The Sunday Best (3/3/2019)
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The Sunday Best is a collection of articles I’ve curated for your reading pleasure.
Presenting, this week’s Sunday Best:
For my friend Jim Wang over at Wallet Hacks, I explained how and why someone should consider a Backdoor Roth if they find themselves ineligible for a direct contribution. The Backdoor Roth: Investing in a Roth IRA for High Earners.
You’ll never have to pay tax on that Roth money again, but that’s just one strategy for a tax-free retirement, says the White Coat Investor. Spending $200K in Retirement and Paying $0 in Income Tax.
Charles Duhigg, the author of The Power of Habit, interviewed a number of people who pay hundreds of thousands of dollars in income tax annually. They make a bunch of money and are, as a lot, a whole bunch of unhappy people. From the New York Times Magazine, Wealthy, Successful, and Miserable.
Want to be happier? Travel more! Stephanie Lee of I Will Teach You to Be Rich lived vicariously through Ramit Sethi as he embarked on a lengthy honeymoon. My boss went on a dream six-week vacation, and these are 5 things I now consider for my future travels.
- Bonus: Honeymoon BTS: What a Rich Life looks like for me by Ramit Sethi
So you don’t have 6 weeks to travel? Just a long weekend and no one to watch the kids? Take ’em to Europe! That’s what Dr. Corriel did. Scotland with Children: 3 Nights in Edinburgh (& Tips!) and a bunch of great pics.
You’ll also hear you should chase your passions. If medicine is your calling and you’re passionate about it, pour your heart and soul into it. If your passions lie elsewhere, you can still be a good doctor while pursuing a side gig. Passive Income MD shares the story of Dr. Amy Shah. How I Turned a Passion Into a Brand.
My biggest financial mistake was buying (building, actually) too much house when I took my first “permanent” doctor job. My mistake is small potatoes compared to the guest poster at Dr. Cory S. Fawcett. We Lost It All With Our McMansion. Drop the “Mc,” Cory. That place was a straight-up mansion.
Don’t be like that doctor and take on a million dollars in debt. Be more like those featured by The Frugal Physician.
- Doctors Free of Student Loans: A Series ($373,000)
- Doctors Free of Student Loans: The Physician Philosopher, Dr. James Turner ($200,000)
- Doctors Free of Student Loans: Dr. M. Tran ($220,000)
ESI Money has gleaned more information from his growing interview series.
- Top Money Books Millionaires Read
- Millionaire Interview #111
- Millionaire Interview #112
- Millionaire Interview #113
- Millionaire Interview #114
- Millionaire Interview #115
A high income is your key to many possibilities. Some good, some not so good. When Your Income Becomes Your Enemy.
I published a powerful guest post from an anesthesiologist whose priorities and life were forever altered by a diagnosis of cancer in her forties. FOMO, Cancer, and the Practice of Medicine.
In two short days, the inaugural online #FISUMMIT begins. It’s two hours each evening, and I’ll be speaking on FI with children on Wednesday at 6 p.m. Central Time. You can learn all about the FI Summit here and take 10% off the $29 or $49 price of admission with discount code POF.
Have CME Fund, Will Travel
I’ve been traveling for two weeks now for a 4-day anesthesia meeting. I’m attending every lecture, laptop in lap, of course, but with fewer than 40 shifts remaining before I leave my job, I don’t know how much new knowledge I’ll be applying when I get home.
Now, I don’t abuse the CME Fund, but it’s a use-it-or-lose it fund with a finite amount of money. On this trip, I’m using it to pay for my flight, part of the rental car fee, and the hotel room for 5 nights around the meeting (save $40 on your first Airbnb stay).
Our out of pocket expenses were the flight for my wife and sons, part of the car rental, and the Airbnb rentals in Phoenix and Flagstaff. I might expense a meal or two (my food only) but in general, food and drink is on me, as are all non-meeting activities, obviously.
Still, it’s a good way to make family travel more affordable. I’ve often piggybacked a personal vacation before or after a conference. We did so in Hawaii last year, for example.
This trip has been a good mix of family togetherness, keeping up with the blog, a little anesthesia education, and meetups with like-minded folks. Thanks to all who came out to the meetups in Phoenix, Scottsdale, and Tucson. I had a great time with some of the University of Arizona residents and members of the ChooseFI Tucson group the other evening.
I expect there will be more meetups like this as we venture out and travel more in the coming years and I look forward to seeing you at one of them.
I’ll try to mention any meetups here, but a great way to connect with me is via the two Facebook groups I’m running, Physicians on FIRE (for MD, DO docs only) and fatFIRE (everyone is welcome). Join us there!
Have an outstanding week!
-Physician on FIRE
Physician on FIRE has partnered with CardRatings for our coverage of credit card products. Physician on FIRE and CardRatings may receive a commission from card issuers.