Search found 382 matches

by PhysicianOnFIRE
Wed Jul 18, 2018 6:51 pm
Forum: Personal Finance (Not Investing)
Topic: Salary vs. Lifestyle
Replies: 76
Views: 7353

Re: Salary vs. Lifestyle

I've made the opposite choice, but only after reaching financial independence. I'm now working 40% less for 40% lower pay than I did as a full-timer. No regrets. :beer -PoF PoF (and anyone else with an opinion) - if you were starting over would you do it the same way with working hard until FI and ...
by PhysicianOnFIRE
Wed Jul 18, 2018 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: Salary vs. Lifestyle
Replies: 76
Views: 7353

Re: Salary vs. Lifestyle

I've made the opposite choice, but only after reaching financial independence. I'm now working 40% less for 40% lower pay than I did as a full-timer. No regrets.

:beer
-PoF
by PhysicianOnFIRE
Wed Jun 27, 2018 6:34 pm
Forum: Personal Finance (Not Investing)
Topic: Does anyone have any experience doing medical/legal work?
Replies: 2
Views: 364

Re: Does anyone have any experience doing medical/legal work?

I don't have any personal experience in the medicolegal field, but I'm sure you'll find some people in the Physician Side Gigs FB group that do. This topic comes up often there.

:beer
-PoF
by PhysicianOnFIRE
Mon Jun 11, 2018 11:26 am
Forum: Personal Finance (Not Investing)
Topic: Pre 65 Retirees - Healthcare
Replies: 21
Views: 2103

Re: Pre 65 Retirees - Healthcare

If you're reasonably healthy and willing to live with the required attestation of faith and limitations, health sharing ministries can save you a lot of money. A number of self-employed physicians are using these plans instead of traditional health insurance. Also, catastrophic plans are available w...
by PhysicianOnFIRE
Sat Jun 09, 2018 7:48 am
Forum: Investing - Theory, News & General
Topic: $1M Question
Replies: 38
Views: 4928

Re: $1M Question

Blackjack. Not investing, but it wouldn't take a year. Just a great five minutes (and a casino that would let you bet these amounts). $12k $24k $48k $96k $192k $384k $768k $1,536k If you win seven hands in a row, you're there. Roulette could give you the same outcome. Of course, the odds of winning ...
by PhysicianOnFIRE
Sat Jun 09, 2018 7:40 am
Forum: Personal Finance (Not Investing)
Topic: Why do we work?
Replies: 121
Views: 10553

Re: Why do we work?

The answer obviously depends on what stage you're at in your career in terms of both aspirations and retirement savings. Before financial independence, the answers are as obvious as those stated here in the thread: I'm hungry. I don't like sleeping on cardboard under an overpass, etc... The question...
by PhysicianOnFIRE
Tue May 29, 2018 9:44 pm
Forum: Personal Finance (Not Investing)
Topic: What do you guys do on the side?
Replies: 299
Views: 30091

Re: The Side Hustle

I prefer the term "side gig." Sounds a little less back-alley. I started a website -- got the idea from reading Mr. Money Mustache and The White Coat Investor. I liked what both were saying, but they were miles apart in message, and I thought I could bridge that gap. With my profits, half goes to ch...
by PhysicianOnFIRE
Sun May 20, 2018 7:27 pm
Forum: Investing - Help with Personal Investments
Topic: Young Doctor Couple - Starting Work, Starting to Invest
Replies: 31
Views: 2964

Re: Young Doctor Couple - Starting Work, Starting to Invest

Congratulations on graduating medical school! Bummer about the vesting schedule -- I'm guessing you're planning on extended fellowships if you don't expect to be around for four years, but won't be making attending money for 5-6 years. Or maybe I misread something. I'd still take advantage of as muc...
by PhysicianOnFIRE
Tue May 15, 2018 7:37 pm
Forum: Local Chapters and Bogleheads Community
Topic: Yes, I'm 89 all right! [Jack Bogle]
Replies: 126
Views: 10479

Re: Yes, I'm 89 all right! [Jack Bogle]

Great to hear from you, Jack, and here's to 89 more years! Or at least 8 or 9 good years.

Sorry to hear about your recent health issues; may you rise above them as you have before.

:beer
-Physician on FIRE
by PhysicianOnFIRE
Mon May 14, 2018 4:31 pm
Forum: Personal Finance (Not Investing)
Topic: FINCON...other Boglehead-Type Groups
Replies: 5
Views: 988

Re: FINCON...other Boglehead-Type Groups

I attended the first FINCON conference in 2011. There were a couple of hundred of us. The second conference was three times as large. Now it's huge - a couple of thousand attendees I understand. I'll be going to FINCON 2018 this Sept 26-29 in Orlando. Rick Ferri Glad to hear you'll be there, Rick. ...
by PhysicianOnFIRE
Sat Apr 21, 2018 7:32 pm
Forum: Investing - Help with Personal Investments
Topic: TLH, first steps using Wiki guidance, quick (hopefully) question
Replies: 12
Views: 832

Re: TLH, first steps using Wiki guidance, quick (hopefully) question

Thank you. I'd like to make note of this write-up: https://www.physicianonfire.com/tax-loss-harvesting-vanguard/ If I'd only found this as my first learning resource, I'd have saved myself quite a bit of confusion. HIGHLY recommended reading for beginners on the topic. Thanks for the write-up. I ad...
by PhysicianOnFIRE
Sun Apr 08, 2018 1:54 pm
Forum: Investing - Help with Personal Investments
Topic: Asset allocation for a resident physician
Replies: 13
Views: 921

Re: Asset allocation for a resident physician

Taking that feedback into account, how would something like this look? 60% S&P 500 index 20% Vanguard all world index 20% total bond market index I like this better. If I could tweak it, I'd go 40% each S&P 500 and All World or even tilt more to All World. The All World Fund is 52% US stocks and 46...
by PhysicianOnFIRE
Sun Apr 08, 2018 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: Physicians: pay off student loans or wait?
Replies: 10
Views: 1196

Re: Physicians: pay off student loans or wait?

Some key information is missing. What interest rate are you paying? Who currently services your loans? Are you on an income-based repayment plan? Have you refinanced? Most often, loan repayment is just extra income, often given in the form of a loan that is gradually forgiven over time until you owe...
by PhysicianOnFIRE
Fri Mar 16, 2018 9:51 am
Forum: Personal Finance (Not Investing)
Topic: How does everyone here earn so much?
Replies: 131
Views: 7789

Re: How does everyone here earn so much?

So, are those high salaries abnormal in reality but common here because this is a financial forum that happens to appeal to high earners? Pretty much -- no shortage of doctors, lawyers, and small business owners here. There are also many who haven't had those high salaries, but lived well below the...
by PhysicianOnFIRE
Wed Mar 14, 2018 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Selling business (website) considerations
Replies: 27
Views: 2429

Re: Selling business (website) considerations

The White Coat Investor and I attended a lecture at FinCon last year by Dan Green, current CEO of Growella, who sold his blog for 7-figures. The talk was about how to go about it. One of the things we learned, as WCI points out above, is that you're going to have a hard time counting the proceeds as...
by PhysicianOnFIRE
Tue Mar 13, 2018 11:21 am
Forum: Personal Finance (Not Investing)
Topic: Physician Retirement Savings
Replies: 312
Views: 66245

Re: Physician Retirement Savings

I stumbled upon this page after doing a search to look at how much I need to retire. Specifically, I seek knowledge from people who have actually retired. As a 44 year old Orthopedic Surgeon with a pretty general practice, I have some knowledge of human capabilities and physical possibilities durin...
by PhysicianOnFIRE
Mon Mar 12, 2018 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: Interesting interactive guide to early retirement & FI
Replies: 29
Views: 4190

Re: Interesting interactive guide to early retirement & FI

Came accross this link at POF. I'm having trouble parsing this much. What's POF? I am assuming you don't mean the dating app. As a married man who met his wife before internet dating was popular, I was utterly clueless as to the existence of another POF (plenty of fish) when I started using the han...
by PhysicianOnFIRE
Sun Mar 11, 2018 11:02 pm
Forum: Investing - Help with Personal Investments
Topic: PedalPub investment
Replies: 22
Views: 2189

Re: PedalPub investment

From 5 years ago: According to the city of Minneapolis's Licenses and Consumer Services department, citizens lodged 38 complaints against pedal pubs in 2013, most of which had to do with "the driver's inability to maintain proper control of the passengers at all times while piloting the vehicle." T...
by PhysicianOnFIRE
Fri Mar 09, 2018 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: LLC is now a partnership. Looking for help with SEP IRA
Replies: 1
Views: 233

LLC is now a partnership. Looking for help with SEP IRA

In 2016, I started an LLC as a sole proprietor in my "side gig." I opened and funded an individual 401(k), making an employeR contribution for 2016. I also max my employeR contributions to a 401(k) In 2017, I took on two investors and the LLC became a partnership on March 1st. I have made an employe...
by PhysicianOnFIRE
Wed Feb 28, 2018 12:07 am
Forum: Investing - Theory, News & General
Topic: Why have Emergency Funds?
Replies: 54
Views: 4315

Re: Why have Emergency Funds?

I keep one to two months of ready cash, basically enough to pay the credit card balance and have something left over. Cash emergencies can be covered with credit card float, HELOC, cashflow from paychecks, selling from taxable, etc... An emergency is a great first step to getting your finances in sh...
by PhysicianOnFIRE
Sat Feb 17, 2018 1:33 am
Forum: Personal Finance (Not Investing)
Topic: Share your favorite excel speadsheet
Replies: 7
Views: 1534

Re: Share your favorite excel speadsheet

The Doughroller Rob Berger has a nice investment tracking template. Very versatile.

:beer
-PoF
by PhysicianOnFIRE
Thu Feb 08, 2018 1:49 pm
Forum: Personal Consumer Issues
Topic: Laughter is the Best Medicine - What makes you Laugh?
Replies: 105
Views: 6370

Re: Laughter is the Best Medicine - What makes you Laugh?

The ridiculous texts created by autocorrect. DYAC

:beer
-PoF
by PhysicianOnFIRE
Thu Feb 01, 2018 4:32 pm
Forum: Personal Consumer Issues
Topic: "I Volunteered for the Hospital Board and was Sued for Millions."
Replies: 44
Views: 11001

Re: "I Volunteered for the Hospital Board and was Sued for Millions."

My insurance company refused to renew my umbrella coverage because I was serving on a City board a few years ago. That is telling. I'm amazed they simply refused to cover you. I can understand an increase in premium, but a denial of coverage? If I had to choose between serving on the Board and forg...
by PhysicianOnFIRE
Thu Feb 01, 2018 9:39 am
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth IRA - exact steps confusion... sorry!
Replies: 4
Views: 382

Re: Backdoor Roth IRA - exact steps confusion... sorry!

I have a step by step guide (with screenshots ) for the Vanguard backdoor Roth, which you may find helpful. To answer your questions, Yes to 1-3. I go with a money market account. I don't believe there's any need to worry about the step doctrine -- congress recently "blessed" the backdoor Roth as le...
by PhysicianOnFIRE
Wed Jan 31, 2018 8:35 pm
Forum: Personal Consumer Issues
Topic: "I Volunteered for the Hospital Board and was Sued for Millions."
Replies: 44
Views: 11001

Re: "I Volunteered for the Hospital Board and was Sued for Millions."

While I don't think the ordeal that I've been through (and a number of other docs are still going through as the lawsuit drags on) is a common one, we're certainly not alone. From the comments on the original post: "When I saw the title I was wondering if somehow POF was someone I knew… This story h...
by PhysicianOnFIRE
Tue Jan 30, 2018 11:37 pm
Forum: Personal Consumer Issues
Topic: "I Volunteered for the Hospital Board and was Sued for Millions."
Replies: 44
Views: 11001

Re: "I Volunteered for the Hospital Board and was Sued for Millions."

If the Board had a role in managing the hospital into a bankruptcy I can imagine they could be liable somehow if their insurance protection was not adequate. He puts a lot of emphasis on the fact that he didn’t vote but there is a lot more to participating on the board of an organization, particula...
by PhysicianOnFIRE
Tue Jan 23, 2018 8:50 am
Forum: Investing - Theory, News & General
Topic: Kitces article: A cash bucket in retirement? Nope
Replies: 150
Views: 12902

Re: Kitces article: A cash bucket in retirement? Nope

Kitces points to another article on the cash story. That article is similar to one at EarlyRetiremenNow: https://earlyretirementnow.com/2017/03/29/the-ultimate-guide-to-safe-withdrawal-rates-part-12-cash-cushion/ You beat me to it. Just yesterday, I was talking about how the opportunity cost of hol...
by PhysicianOnFIRE
Tue Jan 16, 2018 11:30 am
Forum: Personal Consumer Issues
Topic: Besides Bogleheads, What Are Your Favorite Forums?
Replies: 92
Views: 11113

Re: Besides Bogleheads, What Are Your Favorite Forums?

A couple more that I frequent:

Rockstar Finance Forum (many bloggers hang out there)

Whitecoat Investor Forum (many doctors hand out there)

There are some Facebook Groups that are similar to forums in many ways. ChooseFI is a good one for the FIRE crowd.

:beer
-PoF
by PhysicianOnFIRE
Tue Jan 16, 2018 9:24 am
Forum: Investing - Help with Personal Investments
Topic: Retiring at 46 - Need Help with Allocation
Replies: 10
Views: 1648

Re: Retiring at 46 - Need Help with Allocation

If we hit a poor sequence of returns over the next decade, you may need to find another source of income. As others have pointed out, planning on about a 5% withdrawal rate for a potentially 50+ year retirement is bold. It could work out well, but I would have contingent plans in place. The 10% cryp...
by PhysicianOnFIRE
Mon Jan 08, 2018 7:48 pm
Forum: Investing - Theory, News & General
Topic: Year 2000 retirees using the '4% rule' - Where are they now?
Replies: 363
Views: 41789

Re: Year 2000 retirees using the '4% rule' - Where are they now?

I find this at least mildly reassuring. Retiring at one of the worst possible times in recent history, and the money's expected to last about 30 years in any of the calculated asset allocations from moderately conservative to very aggressive. The data also doesn't account for any modification in spe...
by PhysicianOnFIRE
Fri Dec 29, 2017 10:09 am
Forum: Personal Finance (Not Investing)
Topic: How many years of deductions for a new DAF?
Replies: 17
Views: 1278

Re: Howq many years of deductions for a new DAF?

It depends on how much you can afford more than anything. You'll also be limited by IRS rules that govern how much of your AGI you can contribute. In 2017, if you're donating appreciated assets, you're limited to 30% of your AGI. If you donate cash, it's 50%, but will rise to 60% in 2018. Note that ...
by PhysicianOnFIRE
Fri Dec 29, 2017 9:33 am
Forum: Personal Finance (Not Investing)
Topic: New Tax Bill -- Should we open a Donor Advised Fund (DAF) before the end of the year?
Replies: 67
Views: 3525

Re: New Tax Bill -- Should we open a Donor Advised Fund (DAF) before the end of the year?

May I sneak in a quick question? I was looking over my 2016 1040, and noticed a line where $1K was added for the AMT. I assume this means I came under the AMT by about $1K. I am thinking there is therefore no reason to start a DAF because I would not really be able to deduct the contribution. Corre...
by PhysicianOnFIRE
Fri Dec 29, 2017 9:25 am
Forum: Investing - Theory, News & General
Topic: The Three-Fund Portfolio
Replies: 2203
Views: 1369895

Re: "End of Year Rebalancing and Required Minimum Distributions"

Bogleheads: Early this year "Physician on Fire " wrote an article titled, " From 28 funds to 3 " which saved the investor "more than $28,000 a year in fees." This month, "Physician on Fire" tells us how he recommends the same couple take their RMDs (Required Minimum Distributions) and Rebalance the...
by PhysicianOnFIRE
Thu Dec 28, 2017 10:58 pm
Forum: Personal Finance (Not Investing)
Topic: New Tax Bill -- Should we open a Donor Advised Fund (DAF) before the end of the year?
Replies: 67
Views: 3525

Re: New Tax Bill -- Should we open a Donor Advised Fund (DAF) before the end of the year?

May I sneak in a quick question? I was looking over my 2016 1040, and noticed a line where $1K was added for the AMT. I assume this means I came under the AMT by about $1K. I am thinking there is therefore no reason to start a DAF because I would not really be able to deduct the contribution. Corre...
by PhysicianOnFIRE
Mon Dec 25, 2017 11:56 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement accounts and physician SCorps and Tax Reform
Replies: 48
Views: 3817

Re: Retirement accounts and physician SCorps

My understanding is that physicians will not be eligible for the favored pass-through rates (physicians, lawyers, accountants, financial advisors, etc.). There's a list which you can search for. From Forbes: "Separately, the income deduction is not available to what the law calls a 'specified servi...
by PhysicianOnFIRE
Sun Dec 24, 2017 11:44 am
Forum: Personal Finance (Not Investing)
Topic: FIRE [financial independence/retire early]
Replies: 140
Views: 16416

Re: FIRE [financial independence/retire early]

Good morning BH, Early morning here on the west coast. I discovered Bogleheads at least a couple years before I became aware of the FIRE concept. Bogleheads helped me get my finances in order. FIRE blogs helped me take a look at the bigger picture of what that money could mean for me and my family....
by PhysicianOnFIRE
Sun Dec 24, 2017 12:41 am
Forum: Personal Finance (Not Investing)
Topic: Will you donate less to Charity?
Replies: 109
Views: 8557

Re: Will you donate less to Charity?

With the repeal of the Pease limitation, my charitable donations just got more valuable. And they are more valuable to me next year. So my 2017 annual charity checks are going out in 2018 (instead of next week). That's not how the Pease limitation works. It's a 1% to 1.2% surtax on income disguised...
by PhysicianOnFIRE
Sat Dec 23, 2017 11:54 pm
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Fund (DAF) - Bunch Now - Easy (even easier than backdoor Roth)
Replies: 19
Views: 1685

Re: Donor Advised Fund (DAF) - Bunch Now - Easy (even easier than backdoor Roth)

I've been banging this drum for a few weeks now. Many people will see their marginal tax rates drop next year. Also, some of us won't be itemizing anymore, given the higher standard deduction. Don't worry about the Pease limitation -- it's just a surtax disguised as a limiation on itemized deduction...
by PhysicianOnFIRE
Sat Dec 23, 2017 10:37 pm
Forum: Investing - Theory, News & General
Topic: What is or was your target multiplier (_ x annual expenses) for retirement?
Replies: 41
Views: 5646

Re: What is or was your target multiplier (_ x annual expenses) for retirement?

I've been targeting 30x to 33x. I'm slightly past that and plan to work part time for at least a year and a half. If we see a bear market soon, I may hit the target. If not, I would expect we'll be somewhere between 35% and 40%. I'm 42 and my Scandinavian stock tends to live a long time. Wife is a b...
by PhysicianOnFIRE
Sat Dec 23, 2017 10:28 pm
Forum: Investing - Help with Personal Investments
Topic: Donor Advised Fund costs
Replies: 45
Views: 3241

Re: Donor Advised Fund costs

The gripe about the fees is a common one. I would encourage you to compare that to the tax drag on funds held in a taxable account, which is typically the alternative place to park your money that may be donated one day. My tax drag in taxable works out to be 29% (15% +3.8% NIIT + 9.85% state income...
by PhysicianOnFIRE
Sat Dec 23, 2017 1:02 am
Forum: Personal Finance (Not Investing)
Topic: Please Post Tax Bill Questions Here [was Tax Bill Omnibus Thread]
Replies: 886
Views: 58822

Re: Tax Bill Omnibus Thread

Why start a donor advised fund now? Doing so will allow you to take a full deduction at this year’s presumably higher marginal tax rate (assuming you itemize currently). Let’s say, for example, that you plan to donate $10,000 a year over the next five years. If you donate $10,000 to charity in each...
by PhysicianOnFIRE
Fri Dec 22, 2017 8:08 am
Forum: Personal Finance (Not Investing)
Topic: Please Post Tax Bill Questions Here [was Tax Bill Omnibus Thread]
Replies: 886
Views: 58822

Re: Tax Bill Omnibus Thread

My personal situation/Strategy Feel free to add constructive criticism.. might help someone else.. State Tax - 9k Prop Tax - 3k subtotal 12k (will be limited to 10k in 2018) Mort Interest - 6k charity -15k --------- Total deductions 2017 - 33k Total deductions 2018 - 31k 2018 - 31k more than 24k st...
by PhysicianOnFIRE
Thu Dec 14, 2017 10:32 pm
Forum: Investing - Help with Personal Investments
Topic: Is there still time to open a backdoor Roth this year?
Replies: 8
Views: 954

Re: Is there still time to open a backdoor Roth this year?

Relax. You've got more than five months.

Just be sure not to have any money in a tax-deferred IRA by 12/31/2017 to avoid the pro-rata rule.

:beer
-PoF
by PhysicianOnFIRE
Thu Dec 14, 2017 10:29 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE [financial independence/retire early]
Replies: 140
Views: 16416

Re: FIRE [financial independence/retire early]

I discovered Bogleheads at least a couple years before I became aware of the FIRE concept. Bogleheads helped me get my finances in order. FIRE blogs helped me take a look at the bigger picture of what that money could mean for me and my family. I used to focus on earning and accumulating as much as ...
by PhysicianOnFIRE
Thu Dec 14, 2017 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Teaching elementary school kids about money
Replies: 32
Views: 2323

Re: Teaching elementary school kids about money

I haven't spent much time looking into it, but there's an animated series called Warren Buffett's Secret Millionaire's Club . Might be good for kids depending on their ages. My boys are 6 & 8. We do the save / spend / give jars and have recently cleared out the spend and save jars, creating the Bank...
by PhysicianOnFIRE
Thu Dec 14, 2017 1:25 pm
Forum: Investing - Help with Personal Investments
Topic: Reached 50X annual spending. Now what?
Replies: 56
Views: 6842

Re: Reached 50X annual spending. Now what?

I know it's a subjective decision, but I'd also like to know what others here think. You have more than you need, so you a) don't need to take risk and should have a conservative (say, 30/70) portfolio, or b) can afford to take risk (because even a 50% drop leaves you at a presumably safe 25X) and ...
by PhysicianOnFIRE
Sun Dec 10, 2017 5:33 pm
Forum: Investing - Help with Personal Investments
Topic: Easiest company for backdoor Roth
Replies: 8
Views: 699

Re: Easiest company for backdoor Roth

Here is a step by step guide to do it in Vanguard: https://www.physicianonfire.com/backdoor/ and a wonderful guide for how to fill out the Form 8606 and considerations for when to do the Backdoor IRA for a particular year. https://thefinancebuff.com/backdoor-roth-tax-return-made-easy.html Thanks fo...
by PhysicianOnFIRE
Wed Dec 06, 2017 5:27 pm
Forum: Personal Finance (Not Investing)
Topic: How do you know you are FI? [Financially Independent]
Replies: 48
Views: 4496

Re: How do you know you are FI?

Thanks for all the great replies. 2-4 is a good range to work with. Now how do you figure out what your expenses would be? I guess 120000 a year would do it. If i go with that and 2-4% range and stay towards the 2%, I would need about 5mil. Don't guess -- track your spending. Or maybe you have and ...
by PhysicianOnFIRE
Wed Dec 06, 2017 4:35 pm
Forum: Investing - Help with Personal Investments
Topic: Anybody use Personal Capital to advise them?
Replies: 23
Views: 3413

Re: Anybody use Personal Capital to advise them?

I used their app for awhile and also heard their pitch. I decided to keep doing what I've been doing by rolling my own. They call at least once a quarter to try to get me to sign up and it's been about 5 years since the original pitch. Be aware if you sign up for them to look at your portfolio, tha...