The Monthly Checkout: November 2018

Each month, I like to highlight some posts that have had an impact on me.  These posts come from various sources, but are all worthwhile reads.  Consider checking them out, and sharing them on your social media.  The people who spent their time creating these worthwhile pieces would appreciate it.

Early Career Financial Basics

Lawrence B. KellerThe spectrum of financial literacy in medicine is quite broad.  Some know enough to take care of everything on their own.  The vast majority, however, have a very low financial literacy.  Enter here, Smart Money MD who wants to help solve some of this problem in the post Happy Doctor Basics for the Early Career Doctors.

Sometimes going back to the basics is just what we need.

Doctors Who Cut Back

Maybe it is just my personality, but I love reading series of blog posts.  Today we feature a series that recently started.  The focus is on physicians who have decided to cut back from full time to part-time work.  Given my recent musings on the subject, it should be no surprise to you that this topic interests me.

Join in as Crispy Doc chronicles the series of Doctors Who Cut Back to achieve a “low burn, high earn” situation.

  • Interview #1 by Vagabond MD: A radiologist who fought off burnout through cutting back.  He is also a well known visitor on physician finance sites and financial forums.
  • Interview #2 by Hatton1: A semi-retired (then back) OB/GYN doctor.  She has her own website, too (Doctor of Finance MD)
  • Interview #3 by Xrayvsn: There is a theme emerging here as another radiologist discusses his decision to take back a day each week and how this helped his work-life balance, and likely gave his career increased longevity.

Sober October & the 100th Millionaire Interview

Two of my favorite financial bloggers teamed up recently in a guest post.

The first was written by Physician on Fire as a guest post on ESI Money.  In this post, POF discusses his decision to go sober for October.  From the financial implications to the health implications, I found this one to be interesting.  While it doesn’t rhyme as well… I’m heavily considering doing a sober January as a result of this post.

While we are here, I should point you to ESI Money’s 100th Millionaire Interview post where he spends some time answering his own questions.  If you want to know more about the man behind Rockstar Finance, this post is for you.

Financial Independence Does Not Solve All

Amanda over at Why We Money recently wrote a post about financial independence.  You might think, “hey, that’s right up TPP’s alley… he talks about financial independence (not retiring early) a lot!”

Well, my friend, you are spot on.  But without proper focus, financial independence can actually cause issues when people think that it will solve all their problems.  Why We Money wrote a great post that outlines why financial independence is great, but it is not the end all be all.  Check out the post Financial Independence Will Not Make You Happy.

Some Podcast Love

In times past, I’ve mostly highlighted other bloggers. Given how often I listen to podcasts, I should probably spend some time highlighting these as well.  Here are some podcast episodes that I’ve really enjoyed in the last couple of months:

  • One of my favorite podcasts is the Financial Residency podcast.  Ryan Inman, a fee-only financial advisor, does a great job interviewing people to increase financial literacy for doctors.  In a recent podcast, he interviewed Andy Hill from Marriage, Money, and Kids. This was a great episode for anyone who has ever considered teaching their children about money and how money impacts marriage. (This is a passion of mine, too)
  • Docs Outside The Box is a podcast run by Dr. Nii Darko, a trauma surgeon.  He spends time highlighting physicians who are doing interesting things outside of medicine.  In an episode he recorded live at FinCon, he interviews Dr. Bonnie Koo (of the famous MissBonnieMD.com).  Check it out as he dives into the backgrounds and decisions of Dr. Koo, a practicing dermatologist.
  • Doc G over at DiverseFI and Paul David Thomson (of Ready Investor One) teamed up recently to start a podcast that has a different slant than any other I’ve heard.  In their episodes, they interview multiple people all at the same time.  In Episode 3, they interview yours truly (The Physician Philosopher) in a podcast episode answering the question, “does financial independence enthusiasm qualify someone to become a financial coach?

An Update in Our Life

As I’ve said elsewhere, my family and I recently moved.  While I still have the same job – and am a lot closer to one of the hospitals where I work – the move has been incredibly time consuming.

From cleaning the old house, taking off the front door to strip and repaint, painting walls, cleaning up the yard, pressure washing the house/patio, buying carpet, etc… it has been a hectic month for us.  We love the new house that we moved into, and we kept the house price at a reasonable number (one year’s annual salary for the past twelve months).

Oh, and we still need to sell the old house.  [Update: we got a list-price offer on the house before it even officially hit the market!].  With the money from the sale, we will be able to put another large dent in the little remaining student loans that we have.  All told, the loans should be gone by February or March of 2019 – which is 3 months sooner than our original plan of paying off our $200,000 in 24 months.

So, if you have noticed a down trend in my comments on other sites and my social sharing antics, this should explain it all.  Hopefully, once we get settled in, I’ll kick back into full swing.

If you have other posts that you feel are worth sharing, send them my way! And, please (PLEASE) visit the posts listed above and share them on social media.  A lot of work went into the content on the sites that are shared above.  

TPP

3 thoughts on “The Monthly Checkout: November 2018

  1. Thanks TPP for featuring my interview on Crispy Doc’s site. I think he is on to something with that series and look forward to reading other contributions to it.

    Congratulations on the move to the new home. Definitely a hectic and stressful time (I hate packing and moving and hope that I am currently in my forever home (been here 12 yrs already). I know It is a great relief to have an offer on the other house as carrying 2 mortgages is always stressful.

    • It was a great interview! I really do love that series. And, yeah, I agree about having two mortgages. The least amount of time in that situation is best for us! And actually, our first payment in our new house is due January 1st, and we close January 4th on the old home we are selling. So, we won’t ever have two mortgage payments. It has worked out quite well!

  2. TPP,

    Congrats on the move and new house! Here’s to a long and healthy life of memories in it for you and the family. Houses are consumption items, so I’m glad you are consuming in moderation.

    Thanks for highlighting the Doc Who Cut Back Series – it’s opportunity for incredibly generous folks who’ve created their personal secret sauces to share their recipes with the rest of us.

    The quality of people who have volunteered to share their stories has blown me away, so odds are one of them will resonate with you and serve as a template you can use, as you’ve made no secret of that desire to cut back down the road.

    Appreciate the shout out and your friendship,

    CD

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.