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This website, now in its 5th year, exists to help physicians and others improve their financial picture and overall wellness. My goal has been to educate, enlighten, and entertain my readers.
I have a second and equally important goal, and that is to make the world a better place by donating half of my profits from this venture. To date, I’ve donated nearly a quarter million dollars as a result of this charitable mission.
Some of the money is donated directly to charities. For example, we’re funding the salary of one physician at One World Surgery in Honduras, a wonderful site where my family and I have also donated our time.
Some of the donated money resides in a donor advised fund where the money can be invested and granted to charities when a need arises.
A great need is now upon us.
COVID-19 is ravaging its way through populations across the globe, pushing healthcare systems beyond their capacity and putting tens of millions of people out of work as we isolate ourselves and our families in our best attempt to stem the tide of the rapidly propagating virus. Others place themselves in harm’s way all day every day to care for the gravely ill.
I do possess skills that can be useful in this fight, and those are spoken for. When my father graduated from dental school in the midst of the Vietnam war, he enlisted in the Army rather than wait to be drafted. While he took a greater risk and made a bolder decision and a larger sacrifice by spending a year in Vietnam, I’ve taken a similar approach and have offered up my services to my most recent employer before they might be requested.
There is something bigger I can do, though, but I will need your help.
Support Pandemic Relief Efforts With Only a Click (or Two)!
I will be donating 100% of April’s profits directly to COVID-19 relief charities.
One reader will choose the recipient of a $5,000 donation. I will take suggestions from all who comment, and the grand total we can give should be much larger than that. And it will cost you little or nothing. I hope to make that $5,000 a small fraction of what we’re able to donate.
In a normal month, 100% of profits would be around $20,000. It’s a tidy sum and it means we’re normally donating $10,000 a month or so by virtue of donating half.
With your help, I’d like to donate at least $50,000. If you can help me make this post go… ummm, let’s say “widely distributed and shared on social media,” a six-figure sum is not out of the question.
I will be donating 100% of my April profits directly to COVID-19 relief. I wish I could more precisely track actions to remuneration, but this the best approximation I’ve got. If this thing really takes off (that’s up to you!), I will consider extending the pledge beyond April.
I kicked off the giving last week on St. Patrick’s Day with $1,000 grants to each of the following:
I followed up in late March with a $1,000 donation to Get Us PPE. Our healthcare workers are in desperate need of basic gloves, masks, gowns, and other protective materials.
I plan to give more to these organizations and others. I look forward to your suggestions of organizations that are aiding in the battle and recovery efforts to aid those affected by the pandemic. Which, frankly, is pretty much everyone.
How Can You Help?
Simply put, you can help grow next month’s revenue. I’ve always been transparent about how this site makes money, and I’m asking you to please do those things. I’d like you to take 2 or 3 quick steps:
- Step 1: Take an action that generates online revenue (see below).
- Step 2: Share this post! Alternatively, you can subscribe to this blog or my favorite business newsletter.
- Step 3 (optional): Comment and share what steps you’ve taken to be entered for a random drawing to choose the recipient of a $5,000 donation.
Step 1 Activities
Please choose one or more activities from the following in Step 1. These are the activities that will generate money for donations.
A. Register to Receive Surveys for Medical Professionals
We work with a number of market research companies that regularly survey physicians and other healthcare professionals and compensate them for their time and expertise.
The number of opportunities you’ll receive will vary by profession, specialty, and company. The referral fee we receive may be small or zero depending on those same factors, so I ask that you consider registering for at least two. Bonus cool points if you hit up all six!
I’ll add that Curizon will add a $250 cash credit to one lucky new referral from Physician on FIRE this month.
B. Track Your Spending and Investments with Personal Capital
I’ve been using Personal Capital’s free app and online software for longer than I’ve been a blogger, so more than five years. You can track every dollar you spend by category, and it’s quite powerful for investment data, fees breakdown, retirement projections, and more.
They will contact you and they’d like to sell you on their advisory services, which I politely declined years ago, and they no longer reach out to me.
If you sign up and track six figures of investments via their software, this site will receive a commission. If you can do that, please check out Personal Capital.
C. Register to Explore Alternative Investment Platforms (Crowdfunding)
I have personally invested anywhere from $500 to $50,000 with most of the following companies, but I’m not asking you to invest a dime. Only to create a login to explore what they have to offer.
Some only reward a referral fee for investments; others pay out for a simple registration. Please consider registering for more than one to ensure your action(s) benefit our cause.
If you can be considered an accredited investor (income of $200,000 as an individual, $300,000 as a couple, or have a net worth of $1,000,000 exclusive of your primary home), the following platforms are available for you:
- AcreTrader (farmland)
- Alpha Investing (commercial real estate)
- Crowdstreet (commercial real estate)
- EquityMultiple (commercial real estate)
- FarmTogether farmland)
- PeerStreet (residential real estate loans)
- Roofstock (turnkey real estate)
- VinoVest (wine)
If you do not qualify as an accredited investor (i.e. EVERYONE), the following companies have real estate investment opportunities available to you. I have invested with each of them (and own shares of Compound).
- Compound (residential condominiums)
- Diversyfund (commercial real estate / eREITs)
- Fundrise (commercial real estate / eREITs)
- RealtyMogul (commercial real estate / eREITs)
D. Consider a New Credit Card
Please, please do not consider a new card if you are not certain you will be able to pay your balance in full each and every month. The rewards can be substantial, but they will be more than negated if you carry a balance from month to month.
Some of the top cards at the moment include:
Cash Back cards:
- A double cash back card (can be found on this page)
Flexible reward cards:
If you are experiencing only a temporary cash crunch, a 0% APR or balance transfer card can be a valuable bridge to better times. But again, I don’t want anyone paying interest on a credit card balance. Approach with caution.
It’s no mistake that many of my favorite cards are from Chase. They easily have the most comprehensive travel perks, and their ultimate rewards points are good for cash, gift certificates, travel, and more.
To see all of my top credit card picks, please visit my advisor page at our partner CardRatings. If you do wind up with a new card in your wallet after being referred from this site, the resulting donation I’ll be making can be significant.
E. Enroll in a Course to Improve Your Financial Situation
When I refer readers to an education personal finance course, a portion of your tuition payment comes back to this site. I normally donate half of the resulting profit, but I’ll be donating all of it in April.
On March 31, 2020, The White Coat Investor released Continuing Financial Education 2020, a course with dozens of presentations from thought leaders in the investing world. Numerous physicians gave talks, including me.
The course gives you 10 credits of CME, potentially making it eligible for reimbursement from a CME fund or as a write-off as a business deduction.
Until 4/20/20, you can take $100 off Continuing Financial Education 2020 with the code CFEINTRO.
The White Coat Investor’s Fire Your Financial Advisor Course is a comprehensive walk-through that will have you creating your own thorough financial plan. Investing, insurance, asset protection, and estate planning are all covered.
Two couples that took the course have shared their detailed plans with my audience.
Learn more about Fire Your Financial Advisor here.
F. Refinance Student Loans (IF it Makes Sense for You)
Last month was perhaps the best time in history to refinance student loans. Now is still a good time, but we have seen interest rates start to climb as uncertainty sets in.
If you are pursuing loan forgiveness via the Public Service Loan Forgiveness (PSLF) program you should definitely not refinance, as it will make you ineligible for future forgiveness.
If you have federal student loans that might qualify for a reprieve from interest payments (a plan has been mentioned but not finalized), you may want to consider waiting to learn the details and whether or not the plan might benefit you. There are also discussions on one side of the aisle of canceling some student loan debt. If you think that has a chance of happening, you would also want to hold off right now.
If you already have refinanced student loans or have private loans, you should definitely see if you can lower your rate and / or your monthly payment. The latest rates and cashback bonuses are listed below, and this table is updated every time a partner sends us new information. Several companies have raised their rates significantly in the last few weeks, but the interest rates remain incredibly low from a historical perspective.
Have you completed at least one Step 1 Activity above? Thank you!
Step 2 Activities
Help spread the word in Step 2. Do as many as you like, but please do one.
A. Share this post to social media or email with a quick click!
Another way to share is copying and pasting the URL:
into a post on Twitter, Facebook, or wherever. Consider sharing in a Facebook group if such a post would be allowed. Thanks!
B. Subscribe to this website.
You’ll receive notices when I publish a new post, and you’re guaranteed to learn something. You’ll be given an option to receive an email from me once a week, instead, which you can request her.
C. Get Started With Your Legacy Binder
Chelsea Brennan has extended the discount on her ever-popular In Case of Emergency Legacy Binder to 4/15/2020. you’ll get 40% off (no code needed), making the instant download $39 packet available for just $23.40.
Step 3 (Optional): Comment Below
Once you’ve completed at least one Step 1 and Step 2 activity, please comment below and let us know what activities you’ve completed. Your comment will qualify as your entry to select the beneficiary of one $5,000 grant to a charitable organization.
If you’ve got a suggestion for worthy organizations that are contributing in any way to benefit humanity in the face of this crisis, please include that in your comment, as well.
However, you will not be required to choose the potential recipient of your gift now. The winner of the drawing (using Google’s random number generator) will be contacted in early May to choose the $5,000 recipient.
I realize that help is needed NOW, which is why I have already begun doling out grants, and I will continue to do so as the revenue rolls in. There is a dire need for PPE like masks, gowns, and gloves, more rapid and widespread testing, support for those stuck at home, and so much more. Your actions can truly help in so many ways.
Again, I will be donating all of my profits that come in the month of April, and I will consider your suggestions from the comments when the time comes to make those grants.
Thank you so much for your generous participation. I will be profoundly grateful if take 5 to 10 minutes to move this cause forward.
Physician on FIRE has partnered with CardRatings for our coverage of credit card products. Physician on FIRE and CardRatings may receive a commission from card issuers.