personal finance
Finance Friday Articles
Here are my favorites this week:
Free Beer Plus Profits! A Craft Brewery Investment Goes Full Circle
How Often Do Long-Term Bonds Beat Stocks?
Roth 401(k) vs. 401(k): Which is the Better Option?
The Best Side Gig Is Spending Less
Here are the rest of the articles:
3 keys to building an emergency fund
5 Ways Financial Freedom Beats Burnout
10 Reasons to Consider a Nonclinical Job to Defeat Burnout
Achieving Financial Freedom as a Physician is Simple, but Not Easy
Breaking the Traditional Financial Rules
Consumer Addiction and 5 Ways to Beat It
Consumption Smoothing is Stupid
How a Career Transition Can Help You Reach Financial Independence
Indexed Annuities – No Down Less Up
Investing legend Burton Malkiel on day-trading millennials, the end of the 60/40 portfolio and more
IRS Adds New Criteria for COVID-Related Loans, Withdrawals From Retirement Plans
IRS expands criteria to withdraw money from retirement plans for those affected by coronavirus
Report of Retirees Fleeing Market Due to Coronavirus Was Greatly Exaggerated
Should spouses get to contribute to troops’ retirement savings accounts? Debate set to begin.
States Without Income Tax: Is There a Benefit to Moving?
The Best and Worst Quarters in Stock Market History
The Economy is Not the Stock Market
The Key to Successful Investing? Your Mindset
When It Comes to Social Security Retirement Benefits, Timing Matters
Finance Friday Articles
Here are my favorites this week:
Beyond the pandemic: What to expect from stocks, bonds
Don’t Leave a Mess When You Die
Top 8 questions on investing in the current climate
Top 10 Things Bogleheads Get Wrong
Here are the rest of this week’s articles:
6 Greatest Sins of Insurance Agents
6 Ways to Invest in Apartment Buildings
10 Milestones to Financial Independence Worth Celebrating
10 Reasons Why Residents Shouldn’t Buy A House
Changing My Mind About Personal Finance Due to the Pandemic
How to Fund a Million Dollar Roth IRA for Your Child with Government Money
How to Start Investing in Private Real Estate Deals
How Would Investors React If We Finally Get Some Inflation?
Mortgage Debt Versus Student Loan Debt: Which is Better to Have?
Residency Interviews: Spend Less and Interview More
Financial Blogs I Recommend
For those looking to get financial education online, here are the blogs and other online resources I’d recommend:
A Wealth of Common Sense – This is a blog written by one of the Animal Spirits podcasters I recommended you listen to. He provides excellent contemporary analysis of the financial markets.
Humble Dollar – Jonathan Clements was a personal finance writer at The Wall Street Journal for 20 years and is a well-respected source for financial advice. He has a number of books and a blog called Humble Dollar that includes a free comprehensive money guide that is a continuously updated guide to all aspects of personal finance.
Mr. Money Mustache – There is an entire early retirement culture on line, of which many physicians are unaware. If you have an interest in early retirement, you’ll love this website and the story of Pete (Mr. Money Mustache), a software engineer who retired in his thirties. It is filled with investing information, as well as practical advice on how to save money in everyday life. The site has an anti-consumerism, pro-Earth bent and Mr. Money Mustache is a strong proponent of using a bicycle instead of driving a car, even in the dead of winter. He will show you that retiring early and controlling your spending doesn’t have to lead to unhappiness. In fact, he’ll probably convince you that the less you own the happier you’ll be.
Oblivious Investor – This is a tax-focused investing blog by an accountant who also writes a series of very short, informative books on all finance topics.
Vanguard Blog – Regular readers know I’m a huge fan of Vanguard and do all of my non-military retirement investing there. You should too! Many know that Vanguard was founded by John Bogle, and those who follow his investing principles are self-named “Bogleheads.” They have a Bogleheads Wiki that you can read in addition to the Vanguard blog.
White Coat Investor Empire – Fellow Emergency Physician James Dahle, MD has created a digital and print media empire. You can’t go wrong if you make this your solitary source of financial information. There is a blog, internet forum, Facebook group, sub-Reddit, podcast, and book, so no matter how you prefer to ingest information you can find what you are looking for on this site. In addition, he has partnered with three other physician financial blogs, Physician on FIRE (which stands for Financial Independence, Retire Early), Passive Income M.D., and The Physician Philosopher. All three of these are excellent sources as well.
Debt, College, and Discretionary Spending
Here are the slides I used to record this episode of the podcast:
Debt, College, and Discretionary Spending
Here’s the screencast:
2021 BRS Continuation Pay, TSP Info on New 5-Year L Funds, and Finance Friday Articles
Here is an article about FY21 Continuation Pay for those in the Blended Retirement System (and here’s a guest post about applying for it):
Blended Retirement System CY 2021 Continuation Pay Announced
Here is the TSP PDF about the new Lifecycle Funds in 5-year increments that start 1 JUL 2020:
Additional Lifecycle (L) Funds
Here are my favorites this week:
6 steps to selecting a target-date fund
When Should You Sell Your Stocks?
Here are the rest of this week’s articles:
3 Reasons Why You Can Take More Risk with a 529
Coming Up Short When Trying to Buy a House
How State and Local Taxes Affect Your Retirement Plan
How Will Private Equity Work in 401ks?
Is This The Most Volatile Year Ever?
Not All Income Is Created Equal
Questions I’m Asked About Term Life Insurance
Sitting on One Million Dollars in Cash
Some Things About the Markets That Will Never Change
Finance Friday
Here are my favorites this week:
Implementing and Refining the “Spend Safely in Retirement Strategy”
Thrift Savings Plan Adds New Funds
Here are the rest of this week’s articles:
5 Unusual Ways To Accelerate Your Financial Independence
A PHYSICIAN’S INSURANCE CHECKLIST: THE DEFINITIVE GUIDE
Backtests vs. Real Life in the Markets
Could Multiple Savings Accounts Help You?
FIRE FAQ: Frequently Asked Questions About Financial Independence & Retiring Early
Inflection Point? Time to Diversify?
My Bad – 3 Insights Into Behavioral Finance
My Best Financial Decisions of 2019
Roth vs Traditional When Going for PSLF
The 2020 Stock Market By the Numbers
The Craziest Charts of the Year (So Far)
The One Percent Rule For Real Estate Investing
Vanguard leaders discuss the risks of default or downgrades in the bond markets
More TSP Lifecycle Funds and Finance Friday Articles
Starting July 1, 2020, you will have ten Lifecycle (L) Funds to choose from instead of the five currently available. They’re adding the additional L Funds so that the target dates will be separated by only five years instead of ten, allowing you to more precisely target the time when you think you’ll need your money. Six more L Funds will be added, and the L 2020 Fund, having reached its target date, will be rolled into the L Income Fund. See the fact sheet Additional Lifecycle (L) Funds for more information.
Here are my favorites this week:
My Real Estate Performance in the Coronavirus Era
The Six Big Money Items You Should Do as a Resident
Here are the rest of the articles:
5 Personal Finance Truths for the Military
Averting My Gaze from the Stock Market
Divvying Up Dollars When You Have a Surplus
How to Optimize Your Money in Retirement
Love Your Job? Why You Should Still Pursue Financial Independence
Massive Up and Down Moves in Stocks in the Same Year Are More Common Than You Think
The Story of Stocks and the Three Bears
Tips for Dealing With Your First Market Downturn
Vanguard and Fidelity investors didn’t flinch as the market tanked
Vanguard Total Stock Market Mutual Fund vs ETF: What’s the Real Difference?
What Percentage of Your Current Income Will You Need in Retirement?
Where the Private Real Estate Market Stands Six Weeks Into COVID-19
Financial Podcasts I Recommend
For those looking to get some financial education through their earbuds or while driving, here are the podcasts I recommend and actively listen to as well as one I don’t listen to but you should consider.
Two investment advisors give an educational and entertaining summary of recent market/financial news 1-2 times per week.
Many know that Vanguard was founded by John Bogle, and those who follow his investing principles are self-named “Bogleheads.” This podcast will teach you those principles.
Creative Planning is an investment advisory firm. Its President, Peter Mallouk, and Director of Financial Education, Jonathan Clements, who was a Wall Street financial columnist for 20 years, provide a monthly podcast series discussing recent market events, investment philosophy, and give monthly tips.
Financial Residency or Physician Finance Minute
Ryan Inman is a fee-only financial advisor who happens to be married to a GS physician at NMCSD. Financial Residency is the podcast that I recommend but don’t personally listen to because I find it to be too basic. That said, if you are a beginner to intermediate when it comes to personal finance, I think this is a podcast that you should strongly consider to build your financial knowledge base. For those with a short attention span, he also offers the Physician Finance Minute, which is literally 1-2 minutes of financial learning each day.
This podcast is hosted by a former investment manager. He does an excellent job of reviewing personal finance and economics topics in shows that are usually about 30 minutes in length.
Jimmy Turner, a practicing Anesthesiologist, and co-host Ryan Inman, the host of the Financial Residency Podcast above, teach you all of the personal finance topics you wish you had learned in medical school.
Peter Kim is also a practicing Anesthesiologist and entrepreneur who focuses this podcast on ways that physicians can create diverse streams of passive income.
This podcast from Morningstar is hosted by Christine Benz and Jeff Ptak as they talk to influential leaders in investing, advice, and personal finance about a wide-range of topics, such as asset allocation and balancing risk and return.
Our finances, portfolios, and the markets are affected daily by the policies and politics coming out of Washington. In each episode of WashingtonWise Investor, host Mike Townsend, Charles Schwab’s Vice President for Legislative and Regulatory Affairs, focuses a non-partisan eye on the stories that matter most to investors, and his guests offer actionable suggestions for what to do—and what not to do—with your portfolio.
Fellow Emergency Physician James Dahle, MD has created a digital and print media empire. You can’t go wrong if you make this your solitary source of financial information. There is a blog, internet forum, podcast, and book, so no matter how you prefer to ingest information you can find what you are looking for on his site.
Finance Friday Articles
Here are my favorites this week:
When Your Income Becomes Your Enemy
Why is the Market Doing Well Lately?
Here are the rest of this week’s articles:
4 Financial Tips for DINKS (Dual Income No Kids)
5 Ways Investment Performance Measurements Can Be Fuzzy
6 simple ways to take action in your financial life without hurting your long-term goals
A One-of-a-Kind Market Environment
At Ease (Make Sure Your Life Insurance Beneficiaries are Up-To-Date)
Bubble Behavior During a Depression
From Medical Degree to Financially Free
Here Are the 2020-2021 Post-9/11 GI Bill Rates
How COVID-19 is Changing the Housing Market
How Much of the Bear Market Losses Have Been Recovered?
How Our Annual Spending Determines Our Retirement Needs
Physician in Transition: A Fast Track Guide to Financial Security
The Different Types of Real Estate Crowdfunding Deals
The Diversification Drag & The Management of Luck
The Top 10 Things Doctors Need to Know About Disability Insurance
Thoughts from a mom investing for college
To SBP, or Not to SBP? Evaluating Your Survivor Benefit Plan Option at Retirement
6 Short Books That Can Transform Your Financial Life
Finance is an area of extreme importance in the personal and professional lives of military members, or at least it should be. In order to give readers a quick head start, I’d like to provide them with a list of recommended resources that offer sound advice and can be read quickly. Let’s face it, we’re all busy.
Get a Financial Life: Personal Finance in Your Twenties and Thirties – If you want one book to guide you in nearly all aspects of your financial life, this is undoubtedly the most comprehensive and useful financial book I’ve ever read. It offers sound advice in a concise format and covers investing, banking, insurance, real estate, taxes, and nearly every other topic you can think of. This is the best money you could spend if you are in your twenties or thirties, and probably even if you are older than that and just getting started.
Jonathan Clements Money Guide 2016 – This is another comprehensive resource I recommend. After a 2015 and 2016 edition, he transitioned the content to a free money guide on a blog called Humble Dollar, but if you want a physical book the 2016 edition is still highly relevant and recommended.
How to Think About Money – Clements’ other book is short in length (158 pages) but extremely useful when it comes to shaping your approach to personal finance. He teaches you how to think about money and use it to maximally impact your life and happiness.
The Bogleheads’ Guide to the Three-Fund Portfolio – I’d encourage anyone who is using a financial planner to read this book. Investing does not need to be complicated, and you probably don’t need to be paying an advisor when you can easily do this yourself.
The Elements of Investing: Easy Lessons for Every Investor – For investment advice, I turn to two authors, Burton Malkiel and John Bogle. Malkiel is the Chemical Bank Chairman’s Professor of Economics at Princeton University and is most famous for his bestselling book, A Random Walk down Wall Street: The Time-tested Strategy for Successful Investing, which is 500 pages long. His lesser known book, The Elements of Investing: Easy Lessons for Every Investor is much more manageable at less than 200 pages, was published in 2013, and provides all of the advice without the in-depth theory. It’s like skipping to dessert without having to eat your vegetables. In addition, you can check out The Random Walk Guide To Investing, which is only 224 pages but a bit dated since the last edition is from 2007. The principles, though, remain unchanged so it is still a worthwhile read.
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns – Bogle, founder of The Vanguard Group, is also famous for a book that I highly recommend, Common Sense on Mutual Funds. This book, however, is heavy on theory. If you don’t want a degree in finance, you can get the Reader’s Digest version by reading his other book, The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns. This book is also a much easier read at 216 pages long, and will teach you how to get rich slowly, the only surefire way to get rich.
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