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 discovered that I was financially independent from needing income just a few months shy of my 40th birthday. These guys and gals reached FI earlier in their 30s, as told by Monica Fish with Savoteur. 5 People Who Reached Financial Independence in Their 30s and Exactly How They Did It.
The headline from Cashflows & Portfolios is a tad overstated, but the article brings up some potential pitfalls in early retirement planning. Why the 4% Rule Doesn’t Work for Early Retirement (FIRE). “Doesn’t Always Work” would be more accurate but probably draw less attention.
“We have a system,” they said. “We manage billions,” they said. When “Professionals” Time the Market: A Case Study from Ryan Kelly of RFK Capital Management.
Real estate investing can provide hefty tax savings, especially in the near-term while 100% bonus depreciation remains an option. Passive Income MD explains this and more in Understanding Real Estate Syndications.
The Investing Doc has been building his practice for a couple of years now, and he’s come to a difficult realization. Why Being A Small Medical Practice Is Not Sustainable.
What keeps most doctors from becoming wealthy? Overspending doesn’t help, but it’s not the primary culprit, says orthopedic surgeon Tom Burns. Why Doctors Don’t Get Rich.
It helps to get an early start with your financial education. The White Coat Investor talks about the top considerations for resident physicians in his latest podcast episode. Financial Priorities as a New Medical Resident – Podcast #220.
- Bonus: If you’re recently graduated from residency or fellowship, read the Top 5 Financial Priorities for an Early Career Physician.
- Millionaire Interview #236
- Millionaire Interview #237
- Millionaire Interview #238
- Millionaire Interview #239
- Millionaire Interview #240
Money Mindset Madness: a $1 Program
My friends Dave and Chana Mason, the authors of The Cash Machine, are starting a 21-day challenge in August to change how you think about, relate to, and use money. Enroll today for $1 to improve your relationship with money and take steps towards a more prosperous future.
It’s only 3 weeks, costs next to nothing, and just might change your life. Learn more about the program, included bonuses, and see a video preview from the Masons here.
A Recommended Financial Advisor
For those of you who would rather not DIY, I maintain a list of 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. Among them is Tyler Olson with Olson Consulting.
Olson Consulting is an Advice-Only firm, built to help physicians effectively manage their relationship with money and make wise financial decisions. Tyler Olson, a Fiduciary and Enrolled Agent, has over 15 years of experience, and he always puts the needs and interests of his clients first. The advice Tyler provides is free of bias toward any product or investment strategy. You and your family will receive the best possible budgeting, investment, and tax advice for a flat fee. For physicians that run or want to run their own practice, start-up and ongoing business advice is also included. Schedule a free consult today!
For DIY Attendings and Residents Looking for a Check-in
STAND-ALONE PLANNING SERVICES
The Comprehensive Financial Plan
This is a six-month engagement and consists of four in-person (or virtual) meetings to actively help you implement a comprehensive and customized financial plan with the goal of keeping you accountable. The financial plan includes everything in your life, and while the numbers form the foundation for the plan, it is your goals and values that drive the recommendations. The flat fee for this plan is $4,800.
The Tactical Financial Plan
Choose up to three financial areas on which to focus and receive customized advice and recommendations. This plan includes two meetings and one month of unlimited phone and email access. The flat fee for this plan is $2,700.
The Cash Flow Plan
The cash flow plan analyzes historic spending and cash flow, sets a Spending Plan and puts clients on track to living within their means and work toward what they value. This plan includes two meetings and one month of unlimited phone and email access. The flat fee for this plan is $1,500.
One-Page Financial Plan
The One Page Financial Plan addresses your most pressing financial issues in a 90 minute financial planning session. I will help you overcome your biggest obstacles and provide you with an action plan to keep you moving forward toward what you value. The One Page Financial Plan 90-minute session costs $1,200.
For Attendings Looking for a Long-term Planning Engagement
ONGOING COLLABORATIVE PLANNING SERVICES
Financial planning for attendings can be complex. I make it simple. Investment guidance on any account, tax planning, and estate planning are important considerations. In addition, attention is given to career development, contract negotiation, and private practice implementation.
Now is the time to make more significant decisions and put them into action. This plan can help you protect what you are building, in terms of savings, your education, and your career. Wherever you want to hold your investments, this service will give you access to unlimited investment advice on your assets. You will receive help with organization and preparation when it comes to estate and tax planning. If you aspire to open your own practice, I will help you implement that business plan.
If the DIY stand-alone plans appeal to you, but you would like to work hand in hand with me to implement it, and you would like that supplemented with ongoing investment and tax planning advice, this ongoing arrangement is for you.
The cost of this service is $7,000/year, paid monthly or quarterly.
St. Joseph, MI
Up to $300 credit each year for travel booked on Capital One Travel, 10,000 bonus miles each account anniversary ($100 value). Unlimited Priority Pass Lounge Access, $100 Global Entry or TSA Pre✓ credit. $395 fee can be more than offset with travel credit & annual point bonus
Have an outstanding week!
-Physician on FIRE