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What is the best way a physician can reach FIRE?
In this episode J talks to Jesse, a physician who is set to FIRE in 10 years. He is currently 43 with 3 children, and talks to us about his different lifestyle changes, his investment strategies and negotiation advice.
You’ll love that story.
We also chat about…
- His plan and timeline for FI and his children’s education
- The ethics of retiring early as a physician
- How he cut back on hours
- His plan on international travel
- Rebalancing his portfolio and his investment strategy
- How to negotiate from above
Enjoy this chat with Jesse, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today’s episode
- Jesse’s blog: Doc of all Tradez
- The Physician Negotiator
- Unplugged Parents
- Physician on FIRE
- Seak Medicine
- Physicians helping Physicians
- Nuestros Pequeños Hermanos
- William Bernstein
- Dough Roller
- Episode: A to Z of the Startup Life and Cryptocurrency with Erica Amatori
- Crypto Zombie Youtube
- Krowns Crypto Cave
- Episode: How Negotiating Boosted My Income to a 6 Figure Salary | Financial Mechanic
- Stuart Diamond
Key takeaways from our chat with Jesse
1 – The market for retired physicians is ready for disruption
Quitting medicine early is a one way street since it’s very hard to go back to being a physician once taking some time off. There are also some ethical questions behind retiring early as a physician, simply because physicians help save lives and are necessary to society, whereas someone working in the tech industry isn’t as needed. However, Jesse argues that tele-medicine is already starting to be a thing, with retired physicians helping companies and individuals with their health from the internet.
2 – How to negotiate as a physician
Jesse explains that physicians don’t negotiate when they are first hired, causing the entire average salary to decrease. This is because in their first job interview they’re happy to take anything. Jesse argues that as a physician you have a huge opportunity to earn a larger salary, even if you end at the bottom of your class. His three negotiation steps are:
- Use the data to prove what you’re worth.
- Get them to like you
- Learn to deal with and use your emotions
3 – Rebalancing your portfolio
Jesse has a slightly different investment strategy which includes rebalancing his portfolio every quarter and setting targets for bonds, alternatives and stocks. This follows a specific asset allocation strategy which offers a more balanced and personal approach to investing. Jesse also likes cryptocurrency and explains how owning bitcoin now could pay off a lot in the future. Crypto consists of 1% of his portfolio, but he advises that you should only invest what you’re willing to lose.
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