The PPhREI Network Highlights drop once a week and include the best posts from the PPhREI network….
This is a classic post from the The Darwinian Doctor. He makes some great arguments supporting (Financial independence retire early) and why we should all pursue FIRE. Dr. Shin makes the case that we should all strive for financial independence (FI) +/- (RE), even if we are happy with our careers. One of his main arguments is that our careers and health are not guaranteed and we should invest so we can retire on our own terms.
The Prudent Plastic Surgeon provides his take on the “time value of money”. He covers some great topics and gives you a few options to calculate your time value of money. Personally, I use both the “hourly wage method” and the time “delayed method”. You don’t need to live your entire life calculating if an activity is worth your time “hourly wage” but it is a nice exercise to help you determine your value.
The example provided by Dr. Frey about picking up extra hours is the best way to use this method. If you calculate an “hourly wage” of $200 per hour… then don’t take the extra shifts offered at $120/hour. This can also be applied to side gigs, multifamily real estate, and short term rentals. You can calculate your tax savings and cashflow from these “investments” and divide that by the hours spent on those activities. If the “hourly wage” is higher than your physician hourly wage than that is nice side gig.
Investing in our first short-term rental was truly life changing for our family. It sounds dramatic but the truth is that first investment was one of our best decisions. Over the years we have significantly increased our net worth investing in STRs and the best part about these investments is that we get to enjoy them with our family and friends. In this PhREI network highlight we go over “5 reasons to invest invest in short-term rentals”.
The Carpe Diem MD Short-term rental course + Physician burnout wellness CMR course starts this Monday, September 19th. This is the last course of 2022. Don’t miss out. Click here to learn more… Check out the Carpe Diem MD post of the week to learn more.
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