Search found 463 matches

by PhysicianOnFIRE
Tue May 30, 2017 8:40 am
Forum: Personal Finance (Not Investing)
Topic: What do you guys do on the side?
Replies: 299
Views: 35205

Re: What do you guys do on the side?

I started a website (blog). I spend quite a bit of time writing, reading, and participating in forums. A lot of that time is only somewhat related to the "side hustle," but I probably spend 20 to 30 hours on the computer in a typical week, which is probably double the time I used to spend doing most...
by PhysicianOnFIRE
Mon May 29, 2017 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: Go part time number
Replies: 73
Views: 15752

Re: Go part time number

As I mentioned earlier in the thread, I've gone back and forth on the issue, but I recently decided to drop to part-time as an anesthesiologist. Starting in October, I'll be working a 0.6 FTE position in what will otherwise be the same job. Full details here , and here is an excerpt with the all-imp...
by PhysicianOnFIRE
Sun May 14, 2017 12:03 am
Forum: Personal Investments
Topic: 529 Planning as related to medical school
Replies: 12
Views: 3899

Re: 529 Planning as related to medical school

I would use as much 529 money as you can legally spend on her education from this point forward. Good for her for choosing the state school. The school you choose for medical school matters very little. An MD is an MD and state schools tend to have more in the way of research opportunities, which sh...
by PhysicianOnFIRE
Mon May 01, 2017 6:17 pm
Forum: Personal Consumer Issues
Topic: Motor Home
Replies: 33
Views: 5096

Re: Motor Home

You can get a pretty nice travel trailer RV for about $20,000 (or less if used). I thought I wanted a motorhome until I went to the RV show and compared the two.

:beer
-PoF
by PhysicianOnFIRE
Sun Apr 16, 2017 12:00 am
Forum: Personal Consumer Issues
Topic: Anyone else decided not to finish med school?
Replies: 76
Views: 28269

Re: Anyone else decided not to finish med school?

If his heart wasn't in it, he was wise to get out when he did. He's already proven he could have been a doctor -- no reason to feel like a failure. Pursuing an alternative career path, he should be able to succeed -- you don't get into medical school without an excellent transcript / application. I'...
by PhysicianOnFIRE
Sat Apr 15, 2017 9:55 pm
Forum: Personal Investments
Topic: New contributions after making number, aggressive or conservative?
Replies: 30
Views: 3233

Re: New contributions after making number, aggressive or conservative?

I have made my number+ and feel secure I can retire when I choose, but I will probably work another year or two. Same here. Pretty much exactly, except my wife "retired" to a life of child rearing and managing the household shortly after we were married 10 years ago. Among your three options, I lik...
by PhysicianOnFIRE
Sat Apr 15, 2017 9:17 pm
Forum: Personal Finance (Not Investing)
Topic: The Stages of Retirement Saving
Replies: 55
Views: 13294

Re: The Stages of Retirement Saving

...I do plan to ensure all my licenses and certifications are good for another year or two when I leave my job Interesting. After I retire early, I'll keep my license active into old age, so that if I ever need to return to work, I could do so immediately, avoiding the re-activation process of an i...
by PhysicianOnFIRE
Thu Apr 13, 2017 9:42 am
Forum: Personal Finance (Not Investing)
Topic: The Stages of Retirement Saving
Replies: 55
Views: 13294

Re: The Stages of Retirement Saving

...I have decided to work less, though. This fall, I'll be dropping to 0.6 FTE, so I'll be working 40% less. This schedule will give me a lot more freedom and free time, and should be a good transition to a more complete wind-down of my career. PhysicianOnFIRE, I wonder how hard a hard time you'll ...
by PhysicianOnFIRE
Sun Apr 09, 2017 2:52 pm
Forum: Personal Finance (Not Investing)
Topic: The Stages of Retirement Saving
Replies: 55
Views: 13294

Re: The Stages of Retirement Saving

PhysicianOnFIRE, Have you considered the option of staying in the same career, only this time at the much slower pace that pays enough to meet only your "core" + "optional" annual needs, say working one week out every four weeks or two days a week (or whatever the part-time income equivalent to you...
by PhysicianOnFIRE
Sat Apr 08, 2017 10:56 pm
Forum: Personal Finance (Not Investing)
Topic: The Stages of Retirement Saving
Replies: 55
Views: 13294

Re: The Stages of Retirement Saving

Answers: 1. It's more of a rough estimate based on how much similar families spend, and what life might look like if we cut out all of the "optional" spending. In a low cost of living area, $40,000 a year is a decent no-frills life, and the extra $30,000 provides a comfortable lifestyle. 2. I would ...
by PhysicianOnFIRE
Wed Apr 05, 2017 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: Spending beyond my means, I think..is my budget out of whack?
Replies: 81
Views: 11773

Re: Spending beyond my means, I think..is my budget out of whack?

yellowgirl wrote:$3200 a month for both for preschool? I just wanted to make sure I got that right.
That's what's making the giant sucking sound you hear (if accurate). I think that's about what we paid for an entire year of all-day preschool for one.
by PhysicianOnFIRE
Fri Mar 31, 2017 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: High Earners - What's Your Profession?
Replies: 896
Views: 151219

Re: High Earners - What's Your Profession?

Physician (anesthesiologist)

:beer
-PoF
by PhysicianOnFIRE
Fri Mar 31, 2017 9:13 am
Forum: Personal Investments
Topic: Physician-Resident looking for Portfolio Advice
Replies: 34
Views: 4243

Re: Physician-Resident looking for Portfolio Advice

4. With my high income in the near future, is there anything specific I should do differently, or just stick to the plan? #s 1 - 3 have been addressed quite nicely above. #4 has too, but I'll add to the advice pile. First, you probably know this, but you could both be earning double or more. I know ...
by PhysicianOnFIRE
Wed Mar 29, 2017 10:46 pm
Forum: Personal Consumer Issues
Topic: quickest or best way to learn Spanish?
Replies: 39
Views: 8822

Re: quickest or best way to learn Spanish?

I have been using Duolingo since April of last year ,every single day,,,not missing one. That coupled with many Youtube videos. Watching Spanish Cartoons, Spanish tv shows on Netflix.... Day in ,day out,,immersion. It takes practice practice..but it gets better and becomes enjoyable as time goes by...
by PhysicianOnFIRE
Sat Mar 25, 2017 2:23 pm
Forum: Personal Finance (Not Investing)
Topic: Do you have enough? How I realized yeah I do.
Replies: 75
Views: 15276

Re: Do you have enough? How I realized yeah I do.

Congrats! It's not always a number. I didn't feel any different when I had 25x. I'm starting to feel more comfortable that I've got enough to leave my career behind. The numbers make sense, and I'm realizing there are other ways to realize income on my own time without carrying a pager and showing u...
by PhysicianOnFIRE
Thu Mar 09, 2017 9:33 am
Forum: Personal Finance (Not Investing)
Topic: Physician Retirement Savings
Replies: 400
Views: 87341

Re: Physician Retirement Savings

[quote="PhysicianOnFIRE] Great blog and nice post. Regarding geographic arbitrage, most salary comparisons between urban vs rural and between geographic regions do not break down the data to account for differences in distribution of practice types which exist. Particularly in procedural specialtie...
by PhysicianOnFIRE
Wed Mar 08, 2017 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: Physician Retirement Savings
Replies: 400
Views: 87341

Re: Physician Retirement Savings

Don't know other fields of life, but can say medicine and their jobs do NOT pay according to cost of living and actually is INVERSE. They pay based on simple supply/ demand economics. Good luck. Indeed. It's called geographic arbitrage , and I'm taking full advantage. It helps a lot that I grew up ...
by PhysicianOnFIRE
Sun Mar 05, 2017 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: How to retire early??? Possible?
Replies: 16
Views: 2874

Re: How to retire early??? Possible?

It's entirely possible. I'll echo the recommendations to research SEPP, Roth conversion ladders, and investing in a taxable account. I'll add one more, because your timing is perfect. You're 17 years shy of 45. If you can live on half your takehome pay , you can be financially independent with the a...
by PhysicianOnFIRE
Sat Mar 04, 2017 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Paying Zero Income Tax on $100,000 Income? Really? Let's see if we can give new life to this old topic!
Replies: 68
Views: 11472

Re: Paying Zero Income Tax on $100,000 Income? Really? Let's see if we can give new life to this old topic!

Wow...no taxes with $100,000 income! Sounds great, but not something I can figure out. Retired couple with his and hers SS, a small pension, RMDs from our T-IRAs, and no debt, no mortgage, no dependents, and not enough deductions to itemize. Oh, well. Some of us will just have to pay taxes, so we c...
by PhysicianOnFIRE
Fri Mar 03, 2017 8:02 pm
Forum: Personal Finance (Not Investing)
Topic: Paying Zero Income Tax on $100,000 Income? Really? Let's see if we can give new life to this old topic!
Replies: 68
Views: 11472

Re: Paying Zero Income Tax on $100,000 Income? Really? Let's see if we can give new life to this old topic!

I'm confused. How a taxable income of $44,400 pays $0 in taxes for a married couple filing jointly? I thought any dollar after the standard deduction and exemptions starts being taxable. What am I missing? See my post just before yours. Thanks Livesoft, but I'm still confused. Applying all types of...
by PhysicianOnFIRE
Fri Mar 03, 2017 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Paying Zero Income Tax on $100,000 Income? Really? Let's see if we can give new life to this old topic!
Replies: 68
Views: 11472

Re: Paying Zero Income Tax on $100,000 Income? Really? Let's see if we can give new life to this old topic!

I've come up with several examples of ways to pull off 6-figure spending in early retirement without having to pay any [federal income] tax. It's easier if you have kids at home and qualify for the child tax credit.

:beer
-PoF
by PhysicianOnFIRE
Fri Mar 03, 2017 1:52 pm
Forum: Personal Investments
Topic: Trying To Do This Myself
Replies: 23
Views: 3657

Re: Trying To Do This Myself

Welcome! You'll find a number of physicians here and I'll pile on with the recommendation for the WCI book.

Take your time, keep reading. Decide on an asset allocation, and eventually develop an IPS. You can indeed do it yourself.

:beer Cheers!
-PoF
by PhysicianOnFIRE
Fri Mar 03, 2017 1:45 pm
Forum: Personal Investments
Topic: Business money
Replies: 1
Views: 500

Re: Business money

I use Ally bank About 1% interest, which is at least 10 times better than a local brick and mortar bank.

I did locums exclusively the first couple years of my career.

Cheers!
-PoF
by PhysicianOnFIRE
Fri Mar 03, 2017 1:37 pm
Forum: Personal Consumer Issues
Topic: When & how much to donate?
Replies: 108
Views: 11064

Re: When & how much to donate?

Giving is great! Good for you for wanting to get your toes wet. I say Go For It . If it feels good, and you can afford it, give more. As others have mentioned, a donor advised fund is a great vehicle for giving. There are tax advantages, it's easy to give anonymously, and you can build up a fund whi...
by PhysicianOnFIRE
Fri Mar 03, 2017 1:11 pm
Forum: Investing - Theory, News & General
Topic: Generating Passive income
Replies: 33
Views: 6251

Re: Generating Passive income

I would focus on obtaining Financial Independence as insurance against being unemployable in the future. Passive income is one way to do it -- real estate isn't all that passive in most cases. A diverse portfolio of at least 25x annual expenditures (or 30 to 33x to be really, really safe) will get y...
by PhysicianOnFIRE
Fri Mar 03, 2017 12:24 pm
Forum: Personal Investments
Topic: Ever dip your feet into individual stocks?
Replies: 63
Views: 5747

Re: Ever dip your feet into individual stocks?

I bought some BRK-B for the luxury of zero dividends. No plans to sell anytime soon.

:beer
-PoF
by PhysicianOnFIRE
Mon Feb 20, 2017 9:30 pm
Forum: US Chapters
Topic: Your USER NAME...what does it mean?
Replies: 533
Views: 74037

Re: Your USER NAME...what does it mean?

I am a physician. I could have used “doctor” but the title is overused and… I like alliteration. A lot. Allow me to elaborate. The 2 F sounds just work. I share my thoughts on FIRE. Financial Independence. Retire Early. “on FIRE” or “en fuego” is often used to indicate things are going really well. ...
by PhysicianOnFIRE
Mon Feb 20, 2017 10:12 am
Forum: Personal Investments
Topic: Need advice on time frame for changing investments to 3- or 4-fund portfolio: all at once or bit by bit?
Replies: 8
Views: 1079

Re: Need advice on time frame for changing investments to 3- or 4-fund portfolio: all at once or bit by bit?

Peeling that Band-Aid off one millimeter at a time will only spread out the pain over a longer period of time. Set aside some time - a day off or a weekend and make the changes needed. You may need to log in every couple days for a week or two to complete the necessary transactions. I wrote the link...
by PhysicianOnFIRE
Tue Feb 07, 2017 3:09 pm
Forum: Personal Consumer Issues
Topic: Napa/Sonoma Recommendations
Replies: 46
Views: 4676

Re: Napa/Sonoma Recommendations

We enjoyed visiting VML Winery and just driving around. If you enjoy craft beer, there are some great breweries in the area, and most offer tours. I took the tour at Lagunitas in Petaluma, and visited Russian River in Santa Rosa (famous for Pliny the Elder ), and Bear Republic in Healdsburg. There a...
by PhysicianOnFIRE
Fri Feb 03, 2017 9:36 pm
Forum: Personal Consumer Issues
Topic: How much is your cell phone bill?
Replies: 341
Views: 41526

Re: How much is your cell phone bill?

We have two phones with Republic Wireless (uses Sprint service & wifi worldwide). $13 to $15 a month each line for unlimited text & talk and sparse data usage.

:beer
-PoF
by PhysicianOnFIRE
Fri Feb 03, 2017 8:42 pm
Forum: Personal Investments
Topic: Sell everything to establish 3-fund portfolio?
Replies: 7
Views: 967

Re: Sell everything to establish 3-fund portfolio?

You might as well sit down, calculate the ratios, and make the necessary moves all at once. The Vanguard move is simple. Exchange from small cap index and mid cap index to total stock market. Of course, there's nothing wrong with keeping the small & medium tilts if you want them. But if maximum simp...
by PhysicianOnFIRE
Fri Feb 03, 2017 8:36 pm
Forum: Personal Investments
Topic: Am I being given needlessly complicated advice?
Replies: 31
Views: 4699

Re: Am I being given needlessly complicated advice?

I recently helped someone create their own simple 3-fund portfolio @ Fidelity. They were coming from an advisor who had them quite unnecessarily in 28 different funds.
by PhysicianOnFIRE
Fri Feb 03, 2017 8:33 pm
Forum: Investing - Theory, News & General
Topic: Best way to fund your Donor Advised Fund
Replies: 38
Views: 3473

Re: Best way to fund your Donor Advised Fund

I give funds from taxable that have the highest percentage gain. I initially opened a DAF to exit out of funds I no longer wanted to hold in taxable. They were actively managed, tax-inefficient, and poor choices to hold in a taxable account. I bought them long before I found this site.

:beer
-PoF
by PhysicianOnFIRE
Fri Feb 03, 2017 7:59 pm
Forum: Personal Consumer Issues
Topic: Senior Lifetime National Parks Pass Fee Going Up
Replies: 77
Views: 14128

Re: Senior Lifetime National Parks Pass Fee Going Up

I'm no senior, but we'll have a fourth grader a couple years in a row starting in 2018. That gives us two years to explore the national park system for free thanks to the Every Kid in a Park program.

:beer
-PoF
by PhysicianOnFIRE
Wed Feb 01, 2017 2:39 pm
Forum: Investing - Theory, News & General
Topic: Betterment just raised their costs.
Replies: 191
Views: 27297

Re: Betterment just raised their costs.

A big proponent of Betterment -- Pete Adeney a.k.a. MMM -- gives his take here . From the post: "How do I feel About This? These days, I try to avoid outrage and instead think about the big picture. The price change brought up some questions: 1. Why is the company increasing fees? Are they correctin...
by PhysicianOnFIRE
Wed Feb 01, 2017 1:23 pm
Forum: Personal Investments
Topic: Confused about Betterment vs Vanguard returns..
Replies: 11
Views: 2743

Re: Confused about Betterment vs Vanguard returns..

Thanks for the response! Just curious- how much have you saved per year to have 2 million over 2 years? Is your wife working? What investment plans have you utilized? I love whitecoat investor! Ive bough the book and have been using the website for the past few years- I used his advice to read book...
by PhysicianOnFIRE
Wed Feb 01, 2017 6:55 am
Forum: Personal Investments
Topic: Confused about Betterment vs Vanguard returns..
Replies: 11
Views: 2743

Re: Confused about Betterment vs Vanguard returns..

Welcome to the forum. It's fun to start doing some long-term planning, isn't it? I think you'll likely end up with something between $2 Million and $10 Million depending on a myriad of factors, but I think you're selling yourself short on $2 Million after 30 years, which will likely be worth less th...
by PhysicianOnFIRE
Tue Jan 31, 2017 10:24 am
Forum: Investing - Theory, News & General
Topic: Betterment just raised their costs.
Replies: 191
Views: 27297

Re: Betterment just raised their costs.

Ouch.

Glad I stayed away. That's a harsh bait and switch. They should enable a simple in-kind transfer option with the ETFs, so users with taxable accounts can bail without incurring capital gains.
by PhysicianOnFIRE
Mon Jan 30, 2017 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Fund options
Replies: 23
Views: 4250

Re: Doner Advised Fund options

I have both Vanguard and Fidelity DAFs and have had T. Rowe Price in the past. Both Vanguard and Fidelity have great interfaces and nearly identical fees. I appreciate the lower minimum grants that Fidelity offers. $50 versus $500. By all reports, I have heard Schwab is very similar to Fidelity, wit...
by PhysicianOnFIRE
Mon Jan 30, 2017 10:21 pm
Forum: Personal Investments
Topic: What do you include in your asset allocation calculations?
Replies: 43
Views: 6393

Re: What do you include in your asset allocation calculations?

Screenshots of my breakdown below. Any reason why no small-blend and small-value? I think you're leaving money on the table for a higher risk allocation. In the international? I do have a tilt to small-blend and small-value within my US stock portion. The portfolio might actually a bit more sliced ...
by PhysicianOnFIRE
Mon Jan 30, 2017 4:22 pm
Forum: Personal Investments
Topic: What do you include in your asset allocation calculations?
Replies: 43
Views: 6393

Re: What do you include in your asset allocation calculations?

Screenshots of my breakdown below. I have some "play money" invested in a couple microbreweries, a couple 529 plans, but I don't include them in my "asset allocation" calculation. I do include them, along with two homes in my net worth calculation . If I had rental properties, I would include those...
by PhysicianOnFIRE
Sat Jan 28, 2017 11:47 pm
Forum: Investing - Theory, News & General
Topic: Podcasts
Replies: 13
Views: 3196

Re: Podcasts

by PhysicianOnFIRE
Sat Jan 28, 2017 2:23 pm
Forum: Personal Finance (Not Investing)
Topic: Legally Reducing Earned Income Tax Burden
Replies: 14
Views: 2006

Re: Legally Reducing Earned Income Tax Burden

Rollover your SEP IRA into an individual 401(k) that accepts rollovers. I believe eTrade has one that fits the bill. Then you can do a Backdoor Roth for yourself, too. It sounds like you're doing a lot of things right. There's only so much you can do at high income levels. Moving to a no-income tax ...
by PhysicianOnFIRE
Sat Jan 28, 2017 2:04 pm
Forum: Personal Investments
Topic: How much in taxable accounts, when retiring early?
Replies: 10
Views: 1474

Re: How much in taxable accounts, when retiring early?

As above, there is other money available. Roth contributions can be withdrawn at any time without penalty. Roth conversions can be accessed five years later. There is no age restrictions on accessing a 457(b) if you've got one. If you want to live only on taxable money at 47 and need it to last 12 y...
by PhysicianOnFIRE
Sat Jan 28, 2017 10:43 am
Forum: Investing - Theory, News & General
Topic: Try and hit it big with 25% of your portfolio?
Replies: 51
Views: 6217

Re: Try and hit it big with 25% of your portfolio?

Most here will recommend no more than 5% be play money.

I think you could up that after reaching financial independence. Play it safe and smart with your 25x or 33x, and be as aggressive as you want to be with the extra.

:beer
-PoF
by PhysicianOnFIRE
Sat Jan 28, 2017 9:44 am
Forum: Personal Investments
Topic: Should I be investing in a 457b plan offered by my job
Replies: 26
Views: 3482

Re: Should I be investing in a 457b plan offered by my job

How does any reasonably sane person rack up that kind of student debt? My guess would be medical school. I have a few family members who are doctors and they all have huge student loans (not that high though). Medical school is very demanding, so they didn't work and had to loan out all their livin...
by PhysicianOnFIRE
Sat Jan 28, 2017 12:38 am
Forum: Investing - Theory, News & General
Topic: Risk tolerance when you meet your number
Replies: 106
Views: 12610

Re: Risk tolerance when you meet your number

Rare poster but long term reader. I have a theoretical question I’d like to see the group discuss. 1. Let’s say that you met your number and were financially independent but are young and didn’t want to retire yet. Would you (a) put all your money in a very low risk position (cash, TIPS, bonds, etc...
by PhysicianOnFIRE
Sat Jan 28, 2017 12:24 am
Forum: Personal Finance (Not Investing)
Topic: Vanguard Charitable - What does the fund transfer process actually look like?
Replies: 4
Views: 1251

Re: Vanguard Charitable - What does the fund transfer process actually look like?

I'll do my best. I have both Fidelity and Vanguard Charitable DAFs. 1. Fully electronic and simple. I only saved one screenshot , but I don't recall any difficulty. Oddly, even if you have Specific ID as your cost basis, it's ignored when you donate. To donate specific lots, you will have to call or...
by PhysicianOnFIRE
Fri Jan 27, 2017 3:57 pm
Forum: Personal Investments
Topic: Humble brag finally got admiral shares in taxable account
Replies: 29
Views: 4737

Re: Humble brag finally got admiral shares in taxable account

I may have missed the humility aspect, but there's nothing wrong with straight up bragging or celebrating here.

Welcome to the club!

:beer
-PoF
by PhysicianOnFIRE
Fri Jan 27, 2017 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: SWR Logic [Safe Withdrawal Rate]
Replies: 28
Views: 3601

Re: SWR Logic

Yup. Dividends are part of total return. Not a freebie that could be considered extra. Plenty of bloggers aim to own a bevy of high dividend paying stocks and consider themselves to be financially independent when "living on dividends alone." I would caution against that line of thinking. Dividends ...