Pay Yourself First? No, Pay Yourself Last.

pontoon with slide

Today’s insightful guest post comes to you courtesy of a financially independent physician who has had a blog longer than WCI and I combined. Dating back to 2007, wealthydoc.com has been sharing wisdom in numerous areas including investments, financial planning, careers, and he has written a number of pertinent book reviews for the FIRE minded physician. Check out his counterintuitive advice below, check out his site, and look for him on Twitter with the handle @Wealthy_Doc.   Pay Yourself First? No, Pay Yourself […]

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Your First Attending Paycheck: White Coat Rumspringa!

Spread Eagle WI

I’ve got a fun post for you today. The Crispy Doc, who I imagine is crispy from either burnout, the California sun, or some combination thereof, makes an excellent analogy using a phenomenon with a fantastic name. Rumspringa! That sounds delightful — let’s order a round for the whole table and don’t forget the little umbrellas. What’s that? You don’t serve those here? Is this because Bo forgot his ID? He’s over 21; I promise you. Apparently, I have a poor […]

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12 Ways to Simplify Your Taxable Brokerage Account

My taxable account might be my favorite account. It holds about half of our retirement assets, is immediately available, and is more flexible than any other account we own. When I first opened one, I didn’t have a guide like this. I bought actively managed, tax-inefficient funds. I didn’t know what tax loss harvesting was. It was far from optimal, but at least I was saving and investing the leftover money after maximizing all of my tax-advantaged options rather than […]

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6 Lessons I Learned from Failed Business Attempts

Behind most successful ventures are a string of failures. It’s true. A person’s first grand idea rarely works out. The key is to fail forward and learn from your mistakes. That’s what Michael Norton, the author of today’s guest post, has learned. He’s actually got a half-dozen lessons that he’d like to share. Michael, please tell us about who you are and what you do. The remainder of this article was written by Micahel Norton of Funds Inc. I received […]

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Christopher Guest Post: Can I Retire Yet?

Can I Retire Yet?

I have the distinct pleasure of welcoming Chris Mamula back to the site. The prolific writer who started Eat the Financial Elephant, took over the reins at Can I Retire Yet, and co-authored a book with the Choose FI guys somehow found the time to answer my silly set of 11 questions. Regular readers will recognize the name, and you may recall his previous guest post, Retiring Early in Healthcare Without a Physician’s Income. Chris will be the first to […]

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Rewards Made Easy: The Best Cash Back Credit Cards

Top Cash Back Cards

Every time you swipe a credit card, the merchant pays a fee in the neighborhood of 3%. Businesses that want to be profitable will factor those costs into the price of the products and services they offer. If you assume you’re paying about a 3% premium on everything you purchase, you might as well do what you can to get most of that money back. As someone who likes to optimize, I’ve often found ways to get more than 3% […]

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Healthcare Costs in Retirement – Don’t Make this Big Mistake

safety first!

Today, we’re going to talk about the healthcare costs all will face in retirement, at least under the system we currently have for traditional-age retirees, which is Medicare. If you were hoping to read about healthcare costs in early retirement, I had a guest post on that last year, and I plan to share more as I learn what’s going to work best for my family and me. I should have an answer later this summer, but I’ve got a […]

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8 Steps to Retire Comfortably Despite a Late Start

WCI_Fishing

It’s great if you learn about investing and retirement planning early in your career. If you start reading sites like this one as a medical student, trainee, or early in your physician career, you’re likely to start making smart choices right off the bat. Unfortunately, it doesn’t often work that way, and most people don’t pay a whole lot of attention to the retirement piece until mid-career or later. Often, there’s a sentinel event like the implementation of an Electronic […]

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Top 5 Factors that Make Financial Independence Easier to Achieve

locums_paystub

How easy or difficult will your quest to achieve financial independence be? The math doesn’t much vary from person to person. You’re going to want at least 25x your future expenses saved up or passive income that exceeds your spending. If you don’t have either, or some combination of both capital and passive income, that can be expected to cover your future expenses indefinitely, you’d be hard pressed to call yourself financially independent. If you feel like financial independence is […]

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The Sunday Best (4/21/2019)

The Sunday Best is a collection of articles I’ve curated from the furthest reaches of the internet for your reading pleasure. Every week, I scan hundreds of headlines, read dozens of posts, and bring you the best of the best to save you time and mental energy. Financial Independence (FI) is a primary focus, but it’s an awfully broad topic. I tend to approach FI and early retirement from a fatFIRE perspective and through the lens of a physician, so […]

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Christopher Guest Post: The Physician Philosopher

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The White Coat Investor Network has expanded! I’m proud to introduce a physician and blogger who is very likely familiar to you, Dr. James Turner a.k.a. The Physician Philosopher. The good doctor commonly goes by “Jimmy,” which conjures up several images, most prominently the one with Jimmy from Good Times saying Dyn-o-mite! And we can’t call him Jim because we already have a Jim Dahle, so I’m going to stick with James. We don’t have written criteria for new additions […]

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2019 Q1 PoF Portfolio & Blog Performance Update

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Every three months, I publish an update to let you know how well my own portfolio has performed and what’s going on with the blog. Some people like to know the blog stats, believe it or not. I used to track spending, too, but after three years of consistent spending, I decided there was little value-add for us to continue such close tracking. I may start to track our post-FI budget when we are settled into our new, more nomadic […]

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Create Your Own Comprehensive Financial Plan

If you’d like to create a comprehensive financial plan, I can think of three good options. One: Work with a vetted fiduciary, fee-only financial advisor. You should come out with a sound plan, some understanding of what goes into the plan, and it will probably set you back a few thousand dollars. Two: Go it alone. Read books and blogs to learn everything you can about investment management, debt management, appropriate insurance, asset protection, etc… It will likely take the […]

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Christopher Guest Post: Wealth Well Done

Wealth_Well_Done

I prefer my wealth medium-rare, just like my filet mignon. My friend Bill also likes his beef medium-rare, as well learn below, and I believe we enjoyed a couple of rare tuna sandwiches after a bike ride in Crosby, MN a couple of years ago. When it comes to wealth, however, Bill prefers his wealth well done. That’s the name of his blog, a site that he’s used as a creative outlet to help others find purpose and fulfillment while growing […]

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

529 Plan MN

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, which is a shame, […]

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How to Avoid FOMO When Investing

FOMO road

With all this FOMO talk lately, you might mistake me for a millennial. FOMO! YOLO! See you at the Fyre Festival with all of my influencer friends! Or not. I’m a Gen-Xer, which is more of a ROLO generation. Not an acronym; it’s just the yummy chocolate and caramel candy that was among the far fewer options back when I was growing up. You could find a roll next to the Whatchamacallits. To be honest, I think of the rhyming […]

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Christopher Guest Post: Mad Fientist

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It is my distinct pleasure to bring you a guest who has been a part of this online financial independence movement for a good long while, more than twice as long as I have, in fact. Physician on FIRE is in its fourth year, while Brandon has been writing and podcasting at Mad Fientist since 2012, and is now in year number eight. That pretty much makes him an O.G. in this space along with people like Mr. Money Mustache, […]

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The 7-Figure Urologist: Origin Story

7 figure urologist

Last summer, an enterprising urologist reached out to me with an interesting story to share, and he offered to write up his story for me to share. I often quote or paraphrase Henry Ford’s saying: “Whether you believe you can do a thing or not, you are right.” And as my Dad says, “If you don’t ask, you don’t get.” Today’s guest author believes he can and he’s not afraid to ask. Five years into his career, he’s worked his […]

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Walt Disney World for the FIRE Crowd

Drunkin Grownups

It takes a high savings rate to achieve financial independence and retire early. A visit to Disney World requires a significant output of money. Nevertheless, if Disney World is a high priority for you or your children, there are strategies that can help you fit a Disney trip into nearly any budget. We’ll approach it from the barista FIRE, leanFIRE, FIRE, and fatFIRE perspectives. If none of those acronyms made sense to you, fear not. All will be explained below. I’ll […]

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The Sunday Best (2/17/2019)

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:   I spoke to an ophthalmologist the other day without a single mention of the oculocardiac reflex. “Can you stop pushing on the eye? The heart rate’s 20 again.” No atropine […]

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