For an audio version of this post, please click on the speaker icon (top left).
Welcome to this session of grand rounds, a collection of posts I have discovered in the blogosphere and have found of interest and hope you do too.
This offering of Grand Rounds looks at articles from around the web that deal with financial independence and/or early retirement.
It takes a lot of sacrifice to get ahead in life.
Physicians are accustomed to sacrifice given the amount of years of education they undergo to get a medical degree.
Well becoming financially independent doesn’t happen by chance (unless you are very fortunate to win the lottery or receive a massive inheritance).
For the majority of us in order to become FI tests our ability to save for tomorrow instead of spend on today.
Accidental FIRE touches on this in his article, “Financial Independence, How Much Do You Want It?”
So you decided you do want to achieve financial independence.
The best initial step is to get your finances in order.
It is easier said than done.
Years of bad financial habits are hard to break but now you must own up and take responsibility.
The Finance Twins help you on your way in, “Everything You Need To Be Fiscally Responsible.”
Too often we see the world as black and white with binary choices.
Fortunately reality does not work that way.
Many think that there is an abrupt transition between working and being retired.
One thing you might want to consider is more of a retirement glide strategy where the transition is much smoother and over a longer period of time.
I plan on employing this method by slowly whittling down my clinical hours.
Who knows. This may even extend my working career if I find a sweet spot between work and play.
Of course there are some consequences of not working as much (but to be honest I will take the bad with the good.)
Accidental FIRE broaches this topic in “The Trade-Offs Of Going Part Time.”
Whether it is a song by George Michael, a battle cry of Braveheart, or a state of mind, it is something everyone should strive for because the alternative is downright depressing.
Even though physicians have high incomes it seems that the quest for financial freedom is a pipe dream.
Burdened with student loans as well as a delay in earning money most physicians start of their careers behind the financial 8 ball.
So can we expect to ever get to Financial Freedom?
Debt Free Dr points us in the right direction in, “Financial Freedom-Can Doctors Really Achieve It?”
Say you are lucky enough to meet your criteria for FIRE.
Can you imagine being then told that achieving it was pointless?
Even worse could you imagine being told that from a blogger who has FIRE as part of his moniker?
Well prepare to have your mind blown as Physician On FIRE tell us “When Financial Independence is Irrelevant.”
Hope you enjoyed the reading material.
Have a great rest of the week.
If you are in search of financial help, please consider enlisting the service of any of the sponsors of this blog who I feel are part of the “good guys and gals of finance.”
Even a steadfast DIY’er can sometimes gain benefit from the occasional professional input.
NOTE: The website XRAYVSN contains affiliate links and thus receives compensation whenever a purchase through these links is made (at no further cost to you). As an Amazon Associate I earn from qualifying purchases. Although these proceeds help keep this site going they do not have any bearing on the reviews of any products I endorse which are from my own honest experiences. Thank you- XRAYVSN
Thanks for the feature Doc!