Physician on Fire, physician and creator of PhysicianOnFire.com, joined me to talk about becoming Financially Independent & Retiring Early (FIRE). He was inspired to create his blog and help others when he realized what it took to retire early. What once seemed like a distant, long-term goal soon became his reality.
Together, we talk about what behaviors and steps you can take today to reach an early retirement like him. One day you will realize that work is optional, and you will be able to build a life around your personal interests and passions. Obviously medicine and helping others is a passion for most doctors, but imagine what you would do if you did not have to work anymore. Some of you would still choose to work, maybe volunteer, but the point is to get to Financial Independence. Not needing that paycheck to do all the things you love.
Financial independence can be reached in a reasonable amount of time, it all comes down to choices, and certain choices will help you reach your goals faster. Even if you are just starting out or are still in residency, your choices today will have a huge impact on your long term goals, think compounding interest.
Physician on Fire’s personal story and encouraging tips are truly an inspiration for us all.
What you will learn in this episode:
- How he reached financial independence by age 41
- What your magical number is and why it is important
- What historical data tells us about passive investing
- How to take advantage of living in different states
- Is early retirement possible with high student debt
- Can physicians in low paying specialties achieve FIRE at a young age
- The mindset and behaviors to have if you are still in residency
- Why you should focus on Financial Independence before Early Retirement
- When you should take that vacation over saving or investing
Don’t forget to join the Financial Residency VIP Community on FaceBook to download the show’s freebie.