Journal Club 12-01-23

Here's Journal Club 12-01-23! 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!

• As doctors, we often find ourselves ineligible to contribute directly to Roth IRAs. But did you know you could utilize another powerful retirement savings strategy called the “Mega Backdoor Roth” to allocate more funds to a Roth account higher than the permissible limit? Curious to learn more? The Physician on FIRE breaks it down for easy understanding in the article – The Mega Backdoor Roth IRA: A Comprehensive Guide (2023). Check it out.

• In case you've managed to sock away a chunk of cash and are wondering how to go about investing that sum in a potentially looming financial recession… There's good news! The Financial Samurai shares their thoughts on deploying the cash and provides insights into their personal investment strategy while emphasizing the importance of continued investment, regardless of market conditions, in the post – How I’d Invest $250,000 Cash In Today’s Market.

• Surely, you've noticed that the disparity in compensation within the same specialty is often more significant than the difference between various medical specialties. That said, financial well-being and freedom are essential for doctors to practice on their own terms and provide better patient care. Therefore, to improve your financial situation within your specialty and ultimately work towards financial freedom, The Prudent Plastic Surgeon suggests actionable items in the article – 3 Biggest Reasons Intra-Specialty Pay Difference Is So Huge in Medicine.

• It's said that your mindset reflects your beliefs and attitude and that, in turn, influences your decisions and, ultimately, your success. The same is true for money. Past experiences often shape your self-awareness about money and are essential for improving your financial habits. It's equally important to shift your mindset to an abundance perspective, which empowers decision-making and leads to better and long-term financial success. To help you make this transformation, the Debt-Free Doctor shares key tips and strategies in the post – How to get a Money Mindset for Financial Freedom.

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