The Sunday Best (7/15/2018)


The Sunday Best is a collection of articles I’ve curated for your reading pleasure.

Expect most of the writing to be from recent weeks and consistent with the themes presented on this website: investing & taxes, financial independence, early retirement, and physician issues.

 

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 MDA Letter to Old Acquaintances Selling Me Lash Booster and Patterned Leggings.

 

Speaking of Passive Income MD, he’s got a novel idea using crowdfunded real estate that I really like. How to Build a Real Estate Crowdfunding Ladder.

 

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 have some tangible tax benefits, as well. Coach Carson, guest posting on Go Curry Cracker, shows us how to Never Pay Taxes Again Using Rental Properties.

 

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.

 

set for lifeWorking 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.

bankofamericaBoom! The next day, they were sold. That happened fast. Too fast. In hindsight, I wish I would have asked at least another $30 apiece. If I had, I could have had two free tickets to Hamilton.

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.

Fees:

Annual Advisory Fees range between $1,000 and $5,000, depending on the level of service selected.

Contact Info:
3525 North Causeway Blvd.
Suite 633
Metairie, LA 70002
800-835-1969
[email protected]

 


Track your investments for free with Personal Capital. That's how I track the PoF portfolio.  

 

Have a wonderful summertime week!

-Physician on FIRE

 

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18 comments

  • Thanks for the mention, POF! We all need advice from time to time. Might as well know who to get it from, and who you shouldn’t.

    P.s. how are your gophers gonna look this year?

    TPP

    • Young team. New quarterback.

      They lack in talent and experience, but not enthusiasm. Love the coach, and my son won an autographed football from Mr. P.J. Fleck, who handed it off to him at a rah rah banquet. Anyway, with an easy (for the B1G Ten) schedule, a winning record is not out of the question, but that would be a solid feat.

      Cheers!
      -PoF

      • I’ll be rooting for them so long as they don’t play either of my teams in a bowl game 🙂

        We lost our QB, too. Completely get where you are coming from there. Fortunately, we play in the ACC. So we always have a chance!

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  • Nice score on the Hamilton tickets!

    • I couldn’t believe how quickly the pair I put up for sale sold. Like I said, I probably could have made the other two free or even profited on the whole deal.

      Some day, I’ll probably see it myself, but I could tell in my Mom’s voice when I told her that I had tickets that she was very interested in seeing the show herself. Happy Birthday, Mom!

      Cheers!
      -PoF

  • Uffda, thanks for the link love, it is much appreciated dontcha know

  • I am amazed how you discover some of these sites. Didn’t know about 39.6 (and it looks like it is Victor’s first post, but really enjoyed his breakdown of how real estate can be a powerful took in your asset allocation (of course he was preaching to the choir as I have the exact same philosophy and have been concentrating on trying to build a multi apartment complex empire to support a nice income floor in retirement.

    Amazing deal on Hamilton tickets. The force is indeed strong with you.

    • I met Victor before 39.6 was officially launched, and I feel a little bad that the site name lost some meaning when the TCJA was passed.

      I don’t think I ever landed in that bracket, but I came pretty close when I sold a bunch of funds to buy a home. Starting a DAF is what kept me out of that nasty top bracket.

      Cheers!
      -PoF

  • Great list as always PoF. That’s awesome that you bought those tickets for such a killer price and was able to sell the other tickets!
    I kinda do the same thing with my football tickets. I get a free ticket and a super cheap one to every home game. And if I can’t make it to one I end up selling them for s quick profit of $30! It’s great to think outside the box a little and have a free show.

    -FSD

    • Thanks — glad you’re able to do something similar. I get season tickets for my alma mater even though I can’t make half the games. I’ll give away tickets to the non-conference or otherwise less interesting games, but I’ll sell on Stubhub if it’s a big draw. The Iowa and Wisconsin fans travel well, and it looks like I’ll be selling my Hawkeye game tickets this year, as I’m on call that weekend.

      Cheers!
      -PoF

  • Gasem

    Gotta love those free trades

  • Long-Run Investor

    Thank you PhysicianOnFire for another nice collection of curated articles. I always learn something or a pick up a new perspective from the Sunday best.

    What to do with 2 unneeded Hamilton tickets is an interesting predicament. I’m sure there are many individuals in your community that entered the same “lottery” and came away disappointed. Marking those seats up and then reselling seems…unnecessary. The drive to negotiate and strike the best deal certainly enriches our wallet but the practice often denies us the sweeter privilege of being generous. Why not sell them at cost, or better yet, give them away to someone that could not afford those seats? Just a thought. I’m enriched by your writing…

    • Good questions, LRI.

      When I’m feeling charitable, I give to the soup kitchen, salvation army, that sort of thing. The people (and creatures) that need the most help. People that can afford to spend hundreds on a pair of tickets to Hamilton (face value I paid over $300 for the pair) are not on my short list of people in need.

      I did ask my wife what she wanted to do with the four tickets — we could bring the kids (she figured not appropriate), we could bring my parents (the tickets might be “wasted” on the men who may not appreciate the show as much), or we could sell the pair to recoup most of the cost. She chose door #3. I didn’t consider giving them away, but again if I were donating something with a value of over $500, it had better feed, clothe, or shelter a lot of people. That’s how I look at it, but that’s just me.

      I don’t know how long you’ve been reading, but I do believe strongly in charitable giving, having pledged to donate half of my website profits, and having established a donor advised fund that I’ve grown to $250,000 while giving from it annually.

      Cheers!
      -PoF

  • Thank you and we appreciate all your hard work!

    And you are welcome for the beers! It was our pleasure hosting the lovely attendees of WCI Conference.

  • Other than my coffee and this sleeping beauty next to me, Sunday’s best is the best part of the morning :). Thanks for the shout out!

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