Fawcett’s Favorites 9-13-21

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 simple steps to financial independence (podcast), tools to help declutter your life, pros and cons of having an LLC for your real estate investments, how to handle spousal income gaps, and how to do what you say you will do (follow through).

Happy reading!

I’m starting off with a podcast. Recently, Dr. Derrick Burgess interviewed me on the Time Out with The Sports Doctor Podcast. We disgusted Dr. Timex vs Dr. Rolex, saving for retirement during my residency, active real estate investing, living your bucket list, and simple steps to becoming financially independent. Listen to the podcast Here.

Since we are in the process of moving our furnishings back into our house, after moving everything into the garage to repaint and lay new carpet, this article on decluttering came at the opportune time. Not everything will be brought back into the house, and it feels so good. Simple by Emmy shares Nine Minimalist Tools to Help Declutter Your Life Now. I can relate to Americans on average spending 2.5 days a year looking for misplaced stuff. With less stuff, I will spend less time looking. With all my stuff in the garage for three weeks, I learned I don’t need it as much as I thought. 

I am frequently asked whether an LLC is needed when investing in real estate. I personally have one LLC for all my properties. There are times when having an LLC is a good idea and times when it is not. The Debt Free Doctor shares with us the Pros and Cons of Creating an LLC for Rental Property written from an attorney’s prospective. Those of you struggling with this question will likely find your answer in this article. 

In many physician homes, there is a great disparity in the income earned by each spouse. Since physician’s income is at the top of the pay scale, it is very likely that their spouse has a much smaller income. In my case, my spouse stayed home with the kids, earning no income, while I was the sole bread winner. I know having a large difference in incomes can cause marital strife and many of my financial makeover clients come to me for this very reason. Look For Zebras shares with us some Tips and Tricks for Dealing with Spousal Income Gaps. I have always felt my stay home spouse was my greatest financial asset

How many times have you said “I’m going to …..” but then you didn’t do it. I’ve lost track of how many times I’ve not followed through on something I intended to do. Practice Balance shares with us some tips in How to Do What You Say. The story of finding a downed hiker was great. However, it was sad to learn there were so many others who passed her by without helping. The more we can follow through with what we say we want to do, the better our life will turn out. Imagine where you would be if you bought that first investment property you looked at, lost the weight you keep telling yourself you would lose, or took out the garbage like you told your wife you would. We can do it. You just need better follow through.

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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