Journal Club 1-9-20

Every other week, I hold a JOURNAL CLUB. After manually filtering through the millions of articles out there on the web, I present a few that impacted my life this month.

Here’s our Journal Club for the week, enjoy!

• Going from residency to real money is a financial adjustment in the positive direction. But, just because you, and possibly your spouse, go from a residency salary to “real life” salary doesn't mean it's all fun and games. After all, Notorious B.I.G. said it best: “Mo' money, mo' problems.” So, when it's time for you and your spouse to transition from residency to real money, follow Physician on FIRE's sage advice with these four steps.

• Niches get riches. Adding value that's so specific to a select group of people can make you more money than you might realize. There are many ways to make money, but in a world where anyone can create an online business in just minutes, Four Pillar Freedom explains how to create and live off of a business that targets a niche market.

• With an infinite number of side hustles that exist, the process for finding the best side hustles can be overwhelming. Millennial Money Man shares 5 of the best side hustles to make $1000 to $2000 a month, from online tutoring to creating your own blog. He also discusses important characteristics of what makes a great side hustle such as time requirements, room for growth, and the amount of overhead required. Take a read and then get to hustlin'!

• Since we just rang in the new year – and new decade – many of us are in a state of reflection on the past year and what we'd like to accomplish in the new one we've just entered. Retire by 40 has an interesting approach to goal setting and has a refreshing outlook on what should be considered wins and highlights. After all, let's not forget about the little things in life, too, right? Take a look at Retire by 40's 2019 goals and financial wrap up from fun goals, to blog goals, to personal goals…to, of course, financial goals.

• So, you finally did it. You retired and don't have to work a day in your life. Now that the day is finally here, you might be wondering what to do with all of this newfound free time, and you might even be itching to go back to work now that you know what life is like on the other end of that retirement tunnel. Think Save Retire shares seven things to try before you even think about going back to work.

• Do you even batch?! Batching is the act of lumping together tasks to do double the work in half the amount of time. On the first episode of their new podcast, Money Meets Medicine, The Physician Philosopher and Ryan Inman of Financial Residency cover important topics regarding personal finance batching. Gain perspective on creating an automatic financial plan and the difference between time-blocking and time-batching tuning into this clever pod.

• Earlier, I mentioned side hustles multiplying by the minute online and in person. Side hustles often come along with being an independent contractor, which means filing for taxes may look a little (or a lot) different than you're used to if you've only ever filed with a W2. Lucky for you, Anjali Jariwala, host of the Money Checkup Podcast explains the ins and outs of Tax Planning as an Independent Contractor.

A little bit of motivation below. Enjoy and have a great weekend!