The Sunday Best (8/29/2021)

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.

Related topics that have become recurrent themes include early retirement, selective frugality, tax issues, travel, physician issues, and of course, investing.

For more great articles, take a peek at The Sunday Best Archives. Now let’s get to the best… The Sunday Best!

 

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I am far from perfect, and so is Dr. Jeremy Toffle, pediatrician and self-proclaimed Imperfect Dad MD. I joined him on his podcast for about a 20-minute chat on fatherhood and its challenges. Talking Dad Life with the Physician on FIRE (note: you may have to scroll down in the list to the 2nd most recent episode to find mine).

 

I can also relate to Jim from Route to Retire who also retired at 43 but is not ready to be done earning money entirely. We Don’t Need More Money… But I Want It! Does that mean a return to work for the “FIREd” guy?

 

Learning to earn and redeem credit card rewards points effectively can help you get more money back on what you’re spending if you do things right, and these are 2 of the best cards out there for doing just that. Which is Better? Chase Sapphire Preferred versus Sapphire Reserve.

 

Carl from 1500 Days is well beyond financial independence now, and he’s willing to take some risks. Again, I can relate. He details a number of situations in which a bit of risk-taking has limited downside and Unlimited Upside.

 

Regular reader Rikki Racela, MD was not taking advantage of his potential upside. Instead, people were taking advantage of him. He tells the White Coat Investor how he dug himself out of a financial hole after being ripped off by seemingly everyone including his own mother. From FinStupid to FinSmart.

 

Dr. Pay It Back hit the ground running when he finished residency with a big pile of debt. He details how he’s increased his net worth by over $500,000 in that time in Live Like a Resident: Financial Progress Two Years Out of Training.

 

Some are paying 0% interest. Others closer to 10%. Why the massive discrepancy? What people owe and why is covered by SoFi in What Is The Average Student Loan Interest Rate?

 

It’s a good idea to shop around when comparing rates for student loan refinancing, as you may save yourself tens of thousands of dollars, but there are times when it doesn’t pay to comparison shop incessantly. The Women Who Money discuss those times When Searching for More Savings Costs You Time + Money.

 

A few years back, I added up my career post-tax earnings and compared them to my net worth, and the numbers were surprisingly similar. Retire by 40 asks Are You Worth More Than You Earned? I believe I am!

 

When your net worth outpaces your career earnings, you may be in possession of wealth that will easily outlive you. Linda with the cents of money outlines How To Build Generational Wealth and maintain it for future generations.

 

Should you build wealth with stocks or real estate? The data is mixed and the opinions are strong. Karl from Mindfully Investing takes an objective look at the historical performance of each asset class, comparing The Returns of Rental Real Estate vs. Stocks.

 

Most investors focus first on stock market investing (often via index funds) because it can be truly passive. Can the same be said of real estate? Passive Income MD seems to think so. Is Passive Real Estate Investing Really Passive?

 

That reminds me — PIMD is once again hosting a virtual conference focusing on real estate investing topics, and registration is free! Grab your seat now for the Financial Freedom Through Real Estate Conference and mark your calendar for September 10th to the 12th. That’s just under 2 weeks from now.

 

We’ve got psychiatrists, psychologists, therapists, and counselors. Are coaches actually filling a void? The Physician Philosopher says yes, and he explains how and why in Coaching versus Therapy for Doctors.

 

Alpha Coaching Experience is Back!

 

The Physician Philosopher is now enrolling physicians interested in a better life at both work and home in the Alpha Coaching Experience.

By the end of the Alpha Coaching Experience, Dr. James Turner will have shown you how to:

  • Create a life that actually makes you happy.
  • Create a path to financial independence through The Hybrid FI Model.
  • Put an end to burnout, imposter syndrome.
  • Know how to get started on that non-clinical business you’ve always wanted.
  • Create the work-life balance you’ve chased but has been out of reach.
  • Find “your people” who surround you with a community of support.

 

Dr. Michael Runyon, MD, an emergency medicine physician, says this of his experience:

Michael_Runyon_MD“I have to admit that I was a bit of a coaching skeptic, but I am so glad I that I took the leap because the Alpha Coaching program has been a truly transformational experience!

This has helped free me from the anxiety of my to-do list and empowered me to live in the present, secure in the fact that I am exactly where I need to be at any given moment in time…

and that I have an intentional plan for managing my other responsibilities. I highly recommend the Alpha Coaching program to anyone who wants to live a more content and intentional life.”

Enrollment ends in 3 days, and this is the 2nd and final offering of ACE in 2021. You can learn more about the program and see video testimonials from additional physician clients here.

 

Check out ACE before it's too late!

 

Not Messing With Texas

 

Several months ago, back when people were eager to get their vaccines, case numbers were improving, and Delta was known primarily as an airline, we made family plans to travel to Texas.

The main reason was to attend FinCon, a conference for people who create online content around money topics. However, as I like to do, we also planned an extended trip around the meeting to have some family fun.

We were going to stay in an Airstream while visiting Big Bend National Park. We had plans to spend a long weekend in San Antonio along the riverwalk with a requisite visit to the Alamo.

A childhood friend of mine (my Godfather’s son — does that make him my Godbrother?) had his first baby just before the pandemic, and he lives right there in Austin.

Alas, we’re not going. It won’t be long before my 10-year old can get his first shot — it’d better not be, anyway — and my wife and I will be due for our 8-month booster shots in early October. This doesn’t seem like an ideal time to take a risk that doesn’t need to be taken.

If we’re going to remember the Alamo, I want it to be for its historical significance, not for the illness we picked up on an ill-fated trip.

 

 

 

We Have a Winner!

Over the last month or so, I’ve been talking up this giveaway that I organized, and I’m happy to announce that we have a winner!

Randy Parks of Sacramento, CA is our lucky recipient of a $500 Amazon gift card, 6 months of craft beer variety packs delivered to his door, and free enrollment in the ever-popular FYFA course from the White Coat Investor.

The goal of the giveaway was to both reward faithful readers and attract new ones by encouraging people to share my work and sign up for my emails. If you did so, THANK YOU (and I’m sorry if you didn’t win).

If, however, your name is Randy and you did win, congratulations! Beers are on me, and I mean that quite literally. The first 12 beers should be delivered later this week.

 

A DLP Prosperity Event

 

My wife and I attended my first Prosperity event held by Dream Live Prosper in Asheville, NC in early July and we had an amazing time. I’m still doing my miracle mornings and looking forward to hopefully attending the next long weekend event in Florida in mid-November. I’ve learned not to make plans that far in advance these days.

This next event is just a month away, however, and it might be right up your alley. I’ll remind you that Prosperity Membership and Events are free for Physician on FIRE readers. DLP has the following to say about their September get-together:

Do you have a legacy mindset as part of your investing strategy? Now is the time to learn how to successfully plan for your family’s future. Join us at DLP Capital’s Prosperity Legacy Builder Event from September 30 to October 1, taking place at the new DLP Capital Building in St. Augustine, FL.

DLP_Sept_2021

Supercharge your legacy planning and pass down the knowledge and desire to keep your wealth on track. This is your exclusive opportunity to learn from our leadership team and get inspired in an intimate setting.

  • Discover the new American dream through impact investing
  • Get up-close access to DLP Leaders
  • Hear World-Class Speakers
  • Engage in powerful legacy-building workshops
  • Enjoy golf and leisure activities

 

Register to Attend

 

A Recommended Insurance Agent

 

Kaplan Financial

Kaplan Financial Robert B. Kaplan, Certified Financial Planner™, founder and President of Kaplan Financial, specializes in serving the unique disability insurance needs of over 2,500 physicians nationwide. Robert, who founded the firm in 1990, is a former CPA with Ernst & Young and has been married to a practicing physician for over 25 years.

Robert is a recognized sales leader among disability insurers. He works with a broad range of insurers to find the best combination of policy features, cost, and financial strength for you. As a result, he is able to make informed recommendations based on objective research and your individual needs.

Kaplan Financial is the place to go for objective and experienced financial advice, discounted rates on individual disability insurance, and a long-term commitment of superior service. I invite you to contact Robert Kaplan, CFP® today by visiting his website at www.KaplanFinancial.net; email at [email protected]; or by calling 818.783.6620.

Kaplan Financial Vetting Application

 

Visit Kaplan Financial

 

Final Day to Save $300 on WCICON22 Registration

The White Coat Investor Physician Wellness and Financial Literacy Conference, at which I'll be speaking about retirement withdrawal strategies along with several dozen outstanding orators, is taking place in sunny Phoenix, AZ from February 9th to 12th, 2022. Earn up to 17 CME / Dental CE. All in-person attendees must be fully vaccinated against COVID, and there is a comprehensive virtual / online option, as well. Hope to see you at the talks, happy hours, or online at WCICON22!


You won't see this price again after Tuesday, 10/19, so now's the time to utilize that CME fund if you've got one.Click here for all the details.


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Have an outstanding week!

-Physician on FIRE

 

4 thoughts on “The Sunday Best (8/29/2021)”

  1. I think you haven’t evaluated the risks of your planned trip correctly. Your chances of being killed in a car crash during the trip are greater than the risk to vaccinated adults or children (unless you have other co-morbidities).

    Reply
    • The risk of what, Will?

      It’s not just the risk of death. It’s the risk of becoming ill, the risk of having an asymptomatic COVID case and spreading it to others, like my parents who are both cancer survivors, and the risk of not being able to take a scheduled flight home, being stuck in quarantine, instead.

      The risk of those things happening on a drive are zero, but they’re much higher with a trip to Texas.

      Best,
      -PoF

      Reply
  2. Subscribe to get more great content like this, an awesome spreadsheet, and more!
  3. Another great roll up PoF. I look forward to these every week, and can’t tell you how much I enjoyed them while I was deployed to Iraq for 13 months awhile back. Kind of served as one anchor to life back home still. Between all I have learned from your site and WCI (first financial blog I started reading), we have hit FI, but not quite ready to walk away from the govt salaried job yet. But it is well past the time to fill out a post for ESI.

    Reply
  4. It’s too bad about your trip to Texas, Austin is a great town! As usual, thanks for a great Sunday Best! I always enjoy the articles you curate PoF!

    My favorite post of the week was “The Returns of Rental Real Estate vs. Stocks”. A very good post indeed. Thanks for sharing it!

    Reply

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