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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.
If you ask individuals pursuing FIRE what is the main underlying reason, I think one of the top answers would be to achieve financial security.
Being financially secure allows you to live a life the way you intended.
You can do or not do things without the thought of monetary issues influencing you.
There are multiple ways to get to financial independence, but the underlying themes are relatively constant.
Physician On FIRE gives you a great blueprint of how to achieve financial security in his article, “Physician In Transition: A Fast Guide To Financial Security.”
Striving for FIRE is a great goal but it is not without its negatives.
Too often we are laser focused on the goal line and go through hardship to get there as quickly as possible.
Well unfortunately the finish line is never guaranteed.
That is why many before me have touted that it is important to enjoy the journey as well.
Accidental FIRE recalls an adventure which beautifully illustrates this concept in, “Money Lessons On The Inca Trail.”
With everyone hoping to build immunity for COVID-19, preferably through vaccinations, it might also be wise to be “vaccinated” to avoid financial disasters.
The Loonie Doctor does just that in, “Building Financial Immunity.”
Hopefully you can build enough financial immunity to be set for retirement and enjoy your golden years without worry.
The best way to do that is to maximize the appropriate amount of debt to asset composition which changes as you age.
Do not worry, Financial Samurai lays down his recommended glide path of debt to asset throughout your life in, “The Right Asset-To-Liability Ratio To Retire Comfortably.”
As a physician the path to financial independence should be easy right?
I mean a physician makes good money so what could go wrong?
Turns out plenty.
Wealthy Doc actually was able to list 17(!) mistakes physicians make that can derail your retirement plans in, “Avoid These 17 Physician Money Mistakes.”
Hope you enjoyed the reading material.
Have a great rest of the week.
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Even a steadfast DIY’er can sometimes gain benefit from the occasional professional input.
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Thanks for the share!
Of course. I really loved that post.
Hey Xrayvsn. I am just resurfacing from clinical work a bit. Thanks for the mention. Even after reaching a state of financial independence or security, I find it is still difficult to make decisions without money being a factor. Old habits die hard, but I am working on it. That said, the power of money to lure me into more work is not strong anymore – the lure of feeling like I am doing something that is needed is though. Lack of money isn’t really a factor for purchases anymore, but I find whether the spend is going to make… Read more »
Very well said LD. I agree that an ideal life would be doing something you feel contributes to the whole and not money driven
Thanks for including me. I do want to clarify though. That was a guest post by Yuval Bar-Or, Ph.D. He is an Associate Professor of Finance at Johns Hopkins Carey Business School. He is not a physician but comes from a medical family and is well-aware of our financial challenges. He earned multiple degrees in engineering and economics. As well as a Ph.D. in Finance from Wharton. He is passionate about improving financial literacy, especially among physicians. I had the pleasure of meeting him in person, hearing him speak, and viewing his online free educational videos. His personal site is Pillars of Wealth which provides… Read more »
Thanks for the clarification. Was a great post 🙂
I enjoyed reading all the posts. I especially liked POF’s “getting yoked” comment. It made me think about bodybuilders!
LOL. Glad you enjoyed the collection. Tons of great writers out there 🙂
#4 has to be the worst investing mistake. You have to live on less than you make to get ahead.
I 100% agree. Unfortunately most physicians think they can earn their way out of trouble and their income justifies expensive items. Lifestyle inflation is our biggest enemy. Appreciate you stopping by and commenting.