Recent TPP AppearancesI’ll continue to stand firm that teaching personal finance in both medical school and residency is not only a good idea, but that institutions that don’t do this are failing their trainees. This month Physician on Fire published a guest post of mine where I discuss the importance of a personal finance curriculum in medical training, and why we should focus more on the financial independence aspect (and less on early retirement). Go visit the post and join in on the lively discussion in the comments section.
A Comprehensive Guide to Disability InsuranceAny reader of mine knows that I am a big fan of Ryan Inman. Not only does he meet the Gold Standard of Financial Advising, but he runs an awesome podcast and blog called Financial Residency. On the blog, he recently wrote an epic piece on disability insurance. If you read this post and still have a ton of questions left, I would be shocked. Fortunately, I don’t think many of you will have that experience in his Comprehensive Guide to Disability Insurance.
Why I Won’t Quit MedicineThis post hits the nail on the head for me. I LOVE my job. I love the teaching, the intellectual stimulation, the camaraderie, and the help we provide to patients each day. While I do love my job, I want to do less of it. Why would someone who writes about how the medical system is burning doctors out want to stay in medicine? Partly to fix it the burnout problem, but mainly because I love what I do (most days). But I don’t want to steal Passive Income MD’s thunder. He published a really balanced post recently on why he doesn’t plan on quitting medicine anytime soon. Everything about this post is right. Find the freedom you want to live the dream.
A Story of Redemption and RepentanceReaders may remember Fred from Money with a Purpose. Fred is a fee-only financial advisor, and while we disagree that some financial advising models are better than others – Fred is my friend. He is a good man with a good heart. Fred and I met at FinCon 2018. The purpose of his blog is to write about money, personal adversity, and where those two worlds meet. He does this because his son Jason has a long and storied history with drug addiction. He first wrote about the inside details of being a parent dealing with addiction and the financial consequences in this post. Then, he followed that post up with an update on his son and his ten months in sobriety. How did Jason (Fred’s son) climb out of the pit of addiction? You’ll have to checkout those details here in his updated post When Hope Arrived.
Stopping Expectations from IncreasingWealthy Doc is one of the O.G. in the physician finance blogging space. There is a lot to learn from him. First, I want to highlight a post that Wealthy Doc wrote on how Long Term Care (LTC) Insurance may be a waste of money. He lays out his argument, and then got absolutely blasted on social media and the comments section of this blog post. I share it for two reasons: (1) When people get “heated” in a conversation it is usually because they are in the wrong. (2) Any of you considering starting a blog… read posts like this one and know the risks first! I’ve experienced similar backlash for some posts I’ve written. The second post of WD’s I want to share is his post on Stopping Rising Expectations. Sometimes additional expectations come from employers, bosses, or colleagues. Other times they are placed on ourselves. It does everyone some good sometimes to simply say “no” so that they can halt rising expectations.
Part Time Doctoring May be BestHave you ever thought about what you would do if you didn’t have to work? What kind of day would you design each day? Well, in this guest post by Vagabond MD over on Crispy Doc’s blog, he spells out exactly what he does on a day off. It might not be what you and I would do with my time, but the joy that he experienced from his day comes from the fact that he had the freedom to choose how to conduct his day. Sometimes, when we take our time back, we find our happiness. Vagabond MD thinks that working part-time makes you a better doctor. Do you agree?
An Update on The BookThe Physician Philosopher’s Guide to Personal Finance has been doing quite well. It was published in February, and over 1,300 copies have been downloaded or shipped to houses around the country. The book maintains a 5-star review on Amazon. (If you’ve read it, please click here and spend 60 seconds writing a review). My hope is to sell 10,000 copies by the end of the first year in publication. I wrote this book because it is the one I would have wanted to read as a medical student, resident, or early career attending physician. It is literally a road map for anyone on the trail to become a doctor (or really any other medical professional). If you stick to the principles taught in the book, you will be well ahead of your peers. And well on your way to financial independence. So, if you haven’t purchased your copy or left a review, please go to Amazon and do so. It would mean a lot to me, and will likely help a ton of other people as the word spreads.
What did you think about this month’s posts? Check them out and leave a comment below.TPP