The decision to retire is a difficult one for anyone, including physicians. However, with everyone’s investment accounts so flush with money because of the bull market, a lot of physicians younger than the traditional retirement age of 65 have enough money to retire early. Some have chosen to do so; others have chosen to continue to work even though they are financially ready for retirement. So ...

Read more...

At some point in our lives, most of us have learned to live on very little.  For example, if you’ve ever been a college student, you’ve mastered the art of living in the same house with a dozen other people, finding free meals, and using public transportation. Back in the early 2000’s, when I was a college student, I estimate that I spent about $15,000 per year on living expenses (aside ...

Read more...

We are now almost 2 1/2 years into this parenting thing. It is a pretty amazing thing, raising a toddler. There are a lot of awesome days, watching him learn and explore his surroundings. The sentences that are coming out of his mouth now are pretty wild. He is funny, has a good amount of potty humor, and is all around a cool kid (at least I think so). That is ...

Read more...

When I was a young lad, just heading off to college, I had no debt. I had no credit cards. My family didn’t use debt for purchases other than buying our house. I really didn’t have any knowledge about how to best use debt. My student loan package included a scholarship, a work-study program and $1,500 a year in student loans. I earned about $4,000 each summer working in the ...

Read more...

My blog is called "DiverseFi" because my path to financial independence was not the typical one. Although I’ll talk more about this in another post, my journey neither started from humble beginnings nor was frugality my guiding principle. In fact, it was only after discovering the FIRE community, did I realize that I was indeed financially independent. That changed my life. Changed my habits. I slowly became more ...

Read more...

So a new year is upon us! 2017 was a fantastic year for investors in general, so I hope it was a prosperous one for you. I believe that 2018 will be a great year as well and filled with multiple opportunities for everyone. A quick wish: May your 2018 be filled with much joy, great health, and hefty growth of your passive income streams. Now back to the post – One ...

Read more...

I was browsing the Bogleheads forum last night, and my eyes naturally gravitated to the thread titled “What is FI if you love your job?” The short answer is that FI is financial independence. Nothing more, nothing less, and it doesn’t look any different if you love, hate, or feel indifferent towards your job. The long answer, after learning that the man asking the question is about ten years ...

Read more...

Donald Trump signed the Tax Cuts and Jobs Act of 2017 late last year. Americans and corporations are feverishly reading news summaries of the bill, trying to figure out how the new bill will affect their taxes. In this post, I will summarize the major provisions of the bills as they apply to medical residents and fellows. I’ll then go through three case scenarios to see how the tax bill might ...

Read more...

Recently, we learned how lifestyle inflation can be toxic.  In case you’re wondering, there is a time and place to inflate your lifestyle.  However, you can’t just do it whenever you want.  You have to earn it.  Here’s how it works. The basics If your goal is financial independence, I recommend that you live on half your income and save the rest. This means that if you’re making around $50,000 per year, ...

Read more...

I am continually running into people who are confused as to what constitutes debt when we are doing a makeover with their spending plans. Wikipedia defines debt as money owed by one party, the borrower or debtor, to a second party, the lender or creditor. I have clients who list out their accounts payable as personal debt. For example, they see the dentist, and he is going to send a $200 ...

Read more...

Join 145,000+ subscribers

Get the best of KevinMD in your inbox

Sign me up! It's free. 
close-link
✓ Join 145,000+ subscribers 
✓ Get KevinMD's 5 most popular stories
Subscribe. It's free.
close-image