The Sunday Best (7/15/2018)
The Sunday Best is a collection of articles I’ve curated for your reading pleasure.
Presenting, this week’s Sunday Best:
Does anyone else hear Warren Zevon when reading “Marriage, Kids, and Money“? [I was gambling in Havana… I took a little risk… Send Marriage Kids and Money… and get me out of this. Hooaaa!] No? Well, you can hear Andy and me chat about family and finance in Strategies for Becoming a Young Multi-Millionaire and a Super Dad – with Physician on FIRE.
Steve from Think Save Retire talks about kids, too, as he reveals the worst-kept secret in the FIRE community. Want to Retire Early? Make Lots of Money and Don’t Have Kids.
I love it when people tell it like it is. Steve does that well. So does the Dumpster Dog, particularly when it comes to multilevel marketing. With a sorry-not-sorry apology to Passive Income MD, A Letter to Old Acquaintances Selling Me Lash Booster and Patterned Leggings.
Here’s another physician who believes in real estate as the key to reaching financial independence. From Victor at 39 point 6 (you know, the old highest tax bracket), Real Estate: The Fast Track to Financial Independence.
Real estate can also be a hindrance when trying to become wealthy, especially when you’re in a very high cost-of-living area and need a place to hang your hat. Thomas of the City for Millennials shares a number of tips: 5 Best Strategies to Reach Financial Freedom in Expensive Cities in 2018.
Working with a lousy or conflicted financial advisor won’t help you reach financial freedom any faster (Hint: These advisors can actually help). The Physician Philosopher helps you sort out who’s who in Conflicted Advice: Financial Advisors & Telling the Good from the Bad.
Slow travel is awesome. Slow travel in Australia, Tasmania, and New Zealand when you’re 22 is simply incredible. See how my friend Cody of Fly to FI pulled this off in Australia: My 5-Month Adventure.
Having trouble convincing your better half that financial independence is a worthy pursuit? Show him or her how you could spend months at a time in amazing places like Australia. If that doesn’t work, the authors at ChooseFI have a few ideas:
$24 Hamilton Tickets
That got your attention!
I mentioned in my recent quarterly spending update that I dropped some Benjamins on Hamilton tickets. It’s true; I got lucky in an e-mail lottery and was given the right to purchase up to four tickets to the show at the Orpheum in Minneapolis and I jumped at the opportunity.
There happened to be a matinee show the same day my Golden Gophers kick off their football season on a Thursday evening. I scored my four allotted tickets and surprised my wife with an early birthday present.
The only question was what to do with four tickets? Do we bring the kids? Probably not age-appropriate for a seven-year old. Should we bring my parents? My Dad’s not all that into theater (and to be honest, neither am I).
We decided to bring them all. But only my wife and mother will see the show. I kept the two best seats (on the aisle), and put the other two up for sale on StubHub — I’ve done this in the past with football tickets I couldn’t use. I listed them for $309 apiece.
As it stands, I paid $604 for the four tickets (after all fees), sold two for $556 (net of all fees), so I’m out $48, or $24 per ticket, and the two most important women in my life are going to see Hamilton.
My father and I will do something with our boys in the daytime, we’ll meet up with the ladies for an early dinner, then Dad and I will be off to cheer the Golden Gophers to victory!
$500 Cash Welcome Offer on No-Annual Fee Chase Business Credit Cards
These are pretty great offers. Chase has two business cards with no annual fee ever that currently offer $500 back after spending $3,000 in the first three months. If you have anything that could be considered a business (professional survey taker, eBay seller), you can qualify for a business credit card. And $500 could buy you something like 20 tickets to Hamilton (my way) or maybe 1.5 tickets from a reseller (like me).
The Chase Ink Business Cash card gives you the aforementioned $500 welcome bonus, plus 1% cash back on most purchases, and 2% to 5% back on specific categories. Learn more about this card and similar cards.
The Chase Ink Business Unlimited card does away with the categories and gives you 1.5% cash back on every purchase (plus the $500 welcome offer). Learn more about this card and similar cards.
These are similar to the personal credit cards with no annual fee. Chase Freedom (1% back on most purchases, 5% back on rotating categories) and Chase Freedom Unlimited (1.5% on all purchases). Also no annual fee on these cards, but the welcome offer isn’t nearly as good at $150 after spending $500 in the first three months. One benefit of these is that you get Chase Ultimate Rewards points, which can be more valuable than cash. Learn more about these cards.
A Recommended Financial Advisor
For those of you who would rather not DIY, I have a list of ten recommended financial advisors. Among the good guys and gals who work frequently with physicians, only the lowest cost, fee-only fiduciary advisors were invited to be on this short list. One of them is FPL Capital Management. I met these good guys at a happy hour they hosted at WCICon — thank you for the beer(s), my friends!
FPL Capital Management
FPL Capital Management is a Fee-Only RIA that offers a unique fee structure, which is based on charging clients a flat annual fee for services provided. Fees range from $1,000 to $5,000 per year for Portfolio Management. They utilize low-cost funds from Vanguard, Dimensional, iShares, WisdomTree, and AQR. They have custodial relationships with Schwab, Fidelity, and TD Ameritrade. They offer an Institutional Platform that provides clients access to private debt and private equity funds. FPL also offers Wealth Management and ERISA Fiduciary services. Their focus is medical practices with fewer than 100 employees. They offer this service utilizing DC Platforms of Vanguard and DFA.
Annual Advisory Fees range between $1,000 and $5,000, depending on the level of service selected.
3525 North Causeway Blvd.
Metairie, LA 70002
Have a wonderful summertime week!
-Physician on FIRE
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