The Sunday Best is a collection of a handful of posts I share with you each week. With so many informative and inspirational writers out there, I have no trouble coming up with a number of worthwhile reads each week.
Every featured post should be of interest to any physician seeking financial independence. Some will be written by your physician colleagues; others will be written by our friends and patients who share common goals and interests.
Presenting, this week’s Sunday Best:
Harvard was the one undergrad school that denied me. I’m in good company. Travis Hornsby (and his 1490 SAT score) @ Millennial Moola explains, I’m Thankful to Be a Three Time Harvard Reject.
Biglaw Investor invokes the three-fund portfolio and explores how Harvard Lost Billions, Would You?
Stealth Wealth. It’s a hot topic (and a Bogleheads thread that will not die). Smart Money MD gives us his take on the subject in Stealth Wealth Revisited — This Applies to Doctors Too!
In an oldie but goodie, Jim Wang of Wallet Hacks explored a topic that should be popular with Spring Break approaching. Disney For Free: Learn the Travel Hacker’s Secrets the Happiest Place on Earth
You don’t need to have any kids to fund a 529 Plan. Miss Bonnie MD is taking advantage of this fact and the state tax deduction. Read more in I started a 529 Plan and I Do Not Have a Child.
Their blog page has a number of insightful articles, such as The Difference Between Short-Term and Long-Term Disability Insurance and Exclusion Rider to the Rescue. If you’re in need of disability insurance (or term life), be sure to look them up and don’t forget to tell them who sent you!
I went to Harvard, actually. It was just a few years ago; we took the red line. I snapped a few pictures, grabbed a bite to eat just off campus, and wandered just long enough to feel comfortable telling people that I indeed had gone to Harvard.
I don’t like rejection, and I don’t like to be wrong. Today, I am compelled to admit to both.
As I mentioned above, Harvard was the only undergrad school that sent me a rejection letter. Apparently, Natalie Portman has something that I don’t. In one of my first posts on this site, I talked about being rejected by Harvard but admitted to some excellent schools, but it turns out I misremembered terribly.
I remembered being rejected by Harvard only. That is true. I also remembered applying to Yale, Stanford, and some other great schools. Also true. While it’s true that I applied to those other schools, as I sorted through papers from 19 to 23 years ago, I realized I didn’t apply to those other schools until medical school. Dang! I’ve since made appropriate edits to My Path to Financial Independence to reflect the historical record, and have wiped the egg off my face.
I did get into some schools with great names and pedigrees for undergraduate education, but ultimately followed in the footsteps of my Mom, Dad and his Dad, and took a full tuition scholarship to stay close to home and attend The University of Minnesota.
Four years later, as a college senior, I thought I was kind of a big deal. It turns out I was a pretty big fish in my pond, but there were ponds just like it all over the country with fish that looked a lot like me.
I had grades and scores that topped the averages at all the top ten medical schools. I had been a transplant microsurgeon and presented research at national medical conferences as an undergrad. I volunteered on the pediatric ward.
None of that mattered much. This time, I was rejected by a Who’s Who of medical schools. Looking at the career path I’ve chosen, I’m not sure that was such a bad thing. After all, as Smart Money, MD asked, “Is a Degree From a Prestigious Medical School Advantageous for Doctors?” For me, probably not so much. I wasn’t aiming to be a department chairman someday. Any of these schools would have put me much further in debt, though.
I’m sharing this as a reminder that it’s alright to be rejected. It can be good to be humbled (and it can feel good to humblebrag 😉 ). I once lost a lucrative job based on a coin flip when the partners were split between two qualified candidates.
All of it led me to where I am today, which in my estimation, is a pretty great place.
Final Days to Save $300 on WCICON22 Registration
The White Coat Investor Physician Wellness and Financial Literacy Conference, at which I'll be speaking about retirement withdrawal strategies along with several dozen outstanding orators, is taking place in sunny Phoenix, AZ from February 9th to 12th, 2022. Earn up to 17 CME / Dental CE. All in-person attendees must be fully vaccinated against COVID, and there is a comprehensive virtual / online option, as well. Hope to see you at the talks, happy hours, or online at WCICON22!
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Have a great week!
-Physician on FIRE