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 frugality, tax issues, travel, physician 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 (12/24/2023)

As we wrap up 2023, it’s the perfect time to evaluate our finances, including taxes, investments, retirement, savings, and estate planning. In this post, we created a ten-step year-end financial checklist for physicians and high-earners to close 2023: 10-Step Year-End Financial Checklist for Physicians.

• Morningstar shares a roundup of some of the key retirement-related changes to watch out for in 2024 and any planning-related moves to consider: What’s Changing for Retirement in 2024?

The millionaire club isn’t as exclusive as it used to be; almost one in five U.S. households is already in the seven-figure net worth club: From Early Retirement Now, We’re All Millionaires! (on average)

Safe Withdrawal Rate (SWR) offers a strong foundation as a spending strategy you decide to use in retirement. But it’s not for everyone. Of Dollars and Data discusses alternative strategies and why learning about them is important: What is the Safe Withdrawal Rate in Retirement?

Growth in your portfolio balance is a great way to measure financial progress- but it’s only one way. Here are eight other financial metrics that deserve your attention: From Humble Dollar, Time for a Checkup

With the real estate market at its all-time high, should you save and wait for lower interest rates before you buy a home? Or invest in the market until you can make a larger down payment? A Wealth of Common Sense discusses How to Buy a House in Today’s Market.

Thomas Kopelman shares three separate methods of handling marital financing: Options For How To Manage Your Finances As a Married Couple.

Can I Retire Yet explains the differences between a 60/40 asset allocation and a bucket system, two retirement spending strategies in retirement: Should You Use a Bucket Strategy For Your Retirement Portfolio?

Is a 401k Account Really Money Jail? The Prudent Plastic Surgeon explains why he doesn’t think so.

Should you abandon your portfolio’s overweighted positions? Jonathan Clements from Humble Dollar shares his thoughts on the topic and other investing strategies he’s implementing: Happily Ever After

Only days from his 14-year retirement anniversary, Leisure Freak reflects on key aspects that have made early retirement possible: My Ditching The Rat Race 14-Year Anniversary Tips For The FIRE Bound.

Alvin Yam looks back on his career as a financial planner. He shares the deeper lessons he’s learned working about people and finances over the years: Life Lessons - A Financial Planner’s Perspective.

What’s Up, Doc: The 3% Medicare Pay Cut Controversy

Save, Grow, Value: Lessons for Children’s Financial Literacy

HSA: The Ultimate Retirement Account

The True Meaning of Financial Independence During the Holidays

Financial independence during the holidays means having the freedom to cherish the moments that truly matter. It’s about being able to celebrate with loved ones without the constant worry of overspending or accumulating debt. This independence allows for the joy of giving meaningful gifts without the stress of financial strain.

Our team at POF is committed to helping you on the road to FIRE. We know that lasting memories through experiences are what count.

Whether it’s a cozy family dinner, a charitable act, or a special outing, financial independence empowers individuals to invest in experiences that foster a sense of connection and happiness.

This week, we worked hard to get you the best information out there so you can have the best financial advice to plan your future.

From our POF family, we wish you and your loved ones a joyous holiday!

The White Coat Investor Online Course

WCI is having a year-end course sale and offering the Continuing Financial Education 2022 course free with the purchase of another course, valid from 12/26/23 through 1/4/24.

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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