The Sunday Best (9/2/2018)
The Sunday Best is a collection of articles I’ve curated for your reading pleasure.
Presenting, this week’s Sunday Best:
The Flawed Consumer, who has been featured here before, asked me to share my knowledge and experience not with medicine or personal finance, but with homebrewing beer. This being my eighth year as an amateur homebrewer, I said “sure, why not?” Beer O’Clock Brewing Sessions: Interview No. 2 with Physician on FIRE.
Is that the right question to ask — whether it’s wrong for a financially independent physician to retire early? Doc G of DiverseFI ponders the complementary conundrum: Should All Financially Independent Doctors Retire?
Is it immoral for an institute of higher education to give medical students preferential treatment whole charging other students tens of thousands of dollars per year? From Travis Hornsby, The Student Loan Planner (schedule consult here), NYU Med School Eliminating Tuition is a Distraction from the Bigger Problem.
FIRE made the New York Times Yesterday. Featuring my friends from 1500 Days, Our Next Life, Early Retirement Dude, Your Money or Your Life, Mr. Money Mustache, and more, Steven Kurutz shows us How to Retire in Your 30s With $1 Million in the Bank (or more).
Somehow, Justin from Root of Good was left out of this one. I’m guessing the retired engineer with a law degree who just got back from a month in the Bahamas doesn’t really mind. He shared a story of his own in 5 Lessons I’ve Learned in 5 Years of Early Retirement.
The bloggers behind Half Life Theory and ESI Money teamed up to teach another important but sometimes painful lesson. The One Thing FI Can’t Give You is the Only Thing You Really Want.
That sounds somewhat counterintuitive. So does this. From Method to Your Money, Why I Always Say Yes When My Kids Ask Me To Buy Them Stuff.
The Power of Community
Twice this last week, I witnessed the power of community. First was spending quality time at Camp FI Midwest with my family and about 60 other FI-minded couples and individuals who made the trip to Minnesota.
I touched on the details in last week’s Sunday Best, so I won’t belabor them, but it was a really great weekend filled with inspiration, education, communication, and libations. We made friends that I am certain we will remain in touch with for years to come.
A few of the attendees wrote up full blog posts on their experience, including (please let me know if I’ve left yours out and I’ll add it):
Refuting The Naysayers
Any time a FIRE story is featured outside of the FIRE community, pitchforks come out, as I mentioned above. If you’re a medical professional with a Doximity account, first sign in, then click here, and you’ll see what I mean.
Well, not necessarily right away, because after I saw the first dozen or so comments on my Business Insider article that was featured there, I summoned my community to come to my defense. My Physicians on FIRE friends did a wonderful job of putting the naysayers and frankly rude and misinformed docs in their place.
Thankfully, the comments are now mostly positive thanks to the power of community, but to respond to a handful of the naysayers:
- Yes, I have planned for my children’s college education. They’re in grade school with 6-figure 529 Plans.
- No, I don’t want a new luxury vehicle every 6 to 8 years.
- Yes, I am a real doctor. Contemplating retirement doesn’t change that.
- No, I didn’t go into medicine with every intention of making as much money as I could and retiring as soon as possible.
- Yes, I tipped only $5 on a beer or two. How much would you have tipped?
- No, I am not anticipating a giant inheritance.
- Yes, I donate both time and money. Lots of money, actually.
- No, I don’t have to count pennies and I don’t lose sleep worrying.
- Yes, I live up north by choice, and not because I’m cheap.
- No, I don’t live on rice and beans. Honestly, I can’t stand beans.
- Yes, my expenses are realistic. They’re real and they’re spectacular.
Thanks again to my blogging friends and Facebook friends who get it and were willing to speak up on the behalf of common sense. I love this community!
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. One of them is Aptus Financial.
I had the pleasure of seeing Sarah Catherine Gutierrez speak this year at WCICon, and I can assure you Aptus Financial’s investment philosophies are well-aligned with mine.
Aptus Financial is a principled financial services company, focused solely on what is best for our clients and free of any conflicts of interest. We provide transparent, objective, and non-conflicted advice for a simple, fair hourly rate. Period. We don’t sell stocks or insurance. We don’t have a vested interest in managing your assets. Our highly-credential team provides comprehensive financial advice and sets our clients up for a lifetime of guided DIY financial planning and investing. You can do it yourself, but you don’t have to do it alone.
Aptus charges a simple, fair hourly rate of $200 across all engagements.
Comprehensive Financial Plan (20 hours+, $4,000)
Annual Checkups and Portfolio Rebalancing (~3-6 hours, ~$600-$1,200)
Initial Interviews (~15 minutes, free)
Have an outstanding week!
-Physician on FIRE