If you made it through Part 1 (My background), congrats.
That was probably not what you expected to read, but hopefully it was helpful to understand how I think and why. As for what you were expecting, I bet the rest of this post will be it. FIRE bloggers have been charged to come clean, and so here it goes! The TPP Blogging Manifesto Part 2: Coming clean.
The following sections are based on Our Next Life’s post where the FIRE community was called out.
The parameters of my (future) financial independence
I plan to be financially independent by the age of 42 to 44. 45 at the latest. I finished training at the age of 32 in July of 2017. So, when my plan comes to fruition that will be roughly 10 to 12 years of being in practice.
You’ve read about my family history in Part 1 linked above. That is really where I come from and what shapes me (And my full-on hatred of debt once my eyes were opened).
Advantages I’ve had
First, I am a white male physician, which has provided me some privilege and opportunity not afforded to others. I received a full-ride (tuition, room, and board) in undergrad and a full-tuition scholarship in medical school. I wrote about this in Part 1.
So, after med school I had a total of $100,000 which accumulated to $140,000 by the end of training. I should have honestly come out with no debt, but I just didn’t know better back then. Hindsight is 20/20. That said, I came out with $100,000 when the national average is around $190,000. So, about half as much debt as most. That’s also an advantage.
I have a high annual income (top 5% of our country). This is going to allow me to get to my financial goals faster than others with a lower income. I’ll be able to shed debt quicker and build wealth faster. While an advantage, this should be no different for the target reader of this website.
Though I plan to be financially independent by 42 to 44; I plan to work until age 50 when I’ll retire early unless I continue to be hopelessly in love with part time work in resident education or clinical work. I do love what I do, and so that’s a possibility. I guess I’ll call this period a partial-FIRE.
Doing a partial FIRE will only increase my net worth and savings. So, this will allow me to live well below the 4% rule of the Trinity study (POF writes about how this was not specifically describing people in early retirement anyway).
In early retirement, I’ll also probably have sources of passive income at that time (like this website and a medical invention I made recently that looks like will be purchased soon).
That said, I have other plans to bridge my early retirement gap from age 50 to 59.5 when I can access my 403B.
I plan to draw my money out around 3% in retirement. But, hey, I am not there yet.
The side gigs
If you should, for some reason, be reading this post in the future; this site is a for-profit enterprise. I plan to make money from this website through affiliate deals to products I support, through sponsorship once my readership grows, and (maybe, but probably not) through advertising that is not obnoxious… hate turning off advertisements when I read other sites, too.
That said, if this site grows, then this website might be part of my ability to obtain financial independence early. At this current moment, that’s just a pipe dream though! It definitely is contributing to slowing down my retirement at this point. The Physician Philosopher website is all cost and no profit right now.
The invention I mentioned above…I have no idea how much that might make. It might be 5 dollars. It might be $500,000. I’ve got no idea.
In addition to the website and invention, I perform side medical legal expert witness work whenever the opportunity presents itself. So, my income streams are multiple at times and singular at others.
If you can relate, read on. If not, please take what I say with all of this in context.
In the mean time…
I’d love to hear your stories! Leave a comment about whether you can relate or not? Did your parents teach you about finances? Did they leave you the wolves? What’s your story?