104 | Advice to My Younger Self | DiverseFI

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Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.

Doc G, writer at DiverseFI.com, shares his experience and mindset as he considers stepping away from his career as a doctor, and highlights the value of building purpose, identity and connection.

  • Doc G feels conflict between a desire to stop working and a desire to carry on the good work of being a doctor.
  • How did Doc G find financial independence?
  • Having read The White Coat Investor’s book, Doc G’s mindset changed immediately, but life changes took a few years.
  • There’s a real risk of burn out as a physician in the U.S. right now.
  • Prior to finding financial independence, Doc G’s accountant said he’d need $10 million to retire, but never asked how much Doc G’s life actually cost.
  • How does Doc G understand the role of fear in his life?
  • The only way to really overcome fears is to actually face them.
  • Doc G struggles to figure out what his role in the world is if he stops being a doctor.
  • Purpose, Identity, Connection: What makes your heart sing?
  • Finding your purpose and identity early in life can actually lead you to financial independence.
  • Financial Independence is plan B, as plan A is living life with purpose, identity and connection.
  • How to find meaning:
    • Take on every new opportunity
    • Say yes, all the time
    • Search for meaning in the small things
  • We limit ourselves by deciding something isn’t worth or time, or creates more fear than we want to face.
  • How does Doc G feel about “YOLO” (you only live once)?
  • Money compounds positively when we save it, but also negatively when we accumulate debt.
  • Front-load sacrifice: do the hard work when you’re young.
  • No matter what path you take in life, it really doesn’t matter so long as you find purpose, identity and connection.
  • The FI community has created a space to have conversations about the things in life that are truly important, not just careers.

Links mentioned in today’s show:

Accidental FIRE

“150 Portfolios that are Better than Yours” – The White Coat Investor

https://www.choosefi.com/104-advice-to-my-younger-self-diversefi/

 

 

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Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.
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