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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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111 Posts
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

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Six Reasons High Earners Fail to Get Rich - Physician on FIRE
In Defense of FIRE - Physician on FIRE
The Financial Independence, Retire Early (FIRE) movement is often misunderstood and dismissed as foolish frugal freaks with a lot to learn about life. The general rule of thumb is to live on only 30 percent of your income and invest the rest. For more information on FIRE, visit the Financial Independence and Retire early (FIre) and the Financial Financial Financial Independence. For confidential support, call the Samaritans on www.samaritans.com and www.s Samaritans.org.com, or www.S Samaritans, orwww. S Samaritans... more
In Defense of FIRE - Physician on FIRE
The Sunday Best (09/25/2022) - 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. To get to the best: The Sunday best Archives. The Monday Best.
The Sunday Best (09/25/2022) - Physician on FIRE
9 Financial Mistakes Physicians Make & How to Avoid Them - Physician on FIRE

It’s always good to learn from those who have trod the path ahead of you.

From learning from the mistakes of others to avoiding pitfalls that might be harder to see along the way, staying out of trouble can pay dividends now and later.

In this post, take a look at nine common mistakes physicians make with their money, and some tips on how to avoid them and stay on the right track.

This guest post was submitted by site sponsor Forme Financial.

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9 Financial Mistakes Physicians Make & How to Avoid Them - Physician on FIRE
7 Best Real Estate Syndication Tax Benefits - Physician on FIRE

Real estate can be a great alternative asset class for investors of all stripes — accumulators, early retirees, regular retirees, trust fund beneficiaries, and more.

But the late-night calls for clogged toilets and water leaks scare some folks away from active real estate investing.

There is more to passive real estate, though, than your nearest REIT – for accredited investors, there are syndications, and they bring with them not only passive income but also some special tax benefits, too.

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7 Best Real Estate Syndication Tax Benefits - Physician on FIRE
Three Years of FIRE and the Point of No Return - Physician on FIRE

It’s been over three years since I stepped out from the call room I called home for the weekend, changed into plain clothes in the locker room adjacent to the operating rooms, and wondered if I’d ever put on a pair of scrubs again.

Three summers ago, I moved my family back to northern Michigan, settling briefly into a small home that should have worked well as a home base while we traveled extensively for the next three to four years.

Man plans and epidemiologists laugh. No, these last few

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The Sunday Best (09/18/2022) - Physician on FIRE
Financial Independence (FI) is a primary focus, but it's an awfully broad topic. The Millionaire Before 50 watches the portfolio shrink, but the multimillionaire isn't sweating it. Do you know the difference between hedonic happiness and eudaimonic happiness? Jonathan Clements with Humble Dollar explains the difference and which to primarily pursue. Click to see the Sunday Best Archives. Click here for the best of the best. For the best: The SundayBest Archives.
The Sunday Best (09/18/2022) - Physician on FIRE
7 Great Tax Benefits of Investing in Real Estate - Physician on FIRE

Apart from the passive income that real estate investments can throw off, there are other benefits that can accrue to investors as well – including some that aren’t quite as obvious as mailbox money showing up every month.

Taxes are an important win you can get from properly structured real estate investments.

There are a few parts of the tax code that especially favor real estate, and of course, it makes sense to ensure you’re able to derive benefit as much as you can from those areas.

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7 Great Tax Benefits of Investing in Real Estate - Physician on FIRE
How to Invest with a Looming Recession - Physician on FIRE
Mike Piper: It's important to make a distinction between the stock market and recessions. He says the price of a stock is essentially a prediction, it’s a function of how much the market collectively expects that company to earn. Piper: If the market has recently decided that publicly-traded corporations are to become less profitable, that doesn’t mean that the market is likely. It doesn't mean the market. The market doesn't be to go down. As of this writing, the stockMarket is down about 14% year-to-date.... more
How to Invest with a Looming Recession - Physician on FIRE
The Coming Housing Market Downturn - Physician on FIRE

After two years of rapidly rising housing costs, we’re now seeing signs of a housing market downturn in residential real estate.

While it’s not necessarily true that what goes up must come down — sometimes prices rise and stay that way — when they rise as fast as they did, there’s bound to be some sort of deflation or at least a leveling off.

Today’s guest post from medical student Rui Bouça explores the data and indicators that point to a significant slowdown in the U.S. housing

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The Coming Housing Market Downturn - Physician on FIRE
The Sunday Best (09/11/2022) - 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.

Every week, I scan hundreds of headlines, read dozens of posts, and bring you the best of the best to save you time and mental energy.

Financial Independence (FI) is a primary focus, but it’s an awfully broad topic. I tend to approach FI and early retirement from a fatFIRE perspective and through the lens of a physician,

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The Sunday Best (09/11/2022) - Physician on FIRE
Syndication Returns Explained - Physician on FIRE
The CoC is just the average of all of the years in which a deal is active. It’s an interesting number, but I like to see the CoC broken down by year to get an idea of how much money I can expect in my pocket. These numbers are based on predictions and educated guesses by the sponsor/ operator. By now, you probably want to know which combination is the best. More than likely, you’ll have to settle for a relatively lower value. The following general rules of thumb can be helpful.
Syndication Returns Explained - Physician on FIRE
The Four Backstops to the Four Percent Rule - Physician on FIRE

The four percent rule sure seems to get a lot of scrutiny. Is it too conservative? It is too generous?

And of course, scrutiny from all sides is a good thing. We need to stress test the factors going into decisions we make with long-lasting implications.

The best theories and rules survive this scrutiny.

But should we consider some external factors as well when applying a straight withdrawal rate rule to our retirement plans?

The FI Tax Guy thinks so, and explains more about his

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The Four Backstops to the Four Percent Rule - Physician on FIRE
Crowdstreet: An Honest Review of the Largest Online Real Estate Investing Marketplace - Physician on FIRE

Founded in 2013 shortly after the passage of the JOBS Act allowed for this business model, Crowdstreet has emerged as a leading platform connecting accredited investors to a wide variety of real estate investments via its crowdfunding platform.

I have personally invested in two ground-up building projects through Crowdstreet. The first is a student housing project in Texas in late 2019 and the second being a workforce housing project in another part of Texas in early 2021. Both have projected annual

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How a Taxable Brokerage Account Can Be Better Than a Roth IRA - Physician on FIRE

Would you believe that a non-qualified brokerage account, a.k.a. taxable account could mimic the benefits of a Roth IRA? Or be as good or better than a Roth 401(k)?

If you answered “no,” then I’ve got news for you, and if you answered “yes,” then I probably don’t have much to teach you and you’re welcome to move on over to Bogleheads and answer everyone’s questions over there.

A certain number of conditions must be met, of course, and it may not be ideal to attempt to meet all

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How a Taxable Brokerage Account Can Be Better Than a Roth IRA - Physician on FIRE
The Sunday Best (09/04/2022) - 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.

Every week, I scan hundreds of headlines, read dozens of posts, and bring you the best of the best to save you time and mental energy.

Financial Independence (FI) is a primary focus, but it’s an awfully broad topic. I tend to approach FI and early retirement from a fatFIRE perspective and through the lens of a physician,

... more
The Sunday Best (09/04/2022) - Physician on FIRE
Is the Wealth Effect Making You Think You’re Rich? - Physician on FIRE
Much of the economy is driven by consumers’ confidence in their current situation and their outlook for the future. But is there actual wealth behind that feeling of “being rich?” This Saturday Selection was originally published on the White Coat Investor. What do you think? What have you done to combat the wealth effect in bull markets and in bear markets?
Is the Wealth Effect Making You Think You’re Rich? - Physician on FIRE
What the Happiest (and Unhappiest) Retirees Know - Physician on FIRE
ESI Money continues his look at a book profiling retirees, their happiness, and their conditions. Today we continue our coverage of the great retirement book What the Happiest Retirees Know: 10 Habits for a Healthy, Secure, and Joyful Life. In this post, we’ll be discussing chapter 2 which covers the characteristics of unhappy retirees, or UROBs. The author goes on to list seven traits of unhappiest retirees.
What the Happiest (and Unhappiest) Retirees Know - Physician on FIRE
FIRE Crossroads 033: Government-Issued Golden Handcuffs - Physician on FIRE

Today’s dual-physician couple has not yet arrived at their crossroads, but they can see it if they zoom out far enough on Google Maps. Will they turn left? Or right?

Financially, they will likely reach their goals when he’s in his early 50s and she’s in her mid-40s. If they hold out another four to five years, not only will they reap the benefits of working one more year again and again, but they will also qualify for a beefed-up pension and health insurance for life.

That’s not an easy

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FIRE Crossroads 033: Government-Issued Golden Handcuffs - Physician on FIRE
Starbucks: Buy the Real Estate, Not [Just] the Coffee - Physician on FIRE

When you step into your favorite coffee shop and plop down $3 to $5 or more to get your daily caffeine fix, do you ever wonder where that money goes? I mean, you can make a simple cup of coffee at home for much less.

There’s the cost of ingredients, labor costs for the barista, supplies like disposable cups and lids, and perhaps a franchise fee to cover. Also, in most cases, the coffee shop owner is paying rent to the owner of the building they occupy.

Michael Morris, the author of today’s

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Starbucks: Buy the Real Estate, Not [Just] the Coffee - Physician on FIRE
The Sunday Best (07/10/2022) - 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. Other 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 Worst Archives. Click here to see the list of articles.
The Sunday Best (07/10/2022) - Physician on FIRE
Estate Planning On My Mind - Physician on FIRE

We’re all going to die!

There’s no sense in pretending we’re immortal. And even the most ardent minimalists among us collect possessions and money, and that needs to go somewhere when the end comes.

Not to mention those with families – what’s the plan for your assets and liabilities if you were to pass? How will things be handled? Who will take care of any spouse and children you left behind?

Passive Income MD has had estate planning on his mind lately, and he shares some items

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Estate Planning On My Mind - Physician on FIRE
AcreTrader Review 2022: My Investment in Cash-Flowing Farmland - Physician on FIRE
AcreTrader's mission is to identify farmland that can be obtained at an excellent value, rent the land to local farmers. The company was founded in 2018 by CEO Carter Malloy of Oxbow Agriculture. Most farms will be held by Acretrader. Allowed investors to grow their. to grow a collection of farms more rapidly, avoid taking on any debt for the transactions. If an equity investment uses 60% to 70% leverage.
AcreTrader Review 2022: My Investment in Cash-Flowing Farmland - Physician on FIRE
Seven Lessons From Two Years of Financial Freedom - Physician on FIRE
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Seven Lessons From Two Years of Financial Freedom - Physician on FIRE
FIRE Crossroads 032: Working Nights in Another State - A Sustainable Approach to FI? - Physician on FIRE
The biggest change would be getting to supercharge what we already love. For instance, I love gardening and would pursue our area master gardener and naturalist certifications. We are generally frugal, with our biggest splurges being dining out or ordering in. We have our new investments aggressively allocated at this time in stocks, which might change in ten years or so. Are you facing any unique challenges making FI or RE more difficult. We won’t feel comfortable completely retiring. It’s going to be more... more
FIRE Crossroads 032: Working Nights in Another State - A Sustainable Approach to FI? - Physician on FIRE
5 Ways to Retire With $5 Million by Age 55 - Physician on FIRE
A 55-year old can expect to live an average of 26 (male) to 29 (female) more years, according to the Social Security Administration’s actuarial tables. With $5 million in retirement savings, you can spend in the range of $150,000 to $200,000 a year using a 3% to 4% safe withdrawal rate (SWR) with a very low likelihood of ever running out of money. With two people earning and saving. The median outcome would be to have $13 to $14 million. The monthly savings required for them to reach $5 Million. by age 55... more
5 Ways to Retire With $5 Million by Age 55 - Physician on FIRE
The Sunday Best (07/03/2022) - 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. Failing to create an estate plan is another mistake that many people make, according to Engineer Your Finances. You can earn CME with the following courses: Financial Wellness and Burnout Prevention for Medical Professionals. To get the 20% discount, enter CODE BIRTHDAY2022 at checkout. For a whole lot more... more
The Sunday Best (07/03/2022) - Physician on FIRE
Why WCI Hates Parent PLUS Loans - Physician on FIRE
The White Coat Investor shares that Parent PLUS loans are incentive behavior that some might consider questionable. The Parent PLUS loan, where the parent borrows the money for the student to attend school, is one of the most popular programs in the U.S. There are still a number of different programs around with different payment schedules, forgiveness requirements, and eligibility options.
Why WCI Hates Parent PLUS Loans - Physician on FIRE
Drawdown Strategy Revisited After 3 Years of Retirement - Physician on FIRE
Revisiting Our Retirement Drawdown Strategy Developing a strategy for managing your transition from accumulation to drawdown is critical. Grade: A Implement the Bucket Strategy I've written extensively about this one, and the Bucket Strategy Series has been my most-read series. If you're interested in reading more about it, below are links to the three articles I've written on the strategy: The Bucket Strategy Series: How To Build A Retirement Paycheck How To Manage The Bucket Strategy Your Bucket Strategy Questions,... more
Drawdown Strategy Revisited After 3 Years of Retirement - Physician on FIRE
FIRE Crossroads 031: $1.1M With Two Pensions Pending - Physician on FIRE
Are your investments primarily in tax-deferred, Roth, or "Taxable" post-tax accounts? Thirty percent of our $1.1M investments are in tax-deferred accounts, 36% in Roth, and the remaining 34% is in a taxable brokerage account. Currently, the tax-deferred accounts available to us include a 403(b) and 457(b), and TSP. We max out all three of these accounts at the moment - however, if I decide to drop the summer teaching, we'd need to revisit this situation for cash flow. The taxable brokerage account got pumped... more
FIRE Crossroads 031: $1.1M With Two Pensions Pending - Physician on FIRE
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