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.
For more great articles, take a peek at The Sunday Best Archives. Now let’s get to the best… The Sunday Best!
The Sunday Best
The New Year is here! There many challenges in 2020; could there be new opportunities as we come out of this pandemic in 2021? Passive Income MD explains How Physician Real Estate Investors Can Prepare for 2021.
The real estate market is just one of many markets that have made investors wealthy. The Banker on Wheels is playing The Long Game – Historical Market Returns and 2021 Expectations.
Dr. Pay It Back had some solid returns in 2020, starting nearly $100,000 in debt and now with a net worth approaching $200,000 in the black. How did he do it? Live Like a Resident: Financial Progress in 2020.
It helps to have an anesthesiologist’s salary. The Physician Philosopher, who, like Passive Income MD, Dr. Pay It Back, and me, is also an anesthesiologist, sheds some light on physician salaries. How Much Money Do Doctors Make? (and Why It Doesn’t Matter).
What goals have you set for yourself in this New Year? Budgets are Sexy, and so are goal-setters and go-getters. 2021 Financial Goal-Setting and the Fresh Start Theory.
Not sure what to choose for your financial goals? I’ve got a dozen specific ideas to help you out. The Top 12 Financial New Year’s Resolutions for 2021.
A goal of yours should be to take advantage of every tax advantaged account available to you. I started my 2021 Backdoor Roth with Vanguard 2 days ago. “Peds” tells you everything you ever wanted to know about the backdoor Roth but were afraid to ask in this comprehensive resource. The 2021 Backdoor Roth FAQ.
One of the best ways to buy happiness may seem counterintuitive, but study after study shows that spending on others boosts happiness more than spending on yourself. Doing so in a tax-advantaged way gives you some additional benefits at tax time, too. Vanguard Brokerage to Vanguard Charitable: How to Easily Donate Appreciated Assets.
Happy New Year!
2020 was the first full year since I started medical school in 1998 that I spent no time in hospitals or clinics to learn or practice the art of medicine. The year was not exactly what I had planned or in mind. I don’t imagine anyone envisioned a year like this.
When the pandemic began, I was only about seven months removed from clinical practice, and I figured I could help, so I volunteered to go back to my old job if needed. It turned out they, like many other anesthesia departments, actually had less work to do, as elective surgery volumes declined or were put on hold entirely in some instances.
Now, some 17 months after my last shift, I don’t know that I would feel 100% comfortable working as an anesthesiologist again. In many ways, I think it would be like riding a bike, but the first few trips around the block might be a bit wobbly. There’s also the issue of BLS, ACLS, PALS, and any other certifications that I’ve let lapse.
This year, rather than volunteer my services as an anesthesiologist, I called our local health department to see if I could help administer COVID vaccines. That seems like it would be a more direct way to help our nation escape the grasp of this dreadful disease, and I’m no stranger to jabbing strangers with needles. I’ve done so thousands of times in places that require far more precision than a quick poke in the deltoid.
The United States missed its goal of 20 million vaccines administered by the end of 2020 by about 17 million doses. I am waiting to hear back from the health department — there are some administrative hurdles to accept volunteers for this kind of thing, apparently — but I may be part of the catch-up effort. First, I would have to get the vaccine myself, and that’s something I’m more than willing to do as soon as I get the call.
It was an odd holiday season. The four of us spent Christmas at home alone and New Year’s Eve at our cabin. Again, just us. We’ve managed to stay healthy for this long; why take chances now? It’s not like I haven’t missed family gatherings over the holidays before.
By this time next year, I expect life to be more joyous. Cheers to hope and prosperity in 2021!
An Introduction to Panacea Financial: Banking Built by Doctors for Doctors
Panacea Financial is a digital bank offering founded by physicians.
Panacea Financial’s fully-free checking account with reimbursed fees for any ATM across the country and high-interest savings account with a rate 12x the national average are available to both non-physicians and physicians alike. Every Panacea Financial customer gets their own personal banker, 24/7 support, and access to online or mobile banking.
Their PRN personal loan for physicians and physician-trainees has an interest rate that’s less than half of the average credit card, and funding can occur in as little as 24 hours after loan approval. There are no co-signer requirements and no credit score requirements for approval. In addition, they offer Medical Student Loan Refinancing with no cosigner required for their four low-fixed rates and no maximums, as well.
As doctors themselves, the founders of Panacea Financial created their loan products with physician-specific underwriting because you are more than a simple credit score or debt-to-income ratio. Visit PanaceaFinancial.com today to sign up for your free checking and savings account or learn more about their loan products designed for physicians and physicians-in-training.
This is a paid advertisement by Panacea Financial, a Division of Sonabank, Member FDIC.
Have an outstanding week!
-Physician on FIRE