The Sunday Best is a collection of articles I’ve curated for your reading pleasure.
Presenting, this week’s Sunday Best:
Dads Dollars & Debts think so. Being in Private Practice Makes Me a Better Doctor.
A physician looking to boost income will love this guest post and how-to from Wealthy Doc on The White Coat Investor: A Side Hustle to Consider — Medicolegal or Insurance Consulting.
Aaron at Wealth Psychology has no doubt early retirement will be worth it. He’s compiled a list of rebuttals to the common complaints and misunderstandings: Notes to Those That Don’t Get It.
Speaking of traveling the world, the FIREcracker couple from Millennial Revolution wrote a four part series on their trip around the globe.
- Cost of Travelling the World for 1 Year
- Cost of Travelling the World for 1 Year, Part 2: Packing
- Cost of Travelling the World for 1 Year, Part 3: Accomodations and Transportation
- Cost of Travelling the World for 1 Year, Part 4: Travel Insurance
- Bonus: Travelling or Traveling: What’s the Difference?
Dr. Tom of High Income Parents has FIVE kids. Dr. Tom would like them to be financially responsible. Dr. Tom would appreciate it if y’all would Please Stop Telling Me My Kids’ Money Habits are Formed by Age 7.
Teach Your Children Well
There is so much a child needs to learn, and I agree that money habits are an important one. But they need the ability to walk before they learn to run.
My boys are now 6 and 8, and they can both walk and run. Last week, I went on a couple of two mile jogs with them. They are also learning some money basics, and we discuss money in plain and simple terms when it comes up. They’ve got a small allowance, with $1 going into each of the Spend, Save, and Give jars.
They’re both enrolled in public schools now, but we started giving them an education long before they got there. I started reading to our oldest when he was in the womb. He had The Very Hungry Caterpillar down pat by the time he was born. So did I.
Our second born got 60 to 90 minutes of stories per day before he was born, as we often read for 30 minutes before his older brother’s naps and bedtime. The at least twice-daily trend continued until they were in pre-school and beyond.
They developed a love of books and a curiosity in words. Noticing their piqued interest, we took advantage of the opportunity to teach them about words when the time seemed right.
When they were age 3 1/2 (two years apart), each of them was enrolled in the Mommy & Daddy School of Phonics. I was able to do most of the lessons the first time around, and about half for our younger son. My wife had found this amazing book that enabled the two of us to teach them how to read in 100 consecutive days. I don’t believe we missed a day, or if we did, I’ve since forgotten.
With gold stars (and red, blue, and green) as incentives, we worked through the lessons until they could read books independently in a little over three months. The lessons were anywhere from 10 minutes at the beginning to maybe 40 minutes when they were reading full pages later on.
For parents out there, I highly recommend the book and the experience of giving your child a gift that will last a lifetime.
I’m away from my family for a couple weeks at the moment and I’m starting to miss them.
Can you tell?
The Chase Sapphire Preferred is an excellent first (or only) card with an all-time high welcome bonus! New in 8/2021 is a $50 annual hotel credit for bookings via the Chase UR tavel portal & 5x points for all travel via the portal. 3x points on dining, 2x on other travel. Flexible rewards good for cash, travel, or transfer to travel partners, great travel protection & new Peloton, Lyft & DoorDash perks! $95 Annual Fee
The Chase Sapphire Reserve offers great travel perks including Priority Pass lounge access, a credit for Global Entry or TSA Pre✓ and a $300 annual travel credit. When using Chase Ultimate Rewards travel portal, get 10x points on hotels and car rental & 5x points on air travel. 3x points on other travel & dining. Elevated Peloton, Lyft and DoorDash benefits. $550 Annual Fee
Have a great week!
-Physician on FIRE