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:
Your 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…
My mind immediately went to the $7 candy bar and the $1,000 I spent on beer while on a European vacation of sorts as a broke medical student. Somehow, despite all that, I was able to afford a home. Too many homes in fact (I once had five!).
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