#289: A Doctor's Recommendation For Financial Independence - Interview With the Physician on FIRE (Best of CC)
Real Estate Investing with Coach Carson
Chad Carson
4.9 • 613 Ratings
🗓️ 1 May 2023
⏱️ 73 minutes
🧾️ Download transcript
Summary
Episode #289 - (Best of Coach Carson) Doctors typically earn a lot of money. But they also tend to accumulate a lot of debt, both from years of school and from buying expensive things. Learn how the Physician on FIRE did things a little differently, building enough wealth to reach FI in 8 years.
📑COMPANION ARTICLE/SHOW NOTES: https://www.coachcarson.com/physicianonfire
🎬 AUDIO TIMESTAMPS:
0:00 - Market bottomed, kept investing
3:44 - A physician's, school, debt, work
10:02 - Unique financial standpoint
12:50 - Simple saving/investing plan
22:31 - Transitioning out of 9-5
31:58 - Flexible life after FI
34:45 - Traveling with family
41:57 - Investment allocation & why
46:48 - Syndication and funds
52:08 - Risks of syndications
1:01:31 - Philosophy on giving
1:09:10 - Final FI advice
______________________
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- Deal Machine - software to help you buy more real estate deals https://www.coachcarson.com/dealmachine
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https://coachcarson.com/creativefinancing
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Transcript
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| 0:00.0 | I finished residency in 2006 and started investing. |
| 0:03.5 | And then, you know, 2008 things started not looking so good. |
| 0:07.4 | And the market was dropping, but I kept investing. |
| 0:10.4 | Market kept dropping, kept investing, bottomed out in hindsight. |
| 0:14.8 | We know now, March of 2009, big drop in the stock market is actually beneficial when you are early in your career and you |
| 0:22.8 | have money to invest. As long as it bounce is back, which it always has throughout the history |
| 0:28.8 | of this country, it's hard to find a time where over a more than 10 year period, you don't come out |
| 0:34.6 | ahead by just staying the course, investing a portion of your |
| 0:39.5 | paycheck. You know, eventually you'll come out ahead. |
| 0:51.0 | Welcome to the podcast, Real Estate Investing with Coach Carson. I'm your host, Chad Carson. |
| 0:55.4 | You can also call me coach. |
| 0:56.7 | And this is a show to help you build a profitable and passive rental property business |
| 1:00.3 | so you can get out of the financial grind and do more of what matters. |
| 1:03.9 | Whether you're a long-time listener or a first-time listener, thank you for being back for another episode. |
| 1:08.4 | The title of today's episode is a doctor's recommendation for financial |
| 1:12.1 | independence. This is an interview with the physician on fire. And this week and next week are |
| 1:17.8 | greatest hits episodes where I go back and take some of the most popular episodes from the past |
| 1:22.1 | and republish them for you. I'm doing this for a couple of reasons. One, we're almost to episode |
| 1:26.3 | number 300 and there are some gems of episodes in the past that maybe you haven't heard or haven't heard in a while. This is definitely one of them. The other reason, if you're curious, I am out on the Camino de Santiago with my family. We're hiking an ancient pilgrimage route in Spain. You might have heard of that. And we're actually just doing part of it. We're not doing the whole thing, although I would love to do that as well. And we're doing that as a |
| 1:46.5 | family. And I'm not going to have my podcastic equipment with me to be able to record. So it was a good excuse to share an awesome episode with you. Leif Dalhine is the physician on fire's real name. doctors typically earn a lot of money, as we know, |
| 1:59.8 | but they also tend to accumulate a lot of debt, |
| 2:02.8 | both from their years of school and also, name. Doctors typically earn a lot of money, as we know, but they also tend to accumulate a lot of |
... |
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