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The Sunday Best (12/10/2023)

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 I expect to see those biases in the selected articles.

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

 

The Sunday Best 12.10.23

 

While the global pandemic was a horrific event in many ways, one purpose it did serve was it drove home the deeper analysis of whether we should retire early. Here are my top 5 reasons for us to consider retiring early: Top 5 Reasons to Retire Early

 

David Gartland shares seven life lessons he’s learned on his  journey from childhood through to my departure from the workforce just before his 70th birthday. From, Humble Dollar, My Retirement Prep

 

When it comes to investing, Everyone is Irrational. A Wealth of Common Sense discusses how to catch investing blindspots.

 

Milestone-setting mindset to allow yourself to buy “something nice” guilt-free: From Darius Foroux, When Can You Buy “Something Nice” Guilt-Free?

 

Ken Kutler reflects on why one would choose to come out of retirement and the legacy we leave in our workplace. From, Humble Dollar, Not Long Remembered

 

Don’t let anxiety, guilt, embarrassment and fear keep you from financial independence: From Contessa Capital Advisors, You Can Handle The Truth

 

Rad Reads discuss why scarcity mindset plagues all levels of wealth:  Why really rich people worry about money

 

Here’s an important distinction about people who spend less than they earn: From Collab Fund, Frugal vs. Independent

 

Patrick Brennan from Humble Dollar makes a case for taking out Social Security early: Searching for When

 

Of Dollars and Data talks about what your liquid net worth says about you: What is Liquid Net Worth? [And Why It’s So Important]

 

Oblivious Investor talks about one of the investing lessons that took him the longest to learn and really internalize: Risk and Return Are Interchangeable

 

Darwinian Doctor  lists are 9 Worst Reasons to Become a Doctor, from the perspective of a practicing urologic surgeon and real estate investor.

 

When it comes to selecting the most suitable savings vehicle for your children, parents have a number of options in addition to a Custodial Roth IRA, such as traditional Custodial accounts and 529 Plans. Here’s what to know when choosing between these accounts: Custodial Roth IRA: Is It Right For You?

 



 

The Power of Dreaming to Achieve Financial Independence and Retire Early (FIRE)

“I don’t have time for that! I’m too busy!”

These are the words of a doctor who is on the verge of failure with starting the path to FIRE.

Why do physicians sometimes say this to themselves?

I believe it’s because of those “Golden Handcuffs” that our chosen profession sometimes suffers from. We live above our means. We don’t budget. Fast and Furious is how we live. So it’s no surprise that lack of time and debt crushes us and we sometimes feel overwhelmed by it.

So we shut down and go into survival mode like a deer in front of the headlights. We play the “I don’t have time for that!” card.

For many of us, dreaming gets us into a state of contemplation and helps us set goals for FIRE. So dream away. Dream of retiring someday. Imagine yourself sitting on the beach somewhere with your family. You get it.

At POF we also dream. We dream of helping you get yourself out of those Golden Handcuffs and starting on that path. Today, we hope the above interesting articles help your path to FIRE.

Learning financial strategies from physician multi-millionaires

Physicians have a unique career trajectory where they start with an exorbitant amount of debt. That’s exactly the story Dr. Jordan Frey, a plastic surgeon in Buffalo, NY and founder of the Prudent Plastic Surgeon brand, describes in Earned Wealth’s webinar here.

 

Upon finishing residency, Dr. Frey was roughly $500,000 in debt. Despite being a plastic surgeon, he felt completely disconnected financially and was overwhelmed, especially being a father of three young boys under 5 years old.

 

So how did Dr. Frey get from half a million dollars in debt to surpassing close to one million dollars in net worth in just a few years?

 

He applied the financial strategies often used by successful physicians:

 

  • Create a financial blueprint: What do you need to attain the future lifestyle you desire?

  • Maximize savings by using the 50/30/20 rule.

  • Minimize taxes by investing in tax-free accounts.

  • Design your portfolio with purpose and aligned to your long-term goals.

 

Dr. Frey and his wife are now on track to reach their financial goals, and more importantly, provide their three children with excellent education and opportunities.

 

To hear Dr. Frey’s full story, download the free webinar on Medical Economics here.

 

Earned Wealth understands the pressure physicians face when managing their finances. Achieving your financial goals can be challenging. Working with a financial advisor can help you navigate your finances and plan for retirement.

 

Reach out to the expert advisors at Earned Wealth to learn more.

 

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