There is a lot of talk about “lifestyle inflation” which is basically spending the extra money one makes as one gets more advanced in a career, gets a side hustle, inheritance, stock market gains, credit (terrible idea) or whatever. What about the opposite of lifestyle inflation? We voluntarily went through “lifestyle deflation” once we realized that we were spending our way to unhappiness. It’s not as bad as it seems and totally worth the short-term pain to get back on track. Continue reading “The Lifestyle Deflation Paradox – Decrease your lifestyle to increase it.”
I’ve been in a bit of a funk lately with medicine. Lots of patients, 2 young kids, no vacation for a while owing to partner leaving and no nearby family. I love my job choice of medicine. It’s easy to overlook all the good things about a career in medicine and as bloggers we often try to identify problems with our job so we can offer solutions. So I decided to write down some things I’m grateful for in medicine, a gratitude post. Continue reading “Gratitude Blog Journal”
Yay me, I found the perfect physician job: warm (but not hot) all year round, right on the beach, 1 hour drive to mountains with skiing, large international airport (with Southwest), 7 figure pay, low cost state with no income tax, tons of benefits (401k, 457b, match, healthcare), no buy in immediate partnership, no call, 15 weeks paid vacation and 2 fulls days off a week.
This is a continuation from a previous post titled: How spending money can create happiness – Part 1
5. Pay now and consume later
Modern culture is consume now, pay later. We can get almost whatever we want, on credit, delivered to out door within 1-2 days (sooner if amazon drones take off). This eliminates anticipation, which is a source of happiness. Taking the cookie example, eat the cookie now and get X pleasure, or save the cookie for later and get X pleasure plus all the anticipatory pleasure from delaying. Continue reading “How spending money can create happiness – Part 2”
Everyone knows becoming a doctor takes a long time. We sign up for that when we start taking medschool prerequisites in college and studying for the MCAT. What you can’t know when you sign up is that you will enter medicine young and emerge older but sometimes minimally changed, but the world will have changed, a lot. Preparing for a career in medicine is preparing to traverse the wormhole of medicine. Continue reading “Medicine is a wormhole”
As a follow-up to my recent post on “Income and Happiness”, I thought I would delve deeper into the link between money and happiness. Specifically, is there a way to spend money that makes one happy? Continue reading “How spending money can create happiness – Part 1”
I preparation for one of several personal finance educational talks I give each year to residents and medical students, I’ve been thinking about a good analogy for learning personal finance as a physician. You know, to motivate those that haven’t to take the first step and those that have to stay the course. Well, turns out that learning personal finance is a lot like learning human anatomy, and just as interesting. Continue reading “My first dead body – How physician personal finance is like anatomy.”
Bond choices are plentiful: treasuries, municipals, corporates, junk. Bond durations vary: ultra-short, short, intermediate, long. Bond packages abound: mutual funds, ETFs, individual, ladders As a high income family we have specific needs from bonds, but what to do? Continue reading “Bond portfolio choice for our high income family – A weekend at Bernie’s”
A few years ago, I would never have conceived a time when I had the time or desire to blog about my life. My family and I were changing too much and we were far less certain about what we wanted from life. Times have changed!
We are now in the midst of an identity crisis of epic proportions, and that’s not a bad thing. Financial independence is within our reach, and only a major event could derail that in the next few years. I thought this would be a good time to reflect of how the journey to financial independence has change the vision my family and I have for life. Continue reading “Priorities make choices – How the road to financial independence is changing my priorities.”
There is no question that the financial house of my family is solid, but it wasn’t always so. My wife is a PA and finished training 10 years ago and I finished my residency within that period. We passed though a time of high 6-figure debt, job uncertainty, frequent relocation and financially illiteracy. Like adolescence, we’ve grown through those “akward times”, and we had a lot of help along the way. This post is my homage to that help. Continue reading “Financial mentor – Get one or be one”