My wife was fulfilling her filial obligations last weekend by helping out her folks, which left me in the enviable position of heading up daddy day care for 24 hours. Because my wife is able to adapt her work schedule to the hours when the kids are out of the house, she is the logistician who keeps the household from going down in flames. She reminds the kids to pack their homework, reads the handouts from school on days I work, and generally acts as the glue that keeps us functional and on schedule.
A thoroughly enjoyable post from Eat the Financial Elephant recently introduced me to the concept of the Dirtbag Millionaire. This is a rare hybrid of two usually distinct personality types: the “dirtbag” being a necessarily frugal lover of the outdoors who maximizes time spent on passion pursuits (ski bum, river guide, etc) while working the bare minimum to survive, often living hand to mouth. The “millionaire” component refers to a professional with a relatively high income. I love the idea of maintaining frugal habits on a doctor’s income, and investing the difference to make progress toward financial independence.
My wife and I had kids in our late thirties/early forties. The pros: we were more financially secure than the fresh college grads we met at preschool drop off. The cons: we’d had incredibly fun lives involving international travel, intellectual conversations with stimulating adult friends, and enjoying things entirely on our terms, so we had a sense of what we would sacrifice at the outset. Daddy's back also wasn't what it used to be.
Like all new parents, we spent many hours deliberating over what values we wanted to impart to our children. We committed to several priorities in raising the kids that we’ve adhered to over the years.
There’s an epidemic in the U.S. that jeopardizes the future of our children more than obesity; is more toxic than the drinking water in Flint, Michigan; grows more insidiously than cancer. I witness countless patients suffering the consequences.of this epidemic daily, and it has even claimed several of my own family members.
As I sit here cleaning saliva from my ear, I begin to doubt the wisdom of teaching a first grader (however precocious) how to give a wet willie.
As an emergency medicine resident at UCLA, I was always intrigued by the Man in the Lime Green Suit (MLGS). A retired physician in his 80s, MLGS spent his days circulating among resident teaching conferences at several different academic hospitals, always elegantly appointed in the clothes that time forgot. There were endearing moments (the time he leaned over during a faculty presentation and confided in me that he found our residency director, 40 years his junior, attractive; the time he raised his hand and asked if streptomycin might be a better choice of antibiotic for a particular infection). Mostly I was awed that when others spent their golden years playing shuffleboard, he made a genuine effort to remain up to date in medicine. He was a Doctor first, everything else subordinate to that identity.
Being a relative newbie to the whole physician personal finance community, I’ve been thinking of ways to help other new readers grow familiar with the players in the blogosphere. Consequently, I decided to start a series of “Docs in Finance” trading cards similar to baseball cards I traded with friends back in grade school. As a testament to the difficulty involved in creating an competent physician finance blog, much less translating that blog into a cash-producing side business (given the time and effort invested, it would be misleading to label their blogs as “passive” income streams) I decided to depict them as superheroes. Following is my attempt to characterize a few personal role models. As I discover and read more blogs, I’ll try to add to the collection. Feel free to offer suggestions via comments, and please forgive my oversights - I assure you it’s my ignorance (not a blogger’s lack of prestige) that’s to blame.
I Shall Call Him Mini-Me
Something exciting is happening in the world of physician financial independence blogs. A major disruption that might, in retrospect, be entrepreneurial genius. The White Coat Investor has formed an alliance with Physician on FIRE and purchased a stake (along with his business manager) in the latter’s website. Why does this matter? Why should you care? Why, in a cynical world where consolidation of power is often viewed with skepticism, does this union seem to have the support of their considerable followings?
A couple of months ago, I agreed to a phone call with my Personal Capital advisor. I’m a huge fan of their free software, which breaks down asset allocation, investment fees, and expenses. I had a list of questions ready for the advisor, and was excited to get some feedback on my asset allocation. I was very candid about being a DIY investor who was seeking feedback but would not be interested in a long-term advisory relationship.
Financial Literacy for The Newly Minted Physician