Journal Club 08-18-23

Here's Journal Club 08-18-23! 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!

• It’s a common tendency for us to measure our financial success based on the income we bring in. But it’s precisely this mindset that needs to be changed. Per The White Coat Investor, measuring your performance solely based on your income would be a poor reflection of your success and your life in general. Further, the author makes a critical observation that people within the moderate income group can reap benefits similar to high-income professionals by focusing on essential financial practices. Wondering what they are? The author shares more in the article – The Moderate-Income Physician.

• As investors, we often hear that having a Real Estate Professional Status provides significant tax advantages. However, you could receive similar benefits by investing in short-term rentals such as Airbnb. Per the author over at Hall CPA , both these strategies are considered highly popular ways of accelerating your wealth-building journey. How do you decide what’s the right fit for you? The author shares beneficial guidance in the post – Airbnb or Real Estate Professional Status: Which is the Best Fit?

• Did you know that only 5 to 10% of physicians are able to achieve the pentamillionaire (net worth over $5 million) status? Despite having high-income jobs, why is this milestone so hard to reach? Perhaps the enormous amounts of student loans, late start to saving and investing, to name a few. However, per the Wealthy Doc, attaining this net worth doesn’t have to remain a distant dream and, the author shares a valuable strategy for building financial security and enjoying the freedom it offers in the article – The Pentamillionaire Physician: Your Roadmap to Achieving $5 Million Net Worth.

• While the stock market continues to experience impressive returns, as investors, it’s in our best interest to be prepared for the possibility of lower-than-average returns. Per the Banker on FIRE, it’s essential to have a well-thought-out strategy in place to weather such periods and make good use of the wealth-building tools available today. The author discusses optimizing investments and maintaining a realistic approach in the post – Four Strategies To Offset Low Market Returns.

Read any interesting articles? We'd love it if you could please take a moment to share them in the comments below!

Thank you for reading and sharing,

Peter