Every week I run into a few articles that I feel are especially valuable, so each Monday I plan to share some of the best with you, my readers. I hope you find them helpful.
This week’s favorites include the Ten Reliable Steps to Financial Freedom, a comparison of outcomes between high and low spending doctors, how your taxable accounts can be as good as your Roth accounts, the risks physicians take by being on social media, and how to find all your student loans.
If you are wondering how you will get to the end point of financial freedom, then Wealthy Doc spells it out for you in his article Financial Freedom in Ten Reliable Steps. Number four is my favorite and I have been trying to get people to do this for years. Take a gander and tell me which step is your favorite. We can all get there if we just get started.
Ever wondered what is the outcome difference between a high spending lifestyle and a more moderate one? I followed two doctors named Dr. Timex and Dr. Rolex in my book The Doctors Guide to Starting Your Practice/Career Right and showed you what their outcomes were like. The Physician Philosopher gave us some numbers in his comparison of Dr. EFI (Early Financial Independence) and Dr. Jones. This was published on The White Coat Investor site last week as The Tale of Two Doctors: The First Paycheck.
Everywhere I look it seems the Roth IRA is spoken of as of the cat’s meow when it comes to retirement. Yet I retired without any Roth products in my quiver. So there is obviously other ways to do this retirement thing. The Physician on FIRE pinned a nice piece about How a Taxable Brokerage Account Can Be As Good or Better Than a Roth IRA. Let me know what you think.
Being on social media sets physicians up for all kinds of wacky anonymous responses. I have seen several of the physician financial bloggers attacked for taking a position someone else didn’t like. Here is a good example posted on KevinMD that even went to the state medical board. Watch out for The Risk Physicians Take When Going on Social Media. Have you ever been attacked on social media?
Many times when I do one on one coaching for a physician financial makeover, neither the physician nor their spouse know exactly what loans they have. It is very difficult to conquer a foe you don’t even see. DocWife penned a quick way to identify all the loans against your name in Your Dr. Spouse Doesn’t Know What Student Loans He Has, Here’s How to Find Out. If you are not sure about your loans, start with this article.