Whenever I tell people outside of medicine how bad doctors are with money, they are always shocked. Almost universally they wonder why we don’t save enough money. They understand that – in order to become a doctor – you must be hard working, intelligent, and dedicated to the cause. These are the same attributes – when they are applied correctly – that result in financial success. How in the world can doctors be bad with money, then?
I thought about naming this post “Children on FIRE” or “Teachings Kids to Play with FIRE”… but none of those sounded right. Since I didn’t write this post originally, which was first published over at Physician on FIRE, I decided to tame down the title…. never the less, this is a really important topic that all parents should spend some time thinking about.
If you have ever wondered about how much you can take out in retirement or if you will be able to withstand a down market right when you retire, this post is for you. It is a case study with graphs and charts that will help you better understand the dilemma, and whether you have “enough” to be financially independent. It is a must read.
Some get to financial independence through investing until they get to “their number”. Others prefer creating passive income streams until their monthly costs are covered. While I prefer the hybrid model between these two approaches, today we will focus on the passive income side of the model when we discuss Investing in Turn Key Real Estate.
Burnout has been in the news a lot lately. Maybe the big time media is finally catching on to what the rest of us have been talking about. It is now an official diagnosis, and TIME investigated how costly it is to medicine. We will explore all of that and outline 4 ways that financial independence can fight burnout.
Over 50% of physicians will change jobs within two to five years after taking their first job. That’s a pretty staggering number. It is not surprising, though. While we can be dedicated and loyal employees, we also realize that hospitals do not always love us back. For this reason, it is necessary for physicians to … Read more
We all think we know what makes us happy, until we realize that studies show that humans are terrible at figuring out what makes us happy. Enter consumer regret, doubt, and adaptation to make sure our happiness is worse after we spend money than it was before. Surely, there must be a way to spend money that will make us happy. Right?