Comic book collectibles are a volatile investment strategy. Acquiring comics to collect for retirement planning is not something to be done on a whim. You need to know what you are doing. Comic book collectibles don’t gain or maintain their value like traditional financial investments. Collectibles aren’t tracked on financial indexes. However, some comic books […]

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“Millennial” is a seemingly dubious title, with the media blaming this age group as ruining just about everything from the wedding to the paper napkin industry–but we’re pretty stoked to find Mi…

Hey everyone! I have a success story to share. My primary care physician is retiring early next year! Wow, another reader escaping the rat race. That’s awesome. In 2012, I retired from my engineering career and had to find a new doctor closer to home. Amazingly, Dr. C recognized me from Retire by 40 when I walked in. FIRE was in its heyday back then. We talked a bit about early retirement, but quickly pivoted to healthcare. Dr. C has been a great primary care physician, but the healthcare system has made life more difficult for family doctors over the last few years.

Primary care physicians are overloaded with patients and their compensation is lower than specialists. They are also overburdened with paperwork and red tape. As a result, medical students are reluctant to become a family doctor. They have a ton of loans to pay off so it is better to specialize. That’s too bad because I like having a primary care physician. Dr. C is familiar with my healthcare history and kept me healthy for many years. Hopefully, I can find a good PCP next year. I heard it’s harder than ever to find a new doctor. The United States is facing a significant shortfall of primary care physicians.   

Anyway, I want to give Dr. C some tips for a happy and successful early retirement. Dr. C is frugal, childless, and has a working spouse. We can safely assume Dr. C is well prepared financially. I think the bigger issue will be the transition to retirement. Retiring can be jarring at any age.

Stay busy

My best tip for Dr. C is to stay busy after retiring early. Most people think they’ll enjoy a relaxing retirement, but that is a fallacy. Sure, it’s fun to binge-watch Netflix and play video games all day on the weekend. However, you’ll be bored out of your mind if you do it every day. Most of us will feel useless and unfulfilled if we don’t do anything productive. This is especially true for early retirees. We are still young and we want to be useful.  

It’s good to relax and unwind for a few months after a stressful career. However, early retirees need to plan for the future as well. You need to pick up some passion projects when you have more unstructured time. Staying busy is essential to a happy retirement. Here is what I did over the last 12 years.

SAHD, Blogging, and Side hustles

When I retired in 2012, I was very busy with my son. He was just 18 months old and required a ton of supervision. Being a stay-at-home dad to a little kid was exhausting, but I enjoyed it for the most part. RB40Jr and I had a lot of fun exploring Portland. (It was much nicer back then.) I kept up with blogging, but it was on the back burner until RB40Jr started school.

Once he started school, I had more time to myself and focused on blogging. It kept me busy and inspired many readers. I enjoyed sharing my journey. It is possible to retire early if you’re frugal and invest consistently.

I also took on some side hustles whenever I had extra time. I charged scooters and delivered food off and on for years. These side hustles kept me busy and reduced withdrawal. Working part-time after retirement can be very helpful. It keeps you from being bored and even a little income helps a lot. Although, I’ve been getting more picky lately. These days, I don’t leave the house for less than $30/hour.

Slowly approaching full retirement

All these activities kept me busy since I retired from my engineering career. However, they are all slowly wrapping up in their own ways.

RB40Jr is a teenager now and he doesn’t need me as much. I spend a lot of time taking him to various activities. But he is becoming more independent every day. Next year, he’ll be in high school and he can bike there. In less than 5 years, he’ll go off to college and my time as a SAHD will be over.  

Blogging is my passion project, but it has slowed down tremendously over the last few years. Also, I’m less passionate about FIRE these days. We made it and we don’t stress about money anymore. I’m less careful about being frugal and earning extra income. We are older now and we want to enjoy life more. FIRE isn’t the primary consideration now. I think readers enjoy reading about the struggles more.

Lastly, I’m starting to get lazy with side gigs. These app-based side hustles pay well in the beginning, but the pay drops after they become established. It’s getting harder to make good money from Uber, DoorDash, and other app-based gigs. They have to be profitable so they squeeze the gig workers. These days, I only take catering orders. That pays anywhere from $20 to $50 per delivery, but you usually get only one order per day at lunch. That’s fine because an hour per day is enough work for me. However, I have been getting fewer orders lately. I turned down anything less than $30 and the algorithm probably put me on a of black list. Last week, I only delivered 1 order and made $40. I don’t mind working less.

Staying busy after retirement

So what will I do after all these activities are wrapped up? Will I finally relax and chill out by the pool? No way! I know staying busy keeps me happy. Besides, we don’t have a pool.

This quarter, I’m making pottery and playing ukulele at the local community center. Both of these activities are a lot of fun. They keep me busy and out of trouble. I’d love to set up a ceramic studio someday. Unfortunately, our home doesn’t have space. That will have to wait.

I’m also getting interested in bonsai. I made a few bonsai pots in my ceramic class and I’ll start some seedlings next spring. Life is full of possibilities. You just have to try new activities and see if you enjoy them. You’ll have a happier retirement if you have plenty of things to do.

That’s my advice to Dr. C. Relax for a few months, then look around for some new activities to try. You need to grow and learn new skills to have a fulfilling retirement. I’ll bring a catalog of the classes at the community center the next time I see Dr. C. There are so many activities to try. They even have a weaving class and metal shop for goodness sake. Volunteering is a good option too.  

Do you have any advice for Dr. C? What do you think is the key to a happy retirement?

The post The Key to A Happy Early Retirement appeared first on Retire by 40.

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Weekend Reading – How to safeguard your retirement plan Hey Everyone, Welcome to a new Weekend Reading edition on the subject of how to safeguard your retirement plan. While I’m still catching up from my vacation, a bit, including answering reader emails, I’m now up to date for all comments on this site. That said,…

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What is Retirement: Origins and Limits Of the Traditional Concept

As most people understand, retirement has long represented a post-work period in life where a person ceases working and settles into a quieter pace. For many people, retirement is a dream of as much as several decades of hard work followed by an idealistic period around age 65 of travel, family, and hobbies. This view of retirement definitely reflects the structures instituted in history, especially in the mid-20th century when Social Security emerged in the United States and other parts of the world.

This model was, to a great extent, determined by life expectancy and economic factors of the time. Lives were shorter, so 65 proved a realistic endpoint for active employment. The retirement age, with industrialization, became an indicator of economic independence, and retirement with financial security ensured by government and employer pensions allowed employees to step aside from full-time employment without financial instability. Yet, this model is becoming less relevant. Today’s retirees, thanks to increased life expectancy, may well live into their 90s, creating a retirement that could last nearly 30 years or more. With healthier lifestyles, medical advances, and changing economic conditions, we are living longer and, in many cases, are capable of longer, too. Despite these shifts, many cling to traditional ideas about retirement. But is “work until you’re 65 and then stop” a concept still serving us? Is it not just a hangover from an era when that was quite literally all most people could expect – lower life expectancy and lifestyles using up people more quickly? Traditions are comforting but clearly less applicable in the rapidly changing world of today with far more fluid concepts of work and life.

Maybe by clinging to the old model of retirement, we deny ourselves the prospect of a fuller, more energetic second phase of life. The more we perceive retirement as a next step rather than an end, the richer this stage of life can be.

Why We Should Rethink Our Retirement Plans

Rethinking retirement allows us to become more mentally, emotionally, and physically engaged in life and thus raises our quality of life. For many people, “retirement” could well be that period when long-cherished dreams and ideas finally find realisation, allowing self-discovery and instilling a sense of purpose. This open opportunity for ourselves to have greater control and freedom over how we live later in life. Research has shown that as people age, staying mentally active, socially connected, and purposeful greatly affects health and length of life. Merely to expect retirement to be a time of stagnation and rest inadvertently propels feelings of boredom, loneliness, and sometimes depression. In fact, many find their identity, purpose, and fulfilment in their work or just being useful in some fashion.

Whether to retire should not be the question; rather, how to design retirement for a future in which longer, healthier lives will demand richer, more engaging experiences. It may be just this: a more personalised, flexible approach to retirement which opens the door to a happier, more enriching life, one in which the ongoing changes keep us growing and adapting well beyond the conventional limits.

Five New Ways to Reinvent Your Retirement Plans

Reinventing retirement can be a journey of unlimited possibilities-rewardingly so. Following are five ways to make it truly unique and fulfilling:

Consider a Phased Retirement: Instead of an abrupt halt in work, it is actually a gradual transition into retirement. The concept of phased retirees is one in which the number of working hours is gradually reduced over time to work one’s way through emotional and financial changes. Working less intensely, you can devote more time to hobbies, volunteering, or family, and the change will increasingly seem organic and balanced.

Professionalize a Passion Project or Hobby: For many, retirement is being retired long enough to finally do what you really want to do.  Take any hobby or skill and consider ways you could make it at least a small business or consultancy. Not only will it provide income and satisfaction, but it also keeps you active and learning something new.

Stay Active by Learning: Many retirees readjust and find satisfaction in returning to school or learning new skills. Learning through formal programs, workshops, or online courses opens new venues and ideas. Many universities offer reduced tuition or even free courses for senior learners.

The novelty – seeing new things or mastering new, unfamiliar skills-mimics, mental sharpness and embeds creativity. You will be joining a community of learners with similar ideas – open friendships and support networks that guarantee more richness in retired years.

Mentor or Volunteer: Giving something back can be a very rewarding method of applying one’s talents and experience. Many organisations need volunteers or mentors who have professional experience. Therefore, this is a very good chance to make a real contribution, not by cutting social ties and/or activities. For instance, giving mentorship to young professionals can allow you to feel deeply purposeful and positively touch people’s lives. In the same vein, community volunteering at such an age keeps your perspective fresh and makes your insight into the world much richer and wiser because of contact with different generations of people.

Travel with a Purpose: For lovers of travel, one can extend tours or vacationing by including community service or immersion into cultures. This will make travel much more enriching and purposeful; allow yourself to contribute to communities all over the world, see the wonders of newer places, and enjoy yourself in due course.

By redefining what retirement can be, we empower ourselves with greater intention, joy, and curiosity in living. Reinventing retirement invites a sense of freedom and novelty that assures this phase of life will be vibrant, continuing what thus far has defined it.

Early Retirement and How to Make It Work for You

For those who do want a normal retirement, another option: early retirement. If correctly planned, one can enter into a comfortable retirement year before the age of 65. This is more often than not an urge towards financial independence and an existence that is more purposeful. Early retirement might just provide you with time for what really matters in your life, whether that is time for relationships, personal growth, or creativity.

Prioritise Financial Independence: Aggressive saving or wise investment forms the bedrock of early retirement, more often than not translating to being debt-free and holding substantial flows of assets to finance living independent of a traditional income. Smart investment decisions are to be taken in low-cost index funds, real estate, or other growth-oriented options. With good planning, you will quickly advance your timeline and, further on, make room to cover surprise expenses. Financial independence is more than just a number; it’s the freedom to shape and mould your life without constraint.

Minimalist Lifestyle: Most early retirees have moved towards minimalism to save more. By reducing unnecessary expenses, you can allocate more money toward investments and savings. The simpler life you lead, the faster you may reach financial independence, and it may also make early retirement more sustainable.

Utilise Tax-Advantaged Accounts: Doing the most with retirement accounts, such as IRAs and 401(k)s, will provide some cushioning. Health Savings Accounts do much good, too, as they allow you to make tax-free contributions toward medical expenses, which are usually a high expense during retirement. You use your accounts intelligently to maximise growth with reduced tax burdens. Early access to some funds may incur penalties, but knowing the rules ahead can let you work out withdrawals strategically.

Consider Passive Income Streams: Investment in dividend-paying stocks, rental property, and royalty from literary, artistic, and intellectual work can give one active revenue generation without dint of personal exertion. Furthermore, diversity of incomes brings about a sense of security and stability impervious to economic volatility. Even a modest passive income might go a long way to significantly supplement your savings, thus allowing flexibility in one’s retired life.

Proposal for Flexibility and Adjustments: Early retirement requires a good plan, but at the same time, it should allow for flexibility in approach and periodic review of the plan. The finances may be impacted by changes in the economy, inflation, or other unexpected happenings. A flexible approach will better equip you to adapt constantly to the changing scenario. A plan that accommodates change enables you to stay resilient enough to adeptly meet life’s uncertainties. While this might take some getting used to, knowing it could be part of the journey allows you to embrace early retirement with confidence.

For traditionalists, early retirees are dangerous or bohemians; for them, the early retiree simply maximises freedom from obligation in order to pursue a self-determined rhythm of life.

Spend Windfalls Wisely: Many times, an unplanned wealth bump -an inheritance or unplanned fortune- may arise.  If you’re lucky and this happens to you, extra care will need to be taken to handle those monies correctly to stay on track with early retirement. Business Heir hunters can also be in a position to help you locate unknown or unexpected inheritances that can help add to the financial security of your portfolio. It’s wise to reinvest such inheritances and use that unplanned money to set up your financial base on which to enjoy a comfortable, stress-free retirement for many years.

Retirement is no longer a one-size-fits-all model. It’s time to break free from traditional moulds and imagine retirement as an open-ended journey where the possibilities are as endless as the life we envision.

Life is about the journey, not the final destination. Make your retirement planning a pleasant trip by reading this week’s terrific links.

A summary of 428 retirement articles. The Retirement Manifesto
Saving for retirement isn’t a strict formula. The Humble Dollar
Permit yourself to spend during retirement. Morningstar
Politics shouldn’t dictate your retirement portfolio. OptimistiCallie
Don’t le…

The post I Don’t Like Mondays…..When Is My Retirement? appeared first on A Teachable Moment.

Planning for retirement can be one of the most exciting yet challenging phases for couples. With so many retirement planning tools and resources available, finding the right guidance can feel overwhelming. Books can be a fantastic way for couples to dive into financial strategies together, learn from experts, and get on the same page about their retirement goals. Here’s a list of seven insightful books that are packed with practical advice and tailored to help couples plan for a fulfilling retirement.

1. The 5 Years Before You Retire by Emily Guy Birken

Emily Guy Birken’s The 5 Years Before You Retire is a must-read for couples approaching retirement. This book focuses on the critical five years leading up to retirement, a time when making the right decisions is crucial. Birken offers clear and practical advice on how to maximize savings, manage debt, and make informed decisions about Social Security. Couples will find tools and actionable steps to align their goals and ensure they’re financially prepared for retirement. Whether you’re nearing retirement or simply want to start early, this book offers valuable insights for any couple.

2. How Much Money Do I Need to Retire? by Todd R. Tresidder

How Much Money Do I Need to Retire? by Todd Tresidder tackles one of the most common questions in retirement planning: “How much money is enough?” Tresidder takes a deep dive into retirement planning tools and helps couples understand how to calculate their ideal savings goal. He offers easy-to-follow calculations, focusing on realistic spending and future income projections. Couples can use this book to evaluate their retirement budget and create a savings plan that fits their lifestyle. It’s a straightforward, no-nonsense guide to knowing your retirement number.

3. Smart Couples Finish Rich by David Bach

David Bach’s Smart Couples Finish Rich is a classic in financial planning for couples, covering everything from saving to investment strategies. Bach’s unique approach centers on the idea that couples can grow wealth together while aligning their values and goals. With practical exercises, this book guides couples through budgeting, retirement accounts, and smart investment choices. Couples will find a step-by-step plan to improve their finances while building a strong partnership. This book is ideal for those looking to make retirement planning a team effort.

4. Retire Inspired: It’s Not an Age, It’s a Financial Number by Chris Hogan

Chris Hogan’s Retire Inspired shifts the focus from retirement age to a financial goal, emphasizing that retirement should be about reaching a specific financial number. The book provides a variety of retirement planning tools and strategies for budgeting, debt management, and saving. Hogan’s advice is practical, straightforward, and perfect for couples wanting to retire on their own terms. He also includes inspiring stories and real-life examples that encourage readers to take charge of their retirement journey. It’s a motivational and strategic guide to achieving financial independence as a couple.

5. The New Retirementality by Mitch Anthony

Mitch Anthony’s The New Retirementality redefines retirement planning, moving away from traditional views of aging and financial dependence. This book encourages readers to think of retirement as a time for purposeful living and explores ways to integrate meaningful work into retirement. It offers practical retirement planning tools that help couples align their financial resources with their desired lifestyle. With a focus on flexibility and planning for longer lives, Anthony’s approach is refreshing for couples wanting an unconventional retirement. It’s an excellent read for those looking to balance finance and life purpose in retirement.

6. Your Money or Your Life by Vicki Robin and Joe Dominguez

Your Money or Your Life by Vicki Robin and Joe Dominguez is a financial classic that provides a holistic approach to money and life. This book encourages couples to assess their spending habits, think deeply about their values, and design a life that doesn’t revolve around consumerism. It covers essential retirement planning tools, including budgeting, debt reduction, and investment advice. The authors’ philosophy on financial independence is especially appealing to couples looking to live simply and sustainably in retirement. This book can help couples set realistic, meaningful retirement goals together.

7. The Total Money Makeover by Dave Ramsey

Dave Ramsey’s The Total Money Makeover is a straightforward, step-by-step guide to achieving financial freedom. Ramsey offers a series of baby steps that cover everything from paying off debt to building an emergency fund and saving for retirement. This book is ideal for couples who need help building a strong financial foundation and want to eliminate debt before focusing on retirement. Ramsey’s no-nonsense advice provides retirement planning tools that couples can follow together to achieve financial peace. With a clear and motivational tone, this book is a great choice for couples wanting to transform their financial lives.

Planning for a Happy, Financially Secure Retirement Together

Exploring retirement planning books as a couple can bring you closer while setting a strong financial foundation for your future. These seven books offer a variety of retirement planning tools, from calculating how much you need to redefine what retirement can look like. With insights from leading financial experts, couples can tackle everything from debt reduction to creating a purposeful retirement lifestyle. By approaching retirement as a team, you can make the journey to financial security smoother and more enjoyable. Grab a book, start the conversation, and look forward to a fulfilling retirement together!

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Picture this: you’re a physician balancing a demanding career, family obligations, and constant financial decisions. Even with a high income, the goal of financial independence can feel frustratingly out of reach.

In fact, this might not even be something you need to imagine—it could already be your reality. It’s a common story among physicians: despite the hard work and good pay, finding true financial freedom can seem like a distant dream.

For many, financial independence would bring more freedom in career choices, less stress about money, and maybe even the opportunity to dive into new interests. But getting there isn’t easy. High student loans, a delayed start in earning, and intense work schedules often make managing finances feel like just another uphill climb.

But what if there was a way to make financial independence easier—without adding hours to your day? Well, AI might just be the solution that simplifies it all.

AI has already reshaped personal finance for many, offering tools that simplify everything from budgeting and debt repayment to investing and retirement planning. For busy physicians, AI can be like an automated co-pilot, taking over the manual tracking and planning that often feel overwhelming.

So, what are these AI tools and how can they help? Here’s a list. Let’s get started!

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Note: While these are general suggestions, it’s important to conduct thorough research and due diligence when selecting AI tools. We do not endorse or promote any specific AI tools mentioned here.

Understanding AI in Financial Planning

Before diving in, remember that while AI tools can be incredibly powerful, they are not a replacement for professional financial advice.

Always do your due diligence, research each AI tool carefully, and consult with a financial advisor before making major financial decisions. AI can provide valuable insights and automate many aspects of financial planning, but a human advisor brings expertise, perspective, and personalized guidance that no software can fully replace.

So, how does one make sense of AI and financial planning?

AI, or artificial intelligence, is changing the way people manage their finances by making financial planning easier, more accurate, and more personalized. In financial planning, AI refers to advanced software that uses algorithms and big data to provide recommendations tailored to individual financial situations. By analyzing trends, predicting market shifts, and automating tasks, AI empowers people to make informed decisions in budgeting, investing, or retirement planning.

In recent years, AI-powered tools have become increasingly sophisticated, offering robust solutions for nearly every part of the financial journey. Budgeting apps like YNAB (You Need A Budget) help users track expenses, identify saving opportunities, and stay on top of financial goals. Meanwhile, Tiller Money syncs with bank accounts to provide real-time cash flow insights, making it easier to stay organized and manage spending without the hassle of manual tracking.

For investment management, robo-advisors like Betterment use AI to build and manage diversified portfolios based on your risk tolerance and goals. These tools take into account factors like market conditions, investment performance, and tax optimization to keep your portfolio balanced and on track.

By automating these processes, AI allows for smarter, data-driven investment choices with minimal effort on the user’s part.

When it comes to retirement planning, AI can be incredibly helpful in projecting long-term needs. AI-based retirement calculators evaluate your income, expected expenses, inflation, and market forecasts to provide a realistic outlook on your retirement savings. FP Alpha, for example, helps financial advisors create custom retirement plans by analyzing a client’s entire financial profile and suggesting tax-efficient strategies.

Ultimately, with AI handling the analysis, data crunching, and even task automation, individuals can focus less on details and more on achieving their financial goals. Still, these tools work best when used as part of a larger strategy guided by a financial professional. Whether you’re aiming to pay off debt, grow investments, or prepare for retirement, AI can be a valuable ally—but always alongside the expertise of a qualified advisor.

How Physicians Can Use AI Tools for Financial Planning

With that being said, let’s now take a closer look at four popular tools—FP Alpha, You Need A Budget (YNAB), Tiller Money, and Betterment.

Each offers unique features and insights, but remember, they work best alongside professional advice. Here’s a rundown of how these tools work, what they cost, and some tips on making the most of them.

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1. FP Alpha

FP Alpha is an AI-powered platform designed for financial advisors to help clients develop personalized financial plans. It analyzes your financial profile, tax situation, and retirement needs, offering tailored insights to optimize your long-term strategy. Though not a DIY tool, FP Alpha can be a powerful asset if you work with a financial advisor who uses it.

According to a review from Financial Planning, FP Alpha is an AI-powered tool that helps financial advisors analyze complex documents, such as tax returns and estate plans, quickly and efficiently. By summarizing key data and generating actionable insights, FP Alpha aims to save advisors time while making advanced financial planning accessible to more people—not just high-net-worth clients. The platform’s goal is to open up comprehensive financial planning to a wider audience.

Price Range: FP Alpha is geared toward financial professionals and comes with a subscription fee for advisors, which varies based on their service model. Individual pricing may vary depending on the advisor.

Pros:

• Highly personalized recommendations for complex financial situations.
• Covers tax strategies, retirement projections, and investment insights.
• Helps advisors streamline and enhance the advice they offer.

Cons:

• Not a direct-to-consumer tool, so you’ll need an advisor to access it.
• May involve additional costs through your advisor’s services.

Best Use: Retirement Planning and Tax Optimization

If you’re working with an advisor, ask if they use FP Alpha. This tool is especially helpful for retirement planning and understanding complex tax strategies, so take advantage of its insights to align your finances with your goals. Let your advisor know about specific areas where you want deeper insight, like tax efficiency or retirement projections.

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2. You Need A Budget (YNAB)

YNAB is a popular budgeting tool that uses the “zero-based budgeting” method, where every dollar has a purpose. It’s designed to give you control over your finances, helping you track spending, build savings, and reduce debt.

Via Capterra, YNAB is a popular budgeting tool that uses a unique method of assigning every dollar a job, which helps users stay disciplined with their finances. The tool’s resources and supportive community make it easier to learn, though some find the approach takes a bit of getting used to. Overall, YNAB is highly rated for helping people reach their financial goals through better budgeting habits and spending awareness.

Price Range: YNAB costs $14.99 per month or $99 per year, with a free 34-day trial available.

Pros:

• User-friendly and highly visual, making it easy to track spending.
• Effective for building savings and paying down debt.
• Strong community support and educational resources.

Cons:

• Takes time to set up and adapt to the budgeting system.
• Requires consistent engagement for best results.

Best Use: Monthly Budgeting and Debt Management

YNAB works best if you’re willing to engage with your finances consistently. Allocate time each week to review your budget, and use YNAB’s category breakdowns to stay on top of expenses. The tool is excellent for managing monthly spending and helping you find more room in your budget for saving and debt repayment.

Tip: Set up automatic reminders to log your expenses regularly. Consistent updates are key to getting the full benefit from YNAB’s insights.

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3. Tiller Money

Tiller Money is a budgeting tool that connects with your bank accounts and updates an automated Google Sheets template to help you track expenses, income, and cash flow. It’s ideal if you like working with spreadsheets but want the process automated.

Women Who Money shares a review mentioning that Tiller Money stands out for its flexibility, allowing users to manage their finances through fully customizable spreadsheets. The platform automates data entry from bank accounts, so it’s easier to track expenses and maintain budgets. While some users find the spreadsheet approach has a learning curve, they also appreciate the control it provides over financial details.

Price Range: Tiller Money is $79 per year, with a 30-day free trial.

Pros:

• Customizable templates for budgets, debt tracking, and investments.
• Real-time bank syncing for up-to-date information.
• Flexible for users who like spreadsheet-based budgeting.

Cons:

• Requires some familiarity with spreadsheets.
• Limited to Google Sheets, which may not appeal to everyone.

Best Use: Comprehensive Budget Tracking and Cash Flow Management

For physicians who enjoy a hands-on approach, Tiller’s automated spreadsheets provide powerful tracking without manual data entry. Use Tiller to build customized templates that align with your unique goals, whether that’s monthly spending, debt tracking, or cash flow projections.

Tip: Set up a budget template that’s tailored to your specific needs, and take advantage of Tiller’s customization to track financial goals over the long term.

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4. Betterment

Betterment is a robo-advisor that uses AI to help manage investments. It builds and manages a diversified portfolio based on your goals and risk tolerance, offering tax optimization, retirement planning, and automatic rebalancing.

From an in-depth review from NerdWallet, Betterment is a user-friendly robo-advisor that automates investment management. It offers tax-loss harvesting and tools to help users set and work toward financial goals. Although some users appreciate the automated, hands-off approach, there are occasional concerns about the lack of direct access to human advisors and how market fluctuations can impact returns.

Price Range: Betterment’s Digital Plan costs 0.25% of your assets annually, while their Premium Plan is 0.4% and includes access to financial advisors.

Pros:

• Low-cost, hands-off investment management.
• Tax optimization and automatic rebalancing.
• Offers socially responsible investment options.

Cons:

• Limited control over specific investment choices.
• Premium services come with higher fees.

Best Use: Long-Term Investing and Retirement Savings

Betterment is great for hands-off investors who want a diversified, professionally managed portfolio. Set clear financial goals in the app, such as retirement or a specific savings target, and let Betterment optimize your portfolio accordingly. You can check in periodically to adjust goals or risk levels, but it largely runs itself.

Tip: Use Betterment’s tax-loss harvesting and tax-coordinated portfolio options if you have taxable accounts to help reduce your tax bill on investment gains.

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Conclusion

And that’s it! We will be talking more about other AI tools that can help with finances, but for now, I have to remind you all again.

While AI tools like FP Alpha, YNAB, Tiller Money, and Betterment can make managing finances easier and more accessible, it’s essential to remember that they’re not a substitute for professional financial advice. It’s your hard-earned money after all!

So always do your due diligence: research these tools, understand their features, and consult with a financial advisor to ensure they align with your personal financial goals. AI can provide valuable insights, automate tedious tasks, and simplify planning, but the expertise and personalized guidance of a financial advisor remain invaluable.

AI offers a supportive hand in financial planning, helping you budget, invest, and plan for retirement with less effort. Each tool has its strengths—from YNAB’s disciplined budgeting approach to Betterment’s automated investing strategies—making it easier for you to work toward financial independence. But the best results come from combining AI’s efficiency with the wisdom and experience of a qualified advisor.

Embrace these tools as allies in your financial journey, using them to complement, not replace, the guidance of a professional.

Ready to dive deeper into how AI can support your financial goals? subscribe to our newsletter for more insights, tips, and resources. And don’t miss out on our free AI resource page to explore other tools that could help you take your finances to the next level.

What do you think? Would you be willing to try these tools? Let us know in the comments. As always, make it happen!

Disclaimer: The information provided here is based on available public data and may not be entirely accurate or up-to-date. It’s recommended to contact the respective companies/individuals for detailed information on features, pricing, and availability.

IF YOU WANT MORE CONTENT LIKE THIS, MAKE SURE YOU SUBSCRIBE TO OUR NEWSLETTER TO GET UPDATES ON THE LATEST TRENDS FOR AI, TECH, AND SO MUCH MORE.

Peter Kim, MD is the founder of Passive Income MD, the creator of Passive Real Estate Academy, and offers weekly education through his Monday podcast, the Passive Income MD Podcast. Join our community at the Passive Income Doc Facebook Group.

Further Reading

The post How AI Can Help Physicians Reach Financial Independence appeared first on Passive Income MD.

Welcome back to another monthly update from Root of Good! We are at home in Raleigh for a brief stay before we head back out for another two week cruise for most of the rest of November. 

This is the busiest stretch of travel we’ve ever had. The last time we were at home for the entire month was nine months ago in February. It’s almost like our home in Raleigh is our vacation home and we just stop in for a couple weeks here and there before heading out the door again. 

We’re enjoying the cooler weather in Raleigh during the fall. I am glad we have the chance to take all these fun trips but I do miss being at home during the nicest parts of the year. Fortunately, we will have almost two months in Raleigh between late November and early January, so there should still be some beautiful days ahead. 

On to our financial progress. October was a mixed month for our finances. Our net worth declined by $92,000 to end the month at $3,274,000. Our income of $6,239 was substantially higher than our modest spending of $1,570 for the month of October.  

Let’s jump into the details from last month.

The post October 2024 Early Retirement Update – On the Water Edition appeared first on Root of Good.

We have some amazing mentors in the Millionaire Money Mentors forums. Some of them are even accomplished authors!

Today we have a guest post from one of those authors, Monica Scudieri, author of Grab Your Slice of Financial Independence.

Monica has an awesome story of achieving financial independence despite some pretty tough obstacles, many of which she shares in this post.

I hope this will be an encouragement to those of you with money challenges that there is hope and with tenacity and time, many of these obstacles can be overcome.

With that said, here’s Monica…

—————-

My path to financial independence was less “graceful swan” and more “drunken flamingo”. I made so many mistakes (and some very expensive ones) that it’s hard to believe I was ever going to be able to quit my 9-to-5 and retire, but I did just that in 2022 at the ripe age of 52. What’s even more wild is I was able to turn my financial trainwreck-of-a-life around in just ten years and reach my definition of financial independence.

But telling you the ending of my FI journey is like flipping to the last chapter of a book so, let’s start at the beginning.

Starting Out

In the mid-60’s, my parents immigrated to Miami Beach, Florida from a small Italian town in the Abruzzo region.  My dad got called for a tailoring job. That is how they ended up in Miami Beach. He accepted the job, asked my mom’s parents for her hand, they married and shortly after, he moved to Miami Beach. My mom followed a year later.

Growing up with immigrant parents was like living on Italian sovereign ground when I was home. My parents spoke Italian, kept Italian culture, played Italian music and generally socialized with other Italian families who also immigrated to the Miami area.

My mom did not support or understand why I would want to go to college when all I needed to learn was how to cook, clean and raise kids… and she could teach me all of that. Nonetheless, I became the first in my family to graduate college and with no debt, thanks to my dad.

Looking at things through my moms’ eyes, I can understand why she didn’t see value in my going to college. Neither of my parents finished elementary school but they were some of the smartest people I knew. They moved to a new country with no money, language, or support. Over time, they learned to speak English, built a successful tailoring business, became part of a community and raised a family with no help from either of their families. They paid for both my brother and I to go to college and paid off their home mortgage.

They were big savers and lived below their means, but investing was a different story. They invested in the stock market … but only once. The way my mom told the story, a customer came in and told them about a “great stock tip”. Said it was ripe to go up and now was the perfect time to invest. So, they took a chance and invested in this one company. The next day they checked to see what the stock was doing. My mom said, “it went so low, we no see it no more.” And that was the end of stock market investing.

Through it all, my parents did not believe in credit cards, though after they divorced (in my early 20’s), my mom opened her first credit card. Once a year she would pull it out to make one purchase, pay it off, then put it away. She liked knowing it was there, just in case.

Anyway, I graduated college, got my first corporate job and after two years I moved to California with that job. I got married, bought a house and had a couple of kids. We even adopted two cats from the SF SPCA.

The American Dream

I was living the American dream of a career, marriage, mortgage, two kids, two cats and debt. I was so busy, I didn’t have time to think about savings, investing or retirement. Retirement seemed light years away. 

In our marriage, financially, we joined everything, but, we were not on the same page. He didn’t see a problem with carrying credit card debt. Worse, he would cause checks to bounce because he would withdraw cash and not tell me and even locked us out of our bank accounts… more than once. Don’t get me wrong, I spent too, but never more than we had and certainly with the intention of paying our credit cards off at the end of the month.

By 2005, we moved to North Carolina. Three years later, we separated. The kids (and cats) stayed with me.

A year after separation, I was divorced and unemployed, carrying $257,000 of debt, half of which was the mortgage. The kids were in preschool and kindergarten, and my mom lived four states away. Below is a snapshot of my net worth.

This was all during the 2008 financial crisis, a.k.a. the Great Recession. For those of you unfamiliar, the stock market dropped about 50%, the housing market crashed and there were no jobs to be found for even the most qualified people. Layoffs were happening across all industries. And unemployment hit a high of 10% by 2009.

Just like that, I lost my temp job, couldn’t afford to sell the house (or buy a smaller one) and the little cash I did have was cut in half by the divorce and the recession.

This was my starting point on the path to financial independence.

Single Parenting

Being a single parent, it was near impossible to find employment because I was limited to:

1. A short commute
2. Needed flexible time
3. I could not cover overtime, travel or weekend work. That alone put several applicants ahead of me for the few jobs I could find. 

The Outrageous Goal

Nonetheless, I dreamed big and set an outrageous goal of a $1 million net worth. I look back on that goal and realize how abstract it was. Does that million include my primary resident? What is the net worth made up of? But what I was really asking myself was, how would that $1 million net worth translate to covering monthly bills? 

The truth is when I initially set that goal, I had no answers to any of those questions, nor did I even realize that some of those questions were on the table. Then again, maybe it didn’t matter. I didn’t even have a solid foundation on which to build that kind of net worth. What I knew for sure was I never wanted to be in a vulnerable position again. I did not want to be dependent on a paycheck. Bottomline, I wanted better for my kids and me.

Poor?

That first year, after the divorce, my son (then a first grader) came home and asked if we were poor. I was surprised by the question and asked why he would ask such a thing. He said that he was told we are poor.

After thinking about it, I sat him down and said, “we are not poor because we have clothes on our back, a roof over our head and food on the table, but more importantly, we have each other. So long as we have that, we can never be poor.”

I like telling that story because, what I have come to understand is “poor” is more a state of mind and less what is in your bank account. When he asked that question, I had no job, no prospects, $257,000 of debt, and very little money in the bank. But what I did have was my why, my direction, and a drive so strong it carried us through some of the most challenging and stressful times of my life.

Since that conversation, the lesson I learned is money provides security, not happiness. You could have millions to your name and be lonely. Conversely, you could have pennies to your name and be surrounded by friends and family that love and respect you. 

The second lesson is that money doesn’t make all your problems go away but I do go to bed knowing that I have a roof over my head, clothes on my back and food on the table. 

The FI Journey

The first five years of my FI journey started after my separation and subsequent divorce; I went on unemployment three times for a total of 22 months. That goal of a million-dollar net worth got a little further away in the first five years, as the unemployment months chipped away at my savings.  

But in 2012, there was a small turnaround, a glimmer of hope, in the housing market. Enough of one to sell my house and downsize into a new home. 

With this one move I was able to pay off the $257,000 of debt and put a 50% down payment on the new home, while still holding back enough cash to move and get the new home setup. I also opened a HELOC on the new home and used it to purchase five SFH’s over the next three years, for cash. 

Purchasing Five SFH’s in Three Years

You are probably wondering; how did I go from unemployment and $257,000 of debt to purchasing five SFH’s? 

In those first five years, I spent time job hunting and working contract jobs, but I also did A LOT of research. I took the time to educate myself on all things personal finance. I worked hard at building a solid foundation and learned how to track my day-to-day cashflow before I even attempted to build a budget. Towards the end of each year, I would look back on my spending and use that to create a new budget to optimize cashflow and support my lifestyle and financial goals. 

I learned that budgeting was not a tool to build scarcity but to build a rich life as I wanted and needed it to be. Mid-year I would look at my spending and make any adjustments to the budget as things would unfold and new information came up. Lastly, I learned to leverage sinking funds paying myself monthly for a specific goal basically, setting cash aside for annual expenses. 

During those first five years, I also got creative in finding quick cash, like selling the furniture out of my house (I was going to downsize anyway), dog sitting, and cooking for others. I read everything I could find on managing home finances from books and articles to podcasts and blogs. This led me to rental properties among other ideas to create income streams. Most of the ideas I came up with did not work out, but rental properties looked very promising. I even went so far as to look at properties to rent and what that would look like. I used the 1% rule (rent must be 1% or greater than the purchase price), to practice ruling out properties that did not fit my criteria. The more research I did on the real estate market the more I was convinced that this would be a great fit for me.

I did everything I could think of and within my control to be prepared for new opportunities. There was no point in looking back and regretting all the lost opportunities. What I know to be true is change is constant and there is always a next opportunity.

With my move behind me, a HELOC to leverage for cash purchases, I went to the bank to secure a preapproved loan. I did not want to leave anything to chance in building my real estate portfolio. 

No bank would approve me for a preapproved loan to purchase rental properties. I was, after all, a single mom with a temp job (which was not considered real income in the eyes of the bank). Because of this, no one could see a path of how I would pay them back. Interestingly, child support did count as income but not enough to sway anyone to take a chance on me. That is until, I talked to the branch manager at my bank. I explained to him my plan and he also told me that the bank would not give me preapproval for the same reasons as all the other banks. BUT, he continued, he would talk to the commercial loan officer and go to bat for me. Long story short, I secured a preapproved loan for one rental property.

Once I got my preapproval letter, I registered an LLC for my real estate portfolio and began shopping for my first rental property, which I purchased in 2013 with my HELOC for cash. After the purchase I would go to the bank and use my preapproved loan to pay 80% of the purchase price back to my HELOC. The remaining 20% I would work to pay off. The next two years I repeated the process of getting a new preapproval for two rentals instead of one, purchase with HELOC, get loan for 80% of PP, pay the HELOC. Wash. Rinse. Repeat.

By the time I got my fifth and ultimately last rental, I went to a different bank and secured a 15/7 term 4% fixed consolidated loan. I was able to consolidate the rental loans as well as pay off the balance on my HELOC and saved thousands of dollars in the process. 

As for the job market, it took until 2014 to secure a permanent job which allowed me to max out my 401(k) and open a Roth. Eventually I opened a Health Savings Account, something I wish I had done sooner.

By 2018 my net worth had reached $1 million, and I was in complete disbelief. For the last ten years, all I could focus on was getting on stable financial ground and never be reliant on a paycheck. Here I was with a million-dollar net worth. 

I took a year just to let the dust settle and take it all in. Not to mention, I was head down, laser focused on building wealth, I had no time to think about what came next. There was literally no plan for next chapter because I thought it would take longer than it did.

That year led me to a work opportunity that I took and stayed a couple more years. After a while, the work was not fulfilling, things were changing and I no longer wished to stay. But what was next I wants was not sure, until I went to my first FIRE event, FinCon2018. 

I felt like a flower that had been living life partially wilted. I came alive surrounded by my people. The conversations were amazing. There were so many like-minded people concentrated in one place, it was like drinking from a firehose. Each person I met asked what I was doing there. I would tell them my story and the reply was always the same. “you should write a book!” Honestly, I thought they were saying it to be nice, but more and more the same thing was repeated, write a book.

“Who would want to hear about a single mom struggling financially?” was the question I would come back with, but the response was also the same every time… “everyone! Lots of people struggle with finances.”.

A quick Google search pointed me to statista.com showing that in 2018, there were 16+ million single moms and 3+ million single dads in the US alone.  Maybe they were right. Maybe there is an audience interested in my story.

The Book

I have never written a book before nor have I ever thought I had anything interesting to say and certainly not enough to fill a book. Not to mention the number of personal finance books already published. Why add another one? How would I add value in an already crowded genre? I started writing just to see where it would take me and to my surprise, I had a lot to say. 

Two hundred pages later, in September 2022, I published, Grab Your Slice of Financial Independence. It outlines my ten-year FI journey from divorce to FI, plus I group the years into phases and provide directions on how others can do the same. But what really sets my book apart is I share my net worth at the end of each year. Highlighting the fact that achieving financial independence is not something that happens instantly. This isn’t the lottery!

When people ask me why I wrote it, it really came down to this: I didn’t go through all of that for nothing. I wrote it for single parents, so they would have hope and not feel alone. I have received many thank you’s from more than just single parents. I am told my story gives hope and a different perspective on how to look at home finances. Sharing my story has changed lives. How crazy is that?!? 

This snapshot of my ten-year FI journey doesn’t cover everything, but I do hope it continues to inspire others to see their finances differently, take a chance on building income streams and not dwell on opportunities missed. 

It’s been six years since I reached financial independence and two years since I quit my corporate job. Today my net worth has grown to $2.3 million, and my primary home is valued at $500,000. When I look back there are many lessons I learned. How many do you relate to?

1. Know your why.

My why of not wanting to be dependent on a paycheck was crystal clear. I had it taped up where I could read it every day. Every year when I created my goals, it was with this one vision in mind. 

When I had setbacks, I reminded myself of my why, learn from the situation and figured out how to move forward. Having my why kept me motivated.

2. Always re-evaluate your goals

Every year is an opportunity to learn and grow. Every year is filled with wins and losses, challenges and victories. Life progresses whether we are paying attention or not. 

Your goals, while valid when you first wrote them, may need to be updated based on new information. Maybe an opportunity comes along that you did not consider a few months ago and things would need to be shuffled. Stay flexible.

3. Shame and Guilt

When it comes to financial mistakes, feelings of shame and guilt are strong. In fact, so strong it can be paralyzing, keeping us from looking at our financial situation.  The anticipation can eat us alive. 

It was the hardest thing to take that first step after the divorce to look at my financial situation, calculating net worth, making a list of debt.

And while it was a tough pill to swallow it was also freeing because for the first time, I had a defined starting point. I could make plans and goals. The first step is the hardest and the most critical.

4. Change is the only constant.

Knowing history provides clarity. When I look at when some of the most used retirement tools came to be, it gives greater empathy for my mom’s generation. Many of the tools we use today, she either didn’t have access to or didn’t have access until later. Where do you fall on the below timeline? Your parents? Grandparents?

• 1974: the Individual Retirement Account, IRA, was established under the Employee Retirement Income Security Act, ERISA.
• 1974: women were granted the right to open a bank account without their husband co-signing.
• 1978: the 401(k) was introduced as part of the Revenue Act but didn’t become popular until the 1980’s.
• 1988: women were legally allowed to start a business without a male relative co-signing.

As of this writing, it’s 2024. Fifty years ago, women were allowed to open their own bank account… 50 years ago. Thirty-six years ago, women were allowed to start their own business without a male relative co-signing… 36 years ago!!! 

When I think about these laws and my 20’ish year-old daughter… she will never know the struggle of the women before her to fight for these and so many other basic rights. 

5. Not All Friendships are Created Equal

The people who start on this journey may not be the same people at the end. Envy and jealousy are terrible things to feel towards a friend and erodes the very fabric of that friendship. 

As the season of some friendships ends, it makes room for new friendships. New adventures. New chapters.

6. Do Nothing

When I reached financial independence, the best advice I got was to do nothing for at least six months. The mind and body need time to adjust from work life to financial independence life. I didn’t understand it or believe that was necessary but it was… necessary.

My last day was on a Friday. Monday morning, I went to my home office and the only thing different was one less laptop. It was a struggle to do nothing, I felt so unproductive. Once the book was out, I took some time off and did part-time nothing. Hey, what can I say, I have been working since I was 15 years old, I can’t just turn that off. Haha.

Since that time, I have learned to slow down and take time for myself. I have learned that it is not selfish to put my own needs first. Sounds weird to say that but it’s true. And I am happier for it, it just took me a little longer to get there. What can I say, I am still a work in progress.

7. Set an Outrageous Goal

Arguably, I started my journey at one of the worst times in US history. I don’t think anyone would have blamed me for giving up. But none of that reality kept me from making an outrageous goal of reaching $1 MIL net worth.

I set that goal and reminded myself every day. And every day I would do one thing that would bring me one step closer. It didn’t always feel that way but eventually when opportunity presented itself, I was indeed ready.

The one constant in life is change. For that reason, there is always opportunity. You just have to put yourself in a position to seize it.

8. How many income streams is too much?

Think about this, 68% of those with a net worth of > $30 MIL are self-made according to Wealth-X. Fidelity also did a study and found that 88% of all millionaires are self-made, meaning no inheritance. How did they do it?

Turns out the average millionaire has an average of seven income streams. Seven. According to the IRS, the most popular ones are 1. paycheck (earned income), 2. stock dividends, 3. real estate, 4. royalty income, 5. interest from savings, 6. bonds, and even 7. profits from a business.

Building these income streams can take years, and that is where the slow and steady approach comes in. Have fun with it. How many income streams do you have?

9. Always Take the Free Money

This may seem obvious; I mean who doesn’t want free money? Truth is a lot of free money is left on the table.

According to a CNBC article, 2023 marked an 11.5% increase in 401(k) millionaires, calling them the “poster child for staying the course”. 

10. It’s never too late to start.

I started my FI journey at 40 years young with $257,000 of debt, unemployment, two kids to raise, no family support and little cash in the bank. Ten years later, through real estate and other investments, I reached my FI number. And if you are thinking I “got lucky” then here is a short list of examples of other late starters:

1. Martha Stewart published her first book at 41 and launched Martha Stewart Living seven years later.
2. Ray Kroc was 50 before he started his first McDonald’s restaurant. 
3. Kathryn Joosten got her big acting break at the age of 60 starring on the West Wing.
4. Colonel Harland Sanders opened his first KFC at the age of 62.
5. Julia Child made her first TV debut on The French Chef at 51.
6. Stan Lee started his climb to fame and fortune in comics with The Fantastic Four in his 40s. 

And so many other examples… today more than ever there are literally hundreds of ways to make income streams, but it requires grit, commitment and hard work. Start where you are.

11. There is always another opportunity around the corner.

I am sure we all have opportunities we passed on or money mistakes we regret, but there is always another opportunity around the corner.

I made plenty of financial mistakes, but I learned from them, let go of the past and focused on here and now. The only constant is change. It’s a matter of paying attention and seizing the opportunity.

12. Always do your homework.

I learned the hard way to not rely on anyone one person.

I do a lot of my own research and ask a lot of questions from several people I trust. I take my time before making any decisions. None of us has a crystal ball all we can do is make the best decision in that moment and have a plan for each risk.

13. The Curse of “One More Year”

In ten years, I went from $257,000 of debt to a net worth of $1MIL. In three years, I built a real estate portfolio, purchasing five SFH’s.  It was whirlwind.

I reached my goal, so, why did I not quit? I could give all kinds of reasons, but it boils down to, I wasn’t ready. It’s a slippery slope to stay too long and put your dreams on hold. It’s easy to succumb to fear.

For me, four years went by, just like that. But, in that time, I 1) paid off my primary home (emotional decision – not a financial one), 2) refinanced my rental property consolidated loan and learned that the values had gone up so much three homes were now owned free and clear, leaving my consolidated loan to cover two home and at a 15/7 4% fixed rate and 3) I increased the HELOC loan amount. I also padded my HYS account to last just a little bit longer.

All these decisions only put me in a stronger position.

You know its funny, when I tell people that I am retired, the response is that I am “lucky”. But as Oprah once said, “Luck is preparation meeting opportunity.” When I think about it like that, maybe I am lucky because it was a lot of preparation that met great opportunities. 

Yes, I did a lot of preparation, and it was a lot of hard work but none of it would have gotten any traction if it wasn’t for my local branch manager convincing the bank to take a chance on me to buy that first rental property. Without that, none of this could have been possible, at least not in the way it unfolded. Over the years, we lost touch, and I have no idea if he knows the impact he had on my life. 

Today I fill my time with my kids, friends, hiking, hosting dinner parties, traveling, volunteering, and coaching people on how they can grab their own slice of financial independence. I appreciate the freedom I have built and hope that I am teaching my own kids, through example, the kind of life I would want for them. Never stop learning, it’s a big world out there.

The post Journey to FIRE as a Late Starting Single Parent appeared first on ESI Money.