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 what you should know about locum tenens licensing, how a physician becomes a capitalist and not a laborer, beginning to build your real estate portfolio, how sequence of returns is affecting you now, and which is better to work less now or work less later?
When starting a locums life that involves working in another state, you will need to acquire additional state licenses beforehand. There are a few tricks you can use to make this process smoother. Locums Story posted an informative list of Everything You Need to Know About Locum Tenens Licensing. Following these tips will make your life a little bit easier. If you are looking for even more information to improve your locums life, look into my online course, The Doctors Guide to Thriving in Locum Tenens. Learning from those who have gone before you will make your transition into locum tenens less stressful.
Laborists don’t tend to become wealthy, capitalists do. Physicians, no matter how they are employed, are laborists, as they are trading their time for money. Laboring to increase your wealth is a hard way to get ahead financially. XrayVsn teaches us to break that pattern with Become a Capitalist, Not a Laborer (Building Your Financial Dam). Stop working for money and put your money to work for you for a change.
The old saying that starting is half done is especially true with real estate investing. Many of us are afraid to start, but once we do, we see how easy investing is and we can move forward with confidence. The Frugal Physician tells the story of How Justine Built her Real Estate Portfolio. Justine started very small in the New York market and worked her way up. If she can do it, so can you. For more information about getting started in real estate investing read The Doctors Guide to Real Estate Investing for Busy Professionals.
For anyone who is newly retired, the recent drop in the market might have been a scary moment. The reason is the sequence of returns problem. The Loonie Doctor gives us a helping hand with his article SORR (Sequencing Risk) Reduction Using Cash Flow Strategies. He covers a few ways to make the market drop less painful. But if your retirement is FatFIRE, like me, then the SORR is not much of a concern. Did you feel a pinch with the drop?
The group of people who overspend their income in the name of “you only live once” may be missing out. I think you only die once, but you live every day. There is a tradeoff between what you do, earn, spend, and save now and how it effects your future. The Physician on FIRE recently reposted a Passive Income MD post called Work Less Now or Work Less Later. What’s Better? I tend to agree with the author, you need to balance what you spend between the present and the future so you can maximize the enjoyment of each. What do you think?
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.