financial planning for doctors
Financial planning for doctors requires a mix of strategies such as making the decision to pay down debt vs investing, maxing out all retirement options, buying insurance and investing.
Roth IRA
The Backdoor Roth IRA allows high income people to indirectly make contributions by converting a traditional IRA into a Roth IRA.
Real Estate
When considering buying rental properties, calculate the net operating income, Return on Investment (ROI) and Internal Rate of Return (IRR). You should also compare the investment to the opportunity costs, such as stock returns.
Financial Independence
Chubby FIRE involves retiring with a net worth of $2.5M to $5M and enjoying a comfortable upper-middle class lifestyle. Maintain a healthy balance between enjoying a good lifestyle while ensuring disciplined saving and budgeting.
Financial Independence
The Fat FIRE approach involves working very hard early in your career to save up a fat nest egg, retire early and enjoying a very affluent lifestyle in retirement.
financial literacy
The nominal interest rate is the interest rate that is stated on a loan or mortgage and has not been adjusted for inflation. In investing, the nominal rate is the return on an investment before adjusting for inflation, fees or taxes.
Investing
The Boglehead investment approach emphasizes passive investing in low cost index funds, asset diversification, effective risk management and investing early and often for the long term.
Financial Independence
Lean FIRE is the variation of the Financial independence/ Retire early (FIRE) movement that involves extreme frugality and minimalism both before and during retirement.
Home Buying
House hacking is the act of generating income from your real estate property while living in it by renting out a part of the home you live in, or renting out units of a multi-family unit while living in one of them.
Barista FIRE refers to an early retirement approach in which you work part-time after retirement to fund some of your expenses. You will thereby require a lower net worth for retiring, and you may be able to retire earlier.
AI financial advisor
Liquid net worth refers to all your assets that are readily convertible to cash minus debt and liabilities such as loans.
financial literacy
If you want to know how to get started with FIRE and what it will take to achieve financial independence and retire early, we recommend these 5 books to help you along on your FIRE journey.