Each week I run into a few articles that I feel are especially valuable. Every Monday I would like to share some of the best with you, my readers. I hope you find them helpful.
This week’s favorites include pay off debt or invest, real estate as a post medical career, does specialty choice make a difference to your wealth, budgeting for healthcare in early retirement, and the pros and cons of a career change at age 50.
I guess great minds think alike. I just published an article on paying off the house vs. investing a couple of days after The White Coat Investor published Pay Off Debt or Invest. We both have our articles set up in advance and they just happened to come out two days apart. He lists seven principles to follow when deciding how you will pay off your debt. #1 is the most important. Perpetual debt is not a good practice, it’s a habit that everyone needs to break. Get a copy of my book The Doctors Guide to Eliminating Debt and find out how you can stop managing your debt and start eliminating it. I don’t regret having become debt free early in my career.
Crispy doc explores real estate as a post-medical career. His experience with syndications was “not very good” and he is going to follow my path into direct ownership of real estate. He has a seven step plan for his future, do you? If you want to get into direct ownership of real estate but don’t want it to be like a second job, then check out my course, The Doctors Course to Automating Your Real Estate Investments so your experience can be as passive as it should be.
It would seem like making more money would be helpful to becoming wealthier. But is it? Wealthy Doc walks us through the process of How to Choose a Wealth-Building Medical Specialty. I’m not sure I agree that income is the biggest determining factor of wealth. I think your expenses, which you can control, is the most important factor in building wealth. But it does seem like more income will offer an advantage. What do you think?
The variable (usually climbing) cost of healthcare is a big fear for most who are considering retirement. It is especially important to those considering early retirement as they will need healthcare before they reach Medicare age. Budgets are Sexy gives us a guide for planning our healthcare insurance costs. If you are getting close to retirement, you will want to read this article before pulling the trigger. Then read The Doctors Guide to Smart Career Alternatives and Retirement before you make your move.
Many doctors are thinking about making a career change. There are a few general things to think about before pulling the trigger. The Dave Ramsey Blog gives us some things to consider in Should You Make a Career Change at 50? I pulled the trigger at age 54 and have been very happy with my choice.
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.