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 number one reason Americans can’t save enough for retirement, generalized retirement advice is generally a mistake, the downsides of private (syndicated type) real estate deals, the 17 best cities for doctors to thrive, and reasons to consider changing to a non-clinical career.
Happy reading!
Nearly all Americans are worried about having enough saved for their retirement. Maybe that is because most do not save enough. MSN Money Talks discusses what is felt to be the Number One Reason that Americans Can’t Seem to Save Enough for Retirement. This common roadblock occurs in all age groups. I agree it is a big factor in our lack of savings and wrote extensively about it HERE. Solving this problem was the number one reason I was able to retire early. We will all retire at some point, ready or not. I prefer to be ready, how about you?
Retirement advice is everywhere. Most of it is OK, if you are the right person when they are talking. FIPhysician discusses this problem in Generalized Retirement Advice is a Retirement Mistake. The problem is everyone has their own specific circumstance and the general advice might not match your situation. Always be sure to run advice by your personal financial advisor (You can see my recommended list if you need one) before you act on the retirement advise you hear. All your financial actions should match your needs.
My readers know I am a fan of personally owning real estate investments. I have been party to several deals where I had partners or was a limited partner in the deal. Some of those did not turn out so well for me, but the guy running the deal came out like a bandit. The White Coat Investor provides a great discussion of Eighteen Downsides of Private Real Estate Investing. This article summarizes why I am no longer interested in real estate syndications. I’ve got control of my own investment real estate and it is taking good care of me in my retirement. You can read my real estate results here. If you are considering getting into personally owning investment real estate, don’t make a move until you read The Doctors Guide to Real Estate Investing for Busy Professionals. And when you are ready to stop working so hard on it and enjoy it then take The Doctors Course on Automating Your Real Estate Investments.
Southern California has a great climate and is a beautiful area. Consequently, it is a popular place to live, with a high population and a very high cost of living. Physician pay is not commensurately higher to make up for the high housing cost so one pays a premium to live there making it harder to save for retirement. So where can a doctor live to have a great life at a low cost? The Darwinian Doctor compiled a list of the best cities for physicians. I was surprised that not a single west coast town made the list. Do you think you live in a nicer place than those on the list? If not, maybe it is time to consider relocating.
As I stated in The Doctors Guide to Smart Career Alternatives and Retirement, about one third of all physicians are looking to make a change at work. One of those options is to change to a non-clinical career that builds on your current knowledge and credentials. Look for Zebras constantly posts non-clinical opportunities on their website and shares with us Five Reasons to Consider a Non-Clinical Career. I have repurposed from a general surgeon to a part-time financial and high-performance coach, writer, blogger, and speaker. That is when I’m not gallivanting around the globe. I definitely don’t miss clinical medicine like I thought I might. Have you transitioned to a non-clinical career? If so, let us know how it’s going.
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.
Very interesting list of cities from Darwinian doc. You can live large in a smaller Midwest town if you’re OK with a little cold weather. It’s interesting that earnings potential isn’t higher in HCOL areas like the West Coast.