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The Sunday Best (10/22/2023)

PoF: Sunday Best

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.

 

Greetings from New Orleans, where FINCON23 was held! Leif, Nirav, and I are here, immersing ourselves in a diverse range of speakers and events that are centered on connecting with other influencers who create new media, whether it’s through blogging, podcasts, social media, or video, all focused on financial topics such as debt, real estate, and investing. Our primary goal is to gather insights and knowledge to deliver even better content to our PoF Community of physicians. We’ve met a few new partners that would be a great fit for your FIRE journey that we’ll vet and potentially review.

Leif and Chad Carson aka Coach Carson

Physicians often have high incomes, which can make them ineligible to contribute to Roth IRAs directly. Luckily, Mega Backdoor Roth allows high-income earners to contribute to a Roth IRA and or Roth 401(k). Even better, with this savings strategy, you can contribute more money to a Roth IRA than the annual contribution limit. Take a look at this week’s article: The Mega Backdoor Roth IRA: A Comprehensive Guide (2023)

 

You’ve seen PoF’s 2023 investment portfolio. Now see how this young couple invests in real estate to reach FIRE in their 30s! From His and Her Money Guide, Our investment property finances for 2022-23

 

Incrowd_surveys

Physicians and pharmacists, Register with Incrowd for the opportunity to earn easy money with quick “microsurveys” tailored to your specialty.

 

An annuity allows you to shift your longevity risk to an insurance company. It can also be an avenue to loosening the purse strings for those afraid to start spending from principle at an advanced age. But what are the best funds to use to pay for the annuity? The Oblivious Investor Explains How To Use IRA to Buy an Annuity.

 

PoF recently published a post about 8 Physician Side Gigs to Increase Your Earning Potential. In it, we listed legal consulting as one of our favorites. In this post, The Motivated M.D. dives into medical-legal consulting, what it is, and why it can be the perfect physician side gig for physicians: Medical-Legal Consulting Is a Great Physician Side Gig.

 

“You need an LLC for write-offs” is bad tax advice. Thomas Kopleman lists 14 of the biggest tax myths he sees, so you can avoid them.

 

 

Should Residencies Have to Offer Opt-Out Retirement Plans for Trainees? The Prudent Plastic Surgeon says it’s a no-brainer! He explains why and lists 5 ways physicians can help turn this into a reality for residents.

 

Scott Galloway passed NINE figures a long time ago, yet he experiences huge financial anxiety. 

Which leads to the question: If one “rationally” has enough money, why doesn’t it feel like it? Jack Raines from Young Money describes his theory: Two Types of Money Problems.

 

  • “You must work on Happiness” is just good advice. Mr.1500 Days ponder on happiness and what it takes to nurture it in your life, especially once you reach FIRE: 7 Thoughts On Happiness
 

Is retirement more complicated than work? As ironic as that sounds, many retirees would agree that as they get close to retirement uncertainty spikes up. To avoid pitfalls and reduce anxiety, Adam Grossman from Humble Dollar lists 9 questions to ask before stepping out of the workforce: Check Before Leaving

 

Hiking can be an equivalent to a crash course in minimalism that will redefine your understanding of what it means to live with less. No Sidebar shares 10 life-changing lessons about minimalism learned from backpacking.

 

Brian Feroldi started investing in 2004. In the beginning, he had no idea what he was doing. But after investing for two decades he learned one important lesson: “The stock market is the greatest wealth-creation machine of all time.” In this insightful podcast episode with Talking Billions, Brian explains Why The Stock Market goes up.

 

 

Are you passing anxiety on to your children? Toxic-parenting researcher, Jennifer Wallace, explains in CNBC: The counterintuitive way to help your kids succeed

 

Can You Use Your 401(k) to Buy a House? The short answer is, sometimes. But just because you have money in a 401(k) doesn’t necessarily mean you should use it to buy a house. Kevin Mercadabte from Best Wallet Hacks explains why.

 

Should your seller finance your real estate venture? In this podcast episode, Coach Carson uncovers the fundamentals of seller financing, price and term negotiations, and the potential of seller financing in today’s dynamic real estate market: This is Why I Like Seller Financing in 2024

 

Section 8 housing isn’t just about providing affordable homes for low-income families; it’s also a goldmine for savvy investors. With the promise of steady income, guaranteed government payments, and a pool of ready-to-rent tenants, it’s an opportunity you shouldn’t overlook. Debt Free Doctor talks about how to get started: Investing in Section 8 Housing: A Comprehensive Guide

 

 

With last week’s Hamas terrorist attack and the swift response by the Israeli government, war has once again taken over the global conversation. While the financial costs of war pale in comparison to the human costs, many investors are rightly worried about their portfolios. Of Dollars and Data explore how to invest during times of war both as an observer: How to Invest During Times of War

 

 

FXAIX (Fidelity 500 Index Fund) and VOO (Vanguard S&P 500 ETF) are both investment options that offer similar returns to the S&P 500. So, which one trumps the other? In this week’s post, we compare VOO and FXAIX in terms of their structure, expense ratio, performance, and tax efficiency: FXAIX vs VOO: Which Is a Better Investment Option?

Jorge Sanchez (left) and Nirav Shah (right) with a participant in the Fintech Startup competition



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