026 | Physician on FIRE | FI for Medical Professionals | Financial Freedom vs Financial Independence

026 | Today we welcome the Physician on FIRE to the podcast to talk about his path to FI as well as tips and hacks for other high income and medical professionals to get on the path to Financial Independence. In Today's Podcast we cover: Our guest on the show today is Physician on Fire, who is here to tell us his story as well as some Financial Independence hacks for doctors and other high income individuals His message is for people with high incomes who aren't looking to live an ultra-frugal lifestyle What does a conversation look like with a fellow physician in person or on his blog? How difficult is it to delay gratification and not spend significantly when physicians get their "first big paycheck" after many years of not making much money He recommends physicians paying down their student loan debt so it isn't hanging over your head Physician on Fire's own personal history and path towards Financial Independence He took a "permanent" job at a hospital, which went out of business after 4 years when he lost his job He was financially independent on paper after about a decade of working as an anesthesiologist, but didn't realize it until he read an article about Mr. Money Mustache How Brad and Physician on Fire each had moments early on in life where a compound interest calculation opened their eyes to the power of compounding over decades What was Physician on Fire's plan before he read that article about Mr. Money Mustache? He has a "bigger" FI number than many people, but he wants a margin of safety and wants to potentially spend more in early retirement than he spends now Could he potentially "retire" from medicine and still come back if he so desired? Are there ways he could make his job better and focus on the aspects of the job that he enjoys? Dealing with high marginal tax brackets and working additional time How does FI impact his "real" life? His wife is excited about the FI lifestyle of living abroad and having more time with POF. Physicians who don't live in the high cost of living areas on the coasts actually make more money and have lower cost of living Strategies for high income earners pursuing FI: lower your taxable income as much as possible with tax-deferred retirement and HSA accounts Backdoor Roth for high income earners. You can do this for yourself and your spouse up to $5,500 each His distinction between financial independence and financial freedom and the plan to get there How he is donating half the profits from the blog through a Donor Advised Fund Hot Seat questions Favorite life hack: Geographic Arbitrage Biggest financial mistake: Building their 'dream home' and losing $200,000 upon selling it Advice for someone starting out in the medical profession: Be smart with the large expenses like housing and cars