When it comes to compound interest, time could be your best friend... IF you start investing EARLY. The more time time you allow your investments to grow, the more they will compound and earn substantial returns. Many people forego investing for retirement while they are in training, with the rationale of: "I can start investing when I am an attending." I will show you why this thinking could potentially cost you millions of dollars in the future.
What is an Emergency Fund? As the name implies, an emergency fund is specifically saved for an emergency. This could be due to many unforeseen circumstances, such as medical bills, a car malfunctioning, a pipe burst at home, etc. These can be very expensive bills that need to be paid in a relatively short time. Thus, your emergency fund needs to be (close to) immediately accessible. Another way to say this is that it needs to be liquid.
I will be creating a free educational series to teach YOU about the basics of investing your money and how to get started no matter if you have an initial investment of $1,000, $10,000, or more. The topics will be relevant to everybody who has just started working or is in the prime of their working lives. I may give specific examples that may be more relevant to Delayed Earners such as physicians.
Friday, 04 August 2017 10:00

How much money do you need to retire?

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Gone are the days when people work until they turn 65, collect a pension, and retire. Employees used to be able to rely on their employer to take care of them so long as they spent a significant part of their working lives with that employer. Well, that rarely exists these days. Individuals can only rely on themselves to save and invest for their retirement.
Thursday, 03 August 2017 05:00

Achieving Financial Independence By Forty

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My thirst for early financial independence, also referred to as FIRE (Financial Independence Retire Early) by those in the personal finance world, probably started in 2014, as you will be able to tell from my savings rate that I will show you further down in this article. It started with rethinking my concept of money. The age old adage of retirement is to save 15-20% of your income, work until you turn 65, and then enjoy your life. But what if I don't want to start enjoying life when I turn 65? Can I do it as early as 55 years old? What about 45, or even 40 years…
Wednesday, 02 August 2017 06:00

My Financial Plan as an Attending

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Finally! Training is over and now it is finally time to become an attending! All those years of training has enabled me to practice medicine without someone watching over my back (that part somewhat scares me!).  Another benefit is a massive bump in salary, likely the biggest increase in salary I am going to see in my entire career.  Getting off on the right foot financially has important implications for long term wealth and financial independence.
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