The millenials are talking about FIRE which is the acronym for “financial independence retire early.” However physicians do not graduate medical school and finish their training until age 30 so we are already 8 years behind our colleagues in business or real estate or law. How do we catch up?
First off, many physicians are employed by large networks with healthy retirement packages and they do not have to worry. Other physicians started with stocks and bonds in their twenties and thirties. Yet others buy their own home and then start investing in real estate for their offices or surgical centers. What about physicians who have a pension plan but want more so that they can retire early?
Most physicians have access to financial planners and some start dabbling in real estate in their 50’s and 60’s and catch up. Some do options and some do cryptocurrency. Success and disaster stories exist so buyer beware. Do call a certified financial planner if you have questions. This podcast raises the questions for all of us who are physicians.