Podcast Episode 01 – Smart Strategies to Achieve Financial Independence with Physician on FIRE
Episode 01 – Do you want to be financially independent? Does it frustrate you to have to make decisions that are based on money instead of pursuing your passion? If so, you’re not alone. Dr. Leif Dahleen, also known as Physician on FIRE, made that dream a reality. He made wise financial decisions, lived frugally, and he was able to retire early from his anesthesiology career at the age of 43.
In this episode, Dr. Dahleen shares his strategies that enabled him to reach financial independence and retire early. If you’re hoping to achieve financial independence, then this is definitely for you!
It’s the gap between earning and spending that gets you to financial independence faster. – Physician on FIRE
More wisdom from Physician on FIRE to help you achieve financial independence: click here.
Featured online community: Business and Personal Finance for Physicians
Most physicians and dentists come out of training programs with a huge amount of personal debt and little to no idea of how to actually run a clinical practice.
This Facebook community is for anyone who wants to learn more about how to manage their business more successfully and master their personal finances.
Free resource: Setting Reachable Financial Goals
Connect with Physician on FIRE
– Website: www.physicianonfire.com
– Instagram: @physicianonfire
– Facebook page: www.facebook.com/physicianonfire
– Physician on FIRE facebook group (physicians only): www.facebook.com/groups/physiciansonfire
– FatFIRE Facebook group (anyone is welcome): www.facebook.com/groups/fatfire
- 0:00 – Reminder
- 3:07 – Introduction to Physician on FIRE
- 4:27 – Physician on FIRE has been retired for about six months. How is he enjoying it?
- 5:36 – The Financial Independence Retire Early (FIRE) movement has been gaining traction in the last five years, for good reason.
- 8:03 – To achieve financial independence, you need 25-30x your annual expenditures in savings.
- 9:30 – COVID-19 may change how physicians approach long-term views of retirement.
- 11:00 – Budgeting is probably a good idea for most people. If you don’t like the idea of budgeting, consider the idea of “intentional spending.”
- 13:58 – Family/spousal support is critically important to achieving dreams of FIRE.
- 14:57 – We break down some practical strategies to achieve.
- 16:13 – Times of market panic are great times to buy stocks!
- 16:37 – Riding the stock market is like riding a roller coaster. You only get hurt if you jump off partway through the ride.
- 17:28 – If you miss the 10 best days of the market over 20 years, you lose half your returns.
- 18:42 – Extreme solutions to achieve FIRE.
- 19:58 – FIRE may not be for everyone, but FI is for anyone.
- 22:11 – Debt limits your choices. Financial independence offers freedom to choose for yourself.
- 23:17 – FIRE: fad or the “new normal”?
- 26:16 – Many factors affect the timing of FIRE for physicians.
- 26:58 – You have to find balance between spending too much and being a miser.
- 27:30 – fatFIRE vs leanFIRE
- 29:32 – When you retire, retire with a purpose!
- 31:25 – FIRE requires family buy-in.
- 32:29 – Teaching your kids to be financially wise is more important than specifically teaching them to FIRE.
- 34:01 – Teaching financial wisdom to kids is smart. Teach them even simple concepts like the “rule of 72.”
- 35:51 – We talk about the societal pressure for physicians to continue working instead of retiring early.
- 40:17 – Dr. Dahleen talks about the charitable mission of his website.
- 42:35 – The last piece of parting advice from Physician on FIRE.
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