If you want to retire early, which specialty would be best to go into? Let's get one thing straight from the beginning, medicine is not a great option for FIRE in the first place. With the long years in training, you won't even start making significant money until your mid thirties with $300-400K in student loan debt. Traditional FIRE at 30 or 35 like all these FIRE blogs talk about is not possible in that situation. So if your goal is to retire early, medicine is probably not the right place for you. Not to mention if you are a medical student with this question, there is probably an issue with the career you chose. Maybe you should be thinking about getting out of medicine into a career you’ll be happier in long term. But I do answer this question in this episode even so. Shorter residencies do get you to attending income sooner but those also tend to be on the lower end of salaries for physicians. It may not make sense to choose a specialty with a shorter residency if you will be paid significantly less each year afterwards. In this show I share which specialty I think is best for retiring early and why. I also answer listener questions about buying a home while in the military, timing the market, being over leveraged in your real estate investments, disability insurance for military doctors, tax loss harvesting, and more. I also bring on a guest for a few minutes, Ryan Inman from Financial Residency Podcast and Physician Wealth Services to answer a couple of listener questions about rebalancing and investing on the fixed income side. Lots of your questions answered in this episode!
This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time white coat investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. He is very responsive to me and to readers having any sort of an issue, so it is no surprise that I get great feedback about him from our readers and listeners. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com