The Sunday Best (5/27/2018)
The Sunday Best is a collection of articles I’ve curated for your reading pleasure.
Presenting, this week’s Sunday Best:
What do you call a multimillionaire family just going about their business as if they have no more or less than anyone else? That’s the Millionaire Next Door practicing Stealth Wealth. Jim Wang of Wallet Hacks celebrates them in Stealth Wealth: Why True Wealth is Best Left Hidden.
Want some stealth wealth of your own? Or just regular, in-your-face wealth? Learn from those who know how to achieve it. New Retirement shares 15 Important Lessons from Regular People Who Have Achieved Total Financial Independence.
Don’t think you have to be perfect to win this game. The Happy Philosopher, a part-time radiologist and all-around great guy admits to eleven mistakes and a handful of wins in his misguided pursuit of FI. How to make financial mistakes and still achieve financial freedom.
If the Happy Philosopher isn’t speaking your language and I’m failing to make the grade, we’re not the only games in town. Crispy Doc highlights a few of our friends. Physician Finance Bloggers: 50 of Them.
Like Everlast says in one of the anthems of my misspent youth, Jump Around, “I’m the cream of the crop. I rise to the top.” From Dr. Nii Darko of Docs Outside the Box, the Top 5 Personal Finance Blogs for Physicians.
Crispy Doc was thorough, but he left out one of the newest entrants in the physician personal finance blogosphere. Number 51 is a radiologist who has stumbled his way to an enviable financial position in his mid-to-late forties. From Xrayvsn:
- I have pretty much made every mistake in the book….
- I have pretty much made every mistake in the book….(Part II)
- I have pretty much made every mistake in the book….(Part III)
- I have pretty much made every mistake in the book….(Part IVa)
- I have pretty much made every mistake in the book….(Part IVb)
We forgive mistakes around here, even as egregious as some of those you see listed just above. After all, there are many paths to FI (here’s mine). From our neighbor up north who goes by Prairie FIRE Canada, Choose Your Own Adventure: The 5 Personas of FIRE.
I think most of those five personas would agree that $3 Million is enough to proclaim FIRE. The Retirement Spot isn’t so sure. Three Million Dollars May Not Be Enough to Retire On.
Seriously? How much is enough? My friends at Fiology started a series of lessons designed to help you find the answer to that question and many more. An article of mine appeared in Lesson 9: Retirement Account Basics. I encourage you to read them all.
Here’s a good lesson. Don’t buy too much home, dummy. J.D. Roth makes a more eloquent argument on Get Rich Slowly in Does the American Dream Require a Big American Home?
Memorial Day Weekend
I hope you’re enjoying a long weekend. For those of you working or on call, thank you for the work you’re doing, so the rest of us can enjoy some quality time away!
Also, amidst the picnics and road trips, take a minute to think about what we’re celebrating this weekend. The fallen soldiers that have given us this freedom.
I am grateful for all who have served, a list that includes my father and both grandfathers, and have great respect for those who gave the ultimate sacrifice.
Recommended Insurance Agents
If you’re finishing residency and haven’t lined up disability insurance, you should consider locking in a rate that may be lower than you can get as an attending. I’ve compiled a list of quality agents that know the business well and focus on own-occupation disability and term life insurance. These are policies you should have in place while pursuing financial independence. I did.
To find the list, click here or find them under the “Recommended” tab in the header.
I’ll be featuring the recommended agents one at a time. First up is Lawrence Keller of PFS, whose smiling face should look familiar. He was one of my first advertisers and we had a chance to meet when we were both speakers at the WCI Financial Literacy Conference in March of this year.
Physician Financial Services
Have a swell week!
-Physician on FIRE
Find FIRE with me.
Get an amazing spreadsheet, new post notices, & a quarterly newsletter.