The Sunday Best (10/28/2018)
The Sunday Best is a collection of articles I’ve curated for your reading pleasure.
Presenting, this week’s Sunday Best:
- Bonus MD episodes: My episode (026), Episode 086 with Dr. Allison Goddard & me, and Episode 048 with radiologist The Happy Philosopher
The Physician Philosopher shared a part of his with Fred Leamnson of Money With a Purpose. A tale of triumph in how he managed to Get Through Med School Reading at the Bottom 5 Percent of Students.
She made a statement when she dropped OB, the associated call, and the Chief position in her group. Dr. McFrugal encourages others to make a different kind of statement. Make A Statement! — An Investor Policy Statement. His IPS may be better than my IPS.
Have you read the original studies that established the 4% Rule (of thumb)? From William P. Bengen in October of 1994, Determining Withdrawal Rates Using Historical Data. Can you tell he’s an amateur astronomer?
Retirement Savings: Choosing a Withdrawal Rate That Is Sustainable. It’s the “Trinity Study” that you’ve probably read about but have never actually read. If you have, kudos!
You know who hasn’t read these studies? And who confuses 25x spending for 25x current income? I promised not to mention Suze Orman last week, and I didn’t. So I couldn’t share this gem from Twitter:
She forgot the question mark, but asked a valid question, even if it was rhetorical in nature. We don’t know what our future lives will look like, what the stock market will look like, or if robots will replace our jobs and/or our pets, but that’s no reason not to live the life you want today. If you’re wanting change and can afford to make it, I suggest you do so and navigate the future one hour, one day, and one year at a time.
My friends JL Collins and Doug Nordman of The Military Guide collaborated on this topic. “Nords” argues Angel Investing will make you a better investor, a better person, and quite possibly a benefactor. Angel Investing, or Angel Philanthropy?
Back to Full-Time Work
After a full year of working part-time, I am back to working full-time. I can almost say one month down, two to go.
I worked more than full-time in October because I was too busy doing things other than work in September. Having requested most of the month off to hit up FinCon, a pre-FinCon cruise to Cuba, and a pre-cruise week at Disney World, I made up for it in October, working 21 “units” (shifts of up to 12 hours) instead of my usual 10.
With colleagues going on military leave and medical leave next month, I’ll be working more than full-time in November with another 21 units, and plan to work a regular 1 FTE of 16 units in December. Locum Tenens help should be stepping in come January until we’re back up to full speed.
I’ll be the first to admit I struggle keeping up with full-time work, family time and our travels together, and this blog and all related online activities. In terms of work, family, and blog, I have time to do two of them well, but not all three.
If you’ve contacted me and I have yet to respond, or finally responded after six to eight weeks, it’s not that I don’t like you. It’s just that I like my family more. Please don’t take that personally.
If all goes according to plan, I’ll drop from three important jobs down to two next August. We’ll take things one year at a time after that.
A Recommended Financial Advisor
For those of you who would rather not DIY, I maintain a list of 10 recommended financial advisors. Among the good guys and gals who work frequently with physicians, only the lowest cost, fee-only fiduciary advisors were invited to be on this short list. Among them is Your Richest Life.
I’ve had the pleasure of meeting Katie Brewer, founder of YRL, as she is a regular at FinCon. She is friendly and knowledgeable, as you can hear in one of Dr. Nii Darko’s first podcast episodes at Docs Outside the Box.
Katie Brewer, CFP®, founded her fee-only firm, Your Richest Life Planning , in 2014 in order to focus on physicians and professionals under 50 who are juggling high-intensity careers while balancing the demands of a family. In order to most effectively utilize a client’s time, Katie conducts most business virtually. This framework allows the firm to work with clients all over the country while also minimizing financial planning costs. Katie has over 12 years of experience in the industry and has been quoted in various sources such as The New York Times, Forbes, and Business Insider. Services include comprehensive financial planning and ongoing financial coaching and monitoring.
Upfront fees range from $1,200-3,000.
After the upfront fee, you pay a monthly fee of $125-300/month.
1008 Ridge Rd.
Rockwall, TX 75087
Have an outstanding week!
-Physician on FIRE