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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 expect to see those biases in the selected articles.
For more great articles, take a peek at The Sunday Best Archives. Now let’s get to the best… The Sunday Best!
I hear about good people getting scammed by scumbags far too often. “Piggy” from Bitches Get Riches shares an important message. 10 Ways to Spot Financial Scams and How to Defend Yourself.
The student loan space is not without scams, either, but there are people you can trust to give you honest, solid advice. The Physician Philosopher is one of them, and he points to a couple of others in Student Loan Advice: 7 Important Rules of Thumb.
I’ve been known to practice stealth wealth, but at the same time, I suppose my fatFIRE lifestyle has some elements of “stealth frugality.” What’s that? Big ERN of Early Retirement Now explains the meaning and benefits of Stealth Frugality.
After years of spending cautiously and saving prodigiously, it can be difficult to ease up on those habits, but the man behind Canadian Dream: Free at 45 has found that it’s getting easier now, a mere three years after he retired early. Letting Go of Spending Control.
I recently splurged on a $1,200 whole house fan, but the thing will easily pay for itself in due time. How you, too, can Slash Your A/C Bill with a Whole House Fan.
If you don’t have the money talk before marriage, things may not go so smoothly for you and your bride or groom. The same is true of retirement planning. Mike Drak with Humble Dollar explains how his retirement got off to a particularly Rough Start and what he did to get on the right track.
If you didn’t fully understand how best to invest in the various accounts available to you, your portfolio may have gotten off to a rough start. The FI Physician helps you right the ship with Tax-Efficient Investing and Asset Location Optimization.
If you’re not thrilled with the interest rate on your “high-yield” savings account or the returns from bonds in recent years, you’re not alone. J.D. Roth of Get Rich Slowly has the cure for what ails you. Series I savings bonds: A safe investment with a high return.
Passive Income MD believes that doctors can indeed become wealthy, but only with multiple streams of income. Why Creating Additional Income Streams is No Longer Optional.
Once you’re wealthy and beyond financially independent, some people think more about what they can do for others. The White Coat Investor is one of those people, as he details how he and his wife have endowed two full-ride scholarships to his alma mater. How to Endow a Scholarship and How Much Does It Cost?
Don’t Lose Your Balance
What do physicians with CME funds have in common with high-wire balancing acts?
In either case, losing one’s balance can be disastrous.
It’s not uncommon for the money in a CME fund to expire if unused. If the funds can be rolled over to the following year, there may be a limit on how much of the balance can be rolled over. The rest, if not all of the remaining funds, may be forfeited in a use-it-or-lose-it scenario.
With the end of the fiscal year just days away for many of you, I implore you to ensure you do not lose your balance! Look to our CME Resources for exclusive discounts and outstanding offers that can include up to $2,500 in Amazon gift certificates or prepaid debit cards!
Travel is Coming Back!
I’ve been busy booking travel recently, and I’m not alone.
We’ve got the DLP Prosperity event coming up in North Carolina (registration is free for those who choose to join me), Camp Kennedy Space Center for our kids in Florida, the baptism of a Godson in Chicago, Camp FI Midwest in Minnesota, football games in Minnesota, and a trip to Mexico for Dia de los Muertos. By then, all 4 of us will likely be vaccinated against COVID!
Speaking of which, I volunteered this week at the final mass vaccination clinic our health department had planned, this one up in Mackinaw City. The interest level is a fraction of what it was when we started in January, but I’m proud of the work done by the health department and the dozens of volunteers and thousands of patients who joined my wife and me at these clinics over the last 5 months.
Back to the travel bit. Everyone knows about this pent-up demand, and the credit card issuers are competing for your attention and enticing you with increased welcome bonuses.
The biggest announcement in recent weeks was the increased welcome bonus on the Chase Sapphire Preferred to 100,000 bonus points. After you’ve spent $4,000 on the card within the first 3 months, you’ll have at least 104,000 Chase Ultimate Reward points worth $1,300 to spend on travel in the Chase travel portal (a Chase-branded version of Expedia).
In reality, you’ll have a bit more than that, since you’ll be earning double points on travel, dining out, takeout, and other categories. And you’ll probably spend more than the exact minimum.
Furthermore, when you transfer your points to travel partners like Southwest Airlines, United Airlines, Hyatt, and Marriott hotels, you can find reward redemptions that give you a lot more than 1.25 cents per point (the going rate via the Chase Portal).
The Chase Sapphire Preferred is an excellent first (or only) card with an all-time high welcome bonus! Flexible rewards good for cash, travel, or transfer to travel partners, great travel protection and perks, plus new Peloton, Lyft & DoorDash perks!
Speaking of Marriott hotels, they’ve got a great new welcome bonus on their Marriott Bonvoy Boundless card. Just $2,000 spent on the card gets you 3 nights in a hotel room valued at up to 50,000 points per night. That’s a bonus of as much as 150,000 points, which is sensational.
3 Free Nights at great hotels as a welcome bonus + a free night every cardmember anniversary. You'll also qualify for Silver Elite Status automatically and receive 15 Elite Night Credits annually. With a $95 annual fee, it's a great card for Marriott hotel users.
Silver Elite Status with 15 Elite Night Credits granted annually. The welcome bonus is good for a free night at many hotels under the Marriott umbrella. No Annual Fee
A Recommended Insurance Agent
If you’re graduating from residency or fellowship, and/or are planning to move to a new state, be sure to get quotes before you cross the finish line or state line — doing so could save you thousands of dollars!
Pattern provides simplified tools and training to protect doctors finances, families and futures.
We do this primarily in two ways:
With disability and life insurance – We quote and compare the own-occupation providers that work well for doctors.
Expert educational webinars and seminars – We partner with experts in taxes, job search, legal issues, and debt… to provide valuable honest content for residents, fellows, and early career physicians. We want to help doctors eliminate confusion, defeat misinformation and guide them in the next steps to take financially.
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.