Investing Basics for Physicians With Little Time or Experience, Part II

In Part I, we explored the various types of common retirement and investment accounts, including workplace retirement plans, self-employed retirement plans, and the taxable brokerage account. Today, in Part II, we will explore how to choose funds to occupy those accounts, touching on fees, asset allocation, and asset location (yes, those are two different things), and we’ll touch on real estate. Entire books are written on these topics, so if you’re looking for a deeper dive into some of these […]

» Read more

Stupid Doctor Tricks: Physicians’ Biggest Financial Mistakes

stupid doctor tricks

Listening to The White Coat Investor podcast the other day, I heard him talk about how there are brilliant physicians out there who scored 270 on Step 1 of the USMLE that cannot invest their way out of a paper bag. It’s sad but true. Intelligence and success in one arena does not foretell success in all aspects of life. In fact, the more one focuses all energies on one discipline, the more likely other areas are going to be […]

» Read more

Know Your Enemy: Investing for Retirement

In today’s Saturday Selection, I’ve got a classic selection from The White Coat Investor. It should come as no surprise to you that succesful investing requires you to vanquish several enemies. If you don’t know who they are, you’re unlikely to win, and you may have a tough time realizing the retirement you’ve envisioned and deserve. While Dr. Jim Dahle alludes to a fourth enemy in a way, he deosn’t exactly call him or her out. Instead, he calls out […]

» Read more

Money is Everything

Grand Hotel Mackinac

I have a difficult time understanding the level of apathy that so many people have towards money. Apathy may not be the best word. People do seem to care about money and they certainly want more, but I don’t see a lot of people making the wise and sometimes difficult choices that will help them actually grow their money and achieve financial independence. My wife and I were talking about this very thing. I was talking about people wasting money […]

» Read more

Early Retirement Checklist Part One: Money Considerations Prior to FIRE

Bracken House

Two short weeks from the date this post is published, I will be enjoying the first of many, many days as an early retiree, at least from medicine. I’ve got big plans to sleep in that morning, but after that, I’ll be busy moving into our new house. More on that in an upcoming post. In between packing boxes, I’ve been checking a lot of boxes on a pre-retirement checklist. Some items were taken care of months and years ago; […]

» Read more

Managing Risk With Fixed Income: How to Buy Zero Coupon Bonds

bond choices

Today’s guest post on the mechanics of selecting and purchasing U.S. Treasury bonds comes courtesy of the man behind Reaching the Crest. His blog has been dormant for quite some time now. I think he’s been too busy taking a deep dive into the investing world to create new content of his own! As you will read several times, he is a member of my fatFIRE Facebook group, a community I created for readers interested in a bigger budget style […]

» Read more

Six and a Half Ways to Bridge the Early Retirement Gap to Age 59 and a Half

Fire Pit

If you’ve been piling money into your retirement accounts, maxing out every tax-advantaged option available, and spending what’s left over, you’re likely to end up in good financial shape. There’s a problem, though. A lot of that money is not easily accessible, especially for the would-be early retiree. How do you bridge that gap if you plan to stop working in your fourth, fifth, or sixth decade of life? Dr. James Turner has some answers. Six and a half of […]

» Read more

How to Choose a Medical Specialty

Choosing_a_Medical_Specialty

Choosing a medical specialty is no easy task. You’re faced with this task as a third year medical student trying to look good on every clerkship while working long hours and often with only the view of what the specialty looks like from an academic perspective. At one time, I thought I might enjoy pediatrics, but then I did a 180 and considered radiology. Somehow, I landed on anesthesiology, which I think was actually a great choice for me. Today, […]

» Read more

The Epochs of Early Retirement

Jaco Beach

When discussing the funding of early retirement, I’m guilty of being fairly vague. Save at least 25 years’ worth of anticipated expenses and you should be good to go. That’s what the 4% Rule says, right? The vagueness is intentional. Everyone’s situation is different, and you have to customize the way in which you’ll access your money, based on how much you have, in which accounts it’s located, and what income streams you might currently have or expect to benefit […]

» Read more

529 Plans: What You Need to Know About College Savings Plans

529 Plan MN

Happy 5/29 Day!   Shortly after our children were born, we started 529 plans to get a head start on college savings. Before they could walk or talk, these lucky kids had thousands of dollars invested in a tax-advantaged account with many years for that money to compound before they might need it.   I say “lucky” because the vast majority of kids don’t have a 529 plan. Greater than 97% of families in the United States don’t use them, […]

» Read more

Asset Location and Making Your Money Last in Early Retirement

Asset_Location_featured

Optimize. Optimize. Optimize. My pal Dr. James Turner at The Physician Philosopher likes to write about the 20% you need to know to achieve 80% of the results in personal finance. He even wrote a book detailing that 20%; I recently read it on vacation and I highly recommend it. Here at Physician on FIRE, we spend a fair amount of time exploring the other 80% you might want to understand to eke out the most optimal results. Today, we’ve […]

» Read more

What to Do with Suboptimal Assets in Your Portfolio

Kids receiving gifts

If you’ve got an ideal investment portfolio and you’re perfectly content with your asset allocation (the percentage of stocks and bonds),  your asset location (where those funds are located, ideally in the most tax-efficient manner) and the choice of assets you hold, this post is not for you. If, on the other hand, you are human and have made less than optimal choices in the past, or someone made them for you, I’d like to share some strategies you can […]

» Read more

Financial Independence Should Be Part of the Medical Trainee’s Curriculum

Physician Ledger

What were you taught about money in school? How about after school? How did you learn about money? If you answered “next to nothing,” “next to nothing,” and “I learned from my own mistakes,” you’re in excellent company. That’s the route many of us have taken, and I think our financial education is in need of an overhaul. The Physician Philosopher agrees with me, and he goes a step further to state that not only financial literacy, but also financial […]

» Read more

Would You Quit Your Job as a Lottery Winner? How Financial Independence is Like Winning the Lottery

lottery winner

She watches with anticipation as the numbers pop up on the screen. 3. Her daughter’s age 12, 16. She was born on December 16th! 26. Her age when she graduated medical school and got married. 33. Her current age and the fifth of her lucky numbers. This is really happening. Just one number to go… 11! This one goes to eleven! She figured if she didn’t win the lottery, she could live on half her takehome pay and be financially […]

» Read more

Rebalancing Your Portfolio: Why, When, and How

You’ve decided on the perfect asset allocation for you. It matches your risk tolerance, preference for domestic versus international equities, and the numbers, as expressed in percentages, are perfect multiples of ten. You’ve got a spreadsheet to automatically track and calculate those percentages. 60, 20, 10, 10. It all adds up. Then the market does what the market does and it’s all fouled up. 58, 21, 13, 8. No!!!! All is not lost. You can rebalance. Dr. Jim Dahle explains […]

» Read more

Financial Freedom for Millennials

It’s a great time to be alive, and it’s a great time to become aware of the role your money will play in your life. The number of resources available to you is growing by the day. Today, I’ll be highlighting two excellent resources for millennials with an interest in financial freedom. The first is a playbook to guide you to financial independence from a millennial who has achieved it. The second is a play-by-play memoir from a millennial who […]

» Read more

The Sunday Best (2/3/2019)

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:   As we’ve done before, The White Coat Investor, Passive Income MD, and I got together to answer a slew of readers’ questions. We had a great time recording An Interview with […]

» Read more

How The White Coat Investor’s Children Will Pay for Their College

  I got skin in the game I got a household name I got news for you baby, you’re looking at the man   -The Killers   Dr. Jim Dahle has become a household name in certain circles. In this niche of personal finance information for physicians, you could say he is “The Man.” The man is here to say that he wants his kids to have some skin in the game when it comes to paying for their college […]

» Read more
1 2 3