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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\u2019s 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\u2019t 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 \u201cfirst big paycheck\u201d after many years of not making much money

He recommends physicians paying down their student loan debt so it isn\u2019t hanging over your head Physician on Fire\u2019s own personal history and path towards Financial Independence

He took a \u201cpermanent\u201d 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\u2019t 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\u2019s plan before he read that article about Mr. Money Mustache? He has a \u201cbigger\u201d 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 \u201cretire\u201d 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 \u201creal\u201d life? His wife is excited about the FI lifestyle of living abroad and having more time with POF. Physicians who don\u2019t 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 \u2018dream home\u2019 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