Can I help you
earn more money?
find a new credit card?
find an insurance agent, mortgage lender, or financial advisor?
retire early?
manage student loans?
Met with our 401k rep re: my 2019 retirement.
She: Will you work at all after?
Me: I will have some income from a website.
She: Who are you, the
@wcinvestor
, Physician on FIRE or something?
Me: The second one.
She: OMG!!! I recommend your site to docs every single day. 🔥
Met a guy on Ke'e Beach in Kauai because my son was wearing a Minnesota hat. Turns out he graduated from the U med school just like me, but 25 years earlier. Happily retired at 56 > 10 years ago. He recommended I live within my means and save to retire early. Yes, sir. I will.
Doctors finish training in their 30s.
The retirement age is 67.
Life expectancy is 77.3.
Study and Work 50 years to enjoy life for a few years?
We have to shift this mindset as we face new problems
Financial Independence and Retiring Early (FIRE) isn’t just about retiring
On Monday, August 12th, I woke up in a call room, gathered up my belongings, and stepped through the back door of the hospital out into the world for what may very well be the last time.
I wasn’t fired. I simply FIREd.
1/7
A high-income professional who earns too much to make a direct Roth IRA contribution will need to use the backdoor to make a Roth IRA contribution of $6,500 or $7,500 (if age 50 or over).
Although it can be straightforward, it can also be unnecessarily complex
A thread 🧵
I'm thinking of starting a blogger's Disastermind Group. We discuss all the things we tried that didn't work and learn from each other's mistakes. ;) Who wants in?
@doyouevenblog
"Just accumulating $2 Million? $2 Million is nothing. It's nothin'. It's pennies in today's world, to tell you the truth." - Suze Orman
Quite the interview with Paula Pant of
@AffordAnything
Guess who's at the
#NYSE
for the closing bell in a few minutes? Me!
Tune in online here during or after the bell () or watch live on CNBC.
#InspireNYSE
Like and reTweet to give me a shot at granting $500 to
@SamaritansPurse
(Most Likes Wins!)
Fact: The United States of America loses $170 trillion worth of productivity due to time spent changing clocks twice per year.
That's 110% of GDP.
Also, these are not facts. But seriously, why do keep doing this to ourselves?
I've officially been blogging for three years as of today.
It's my blogiversary!
I'm working on my quarterly newsletter, complete with site revenue and all kinds of blog stats for the
#FIcurious
. It will drop within the hour to email subscribers only.
My wife took this picture of me at our local apple orchard not 2 hours ago. The internet is an amazing thing.
@notsoTan_za
p.s. RiverBelle apples are delicious!
That feeling when you step off the treadmill and your legs propel you effortlessly? 🏃♂️
That's what compound interest does for your investment portfolio. 💰
Checked another box in the pre-retirement goals achieved! College is funded for my 2nd and 3rd grade boys with years to grow.
Running out of excuses to keep working...
I am fortunate to be in a position to make this the last holiday season I’ll ever spend carrying a pager.
We’ve saved enough to support our retirement and then some, and we can afford to help others who are less fortunate.
"Make $200,000 per year, pay $50,000 per year in taxes, live on $50,000 per year, and put $100,000 toward retirement. If you earn 5% after inflation, after 10 years you'll have a nest egg worth the equivalent of $1.25M in today's dollars." -
@wcinvestor
"Brown bananas.
Strict budget.
Firm spending limits.
If this is my first exposure to the concept of financial independence, I’d say it’s for the birds. The birds that are cool with mushy, brown bananas.
No, thank you."
"Hanging around on FIRE blogs and forums sometimes makes me wonder if many of those people just have sucky jobs. There’s nothing quite like hating what you spend 40-60 hours a week doing that will motivate you to save 60% of your income." -
@wcinvestor
It makes me sad that Christmas loans are a thing.
If you can't afford Christmas presents without a bank loan, you probably shouldn't be buying them. Better yet, budget for them and use your own money.
#Christmas
I WILL I was a little bit taller.
I WILL I was a baller.
I WILL I had a girl that looked good. I WILL call her.
I WILL I had a rabbit in a hat with a bat and a '64 Impala.
A high-income professional who earns too much to make a direct Roth IRA contribution will need to use the backdoor to make a Roth IRA contribution of $6,000 or $7,000. ($6,500/$7,500 for 2023)
Although it can be straightforward, it can also be unnecessarily complex.
A thread 🧵
We've recently reached 7 Million pageviews and 20,000 comments. 🙌
Thank you for continuing to make a success and for contributing to our charitable mission. 🍻💪❤
On the 4th day of 2019, we put $12,000 into our Roth IRAs. If anyone has told you that you earn too much to contribute to a Roth IRA, show them the door.
The back door.
Saving Your First $300k Takes Roughly the Same Amount of Time as Saving the Next $700k.
@4PillarFreedom
Similarly, saving the first $1 Million takes about as long as the next $2.33 Million.
Learn and Get Rich in The Sunday Best!
I've saved close to $10,000 a year on travel by booking nearly-free flights.
For a high-income earner, $10,000 in free travel is like getting an $18,000 raise.
Think about that.
Showing my replacement the ropes at the surgery center this week.
Which is another way of saying I'm watching him work. 😀😷
Just two former Gator Sedators hanging out in northern Minnesota.
#GatorNation
#GopherNation
@Furdaneta1
"10 to 15 years simply isn't enough time to accumulate the money needed for a comfortable retirement" -Jonathan Clements
@ClementsMoney
Me: "Hold my beer." -
@PhysicianOnFIRE
My review of Mr. Clements' How to Think About Money
I'm thinking
@WCInvestor
@passiveincomemd
and I need to don hoodies and have a picture taken against a brick backdrop so we can advertise how three 40-something docs are "disrupting" how physicians approach money.
It could appear in the footer of every website, ever.
Learned a great new term today from
@breakthetwitch
Procrastitasking
Def: Doing small, mostly inconsequential tasks while avoiding the work that needs to be done.
In other words, how I spend most of my time.
Exhibit A: this tweet right here
@mrmoneymustache
With blog profits, I'm funding the annual salary of a physician in Honduras at a place I've volunteered at in the past.
But for me, I have no plans to work in the medical field. Keeping my options open by maintaining licensure and certifications for a year or two, though.
The Financial Independence/Retire Early—or FIRE—movement has lately come in for a heap of criticism. Seriously? Are we really going to criticize folks for being thoughtful with their money?