Financial Independence Archives - Physician on FIRE

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Why are Doctors Burning Out? Three Ways Financial Independence Can Save Us

The timing of this post couldn’t have been better. I decided to take a break from practicing medicine, and likely a permanent one, with my last shift ending just a few short days ago. Am I burned out? Maybe a little. Could I continue working in the same capacity? Absolutely. Yet, I have felt compelled for quite some time now to do something different. What spurred the change of pace just a dozen or so years into my anesthesia career? […]

The 5 Benefits of Financial Freedom

Financial Freedom

Have you heard? Dr. Peter Kim is financially free from medicine. Note that he continues to practice, but by choice and on a less-than-full-time basis. It’s been nearly five years since I realized that I was in a similar position, and like Dr. Kim, I chose to continue practicing for a while, slowing down to part-time for the better part of the last two years. I’m days away from taking full advantage of my financial independence, as I turn in […]

Searching For Happiness When Financially Independent

FI happiness

Some people spend years and years plodding along to hopefully someday become financially independent. For some lucky other folks, which include me and today’s guest author, you realize at some point in your late thirties that you actually have this thing called financial independence, and the biggest challenge is figuring out what to do with it. I met the man behind Life Outside the Maze over tacos in Denver with Mr. & Mrs. 1500 earlier this year. It turns out […]

Ether to FI: Waste Not Want Not & a Net Worth Update

Taco Taco Taco

Ether to FI is back! The anesthesiologist with a keen eye on FI is back with his second update of the year and 10th overall in the nearly two years since he finished residency and got on the fast track to financial freedom. Today’s post is all about waste. I’ll be honest. Having the luxury to “waste time” is one thing I really look forward to in my upcoming retirement. Waste may not be the best word, but doing as […]

Are Actuaries the FIRE Superheroes?

FIRE_Superheroes

Who would pose such a question? I don’t suppose it would be… an actuary, perhaps? If you’re thinking what I’m thinking, we’d both be right. Today’s guest post is, in fact, written by an actuary with an uncommon wit and a penchant for pensions, among other things. I’ve had the pleasure of clinking pint glasses with the Actuary on FIRE when I happened to be in his neck of the woods a couple of years ago. We spoke of kids, […]

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 […]

What’s Keeping You from Financial Freedom?

Havana Club Mojito

Dr. Peter Kim poses a simple question in today’s Saturday Selection. It’s a great question to ask, and an important question to ponder. If you’re not making good progress towards financial independence or financial freedom, what’s holding you back? Most people reading this website have the income to make it happen in a couple of decades or less. Live on half your takehome pay, use the rest to retire debts and invest, and you’ll be FI about 15 years after […]

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 […]

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 […]

Ether to FI: “I hate it. I hate it. I hate it!” Learning from Those You Disagree With & a Net Worth Update

ETF9

We last heard from Ether to FI in December when he talked about having a frugal spouse makes early FI all the more likely. Today, he returns with his ninth installment more than a year and a half after he finished his anesthesia residency and introduced himself to the world. The initial plan was to reach FI with $3.3 Million within 10 years but continue working indefinitely. A few posts back, he and his wife were thinking more seriously about […]

Financial Freedom for Generation X

A week ago, I delved into a couple of great books penned by millennials, and largely for millennials, detailing the path the financial freedom. Today, I’d like to review a couple more financial freedom books. Today’s selections were written by a couple of my cohorts in Generation X, a generation loosely defined as being born between the early 1960s and early 1980s. I’m a Generation Xer. Many of your favorite FIRE bloggers are, too, like Mr. Money Mustache, Justin @ […]

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 […]

Working Worldwide with the WoWs — Financial Independence and Volunteering

Today’s blog post comes from Mrs. Waffles on Wednesday, an occupational therapist with a penchant for travel and volunteering. In just a few years, she has found ways to venture into far-off places to offer help where it’s needed most. We heard about some of the adventures she and Mr. WoW have had when we cruised to Cuba together in the fall of 2018. I asked if she would be willing to write up a guest post that spoke to […]

The FIRE Movement is Here to Stay

“I think we are at or near peak FIRE” – J.D. Roth of Get Rich Slowly He then postulated that when the next market crash comes, and we know it will (and we did see a drop of about 20% in the US stock market since then), a lot of people who thought they had achieved financial independence would realize they are not actually FI. J.D. was the moderator of FIRE panel at FinCon18 that included Pete of Mr. Money Mustache, […]

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 […]

On Your Path to Financial Independence, Stop and Smell the Roses

Today’s guest post comes from the young man J.D. Roth likes to refer to as the “wonderkid” Cody from Fly to FI. At 21 (he’s now 22), I believe he was the youngest attendee at Camp FI Southeast the weekend we were all there. You may wonder how he earned that nickname. Simply, he knew all the financial independence lingo, had graduated college early, started a disc golf company, and could speak about it all more articulately than I could […]

Are You Moving Closer to or Further From Financial Independence?

closer to FI

This is a classic post from The White Coat Investor that addresses the fact that Financial Independence, and your progress towards achieving it, can be a fluid situation. Some people feel you should focus solely on your income, particularly if you’re a high-income professional. Dr. Jim Dahle looks at the flip side and the double impact of increasing or decreasing your annual spending as it relates to the amount of money you actually need to call yourself financially independent. This is […]

Ether to FI: Shifting Focus from the “FI” to the “RE” and a Net Worth Update

PoF: I’ll start today’s post with a quote from Ether to FI’s very first guest post. “Hello FIRE nation. I am E.T.F. You are probably wondering what happened to the missing “RE” in my name. That was not an accident. I will probably have many different occupations in my life, but I am on a mission to find work that I love. Charlie Munger working at 93 is my inspiration.” -Ether to FI It seems he may be […]

You’re Financially Independent. Now What?

Seller_at_Heart_Pub

Today’s guest post comes via Peter Koch who also shares his stories and thoughts with a growing readership on his popular blog, Seller at Heart. Peter is an international serial entrepreneur who has run a variety of businesses both online and offline. The father of two and huge basketball fan has now reached financial independence, and he often ponders what to do with his newfound freedom and time. What will you do? Let’s explore some options with someone who contemplates […]

Ten Ways to Feel Rich

Dahle Family Tubing

Today’s Saturday Selection from The White Coat Investor describes a number of ways for you to feel like a rich person, even if you’re one yet. Going through the list, I can check just about every box. I could probably add a few items, too. “Rich” means different things to different people, but in this case, the good doctor is referring to material wealth. Try a few of these tips to feel rich and eventually, you’ll probably end up actually […]

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