Journal Club 8-6-21

Here's Journal Club 8/6/21! 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!

• Today, the world of personal finance is brimming with different kinds of advice. Advice on what to buy in terms of stocks, bonds, mutual funds, real estate, etc., and more importantly, what not to buy like a brand new car. But when you have reached a certain milestone on your journey to financial freedom, The Darwinian Doctor has an interesting question for you: How do you wish to spend your money in the pursuit of happiness? His answer – spend your money on experiences, not things. Check out this article, Why I'm buying experiences, not things, to understand the author's perspective on hedonic adaptation and memory dividends for a happier and fulfilling life. 

• Have you heard the term Limiting Beliefs? It translates to the stories that you tell yourself to either empower or limit yourself. Our beliefs are neither 100% empowering nor 100% limiting. So, what is that factor that determines your success or failure at any adventure? The author of the Prudent Plastic Surgeon thinks it depends on your mindset. How does one change their mindset to empower oneself, you ask? To find the answer to that, read the article, Top 5 Limiting Beliefs to Overcome on the Way to Wealth.

• At some point in your life, you might have realized your parents' sacrifices it took to put certain “rich people foods” on the table or to enjoy some more-refined things in life, which you probably took for granted as a child but realized its value much later when it came out of your paycheck? It was perhaps at that point when you had this newfound appreciation for the finer things in life you had while growing up. If a part of you wishes to imbue that same spirit in your kids, then you'll find this post interesting: Financial Milestones I Want My Kids To Experience by the Crispy Doc. 

• As a doctor, has it ever crossed your mind to opt-out of the Medicare plan? It's often debated in the medical community. There seem to be two belief camps, one that thinks it's one of the worst decisions a doctor could ever make, while others believe that it could be a financially sound decision if you carefully weigh your options. But what does it mean to opt out of Medicare, and why is it worth considering? The answers to which you'll find in the article, Should I Opt-Out of Medicare? by the Wealthy Doc.

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!

Thank you for reading and sharing!

Peter