The Sunday Best (6/25/2017)
The Sunday Best is a collection of articles I’ve curated for your reading pleasure.
Presenting, this week’s Sunday Best:
Private practice medicine generally pays better, but does it make you a better doctor? EJ @ 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.
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?
You may have noticed a new tab in the Header Menu below my logo at the top of the page entitled “LeverageRx”. You’ll learn more about LeverageRx in the Q&A that follows. I like what they’re doing, have met Colin in person, and can attest that he is a stand-up guy.
LeverageRx is a paid advertiser of this site, and some of the links that follow are affiliate links that support this site and its charitable mission if you purchase any products from them.
Please give my readers a brief overview of LeverageRx and how your company can help healthcare professionals.
LeverageRx is a digital lending and insurance marketplace specifically built for physicians, dentists and other medical professionals. Our goal is to make it incredibly simple to compare financial services companies and get instant rates and pricing to make smarter financial decisions. Think LendingTree or Nerdwallet, but for doctors.
After working in banking, insurance and wealth management and helping young doctors get financially set when starting practice, I realized that while I have the luxury of using companies like SelectQuote and Term for Sale for insurance needs and LendingTree for mortgage needs, these don’t always address the needs of young doctors.
So we built LeverageRx, which is centered around software and financial services specific to doctors. Today we are the only place on the web where doctors can get instant disability insurance quotes.
We currently have over 45 financial services partners covering physician mortgage loans, student loan refinancing, disability and life insurance and several other financial services categories relevant to medical professionals. We know doctors are incredibly busy people, so our entire platform is built to help make it simple and cut out the time it can take to find the information needed to make the best decision.
A number of companies and individuals with many years of experience offer similar services. What sets you apart?
Absolutely. Similar to Credible and many of the lending and insurance marketplaces, we don’t replace the companies and individuals themselves, we just make it easier to compare them and find the best pricing. Many of our partners are also advertisers of this site and several other physician blogs.
Instead of spending time contacting them individually, we allow you to fill out your information only once and then get rates and pricing for all partners. For example, our software allows doctors to tell us what they are looking for in a mortgage loan, and then we show them which lenders have mortgage programs that can match that criteria. This helps significantly cut down on time researching and emailing to get information, and makes sure that doctors really do find the best company based on their needs.
How much information does someone need to provide to receive a quote for disability insurance or term life insurance?
We collect similar information to what would be asked from a normal agent – basic contact information, age, gender, etc. as well as a little information on your employer to try and match you to an agent that can give you the best pricing. It typically takes less than 2 minutes to get an instant quote estimate from the top six disability insurance carriers.
All the disability insurance products we quote are own-occupation and specifically quoted based on what the majority of doctors are normally purchasing. These quotes can then be customized and modified through one of our recommended insurance agent partners.
What other services do you offer?
Along with disability insurance term life insurance and mortgage loans, we we’ve chosen our other services to specifically meet the tangible needs of young doctors.
We offer the ability to compare personal loans if you need to borrow money for residency interviews or consolidate credit card debt. These are lenders that have been selected based on their rates and aren’t high interest predatory lenders. Some of our personal loans are also interest only for a certain period and exclusive to doctors. We also do this for student loan refinancing. We have some big plans to continue adding new products and services in the near future.
How can my readers contact you?
Readers can visit us at LeverageRx.com or drop me a note directly at firstname.lastname@example.org. We always love hearing from doctors about what we can improve and how we can help solve their financial problems through technology.
Have a great week!
-Physician on FIRE