Today we have a legend in the personal finance space, Lief who started Physician on FIRE. PoF is a personal finance website created to inform and inspire both physicians and their patients with insightful writing from a physician who has attained financial independence and the ability to retire early.
[3:21] Tons of people think doctors had a ton of money and it’s all easy. Did you graduate with any student loan debt and how were the early days for you?
Had about 60k worth of loans
Lots of doctors
[6:15] The field of medicine has many different practices, you are an anesthesiologist but if you could go back and change your career path, is there any type of medicine you’d do?
Happy with choice
Trying to decide on retirement
Addiction is a major problem people face, it could be an interesting career path
[12:16] What sparked your interest to being on a path of FI
Study by Fidelity only 50% of physicians max out their 401ks
Father did a good job of teaching Lief
[16:56] What is some advice you would give the younger version of yourself knowing what you know now?
Building a large home- perhaps wasn’t the best thing to do.
Ended up losing $250k
[18:58] How are you preparing your children to be as equally financially responsible as you?
Teaching financially responsible behavior
Started giving kids 1% interest per month on their savings
Other things explained to the kids such as electricity and other costs
[23:46] Value Link: Passive Income
Value Link Round
[23:46] Why do you think people struggle to achieve their dreams?
People don’t set clearly defined goals
[25:11] What other books or podcasts do you recommend?
The Millionaire Next Door
The White Coat Investor
Docs outside the box
[27:12] Do you have a favorite quote?
I’d rather have a bottle in front of me than a frontal lobotomy.
Whether you think you can, or you think you can’t you’re probably right.
[27:58] Any last advice?
Keep reading keep listening keep learning, every day is a school day.