Fawcett’s Favorites 5-9-22

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 six reasons high earners don’t get rich, how much can I safely take out of my retirement plan each year, 13 important money rules to live by, how to plan for aging parents, and ways to reduce the number of hours spent on electronic medical records charting.

Happy reading!

You would think that making a high income equates to becoming rich, but that is not the case. If one earns a high income but spends it all, they will not become rich. If one earns a high income and saves a good portion of it, they will become rich. It is not just the income, but also the choices made that moves us to becoming rich. Banker on FIRE helps out with Six Reasons Why High Earners Don’t Get Rich. I’m especially partial to #6. If you would like to read more on this issue check out It Doesn’t Take Special Financial Knowledge to Become Wealthy

When we retire we worry about how long our savings will last and how much money we can safely withdrawal each month. Allan Roth writing for AARP shares with us How Much Can I Take from My Retirement Savings? This is a great summary that takes into account your retirement age. The younger you are when you pull the trigger, the longer your money needs to last. I was concerned about this when I retired as well. Fortunately, my money has been growing faster than I’m spending it. 

So what are the rules? If we want to play any game well, it is important to know the rules. When opening a new game to play with our family, we first read the rules before starting to play the game. Do you know the rules of money? Did you learn them before you started playing the game? Or did you just begin the game and hope you are used your money wisely? Savebly has something to help us out with that issue with 13 Important Money Rules to Live By. If we know the rules, we have a chance at winning the game. 

As our parents age, there may come a time when they need our help to manage their finances. This can be a touchy subject, especially if your parents don’t think you manage your own finances well. So get your house in order first, then they will be happy to receive your help with their finances. Leisure Freak has something to say that will assist you in How to Plan for Aging Parents. My wife and I have been involved with helping both of my grandmothers, and both of our parents keep track of their finances. Now it’s time to give back for all the financial help they gave us during the first 22 years of our lives. 

Let’s face it, doctors are not fond of the Electronic Health Records system (EHR). Its introduction increased the number of hours we had to work; cutting into our free time. It was never designed to help doctors, it was designed to increase hospital billing. Although EHRs have become a part of life, there are ways to lessen the sting. The AMA published an article on Four Quick Wins to Free Up Hours Spent on EHR Work. How many of these quick wins can you implement to spend less time on your EHR and more time with your family? 

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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