Journal Club 7-24-20

Here's Journal Club 7-24-20! Every week, I hold a JOURNAL CLUB. After filtering through the articles on the web, I present a few that impacted my life this week. Be safe and stay well!

QUICK ANNOUNCEMENT

In celebration of the upcoming launch of Passive Real Estate Academy (you can join the waitlist now to get access to an exclusive discount), I'm holding a free updated Masterclass – How To Invest In Real Estate Without Being a Landlord on Monday (7/27) at 530pm PT. I'd love it if you joined me live but if you can't, just by signing up you'll get access to the replay. You can check it out by clicking here.

• The White Coat Investor, like many of us in the physician finance blog space, know that many doctors aren't always equipped with the personal finance skills to handle the money made from a career in medicine wisely and efficiently. For many, this begins early on during medical school and residency. For starters, it often stems from the incredible amount of student loans that come with wanting to be a physician. The White Coat Investor shares ten reasons why doctors have a “spending problem, not an earning problem.”

• Making a budget and budgeting your expenses regularly can feel like a huge pill to swallow for some. Regardless, it's a good habit to build and can save you lots of time and money in the long run. It can feel embarrassing to start a habit like this late in the game, when you feel like you should've been doing it all along. But, it's never too late to start building good financial habits. As the saying goes, “better late than never,” right? Here are six simple steps from Millennial Money Man for creating a budget.

• The FIRE movement is something that comes up often on this blog. Financial independence and retiring early is a goal many strive to accomplish, but it proves to be difficult to do if you don't have the right tools or mindset. Chief Mom Officer shares details about what she calls “Re-FIRE-ment,” and how slashing expenses while keeping a stable income can help you accomplish your dreams…whatever they may be.

• There was a time when being a doctor was equivalent to a guaranteed, secure income. Unfortunately, many feel those times have changed. There are too many physicians out there who are living paycheck to paycheck, even after working countless hours – for several years – to train and prepare to take care of the lives of others. Dr. Christopher Loo, MD, PhD, shares on the Kevin MD blog the importance of diversifying into income streams in order to achieve financial freedom and independence. It's now more important than ever for the physician in the era of COVID-19.

Lastly, here's a little bit of motivation below. Enjoy and have a great weekend!