The Sunday Best (5/28/2017)
The Sunday Best is a collection of articles I’ve curated for your reading pleasure.
Presenting, this week’s Sunday Best:
taxable account might just be your best emergency fund. Anesthesiologist Tom from High Income Parents gives his best answer to Should I Pay Down Debt or Save for an Emergency Fund? Maybe Neither.
I’m trying to find balance. I really am. Clearly, I am not alone — the radiologist blogging at The First Habit suggests Finding the Right Work-Life Balance: Are You Working to Live or Living to Work?
I don’t normally bother looking at funds without ultra-low fees. And so I found the Wall Street Physician’s post to be quite intriguing. Worst of the Worst: A Look at Five of the Most Expensive Mutual Funds on Wall Street.
- Future Proof MD tells you What You Should Know About Trump’s Proposed Student Loan Reform.
- Wealthy Doc knows that Changes are Coming to Loan Forgiveness.
- The Student Loan Planner astutely points out that Trump Student Loan Repayment Could Cost You a Lot More Money.
- The Senior Resident published an overview of Public Service loan Forgiveness (PSLF) and Trump.
I have 8 out of 9 millionaire habits listed by J. Money of Budgets are Sexy (no, they’re not, actually). How Many of These Millionaire Spending Habits Do You Have?
Avacado Toast, anyone?
- Ramit Sethi @ I Will Teach You to Be Rich can’t help but LOL at This Toast Advice from a Millionaire
- Catherine Alford @ Frugal Rules ponders Will Avocado toast Really Be the Downfall of Millennials?
- Has Mr. Tako been Investing in Avocado Toast?
- Miss Mazuma sees elements of truth in the rant. Defending Mr. Avocado Toast — Priorities are Key.
Avocado Toast? Seriously?
“When I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each” — Tim Gurner
A man described as an Australian real estate mogul recently made headlines around the world with that line. I need to come up with a polarizing line like that. Two weeks ago, I didn’t know Tim Gurner from Tim Allen. Or a gurney.
Stretcher Gurney Gurner said something to the effect that the reason millennials cannot afford to buy a home is that they’re spending too much on avocado toast, restaurants in general, European vacations, etc…
It’s easy to jump on the parade of bandwagons riding roughshod over Mr. Gurner’s every word. I recently argued that the occasional splurge is not going to make or break you. But maybe he’s not talking about a rare event.
He may be addressing the person making $9 an hour and routinely spending $18 on breakfast. Or is avocado toast lunch? Dinner? Honestly, I have no idea. If I wanted avocado toast, I’d buy a $3 loaf of bread, a handful of avocados, and serve avocado toast to the whole neighborhood for less than $18.
As a one-time treat, an $18 item ain’t no thing but a chicken wing. Just as long as you make it a treat. Make it a regular occurrence and will not only become less of a treat, but it just might prevent you from reaching your financial goals. Goals which may or may not include buying a home.
I want to recognize every veteran who devoted at least a portion of their lives to fighting for the freedom we all enjoy today. It’s a list that includes my father and both of my grandfathers. I am eternally grateful for their service and the fact that they all survived, allowing my brother and I to live in the land of the free and the home of the brave.
Have a great week!
-Physician on FIRE