2421: The Diminishing Returns of More Hard Work by Dr. James Dahle with Physician on Fire

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🗓️ 22 August 2023

⏱️ 8 minutes

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Summary

Dr. James M. Dahle of The White Coat Investor talks about the diminishing returns of more hard work Episode 2421: The Diminishing Returns of More Hard Work by Dr. James Dahle with Physician on Fire The White Coat Investor is the most widely-read, physician-specific personal finance and investing website in the world. It is the premier resource for high-income professionals looking for unbiased information about all things financial or simply a referral to a trusted professional providing good advice at a fair price. What started as a simple blog has grown into a multi-media company that will provide you the financial information you need in whatever format you prefer. The original post can be found here: https://www.physicianonfire.com/diminishing-returns-work/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? Visit https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, Episode 2421, the diminishing returns of more hard work
0:07.6	by Dr. James Doll with PhysicianOnFire.com and on your host and personal finance enthusiast,
0:14.0	Diana Mariam.
0:15.6	Now let's get right to today's post and start optimizing your life.
0:23.8	The diminishing returns of more hard work by Dr. James Doll with PhysicianOnFire.com.
0:31.5	I was recently asked by a reader how to decide when it just wasn't worth it to work more
0:36.8	hours.
0:37.8	He noted that he'd been cutting down on his hours due to a high marginal income tax rate.
0:43.0	I felt like the subject deserved a little bit of a broader treatment.
0:48.0	Four factors to determine how many hours to work.
0:52.0	Number one, marginal utility of money.
0:56.0	Determine your own marginal utility of money.
0:59.7	Analyze how much you enjoy your job and your hobbies.
1:03.0	See if there isn't a way you can either increase your hours or decrease your hours to get
1:07.2	the mix just right for you.
1:09.8	It might mean bringing on another partner, paying other doctors to take your share of
1:13.9	call or changing the hours the practice is open, but be open to change.
1:19.6	First, the concept of marginal utility of money.
1:23.4	This is the point at which having more money doesn't improve your life at all.
1:27.4	Working aside from those lucky few who enjoy every minute of their jobs and have no
1:31.8	outside hobbies because they prefer practicing medicine over every other activity is,
1:37.5	in the end, essentially trading your time for money.
	...

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