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The Sunday Best (08/13/2023)

The Sunday Best is a collection of articles I’ve curated from the furthest reaches of the internet for your reading pleasure.

Every week, I scan hundreds of headlines, read dozens of posts, and bring you the best of the best to save you time and mental energy.

Financial Independence (FI) is a primary focus, but it’s an awfully broad topic. I tend to approach FI and early retirement from a fatFIRE perspective and through the lens of a physician, so expect to see those biases in the selected articles.

Related topics that have become recurrent themes include early retirement, selective frugalitytax issuestravelphysician issues, and of course, investing.

For more great articles, take a peek at The Sunday Best Archives. Now let’s get to the best… The Sunday Best!

Jorge Sanchez, MD, curated this week’s articles.

 

What is the best predictor of whether someone is likely to build wealth? Is it mindset, spending habits, or investment knowledge? Nick Maggiulli from Of Dollars and Data discusses why, above all else, it’s your income that determines your ability to build wealth: Paychecks, Not Portfolios: Why Income is the Key to Financial Success

 

David Baughier, from Fiology, retired from the Navy at 43. Now 45, he reflects on more than 2 years of retirement and lists the different things you can do to ensure your retirement is filled with purpose and joy: What to Do When You Retire? You Choose!

The Chase Sapphire Preferred Card

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The Chase Sapphire Preferred is my top pick for your first rewards card. Welcome bonus of 80,000 points worth at least $1,000 when used to book travel (after a $4,000 spend in 3 mo) and other great perks you can learn abouthere.

Kobe Bryant, one of the greatest basketball players of all time, was known for his relentless hunger and hard work. Validea examines how his obsessive focus and ability to “never get bored with the basics” can be applied to investing: What Kobe Bryant’s Mantra of “Never Get Bored with The Basics” Can Teach Investors

 

VOO (Vanguard S&P 500 ETF) and VFIAX (Vanguard 500 Index Fund Admiral Shares are both offered by Vanguard, one of the leading providers of low-cost index funds. In this week’s post, we compared VOO and VFIAX VOO in terms of structure, fees, investment minimums, and tax efficiency, so you can make more informed decisions about which fund best suits your investment goals and preferences: VOO vs. VFIAX: Which is a better index fund?

 

Recent natural disasters like the hurricanes in Florida and the California fires have caused many insurance companies to lose a lot of money on lawsuits and payouts. In response, many of these companies have raised prices, tightened eligibility requirements, or abandoned these states altogether. Dr. Jim Dahle from White Coat Investor discusses What Happens If You Can’t Get Homeowner’s Insurance in Your State?

 

Christine Benz from Morningstar explains why, while it’s normal to have financial worries, it’s more important to keep them in perspective: 4 Financial Worries to Cross Off Your List

 

Technology has revolutionized the way we pay for things. Imani Moise, from The Wall Street Journal, weighs each payment option’s security, convenience, and benefits and why what you choose might matter as much as the purchase: Credit Card, PayPal, or Cash App? How You Pay Matters

 

Ben Carlson, from A Wealth of Common Sense, explains how and when social security became The Most Important Retirement Plan Ever Created

 

The Rational Walk discusses the concept of societal debt, and its relationship with early retirement and happiness: Wealth vs Income

 

Thomas Kopelman reminds readers that wealth does not equal financial expertise and why it matters: 9 Biggest Mistakes High Income/High Net Worth Millennials Make.

 

The number of personal finance gurus and influencers has rapidly increased in the past decade, but whose advice should you follow? Sophia from Gen Y Planning goes over 5 Big Lessons Popular Personal Finance Advice Gets Wrong.

 

In this podcast episode from Wired Planning, Justin Castelli, CFP, talks about why most clients live a life they’re told to live rather than the one they want to live and the power of asking “Why” to align money and life: Building A Service Model To Help Clients Align Money & Purpose with Justin Castelli.

 

 

PIMD Back to school Sale

When it comes to retirement planning (especially early retirement planning), it’s tempting to focus on retirement accounts. But it’s equally important to think about taxable accounts. An after-tax investment account allows you to access funds when needed. With careful planning, these accounts can help you minimize your taxes over your lifetime. Sometimes, an after-tax investment account can be more beneficial than a Roth IRA: The Importance of a Taxable Account for Early Retirees.

 

It’s time to get your ticket to PIMDCON23! Our back-to-school sale ends today, collect that savings of $200 and go get some more school supplies, a fresh outfit, or stock up on pumpkins. Because “back to school” fun isn’t just for kids!

But even better than that, start gaining true financial freedom by finally learning and implementing exactly what it takes to make it happen.

Back To School Special ends on Sunday, August 13, 2023 at Midnight!

PURCHASE YOUR TICKET NOW

 



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