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Financial Independence. Retire Early.

Physician on FIRE is a personal finance website created to inform and inspire both physicians and our patients with insightful writing from a physician who has attained financial independence and the ability to retire early. The site has a triple aim to leave visitors enlightened, educated, and entertained.

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140 Posts
The Sunday Best (11/20/2022) - Physician on FIRE
The Sunday Best is a collection of articles I’ve curated from the furthest reaches of the internet for your reading pleasure. Financial Independence (FI) is a primary focus, but it’s an awfully broad topic. Related topics that have become recurrent themes include early retirement, selective frugality, tax issues, travel, physician issues, and of course, investing. For more great articles, take a peek at the Sunday Best Archives.
The Sunday Best (11/20/2022) - Physician on FIRE
Death, Divorce, and Life Transitions: Important Financial Considerations - Physician on FIRE
In times of great change in your personal life - whether that's from a death, a divorce, or another type of life transition - the importance and the benefit of sound financial plans grows. David Rosenstrock, the director and founder of Wharton Wealth Planning and author of this guest post, earned an MBA from the Wharton Business School and a B.S. in economics from Cornell University and is a Certified Financial Planner. There are many common events that people go through that result in needing to update or change... more
Death, Divorce, and Life Transitions: Important Financial Considerations - Physician on FIRE
Top 5 Ways to Take Advantage of a Strong Dollar - Physician on FIRE
A strong dollar can produce winners and losers, both in America and on foreign soil. The U.S. Dollar is still seen as the world’s reserve currency. The index has had a strong 2022 and is up about 11% year-to-date in what is essentially a zero-sum game. The cost of a New Zealand Dollar has generally been 50-some U.C. cents, an Australian Dollar 60-some cents, and the Canadian Dollar 70-something cents.
Top 5 Ways to Take Advantage of a Strong Dollar - Physician on FIRE
The Sunday Best (11/13/2022) - Physician on FIRE
Your world would be a better place if you placed more emphasis on happiness than money, although the two are correlated to some extent. How Much Money Should Doctors Save? It's a bit trickier if you are on the low end of the physician salary range, but The White Coat Investor has faith in your ability to save. Investing in the DLP Lending Fund that makes short term "Hard money" loans to real estate developers, I personally saw a net return of 8.68% annualized as measured by IRR. Investing directly with DLP,... more
The Sunday Best (11/13/2022) - Physician on FIRE
Financial Advice for "Low-Income" Doctors - Physician on FIRE
In medicine, there can be a significant disparity in earnings when you look at the entire spectrum of doctors. Do the same financial tenets and nuggets of advice apply to a doctor on the lower end of the range? White Coat Investor shares his thoughts in this post. In medicine, some pull in a salary below the average or median pay for a group. It's all relative, of course.
Financial Advice for "Low-Income" Doctors - Physician on FIRE
10 Lessons Learned Along This FIRE Journey - Physician on FIRE
Tawcan shares ten lessons he has learned during his FIRE journey that he shares with us today. He says many see reaching FIRE as an escape route, a happy ending, a finish line, or the solution to everything. He also says he's learned to get in line and stay in line. He says to enjoy the journey and work on yourself. It is very important. Take time to learn new skills, take self-improvement courses, get new hobbies and make new friends and get new friends. If you don’t make a new friend and improve yourself,... more
10 Lessons Learned Along This FIRE Journey - Physician on FIRE
The Sunday Best (11/06/2022) - Physician on FIRE
The Sunday Best is a collection of articles I’ve curated from the furthest reaches of the internet for your reading pleasure. Financial Independence (FI) is a primary focus, but it’s an awfully broad topic. Related topics that have become recurrent themes include early retirement, selective frugality, tax issues, travel, physician issues, and of course, investing. For more great articles, take a peek at the Sunday Best Archives.
The Sunday Best (11/06/2022) - Physician on FIRE
The Different Levels of Wealth Categorized and Explained - Physician on FIRE
Terfield's Three Levels of Wealth Here are his three different levels, which are really three different mindsets relating to finances: Beyond the ultimate level, Butterfield said that additional wealth doesn't really matter or make any other impact in his life. Sometime after hearing the interview, it occurred to me that there may be more than just the three levels Butterfield mentioned. As a wise man once said, "Mo money, mo problems." Another study, a survey conducted by Charles Schwab, asked 1,000 Americans... more
The Different Levels of Wealth Categorized and Explained - Physician on FIRE
Why Your Future Is Going To Be Awesome - Physician on FIRE
Are you still here? Great! If you didn't click over to Wikipedia, consider these excerpts that are relevant to the rest of this post: In a famous estimate, MIT Professor Robert Solow concluded that technological progress has accounted for 80 percent of the long-term rise in U.S. per capita income, with increased investment in capital explaining only the remaining 20 percent Economic growth has traditionally been attributed to the accumulation of human and physical capital and the increase in productivity and... more
Why Your Future Is Going To Be Awesome - Physician on FIRE
Family FIRE Travels: Krakow, Poland - Physician on FIRE
Krakow, Poland, is the Polish city that sees the most tourism in Europe. The city has a rich history and educational opportunities for the family and their two children. Krakow's John Paull II Airport also happens to be a place that Ryan Air flies in and out of, and we found flights from Krakowska to Sweden for about $25 USD apiece. It was not difficult to exceed the minimal expectations.
Family FIRE Travels: Krakow, Poland - Physician on FIRE
The Sunday Best (10/30/2022) - Physician on FIRE
For more great articles, take a peek at The Sunday Best Archives. What Contributed More To My Net Worth: A Six Figure Salary Or Investment Returns? Doctors who FIRE seem to be held to a different standard as everyone else, as Dr. Anthony Ellis, who retired kind of early, points out at The White Coat Investor. The Darwinian Doctor explains why he believes in multifamily investments now more than ever. Moonshots & Unicorns: Investing in Startups, The Banker on FIRE quotes Morgan Housel, "When it comes to money,... more
The Sunday Best (10/30/2022) - Physician on FIRE
Does High Inflation Destroy the 4% Rule? - Physician on FIRE
With inflation hitting 20-year highs all around the world and everything from a tank of gas to a package of hot dogs becoming more expensive than it was even a few months ago, all of a sudden inflation is the issue that everyone's talking about. What happens if you retire in a year with high inflation? Does that screw over your FIRE plan? Do you run out of money and are forced to live in an alley somewhere eating cat food? *shrug* I don't know! But let's find out, shall we? The Gold Standard As I started my... more
Does High Inflation Destroy the 4% Rule? - Physician on FIRE
4 Lessons From 4 Years of Retirement - Physician on FIRE

 

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4 Lessons From 4 Years of Retirement - Physician on FIRE
Moonshots & Unicorns: Investing in Startups - Physician on FIRE
Compound is being acquired by Republic, a multi-faceted fintech startup in its fifth year, and I would have an opportunity to invest in the larger company. Two of these investments are in space companies that have made the news recently. Again, for full disclosure, I do own a small slice of this company and I've made numerous investments in other companies on the Republic platform. We find them early, we enhance the sustainability of management, and provide a galaxy's worth of connectivity that helps us crystallize... more
Moonshots & Unicorns: Investing in Startups - Physician on FIRE
The Sunday Best (10/23/2022) - Physician on FIRE
For more great articles, take a peek at The Sunday Best Archives. What Does Success Look Like and How Does It Feel? How does your definition compare to hers? Some people define success as always getting the best deal and saving as much as possible. The Short Term Rental Course from Drs. Leti Alto and Kenji Asakura, Accelerating Wealth: Short-Term Rental Blueprint, officially opens tomorrow, but I'm able to give you early access and $200 savings if you register before the end of the day today, Sunday 10/23. The... more
The Sunday Best (10/23/2022) - Physician on FIRE
Creating a Safety Net For Your Life - Physician on FIRE
The more prepared folks take steps to set up safety nets to help mitigate the risks and uncertainty that come with their jobs, possessions, and family members. It won’t stave off disaster, but you can at least turn many otherwise serious situations into mere annoyances. While it’s important to think optimistically, knowing you have a good safety net can help you rest easy at night. If you’re healthy, you may want to consider a high-deductible plan with an HSA. After all, I would like to mention.
Creating a Safety Net For Your Life - Physician on FIRE
Financial Progress After 3 Years of Living Like a Resident - Physician on FIRE
The past four months have seen us essentially treading water, with the previous eight being responsible for any annual gains. Overall we are still holding $28,000 more in cash than when I started. The smooth ride of 2021 is also a thing of the past, and investors have been punished since the start of the year. There are many ways to improve your financial standing and increase your net worth.
Financial Progress After 3 Years of Living Like a Resident - Physician on FIRE
Which is Better? Chase Sapphire Preferred versus Sapphire Reserve - Physician on FIRE
The Chase Sapphire Preferred and Chase Sapphire Reserve cards are two of the most popular rewards credit cards available. Cardholders are rewarded with valuable and flexible Chase Ultimate Rewards points, which can be redeemed for travel, cash, gift cards, and more. The Reserve card just increased their welcome bonus by 33.3% in October of 2022. The card offers a complimentaryDashPass subscription for DoorDash.
Which is Better? Chase Sapphire Preferred versus Sapphire Reserve - Physician on FIRE
Top 5 Ways to Keep Taxes Low in Retirement - Physician on FIRE
There's federal income tax, state income tax in most states, and even municipal income taxes in some cities. You'll most likely income sources that will be subject to tax, but typically at a lower tax bracket than you're used to, and some of that income may be in a 0% tax bracket. Child Tax Credit When you have income of $400,000 or more as a couple or $200,000 or more as a single filer, you start to lose the child tax credit of $2,000 per child for each child dependent age 17 and under. Effectively, the loss... more
Top 5 Ways to Keep Taxes Low in Retirement - Physician on FIRE
The Sunday Best (10/16/2022) - Physician on FIRE
2 Years Of Early Retirement: Finances, What's Changed And What's Next? Mr. Money Mustache, who retired forever ago, contrasts the default lifestyle to a more evidence-based, science-backed lifestyle. Check out The Physician Philosopher Podcast about creating freedom after feeling trapped. Find out all that's new for this edition of ACE and how to get a month of free coaching. Who wants to learn from a millionaire? How about five of them? Another batch from ESI Money: Millionaire Interview 325 Millionaire Interview... more
The Sunday Best (10/16/2022) - Physician on FIRE
How to Use Tax Diversification to Reduce Taxes Now AND in Retirement - Physician on FIRE
A tax-diversified portfolio should be made up of tax-deferred, Roth, and taxable accounts.        
How to Use Tax Diversification to Reduce Taxes Now AND in Retirement - Physician on FIRE
Financial Independence Without Delayed Gratification - Physician on FIRE
The reason so many feel becoming financially independent is a sacrifice is a misguided notion that spending anything less than all you earn is somehow a great sacrifice. Imagine the reaction I would get if I told those US households who earn less than the median US income of the great sacrifice I was making by only spending $150,000 a year on my lifestyle. Spending more would only have meant each item we bought cost more. We could spend more on our lifestyle, we could invest it, we could use it to become debt... more
Financial Independence Without Delayed Gratification - Physician on FIRE
You Spend How Much? Clearly, You Lack Imagination. - Physician on FIRE
Hypothesis: Low Spenders Lack Imagination For the purposes of this discussion, consider a low spender to be someone spending $50,000 to $100,000 a year in 2016 dollars, which is when the question was first posed. Who wouldn't want these things if they could afford them? Opposing Argument: Fun Can Be Had Without Spending Top Dollar You can't really replicate every aspect of heli-skiing without spending the money to do it with a little imagination and research, you may find a location, outfitter, or time of year... more
You Spend How Much? Clearly, You Lack Imagination. - Physician on FIRE
The Sunday Best (10/09/2022) - Physician on FIRE
The Sunday Best Archives is a collection of articles I've curated from the furthest reaches of the internet for your reading pleasure. Financial Independence (FI) is a primary focus, but it's an awfully broad topic. The Financial Samurai discusses how to buy other governmental bonds, either from Treasury Direct a brokerage and Buying Strategies to Consider. The Financial Panther demonstrates the massive benefits of e-biking. The Finance Buff and Dr. Katrina Ubell. Ubell shared her best tips. For more great articles,... more
The Sunday Best (10/09/2022) - Physician on FIRE
Financial and Retirement Planning for Physicians - Physician on FIRE
List all of your guaranteed sources of retirement income -pension, investment portfolio returns and income, retirement savings, investment accounts, such as a traditional IRA, 401(k), Roth IRA or Roth 401(k), Social Security, annuity income, and any other sources of income. Delaying retirement can have a significant impact on retirement finances by giving your existing retirement savings more time to grow and shortening the period of retirement you will need to pay for. How much you want to spend in retirement... more
Financial and Retirement Planning for Physicians - Physician on FIRE
Three Years Ago, He Stopped Ironing Shirts - Physician on FIRE
How has retirement gone for them? What issues and concerns do they have? What did they find most appealing and surprising? Today we hear from Stop Ironing Shirts, who ironed his shirt for the final time a little over three years ago, and shares some reflections and updates on his early retirement journey thus far. From the time I was born until the age of 37, I was programmed to have adults tell me what to do. There are little things I do today to maintain control of my time, including sticking to the rule of... more
Three Years Ago, He Stopped Ironing Shirts - Physician on FIRE
A Big List of Tax Loss Harvesting Partners - Physician on FIRE
Tax Loss Harvesting is a great tool for generating tax alpha and lowering your annual tax bill, but it only works if you can find a suitable partner. Dr. Sangamitra Sadhu, the author of this comprehensive list of tax loss harvesting partners, identifies potential mates for your current holdings and makes a strong case for pursuing multiple partners. The replacement fund may have a higher expense ratio.
A Big List of Tax Loss Harvesting Partners - Physician on FIRE
The Sunday Best (10/02/2022) - Physician on FIRE
If money can buy time, and you can use time to make money, which is more important? Retire Before Dad examines the changing relationship between Time and Money. If you retired in recent months, sequence of returns risk could be a real issue for you. Real estate investors may soon be writing memoirs recalling the good old days of 100% bonus depreciation, which is slated to end after 2022. 200 Off Passive Real Estate Academy! There's one type of real estate investing that's particularly attractive for us Financially... more
The Sunday Best (10/02/2022) - Physician on FIRE
Take Advantage of 100% Bonus Depreciation While You Still Can - Physician on FIRE
Depreciation is a tax break available to any business owner who buys property that isn't used up in a single year. There are basically four sources of return from a rental property: Depreciation falls into the fourth category. Depreciation differs from the rest in that it is recaptured at a lower rate when you sell. You got to use those saved taxes for up to 39 years. If you exchange the property (instead of selling the property over and over again, to get the step up in dismissing and your heirs get the step... more
Take Advantage of 100% Bonus Depreciation While You Still Can - Physician on FIRE
Six Reasons High Earners Fail to Get Rich - Physician on FIRE

It seems logical that the more money you earn, the more money you would manage to accumulate over a lifetime.

Starting with a decent tailwind on the income side must surely lead to a easier time scrapping your way to multimillions, right?

In fact, there are often hidden headwinds that can affect a high earner more than someone with a more modestly paid “regular job.”

Some of these obstacles get in the way of just stacking the benjamins far and wide.

In this post, from Banker

... more
Six Reasons High Earners Fail to Get Rich - Physician on FIRE
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