The Sunday Best (9/16/2018)

The Sunday Best
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:

 

I had a fun chat with Denis & Katie of Chain of Wealth not long ago in their 99th Chain of Wealth podcast episode. Listen in or just skim through the written highlights from Episode 99: Leif from Physician on FIRE.

 

low cost 401kHow does a frugal physician fly in some of the most luxurious seating in the friendly skies? Travel Rewards, of course. From Dr. McFrugalOur Crazy Rich Experience On Singapore Airlines Suites.

 

Don’t get used to those luxuries, though, or they’ll lose their shine, warns the Debt Free Dr. in The Hedonic Treadmill – The #1 Reason Why Buying Stuff Won’t Make You Happier

 

When I saw the White Coat Investor‘s headline, I thought “money shaming” referred to ridiculing those who are not good with money. Nope. Stop Money Shaming Each Other!

 

Here’s a fun diversion. Side Hustle Scrubs shares the fictitious first impressions of many of your favorite physician finance bloggers to Ben & Jerry’s free cone day. First Impressions is guaranteed to put a smile on your face.

 

Speaking of first impressions, J.D. Roth of Get Rich Slowly found an article on early retirement from 1957. There’s some fascinating, timeless stuff here: What Early Retirement Was Like in 1957 (According to LIFE Magazine).

 

Who needs to retire early when you can Build a Life You Never Want to Retire From? Jillian from Montana Money Adventures contemplates.

 

set for life insurance
This sounds like a life I wouldn’t want to retire from. Dr. B.C. Krygowski shares some free travel secrets that don’t involve credit card points and miles.

 

Dr. Anne Koch applied minimalist ideals to her personal and work life after a devastating diagnosis. She shared a beautiful story on Medium’s Thrive Global: How Cancer Turned Me into a Minimalist.

 

Dr. Karen Sibert of a Penned Point, who once shamed part-time physicians in the New York Times, has had a change of heart. Remember When Doctors Were Heroes? Anti-Intellectualism and Malaise in American Medicine.

 

Help Wanted: Anesthesiologist Who Loves the Great Outdoors

 

A few days ago, I sent an e-mail titled “Work with me here.” As in, you can work with me as one of five anesthesiologists in one of the great outdoor meccas of the upper midwest. I planned on going back to full-time to cover a colleague’s military obligation overseas, and we recently learned he won’t be returning to us.

You wouldn’t actually work directly with me since out of five docs, one is at the surgery center, one is at the hospital, one is off post-call, one is on vacation, and one has an admin day to take care of any committee work or non-clinical work, etc…

It’s a great schedule and the job pays well. We’re looking for a skilled anesthesiologist who can work independently in a medical direction model and would be happy living “up north” in a rural resort area. If you may be interested or know someone who would be, please see the job posting here.

 


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

Credit Card Updates: Download the Latest Spreadsheet

 

I’ve seen some great welcome offers pop up recently, most notably with a couple Hilton personal and business AmEx cards offering 125,000 points each, which is the highest offer I’ve seen. That’s good for 4-5 free nights in a nice hotel per card.

If you’re part of a couple and have anything that could be considered a business, the two of you could rack up a half-a-million Hilton Honors points pretty quickly and spend a few weeks living like royalty courtesy of Hilton.

It can be a hassle to keep track of which cards you’ve picked up for you and/or a spouse, the expiration dates, the perks, etc… so I built an attractive spreadsheet to make it easier for you and me to keep track. I put the best offers (in my opinion) on the first tab and left a second tab blank for you to copy and paste info from the first tab or add your own. Limited time offers with increased bonuses are in red.

 

 

Grab your own copy today! If you’re not an email subscriber, you will be subscribed. If you’d rather not be a subscriber, unsubscribe just as soon as you’ve downloaded the sheet or switch to receiving a weekly digest only.

 

 

Here are the details on those two Hilton cards. I’ve added them to the top and limited time offers that you can always find here.

 

Hilton Honors Ascend American Express 125,000 Points

  • 125,000 points after $2,000 spend in first 3 months
  • Weekend night free after $15,000 spend in a calendar year
  • 12x Points per dollar spent at Hilton, 6x or 3x in other categories
  • Automatic Gold Status
  • Diamond Status for > 1 year after $40,000 spend in a calendar year
  • Click here to learn more and compare this card to others.

 

Hilton Honors Business American Express 125,000 Points

  • 125,000 points after $2,000 spend in first 3 months
  • Weekend night free after $15,000 spend in a calendar year
  • 12x Points per dollar spent at Hilton, 6x or 3x in other categories
  • Automatic Gold Status
  • 10 Free Priority Pass Select Lounge visits per year
  • Click here to learn more and compare this card to others.

 

Disney! Cuba! FinCon!

 

lucidity locums
We arrived on Friday and walked straight from our hotel to Blizzard Beach for the afternoon. Yesterday, we hit up Hollywood Studios and today, it’ Magic Kingdom time. We’ll explore Epcot tomorrow, Typhoon Lagoon on Tuesday, Animal Kingdom on Wednesday, and we’ll have Thursday to revisit our favorite spots or check out anything we missed.

Just writing that wore me right out. But there’s no rest for the wicked.

On Friday, we head to Tampa for a little get together hosted by the Krygowskis, and then we set sail with them, along with a number of other blogging and non-blogging friends on our cruise to Cuba!

We get back just in time for FinCon in Orlando.

Uff da.

 

A Featured Financial Advisor

 

For those of you who would rather not DIY, I maintain a list of 10 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 Wrenne Financial Planning.

I first learned of them via Daniel Wrenne’s guest post on WCI: How Happy Couples Manage Finances. I’m happy to have them on board.

 

Wrenne Financial Planning

Wrenne Financial Planning Application

Wrenne Financial Planning helps 100’s of physicians, and their families, across the US find financial peace in their busy lives. Daniel Wrenne, a Certified Financial Planner®, founded Wrenne Financial Planning to escape industry conflicts of interest and better serve physician interests. We specialize in helping young doctors better manage their student loans, and grow wealth, to most efficiently reach their full potential. Schedule a free consultation or check out their blog on planning for physicians to find out more.

Fees:  

Financial Planning for Residents and Fellows:
Single earner: $500 up-front and $100/mo.
Dual earner: $750 up-front and $150/mo.

Student Loan Planning for Med Students, Residents and Fellows:
Single borrower – $500
Dual borrower – $750

Financial Planning and Investment Management Combined:
New-in-Practice Physicians: $1,000-$1,500/quarter
Established Physicians: $1,500-$2,500/quarter

Contact Info:
3399 Tates Creek Rd #115, Lexington, KY 40502
859-538-6044
[email protected] [email protected] [email protected]

 

 

Have an Magical week!

-Physician on FIRE

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16 comments

  • Thanks for including me! I had fun channeling my favorite bloggers, and you know you would totally mention fat FIRE in an ice cream tweet.

    Speaking of fat FIRE, you should splurge on the Minnie Van service when you’re at Disney. Worth. Every. Penny. Enjoy!

  • Subscribe to get more great content like this, an awesome spreadsheet, and more!
  • Yet another great list. I had not seen many of these. There go a few hours of my Saturday!

  • Thanks for indirectly including me! I am enjoying a 10% ice cream discount in the hospital cafeteria per Side Hustle Scrubs very funny post.

  • snowcanyon

    Damn Wrenne is expensive! It’s all here and on WCI for free. $100 a month? That would have really crushed my Roth contributions in residency. Like to zero.

  • I like the newest Southwest Priority card; its benefits are more better than they are listed in the credit card spreadsheet. The travel credits make the actual annual fee even lower.

  • Can’t wait to see you guys and thanks for including us today.

    Why do I not know about this Minnie Van? 🙂

  • Hospitalist

    Wrenne financial investment, $6000 to $10000 a year for financial planning and investment !?!? What a rip off. You can get better advise taking WCI course for much less.
    I understand that POF website need to make a living, but this really goes against what the whole purpose of the website is about

    • Not at all. I recommend DIY, but most people don’t seem to want to do that.

      Consider the fact that industry standard is 1% to 1.5% or more in AUM fees and Wrenne doesn’t charge more than $10k per year regardless of portfolio size. An established physician with $2M to $5M in assets would be paying $20k to $75k or more per year under that model, a model that is extremely common and that may not even get you a fiduciary standard.

      There’s a reason Wrenne made the short list. and it’s not that I’m hurting for advertising dollars.

      Best,
      -PoF

    • WCI course is great education but it’s not advice.

  • Gasem

    I don’t find Wrenne’s cost out of line at all. Last year I sold $600K of appreciated stock. Because of tax loss harvesting I paid zero tax. The tax bill would have been $120K. I have an additional $500K of harvested loss available for future transactions against a multi-million dollar taxable portfolio. Just that move alone paid for my “adviser fee” for a couple decades. My adviser keeps track of those details among other efficiency moves and tax planning maneuvers. He has the software and knowledge to do it correctly. The last thing I want to do after working all day is come home and check tax lots for losses and WCI’s course isn’t going to do that for you. It’s all about what you keep. Penny wise pound foolish.

  • Hospitalist

    Did you sign up with them? If yes, and you didn’t know about tax loss harvesting then definitely worth the money spent. I did tax loss harvesting before just by reading financial blogs and magazines, never paid anybody. I have a couple of friends who have signed up for financial services for years, one under the model of AUM, the other is a fixed fee per quarter, none of them were ever recommended to do tax loss harvesting.

    • We consider TLH a great opportunity to help add value for clients (assuming it wouldn’t have been done otherwise). Most people (maybe excluding this audience) and even advisors don’t do this type stuff. For people that have decent sized taxable accounts and especially if they’re regularly contributing, this is an easy win.


  • Track your investments for free with Personal Capital. That's how I track the PoF portfolio.  
  • love your Sundays’ Best, keep up the great work!

  • Love your Sunday’s Best, keep up the great work!

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