When I started on this journey to find happiness and financial freedom, I had to accumulate information from various sources. There was no simple guide for people to follow. I wanted to change that. So here is a simple guide to follow for both a personal and financial journey.
Click through the links below to learn about important steps you can take to control your life.
Starting your path to a positive financial journey is as easy as 8 steps.
- Setting up a budget/expense report: Ever wonder what should be included in a budget? We cover what you may want to consider. You can also sign up for our email list and download our free Budget crushing tool!
- Determining net worth: Do you know how to calculate your net worth? We discuss how to do it and if things like your home or cars should be included? Check it out to see what I do.
- Get you some insurance: Here we discuss what insurance you need for your family? Is an umbrella policy really necessary?
- Setting up a will or living trust and What to place in a living trust: How do you protect your family with a living trust? Why would you want one and how much will this cost? How do you do it? Check out these posts to figure it out.
- Max out the 401K, 403b, 457, or Government TSP: Ever wonder what these different accounts are? How much can you put into one versus the other? Is a Traditional or Roth plan right for you?
- Start an IRA: What is an IRA? Should you have one? How do you do a backdoor Roth?
- Pay down debt: As Dave Ramsey says, debt is bad. Still which debt should you pay down first and when can you consider paying down debt versus investing.
- Start tax advantaged accounts: Once you have done the above, what is the next thing to do with your money?
There are many discussions on how to find happiness. Minimalism is one path where you remove all unnecessary items from your life. Another is moderatism. This is the idea of living a middle road. Don’t deprive yourself too much but don’t indulge in unhealthy behaviors either.
- Money can’t by sunshine: A discussion about why time is more important then money, but how money can be used as a tool to buy your time. We further discuss the importance of living in the present here.
- It is important to be grateful: We discuss ways to be grateful and how to incorporate it into your daily life.
- Decluttering both your email and your phone also leads to happiness. You do not have to get rid of everything, but focus on keeping the things that make you happy and getting rid of the rest. Just consider an annual spring cleaning.
- Finding a mental middle ground. This includes learning to step back and breathe while remembering that nothing is permanent. We also discuss embracing contentment.
For physicians, things maybe slightly different than other fields. We spend the better part of our 20’s training then come out as a high earner in our 30s. While our friends have spent years building their net worth we are getting out of the gate a little late. On top of that, there is a real issue with physician burn out that we all deal with. Here is some articles I have written of interest particularly to docs.
- For physicians is an emergency fund really necessary? Probably but here are some arguments against it.
- Taking a gap year from medicine published on Physician on Fire and my follow up of taking retirement breaks.Both discuss ways to take a break and hopefully decrease burn out.
- For the more financially minded docs, here are 6 strategies young doctors should follow for financial wellness.
- Finally some philosophical posts including how being in private practice makes me a better doctor and should your child become a doctor?
I hope that these links provide a basis of what this site is about and leads you to both a positive financial and personal journey to improvement.