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Welcome to this session of grand rounds, a collection of posts I have found in the blogosphere that I found of interest and hope you do too.
The thrill of the chase.
Are we as humans programmed to always be seeking something that we don’t have?
And what happens when we finally catch the prize?
The incredibly prolific Doc G of DiversiFi addresses that very scenario in his poignant post, “The Once I Have Syndrome.”
I know there are some of you out there that are ultra-conservative and risk averse.
However being too conservative can actually be the riskiest strategy of all for your retirement dollars lasting.
In the post, “Inflation Is Merciless On Your Financial Future,” read how stockpiling money under your mattress may not be the best strategy.
We all want a better life for our children.
However there is a fine line between raising a successful child and an entitled one.
Numerous studies have shown that 70% of generational wealth is lost by the second generation and 90% of familial wealth vanishes by the end of the 3rd generation.
Check out the article, “Why So Many Wealthy Families Lose It All In 3 Generations, and How To Stop It,” and see if you can break this trend.
Along the same lines, “Are You Giving Your Children Too Much Money?” highlights the need as parents for us to financially educate our children at an early age so that they can launch from our household and be fiscally responsible.
Most devotees of the FIRE concept, myself included, view reaching Financial Independence as a way to protect against physician burnout.
But can you have so much FIRE on the mind that the very solution for burnout can actually accelerate its onset (much like Icarus flying too close to the sun)?
Some Random Guy Online deals with this very issue in “Flaming Out on the Road to Financial Independence.”
Hope you enjoyed the reading material.
Have a great rest of the week.
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An excellent list of content as usual. There are a couple on this list that I haven’t seen. I’ll be sure to remedy that very shortly.
I spend a lot (probably too much) time reading personal finance blogs and I tend to think I’ve read almost everything, but there is so much good content out there that I always end up missing a few. Thanks again for putting this together.
-Ray
Appreciate the feedback. I have another post of yours I want to feature in an upcoming one so stay tuned
Great round up, Xrayvsn. It’s definitely really important that the very tool you choose to escape burnout doesn’t make the problem worse! And part of that solution is avoiding “once I have syndrome” by learning how to be content in your current here and now.
TPP
Appreciate it. Those two posts you referred to definitely go hand in hand. Hopefully we all practice safe fire walking techniques
Thanks for including me. Great articles!
Appreciate the support and comments. The problem with your site is there are so many of them to choose from. Lol
Thanks so much for including my post! I’ll have to check out the rest of these articles…they all sound very interesting.
You are more than welcome. I love sharing posts that physician bloggers (part of the niche I am in) may not come across on their own but has a lot of value. Appreciate the comment and you stopping by
Oh yeah, being too risk averse is no good. I might veer too far to the other side to be totally honest, but taking on some level of risk is a must. The only exception would be be short periods of time (a few years or less).
Absolutely spot on. If you have a planned expenditure you are saving for, typically 3-5 years out you should start becoming a lot more conservative regarding those funds earmarked for that particular expense. However even in retirement you need some exposure to equities to make sure your portfolio can sustain inflation erosion, etc (typical recommendation is 120 yrs-age should be your equity component). I am a little higher (aka riskier) with my allocation because I have passive income streams from other investments that I feel can provide a safe income floor in case of a major market downturn (i.e. I… Read more »
“Numerous studies have shown that 70% of generational wealth is lost by the second generation and 90% of familial wealth vanishes by the end of the 3rd generation.”
Well there goes my plan! But then again by then they’re genetically only 25% me so ehhh ? but I think it should be time we did something about that money management thing.
25% Lily is still more than 100% the general population. Lol.
But yeah it made me think do I sacrifice in retirement to pass on money (and watch it get wasted by future generations that have no concept of what it took to earn it) or do I have a party like a Rockstar retirement and aim to spend close to all of it as I can. I doubt I will do the latter but now I’m thinking I can at least raise the luxury level a few notches without much guilt
I hope you don’t take this the wrong way. I like your blog, but the black background is killing my eyes. 🙁
Hey Joe. No offense taken. Sorry it’s causing eye issues. I sort of played with some background color changes prior to launching and thought this would be the least glaring (it was really tough on a pure black background so went with a lighter grey). Not sure how much different I can make it without messing up the font color stuff I set up (used wordpress live for one month to help me set up the stuff I was not familiar with). I’ve had comments of people liking the back background (fellow radiologists love it (it a dark room the… Read more »