The Sunday Best (10/14/2018)
The Sunday Best is a collection of articles I’ve curated for your reading pleasure.
Presenting, this week’s Sunday Best:
Early retirement and real estate are featured together by Katy McLaughlin in the Wall Street Journal. With shoutouts to me, Mr. Money Mustache, ChooseFI, and Financial Samurai, How to Thrive in Early Retirement. [If you’re stuck behind the WSJ paywall, try this link for a stripped-down version]
It’s important to stay fit to truly thrive in retirement. Miguel, the lawyer known as the Rich Miser understands this, and he’s not afraid to invest in his physical fitness. 20 Reasons Why I Spent Over $10,000 on a Home Gym.
That’s a decent sum to spend on a home gym, but most millionaires with financial advisors spend more annually on investment fees. The Wall Street Physician thinks this could change. Will The Cost Of Financial Advising Drop Like Other Fees In The Financial Services Industry?
- [Pro Tip: This site’s vetted Recommended Financial Advisors already charge considerably less than the typical FA, particularly at higher net worths.]
If you’re spending unnecessarily on high AUM fees and have a similarly overpriced home and stable of automobiles, you may be a High Earner, but Not Rich Yet. Yes, the HENRYs are everywhere — The Minimalist in the City is surrounded by them in Singapore. Meet the HENRYs.
Why are some high earners not yet rich after earning millions of dollars over the years? Some believe they are expected to have or deserve to have all the trappings and trimmings of an upper class lifestyle. I would call this a limiting belief. The Guy on FIRE has found success by Overcoming the Power of Limiting Beliefs which run rampant in our society.
Pessimism is the first ingredient in many limiting beliefs. You know, the glass half-empty phenomenon. But it’s not just the fullness of the glass that matters. Size matters. Side Hustle Scrubs asks, How Big is Your Glass?
- Bonus: Size also matters when it comes to benefits, and I don’t know that I’ve ever seen a package as impressive as SHS’s. How Big is Your Package?
However big yours is, it’s nothing compared to the size of the Ponzi scheme Bernie Madoff almost made off with. XRAYVSN thinks he’s identified an even bigger scam. Is Uncle Sam Worse than Bernie Madoff?
Madoff’s victims believed they could get outsized returns without much risk. There’s a misconception that such a thing has to exist, but there is no free lunch. There are also mistaken assumptions about the FIRE movement and Cody at Fly to FI has been busy Dispelling the FIRE Movement Misconceptions.
Why the recent pushback against these myths and misconceptions about the FIRE movement? Oh, yeah… that whole Suze Orman thing. I’m not going to devote most of the page to it (like I did last week), but there are some follow-ups worth noting:
- Paula Pant’s “Two Million Dollars is Nothing. It’s Pennies,” says Suze Orman, a recap that includes responses from Paula and reactions from the Afford Anything community.
- 096R | The Money Matriarch Of The World & The Godfather Of FI | Suze Orman & JLCollinsNH at ChooseFI. Another podcast discussing the dustup. Jump to the 19:00 mark where Jim Collins joins in for this particular portion of the episode.
- Coach Carson‘s take: What Suze Orman Got Wrong About the FIRE Movement
- From Milliennial Revolution: Why Suze Orman is Clueless About the FIRE Movement
- From 43 Blue Doors: Suze Orman Hates What I am Doing
Well, that was cathartic. I promise not to mention Ms. Orman the rest of the month. Let’s pick on a different public figure in the personal finance space. For all the hate directed at Matt, the lawyer who writes at Optimize Your Life, I’d say he actually went pretty easy on Dave and his followers in Loan Forgiveness (or Why Dave Ramsey Doesn’t Know What He’s Talking About).
Playing With FIRE: The Documentary
At FinCon17, there was a film crew following a number of my FIRE blogging friends around. A year later, they were back at FinCon with footage from that event and a whole bunch more. The trailer for the documentary film, which you can see below, debuted at FinCon18. The three-minute trailer sent chills up my spine, and I can’t wait to see the finished product early next year.
I won’t be appearing in the film, but I will get a mention in the credits thanks to the Kickstarter campaign, to which I gladly kicked in $100. I had the pleasure of chatting with both Scott Rieckens, who stars in the film, and his co-executive producer Travis “William” Shakespeare at an Orlando brewery meetup organized by our friends at ChooseFI. They’re great guys and I hope their film spreads the message of financial independence to an even wider audience.
I missed the panel session at FinCon where a number of the people featured in the trailer above gathered to discuss the film, but I plan to watch it now that videos of all the sessions are now available.
On a semi-related note, I had the displeasure of watching my alma mater lose a football game to Scott’s alma mater last weekend, a game on which I foolishly placed a bet with him. A care package with some of Minnesota’s finest (along with a North Dakotan Scottish Ale for his upcoming Scottish houseguests) are en route to Oregon.
I still hold on to a 2014 memory of rushing the field after a 51-14 victory over the Hawkeyes, putting my arm around head coach Jerry Kill, and hitting the power button instead of the shutter button on my camera in a failed attempt at a selfie.
Dr. Brian J. Dixon reached out to me asking if I could help spread the message of physician empowerment. Given my disheartening experience with MOC and frustrations with certain aspects of the profession, I was happy to oblige. Here is that message:
Imagine physicians of all political stripes and practice philosophies coming together to strengthen physician autonomy. Now imagine those physicians creating the most powerful physician empowerment campaign in the last 50 years.
The Disability Doc
Chris Wimberly, at The Disability Doc, has helped hundreds of physicians protect their income. As an “independent agent”, he works for you and not on behalf of any carrier. Chris brings a fresh and unique approach to the table. He is a master at “Specialty Specific” Own Occupation coverage and has worked hard to simplify the process of selecting a plan. In addition, The Disability Doc offers a plethora of resources and videos to help you navigate your options. And of course… Chris also has access to exclusive nationwide discounts to help you save significant money on your plan! The Disability Doc Application
Have an outstanding week!
-Physician on FIRE
Find FIRE with me.
Get an amazing spreadsheet, new post notices, & a quarterly newsletter.