Here's Journal Club 7/23/21! 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!
- Have you heard about the popular “No Spend Challenge” trending in the FIRE community? I think it’s an interesting concept that can help you determine the essential and non-essential aspects of your monthly burn rate. It’s a great exercise to trim the household debt fat, and it has the potential to be continued for longer than the month-long challenge duration. Did that pique your interest? Read more about the challenge and gain some tips to ace this challenge in the article, How To Succeed In a No-spend Challenge For a Month by XRAYVSN.
- Are you afraid of making mistakes and failing? In addition to FOMO (Fear Of Missing Out), Fear of Failure is one of the significant issues affecting kids and adults alike. Nobody wants to be a failure, but if you wish to find the direct path to succeed in life, then it’s important to realize that there will be failures along the way. Debt Free Dr says that it’s OK to fail as it paves the path to success. Check out the article, Don’t Be Afraid To Fail to learn about the author’s biggest failure in real estate investing and the lesson he learned.
- Have you observed that high-income earners aren’t necessarily money-savvy? Bringing in good money is only half the equation; the other half is keeping and growing that money. Over-stretched lifestyles and spending without a budget are just some of the things that get in the way of having a healthy financial life. In this article, Personal Finance Habits of Successful High-Income Earners, author Katie Brewer highlights specific traits to build a happy money life.
- If you’re a self-employed physician, then the responsibility of structuring your retirement plans falls on your shoulders. The retirement plan you choose depends on whether you’re a contractor and if you have employees. Smart Money MD discusses the two primary ways of investing in single-person pre-tax retirement funds. Read this article, How to open your Solo 401k on E*Trade, for more information on the types of retirement accounts available and to figure out which one could be your best option.
That’s all, folks. I hope you enjoyed this week’s journal club.
Read anything interesting this week? Please feel free to share them in the comments below!
Disclaimer: The topic presented in this article is provided as general information and for educational purposes. It is not a substitute for professional advice. Accordingly, before taking action, consult with your team of professionals.