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.
Travel Rewards, of course. From Dr. McFrugal, Our 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.B.C. Krygowski shares some free travel secrets that don’t involve credit card points and miles.
- Frugal Travel-The-World and Stay-for-free Option! (Part I)
- Frugal Travel-The-World and Stay-for-free Option! (Part II)
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.
Start receiving paid survey opportunities in your area of expertise to your email inbox by joining the All Global Circle community of Physicians and Healthcare Professionals.
Use our link to Join and receive a bonus of up to $50 .
Disney! Cuba! FinCon!
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.
We get back just in time for FinCon in Orlando.
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.
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
3399 Tates Creek Rd #115, Lexington, KY 40502
[email protected] [email protected] [email protected]
A generous welcome bonus of 60,000 points & Peloton membership credits onthe Chase Sapphire Preferred & premium card perks with the Chase Sapphire Reserve!
Chase Sapphire Preferred60,000 Points good for $750 in travel or more with a $4,000 spend in 3 months
The Chase Sapphire Preferred is an excellent first (or only) rewards card. $50 annual hotel credit for bookings via the Chase UR tavel portal & 5x points for all travel via the portal. 3x points on dining, 2x on other travel. Flexible rewards good for cash, travel, or transfer to travel partners, great travel protection & new Peloton, Lyft & DoorDash perks! $95 Annual Fee
Chase Sapphire Reserve60,000 Points with a $4,000 spend in 3 months
The Chase Sapphire Reserve offers great travel perks including Priority Pass lounge access, a credit for Global Entry or TSA Pre✓ and a $300 annual travel credit. When using Chase Ultimate Rewards travel portal, get 10x points on hotels and car rental & 5x points on flights. 3x points on other travel & dining. Elevated Peloton, Lyft and DoorDash benefits. $550 Annual Fee
Have an Magical week!
-Physician on FIRE
16 thoughts on “The Sunday Best (9/16/2018)”
Love your Sunday’s Best, keep up the great work!
love your Sundays’ Best, keep up the great work!
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.
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.
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.
WCI course is great education but it’s not advice.
Can’t wait to see you guys and thanks for including us today.
Why do I not know about this Minnie Van? 🙂
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.
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.
The only way I made Roth contributions in residency was by taking out more loans via the Anesthesia Foundation. But my monthly bar tab was definitely > $100. #priorities
Thanks for indirectly including me! I am enjoying a 10% ice cream discount in the hospital cafeteria per Side Hustle Scrubs very funny post.
The Chase Sapphire Preferred Card
The Chase Sapphire Preferred is my top pick for your first rewards card. Welcome bonus of 60,000 points worth at least $750 when used to book travel (after a $4,000 spend in 3 mo) and other great perks you can learn about here.
Yet another great list. I had not seen many of these. There go a few hours of my Saturday!
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!
We’re slumming it on the bus as we speak. I’m not known to pay for luxury, but I suppose it would be convenient.