Funny Financial Myths | PPhREI Network Roundup | 6-9-2023

In this PPhREI Network roundup, we discuss arrival fallacy, financial myths, and financial independence.

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Carpe Diem MD

In this post, Ian Cook, MD discusses the nature of financial independence. He argues that unless you have multiple streams of income, you’re not financially independent, no matter how much money you have! I agree with this wholeheartedly.

Let’s say you’re handed a huge sum of money. Perhaps it came from a lottery winning or an inheritance from that uncle who had stealth wealth. Unless you carefully invest that money and abide by some financial plan, you’re likely to spend through it. As my own wealth has increased, I’ve learned that no matter how much money you have, our world is very talented at draining your account dry.

Read the original post at the Carpe Diem MD blog: Can You Ever Truly Be Financially Independent?

The Darwinian Doctor

This week, I recharged the batteries after a couple of weeks of travel and call coverage and wrote a post about my 20th college reunion. I came away from the experience with a serious case of the blues, just like I did after another reunion a few years prior. The analysis of this phenomenon led to this blog post, in which I wrote about the rampant “arrival fallacy” that I saw in my talented colleagues who like me, have reached the crossroads of middle age.

Read the original post on the Darwinian Doctor blog: When Does This Game Get Good?  (Arrival Fallacy and my Yale Reunion)

The Prudent Plastic Surgeon

Last but not least, Jordan Frey, MD discusses seven financial myths that he’s overheard from other doctors. Some make sense and some are truly cringe worthy.

My favorite myths were the following:

  • Die with debt so that your debtors don’t win
  • Money doesn’t matter

If you’re reading this, we already agree that money is very important. I think Jordan and I disagree a little about the “dying with debt” part, though. A slight nuance is that I believe that low interest debt is best paid off over time. Be it a mortgage or a student loan, you will win in the end if you allow inflation to eat away at your fixed debt while your income rises through wage growth.

This is a risky option, though, because it implies investing the extra money you have through this strategy, as opposed to spending it. It also implies that your investments will return well, which is not a sure thing at all.

Read the original post on the Prudent Plastic Surgeon blog and let me know what you think below: Debunking 7 Financial Myths Overheard in the Doctors’ Lounge

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