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 the unspoken risks of not retiring early, the key to tax-free wealth accumulation, five financial truths every resident needs to know, six lessons learned from dad, and the relationship between hobbies and success.
Many people who have the dream of retiring early often hear the risks of doing so. But not many people contemplate the risk of NOT retiring early. These were things I was thinking of when I retired early. My father was also thinking along these lines when he retired at 59. This is The Physician on FIRE’s take on the Risks of NOT Retiring Early. Have you contemplated the downside of continuing to work longer than is necessary? Some people want to work until they die. How about you? That could be sooner than you think as illustrated here.
I get a lot of questions about how to save money on taxes. The most important thing to do to reduce taxes is to own a business that produces an income. The White Coat Investor shares with us several reasons that Ownership is the Key to Tax-Free Wealth Accumulation. My best tax savings comes from business ventures that I own. Especially real estate. You too can make investments that yield a tax benefit. What do you own that is tax friendly? If you want more details on how real estate can be tax friendly, I cover it in The Doctors Guide to Real Estate Investing for Busy Professionals.
Many doctors are at the start of their residency and many others are becoming new attendings. As you begin a new residency year, think anew about your finances. Kevin MD shares with us Five Financial Truths Every Resident Needs to Know. This was originally written by Altelisha Taylor, MD of Career Money Moves. Truth two and five made a tremendous difference in my financial life. Which of these benefited your finances the most? If you are just starting your final year as a resident or your first year as an attending, make sure you get the right start in your new career by reading The Doctors Guide to Starting Your Practice/Career Right.
The older we get, the wiser our father seems. Our Dad’s wisdom seems to be at its lowest when we are teenagers. National Bank of Mom shares with us Six Money (and Life) Lessons I Learned from my Dad. I especially love her dad’s quote “You don’t have to spend it all. You’re allowed to keep some of it.” What great lessons did you learn from your dad? If you are interested, here are some lessons I learned from my dad.
Want to be more successful? Take up a hobby and do it every day. Incognito Money Scribe provides us with the proof we need in Follow Your Passion is Good Financial Advice. I love my hobbies, which keep my stress level down. There is one hobby I do the most when I am stressed. I play the piano and the stress goes away. What hobbies do you use to give yourself an attitude adjustment? Here is a little video I made about hobbies that you might like. And even more hobby info from a friend of mine.
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.