  A few months later, we were both featured speakers at the inaugural White Coat Investor Conference, hanging out in Park City, Utah with a […]

» Read more

The Best Business Credit Cards for Small Business or Private Practice

I’ve been a small business owner for most of my career. In recent years, I’ve learned how to leverage various credit cards to maximize rewards. You may be a small business owner, too. If you have a private practice or a partnership, that’s obviously a business. If you earn money with a blog or podcast, do freelance work, or sell products online, that’s a business. When I was a locum tenens physician, I had a business for that. Now that I’m a blogger, I’ve got a business that encompasses the website and all related activities. A small business credit card […]

» Read more

Credit Cards for People Who Love Free Travel and Money

Credit Cards Travel Money

I love travel. Money, too! I might earn money if you apply for a card via links on this page, and I will donate half of my profits if that happens. Not many sites make that pledge, so please, do your research wherever the world wide takes you, but consider coming back to this site for your credit card needs and support our charitable mission. Cheers! Jump to:     For many years, I used one Chase credit card for pretty much everything. With a typical credit card bill of $4,000 to $5,000 a month, I was rewarded with $40 […]

» Read more

Fight Burnout with Both Saving and Spending

fight burnout

Career burnout is becoming increasingly common and is a hot topic lately, particularly for physicians and other healthcare workers. The causes are many. Increased demands. Decreased reimbursement and recognition. Longer hours and lower benefits. The feeling that you’re just another wheel in the cog. In medicine, it’s the ever-thickening red tape. Clumsy electronic health records (EHRs). Prior authorizations. In-baskets that fill up with dozens or hundreds of messages any time you’re away for more than a few days. The corporatization of medicine. While numerous strategies are being employed by both employers and employees to fight burnout, I don’t hear many […]

» Read more

One World Surgery: My Week in Honduras on a Medical Mission

NPH_Honduras_Nerve_Block

For the last fifteen years or so, I’ve thought I ought to participate in a medical mission. “Someday, I’ll do that,” I figured. In recent years, as I’ve contemplated taking an extended sabbatical that could become permanent, I realized I could be running out of time to take my skills to a part of the world where they’re more sorely needed. I started researching options and reaching out to organizations, looking for an opportunity that would both allow me to offer my services as an anesthesiologist and allow my family to accompany me and volunteer in some other capacity. After […]

» Read more

The Sunday Best (11/25/2018)

The Sunday Best

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:   RealtyShares recently announced it would no longer be taking on new investors. I don’t expect it to be around in its current form much longer. Passive Income MD asks, Is Real Estate Crowdfunding in Trouble?   I invested with RealtyShares and the deal went full circle as planned and I […]

» Read more

Christopher Guest Post: She Picks Up Pennies

Happy Thanksgiving, friends! I’ve got a special guest on this special day, a gal that is thankful that you stopped by today to let her share a bit about herself and her story. She’s also grateful when she sees money just lying there on the sidewalk. It doesn’t matter the denomination. She Picks up Pennies. “Penny” is an award-winning blogger, school teacher, and all around good person. We met briefly at FinCon17 but regrettably failed to cross paths this year. If we had, I’ll be she would have let me drink from her coveted Plutus Award. Taking a purposeful approach to […]

» Read more

Help Me Give Away $10,000

If the turkeys aren’t nervous yet, they should be. Stove Top Stuffing and jellied cranberries are flying off the store shelves. In a couple days, most of us will get together with family for a full day of feasting, football, and the inevitable tryptophan-induced slumber. Thanksgiving is two days away, and it’s a day in which we reflect on all that we are thankful for. I won’t be partaking in the family festivities. It’s my turn to work the 5-day holiday “weekend,” but I do expect there will be a large plate of leftovers waiting for me (you hear that, […]

» Read more

WCI’s Fire Your Financial Advisor Course in Action: A Couple Creates Their Financial Plan

Earlier in 2018, the White Coat Investor debuted his first online course, the provocatively titled Fire Your Financial Advisor. The course may not have won him many friends in the financial services industry, but it has given him hundreds of happy course graduates who now feel empowered to create their own comprehensive financial plan and manage their own investments. I considered completing the course myself and writing a review of my own, but I know I’m not the target audience. I’ve never had a financial advisor to fire and I’ve been managing my own investments for years. I did, however, watch […]

» Read more

The Case for Giving on the Road to Financial Independence

Case for Giving

Today is “Give to the Max” day up north here in Minnesota, a perfect day to showcase a topic that is near and dear to my heart and the heart of my friend from ESI Money. I’ve talked before about wanting to build up a sizable giving fund before retiring early, even it means this last year or two of work is more for the benefit of others than for me. I also donate half of my profits from this site, a number that will eclipse six figures before we know it. Below, he’ll make a case for generosity, show […]

» Read more
1 2 3 15