Fawcett’s Favorites 1-3-22

Every week I find a few great articles I feel are especially valuable. Following are this week’s best. I hope you find them as useful as I did.

This week’s favorites include lessons from Rich Dad, Poor Dad, mistakes to avoid during job interviews, ways for grandparents to give to their grandchildren, how to use leverage safely, and who’s leading the charge in fighting burnout.

Happy reading!

I really loved reading Rich Dad, Poor Dad. I learned many lessons from reading this book. Debt Free Doctor puts together a few lessons he gleaned from Rich Dad, Poor Dad in his article Five Real Estate Investing Principles from Rich Dad Poor Dad. He also threw in a few life lessons as well. My favorite lesson was the rich focus on their asset columns while everyone else focuses on their income statements. Hope you love these lessons. 

We are currently in the midst of interview season for chief residents looking for their first attending job. Those in the interview process will do well to avoid making awful mistakes. Investing Doc lists a few in Mistakes to Avoid When Interviewing for a Physician Job. Some of these are pretty funny; I can’t believe people really make such mistakes. You will also be helped by reading The Doctors Guide to Starting Your Practice/Career Right. The right start makes all the difference. 

This article was timely for me. My first grandchild was born this year and his father started a 529 college savings plan for him. So I decided to contribute to it. Then I saw this great article from FI Physician on the different tax free ways grandparents can give to their grandchildren. Have you passed on wealth to your kids or grandkids yet? It is a fun thing to do. 

I am a fan of using leverage to build real estate wealth. Having a mortgage on a rental property that I couldn’t afford otherwise actually makes me money. But I don’t go so far as to call it a good debt. I don’t think there is such a thing as good debt. Debt is a tool and a burden. Always be careful with “good” debt. The White Coat Investor published an article from one of their columnists on How to Use Leverage and the Differences Between Good and Bad Debt. Follow this up with The Doctors Guide to Eliminating Debt for balance. 

Burnout is way over represented in medicine. There are many doctors rising to fight it. The American Medical Association published a nice summary of Eight Doctors who are Leading the Charge in Fighting Physician Burnout. Maybe one of these doctors’ articles will spark changes in your institution and help drop the burnout rate. 

I hope you enjoy these articles as much as I did. I look forward to updating you again next week with a few more articles I find especially interesting. If you read an especially good article, send me the link so I can share it with others.

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