To start the new year, I've decided to bone up on my financial knowledgebase and wealth management. I've already written about Passive Income MD. It offered me some of the best tax advice I've come across for calculating my potential new tax liabilities with the tax reform law that was recently passed by Congress.
Now I'm going to give a shout out to another financial blog for physicians. It is called Physician on FIRE. It's written by an anesthesiologist and is all about working towards early retirement. FIRE stands for Financial Independence, Retire Early. The author claims he achieved financial independence at the age of 39 years old, only nine years after starting his career.
His bio is rather interesting. He started out working in a small hospital as the only anesthesiologist on staff. His dreams of a stable long term career were shattered soon after when the hospital closed for financial reasons. He then went through a series of locum tenens jobs before landing at another permanent job position. Thinking he needed to have more financial stability he started thinking about becoming financially independent which eventually led to his blog.
While quickly perusing his site, it seems to emphasize long term investing in stocks and real estate with a healthy dose of prudent spending. His family appears to live modestly which allow them to keep expenses down and let them live well within their means. That in essence is the recipe for long term monetary success. So check it out if you want to see why you are living paycheck to paycheck despite earning a six figure income. Your goal in 2018 should be getting away from that precarious position and start enjoying your work, not just working for that next check.
Tomorrow, we'll talk about one of the granddaddies of investment websites for physicians. This doctor has truly achieved financial freedom using nothing but the written word and thousands of followers.