Money Lessons From My Dad, Redux
Physician In Numbers » Finance
by IM-PCP
6d ago
In memory of my Dad, I am republishing this post from 2021. I expect the blog will be quiet for a few weeks. I see surgeons working because they can’t afford to retire. Don’t be like them. My Dad made saving for retirement a priority; he did not want to be one of those surgeons, scrubbing in at a time when they would rather be done with work. We lived well, but he did not spend like some of his colleagues. We went to good schools, and had nice holidays, but there were no family trips abroad. My parents did travel without us, but most of their exotic trips came after his retirement, when all of ..read more
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A Look Back At 2022
Physician In Numbers » Finance
by IM-PCP
1M ago
Happy New Year! Before I start thinking about hopes and plans for 2023, I do want to reflect a bit on the year that has just ended. It ended with tough times, but I don’t want that to be the only thing I remember about the year. This angel should be bringing tidings of joy. Professional Highlights Work was challenging this year. Staffing remains one of the most frustrating aspects, as both clinic and hospital floors have insufficient staff to get the necessary work done. That leads to unhappy patients and overworked coworkers. Despite all this, when I look back, it was a pretty good year for m ..read more
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The Flip Side Of Money And Medicine
Physician In Numbers » Finance
by IM-PCP
1M ago
I think about money and medicine a lot, and write about them often here. My writing usually focuses on the practice of medicine and saving money. This post is a little different. The past week or so has been spent away from home, watching other people practice medicine on my Dad, while I spend money like water. While I deal with all the challenges this week has presented, I have had the opportunity to reflect on how my pursuit of FI (financial independence) has helped–or not–during this time. Present-Me thanks Past-Me for savings What makes dropping a lot of money on a last-minute, unplanned e ..read more
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Giving: Thanks And Money
Physician In Numbers » Finance
by IM-PCP
2M ago
I know we are supposed to think about what we are grateful for in time for Thanksgiving. To, you know, give thanks for what we have. However, the events of the past few days brought up a number of ways that I am thankful–and they all occurred on or after the holiday. I figure giving thanks is always okay, even if it seems a little late. Being thankful for money seems awfully tacky, but I am particularly thankful for some of the opportunities that pursuing financial independence allowed me. One of the great advantages of having a little (or a lot) of extra money is the chance to make other peop ..read more
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Six Benefits I Received From My Donor Advised Fund
Physician In Numbers » Finance
by IM-PCP
2M ago
One year ago, I opened up a Donor Advised Fund (DAF). I wrote here about the reasons I choose to do so, along with some practical tips on setting it up. I thought this might be a good time to talk about the real benefits I have received (being totally selfish), in the hopes that I might inspire someone to consider setting up their own DAF. I can be more generous The money in my DAF doesn’t belong to me now. It belongs to Fidelity Charitable. So when Mr. PiN wanted us to make a donation that was much larger than our usual gifts; or when I decided to participate in Physician On Fire’s Giving Tue ..read more
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Car Calculations: Renting Vs. Buying
Physician In Numbers » Finance
by IM-PCP
3M ago
If you have been following the blog for a while, you may remember that we are a one-car family. And that our singular car has been paid off for just over a year. This was the first ever brand-new car for me and for Mr. PiN, and I had hoped to keep it for at least 8 years, maybe 10, before having to think about replacing it. We were definitely not planning to buy a new car this year. So, when our car broke down on a long trip this Spring, and was unusable for about 3 months, we had to make some adjustments. We were able to use my father in law’s car for around town trips. However, we had a road ..read more
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What To Do With Some Extra Cash
Physician In Numbers » Finance
by IM-PCP
3M ago
Do you have a pile of cash sitting around, earning 0.001% interest at your local bank? Is this money you may need to use in the near future, possibly your emergency fund? Or money earmarked for a purchase relatively? I want to give a tip of the hat to Kevin at Financial Panther, who highlighted a bonus with Discover Savings Bank. The bonus is currently $150 if you deposit $15,000; or $450 if you deposit $35,000. I checked my e-mail offers; these bonuses are higher than the offers that Discover has been sending me (so go through the link at Financial Panther). Kevin has some tips for maxing out ..read more
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Still My Brother’s (Money) Keeper
Physician In Numbers » Finance
by IM-PCP
5M ago
This Spring, I was very excited about the possibility of my brother selling his first house, now a rental. In April, I offered my own opinions of what he should do with his expected windfall. With the drop in the real estate market, it took longer than expected for the sale to finalize, but the day has finally arrived. I figured my brother would be on easy street: no more carrying costs or paying for repairs for his old house. Not to mention, he has better cash flow with his youngest finally out of day care. When he told me he was meeting with a financial advisor, a class mate of his wife’s, t ..read more
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How Much Cash Do I Need To Retire?
Physician In Numbers » Finance
by IM-PCP
6M ago
Money you will need in the next 5 years should not be in the stock market. I have heard this advice for years, but never really paid much attention to it as far as my retirement. After all, I wasn’t going to be retiring in the next 5 years. I was young, not even 30 (or 40, or 50). I had plenty of time to ride out the stock markets ups and downs. Now, however, I am thinking about retiring. I might want to keep working for more than 5 years, but I might want to stop even sooner than that. It is time for me to start preparing for retirement and the sequence of return risk. That means reducing how ..read more
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Don’t Forget To Add Back What You Love
Physician In Numbers » Finance
by IM-PCP
7M ago
Talk of inflation is all over the news. Worries about a recession are not far behind. Blog posts are popping up all over to deal with money crunches, and I am sure we will be seeing more. Some posts will be about earning more, and many will be about cutting back on unnecessary expenses. For those who aren’t confident they can earn more money, cutting expenses can be a quick win. It’s relatively easy to go through your spending and cut out costs you don’t really care about: subscriptions to a magazine you don’t enjoy anymore, the gym membership you never use, and so on. A little harder is cutti ..read more
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