PhREI Network Highlights (3/05/2022)

The PhREI Network Highlights drop once a week and include the best posts from the PhREI network….

The Darwinian Doctor has been renovating his Palm Springs Short-term rental and exploring the local listings in the process… During one of his recent trips he got trapped… literally, and handled the situation better than most guests. I think it is great for us as hosts to also be guests… I also wish some guests could experience being a host… maybe that would help with some of the wild expectations of some guests. With that said, We are glad to hear Dr. Shin made it out safely but sad to say this episode did have an impact on his STR plans… check out the link below to hear more about this tale…

Getting Trapped in an Airbnb | Building the Empire

FIRE…. What is it GOOD for? The Prudent Plastic Surgeon answers that question in this week’s PhREI Network highlight…. Dr. Frey clearly highlights that the real benefit of FIRE is Financial Independence. It does not mean that you need to RE (retire early), its just an option.

I will say that early on in my career I practiced the model of a stable table… I always practiced Emergency Medicine and Wound Care with multiple groups to ensure that I was not dependent on one source of Medical income.

As I have grown in my practice and financial literacy I have added streams of income outside of Medicine in my pursuit of FI (Financial Independence). This approach is not meant for an early retirement but instead to allow greater financial stability and independence. I now work little bit less and enjoy my practice even more.

Does the FIRE Movement Discourage Doctors?

To stick with the theme of the FIRE movement the Carpe Diem MD post of the week is “Can you ever truly be Financially independent?” I would argue that as long as you need money to pay for expenses you are never “truly” financially independent until you are diversified. In this case, each income stream would be able to cover your expenses separately…

Otherwise, you are just moving your dependence from income source to income source… ex. medicine, real estate, retirement fund etc… True independence would require a combination of very low expenses with multiple streams of income to cover those expenses… or massive expenses with multiple massive streams of income…

Can You Ever Truly Be Financially Independent?

Enjoy your Journey to Financial Freedom

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