WCI has been in the physician financial blogosphere for nearly 6 years now. For a long time, WCI was basically the only blog with any sort of sizable following. Over the last couple of years, perhaps after watching me prove the concept that typing random junk into the internet can generate a sizable income, there have been a number of other bloggers enter this space. I have and continue to welcome each one of them into the blogosphere and try to share a few helpful tips to get them started. Experienced bloggers know that blogging is mostly collaborative, not competitive. People will read as much great content as can be created. But most importantly, the more people that are out there trying to get doctors and other high-income professionals to quit doing dumb stuff with their money, the better. Capitalism is a wonderful thing. While pursuing their own self-interest, these bloggers are helping WCI to fulfill its mission and helping you all to have more enriching lives.
Introducing The Physician On FIRE
However, the blog that has impressed me the most over the last year is Physician On FIRE. It is only 14 months old, a pre-teen in the blogging world, still trying to find its way. But it didn't take long before I started noticing people telling others in online forums to “Be sure to check out The White Coat Investor and Physician On FIRE” where before it was just “check out The White Coat Investor.” I knew there was something special going on over there and that the content quality was high because you all were recommending it to your peers.
Physician On FIRE is written by a married father of two and an anesthesiologist about my age. Like me, he and his wife figured out this financial stuff early on in their careers and began applying it in their lives. Unlike me, he gets no particular enjoyment out of wakeboats and heli-skiing. Instead, he has been slowly but surely purchasing his freedom such that he is now financially independent and preparing to punch out of medicine into a life of travel, spending time with those he cares about, and doing whatever the heck he wants. FIRE, for those who are not aware, is a common acronym in the financial blogosphere for Financially Independent Retire Early. This is not a blog written by someone who wants you to walk with him as he tries to get out of debt and learn about investing. This is a blog written by an expert who has been there and done that. Best of all, he can and will teach you how to do what he has done. He mostly remains anonymous to his readers, but like any popular blogger, the truth slowly leaks out and I'm sure he'll do a big reveal once every one else in the hospital figures it out. But his anonymity doesn't detract from the message one bit. I assure you he is a very real person who really did manage to become financially independent a decade out of residency without any significant non-clinical income. We will get to walk with him as he transitions into full retirement in his early 40s over the next year or two.
Some of my favorite PoF posts include these:
Basically, PoF has taken the concepts used by FIRE enthusiasts for years (frugality, budgeting, conscious spending, intelligent investing, mobile lifestyles, and an appropriate retirement spending plan) and applied them to a physician career track and income. What results is a unique approach to eliminating burnout, enabling freedom, and maximizing happiness. Think of it as the mutant child of Mr. Money Mustache and The White Coat Investor.
The WCI Blog Network
PoF and I have had regular correspondence over the last year and several times he has asked for assistance with ad management. Mostly, he would rather spend his time creating great content and interacting with his readers than hassling with ads. At one point, he even asked if he could hire my business manager to take care of his ads. However, that created way too large of a conflict of interest for her. Finally, we came up with an idea that would eliminate that conflict of interest and generate a win-win-win-win-win-win situation for everyone. Cindy and I each bought a small piece of his business.
For me, it gives me a great investment in a business that I know well (I include stuff like this in my real estate allocation if you must know.) Some people invest in real estate because they're good at real estate. I'm not that good at real estate. But you know what I'm good at? I'm good at websites, and I'm particularly good at websites about physician financial topics. I might know more about this business than anyone else in the world. So now when PoF makes money, I make money. Conflict of interest eliminated. I also get an additional boost for my business as his grows as they cross-fertilize the casual reader from one site to another.
For Cindy, my business manager, it gave her ad management business another customer plus a great equity investment in a field she also knows well from her work with me the last couple of years.
For PoF, it's a major win. I would have loved to have had this offer given to me when I was first starting out. Not only will the WCI Empire marketing machine be fully supportive of his enterprise, but he will benefit from the experience, knowledge, and contacts of the only person in the world who has built a 7 figure website in the physician financial niche, all while maintaining full control of his own destiny.
For readers of each site, they will get more high-quality content and inspiration to help them build more fulfilling lives, particularly with respect to finances. Sure, the hard-core WCI reader and forum participant already knows about Physician on FIRE, but for every hard-core reader, there are 100 casual readers who may not. Likewise, there are some people who read FIRE blogs who will now find their way over to our community here at WCI and hopefully find some useful pearls they can apply in their lives.
Advertisers who have been told “Sorry, sold out” (you guys don't want MORE banners do you?) or have been priced out at WCI, now have another option to reach you, fulfilling our mission of connecting professionals in need with the “good guys” in the financial services industry.
The world at large benefits as these sites become more successful thanks to our charitable missions, including the WCI Scholarship and PoF's commitment to give half of his website profit to charity. Win-win-win-win-win-win.
A Weekend in Salt Lake
Three weeks ago we flew PoF and his wife out to Salt Lake City and put them up in a nice hotel. We had a nice dinner downtown. The next morning they came over to the office. Ha ha. Office. That's a good one. Bloggers don't have offices, they have laptops. So we sat around the infamous dining room table with our laptops and worked out the details. Then we went to Snowbird for lunch. They really enjoyed the 100 foot views (darn blizzard) so we'll have to have them back out sometime so they can see how beautiful the Wasatch mountains really are. You can read all about the trip from his perspective in an article he published today.
So what does this all mean for you my loyal reader? Not too much. You'll see a little more PoF content here at WCI (watch for some Saturday posts like this one) and maybe notice some WCI content at PoF. PoF may have a little more of a presence on the WCI Forum as a moderator. There is already a significant synergy going on in the background. You'll notice my posts run Mon, Wed, Fri and his run Tues, Thurs, Sun. Now there will be something on one of our sites on Saturdays as well. If this all works out as well as we hope, we may be bringing on some more partner sites in the future, but again, only when it makes sense as a win for everybody.
What do you think? What is your favorite Physician on FIRE post? What's your take on FIRE in general? Comment below!
Jim that is an awesome attitude and approach to business!! Casual readers likely didn’t appreciate the collaborative nature of blogging and sharing content on the web.
Physicians can be competitive by nature. We had to compete with our colleagues and friends just to get into medical school. We had to compete for residency slots. Some may have had to compete for their jobs. Seeing someone be so supportive of what some would consider a competitor is almost a foreign concept.
It wouldn’t be a stretch to say that your willingness to share and help out is probably the primary reason why so many physicians have taken up blogging in the past 24 months. I know you have helped me over the years with questions and I greatly appreciated your generosity with your time.
Having more physician bloggers working together and building a network is ideal for everyone. You are still scratching the surface when it comes to helping physicians get a fair shake with their finances and the more ambassadors we have out there, the better.
Thanks for everything and congrats to you and PoF!
Great news and big congrats to both parties! I see both blogs benefiting from the complementary styles of the founders, and as a regular reader of both blogs, I see myself benefiting, too.
My one question/concern, and this applies to anyone who blogs for a living (or even as a side hustle) on any topic is how sustainable is the model? There are not enough developments and news in the physician financial area, and I would worry about running out of content over time.
On the other hand, if a I had to nominate the next member of this network, I would put in a plug for The Happy Philoospher, who is an excellent writer and views things from a much different perspective, one that aligns well with what WCI and PoF are offering.
Let me know when you are ready for the Cranky Quitter Doc (CQD, aka me) to join the fray. I figure that you have to have a TLA to play. (TLA= Three Letter Acronym). I can bust out the old Smith-Corona.
Kudos, once more!
If you are CQD then I must be the Retirement Creeping Doc. I am slowly trying to quit. I have it down to 3 days and no call now.
Hatton and Vagabond (and Darvao, Kamban, and Zaphod)…I appreciate the fact that you don’t have blogs…seems like we’re in a minority of not having hyperlinks with our names!
G, I DO have a blog (two, in fact), under different names, neither related to personal finance, but they been relatively dormant. When I go part time this fall, I expect to break out the ol’ typewriter. ?
I don’t have one. I keep thinking I should start one but I don’t know that anyone would read it.
I will read it. Maybe we should team up. Geezer Doc Lessons (GDL).
Hatton1 and Vagabond MD,
I’ll read you Geezer Doc Lessons! I think there’s a definite place in the blogosphere for the 50+ year old physicians to fill with words of wit and wisdom.
Ok RocDoc I believe you above the classic 50 mark also. I would love a blog that focused how to draw down the nest egg, Roth conversion issues etc.
You’re correct Hatton1! I’m a full fledged Geezer Doc too. Our age bracket does have unique concerns such as best tax strategies for account draw downs, Roth conversions, health insurance (my biggest concern.)
Should be you are above…..not sure if was not awake or autocorrect kicked in.
I worried about running out of stuff to write in the beginning too. I no longer worry about that. I have posts written into July. I have guest posts already prepped and ready to go until June. And I’ve still got requests for stuff to write that I haven’t gotten too and 5 books to review sitting on my table. The writing is the most enjoyable part for me, and there is no shortage of material. 1000 posts and counting!
These collaborative efforts are wonderful and will bring even more visibility to the arena of physician financial management. I also agree with Vagabond MD that The Happy Philosopher’s writing is incredible and consider his blog for the next network addition if HP is interested.
Wow!! I think this is great. My two favorite blogs have united. I will never get anything done again since I now will be reading blogs 7 days per week. Maybe I should start a blog. Everybody seems to be doing it…….I look forward to the new development.
Congrats guys! Nice work on trying to find synergy in the space. CQD, as for the content somehow WCI continue to publish so I suspect there will be no shortage. Not to mention guest posts, etc. And Jim has 4 kids with only one publishing now. If he gets the others in a 18 month cycle then the new content will be flowing 🙂
I am excited by this as it’s cool to see how the blog world grows, changes, and adapts. This was a good idea and will make things easier for PoF for sure, not that he has needed the help.
Kudos guys!
-EJ
I’ve been very impressed with the writing on blogs, congratulations and wishing both of you continued success!
#SimplyBrilliant
Great blogs on the financial aspects and lifestyle in general. However, I think some of us want a middle road approach, not just financial freedom at age XX. Perhaps going to part time at age XX could be a viable and enjoyable for many. I personally do think we have an obligation to society as physicians, since government indirectly subsidizes our education. We may not be making as much money as plumbers or high tech geeks, using IRR or other formulas, but aren’t there some satisfaction in seeing our patients?
We hope to explore that very issue soon in a Pro/Con type post.
I agree there is some satisfaction in seeing our patients. That’s why I still work 3/4 time even though WCI makes more than my practice. That said, my wife is pushing for half-time in order to allow more travel. I just want to make sure I’m working enough to maintain (and even improve) competence. The retirement account access is nice too. And of course part of the issue is that I’m already traveling more than I want to, but I’m going on 5-10 more trips a year than she is due to speaking engagements.
Part time is my next step, Steve.
That’s the great thing about financial independence — it gives you options. You can keep working indefinitely, take a sabbatical, go part-time, transition to a different career, or be done altogether if you decide that’s best. I don’t know for sure what’s best, but I’m finally pursuing a part-time option after writing about it 9 months ago. http://www.physicianonfire.com/halftime/
Cheers!
-PoF
Financial Independence allowed me to go to 3 days per week. Some people ask me if I miss OB. I just stare at them and say I do not miss the middle of the night, weekend, and holiday work at all.
We can’t learn too much about these concepts. Especially when we come from a medical background. We start out in practice later in life and with less knowledge than many other smart, hardworking professionals. We then are blessed with large salaries, lots of stress, and minimal free time. That can be a dangerous mix for those without the knowledge and skills and behaviors of financial success.
The other thing to remember is FI and RE are combined but separate concepts. Just because you reach FI, doesn’t mean you need to RE (I’m an example of that). It does give you more options and freedom though. It can even help your practice. For example, I spend more time with each patient, am generally in a great mood, and I love what I do. I don’t have financial stress and that helps everyone around me.
Before you can RE, you need FI. FI doesn’t require FE though.
Amazing example of #Synergize – Habit 6 (of Covey’s 7 Habits of Highly Effective People). Even though I’m not a physician (but do have a doctorate in Educational Leadership) – I thoroughly enjoy both of your sites because of the excellent content. Looking forward to following this adventure!
This is great news and congratulations! I am super impressed by both of you so joining forces looks like a guaranteed win-win!
Very impressive! Congratulations on creating a doctor/finance network. Looking forward to seeing more collaboration in the future!
Ad management problems…good problem to have!
This is simply great. I applaud you both on your success and thank you for creating great content. I think the more people writing about these topics the better. Part of the reason we read blogs is not just to learn about something, but to relate to finance through someone we can really relate to. Having different perspectives (but writing about similar topics) creates real value, because when you write to everyone you write to no one. Reading about these topic from different perspectives allows more people to connect with the underlying important themes. Good financial management be it through frugality, lowering fees, using correct financial products or avoiding burnout and quitting medicine creates freedom. Freedom creates the ability to practice medicine the way we want to, and to help shape a profession I think we all feel has drifted from it’s ideal state.
Hats off to you guys.
Echo The Happy Philosopher’s thoughts. A Doctor who has freedom is a happy (or at least happier) Doctor.
Great news. I started reading WCI about 8 months ago, I found PoF off your site about 2 months ago. They are the primary sites I am using now, but I read a few others that pop up on PoF. I really enjoy PoF’s Sunday wrap up of other blogs, offers different stories of individuals paths to financial freedom. I just started using Personal Capital to more easily track all my finances after reading about it on several blog sites, I am even considering having them manage my non-tsp money (yes, anti-WCI advice, it it would be a lot better than what I am doing with 500k being managed for way too steep a price, too embarrassed to put it down).
I look forward to the collaborative efforts and synergy you will provide together, my education continues.
This is awesome! Great work and I think this has some very interesting implications for the future (which Im sure you’re already working on).
I like this news a lot because 1) it will help sustain good content into the future although it sounds like that is on solid ground as of now and 2) seems pretty clear that the WCI gets more speaking invitations that he can accommodate, which leads to an area of potential collaboration/synergy–is PoF going to take on some of the speaking engagements? Does he like to travel and speak in front of groups? I would like to seek more WCI-themed talks given directly to Residency programs, to get them young ‘uns on the right track before they are preyed upon by commissioned salesmen masquerading as financial advisors.
Possibly — I think getting the word out to more young and future physicians is certainly important.
Right now, I’m working full-time, trying to be a good Dad and husband, and of course writing a lot, so I don’t plan on adding much to my plate at the moment. I may be working part-time as soon as this fall, at which point I could consider speaking engagements. I don’t have to wear a suit, do I? Not my style.
Cheers!
-PoF
Anyone wearing a suit is suspect!!!
At our AzCEP Doc Day at the Legislature this week I got to talk with some of our ‘Copa EMed residents about their career and life goals, and was thrilled that several had heard of WCI. I’m excited to introduce them to PoF now too. Thanks to you both for all that you do and for teaching the next generation sound principles to give them more freedom and choices in life.
I came very close to matching into that program. I think I ranked it 5th or 6th.
Wonderful news!
PoF gave me one of the first links to my fledgeling blog, for which I am extremely grateful.
Collaboration is key!
It’s awesome how much help a little thing like a link can be to someone just starting out. One of the big events early in the life of this blog was a mention on the front page of CNN for about 24 hours. HUGE spike in traffic. A little of it sticks around every time traffic spikes.
Yep. I am very grateful for support, and hope to get big enough one day to be able to pay it forward…
Congratulations. I enjoy both blogs immensely. It’s clear that there is more than enough to write about for dozens, if not hundreds of physician bloggers.
I only wish I had started reading much sooner. At 61 years old, I’m beyond FIRE and still working. But my wife and I are working hard at reaching financial independence, whether we “retire” or not.
Meanwhile, I will add my 2 cents to the blogosphere as I encourage and educate physicians who wish to shift into a non-clinical career. Maybe that will help them reach FIRE more quickly!
Keep it up – you both represent us doctor bloggers splendidly!
John Jurica
This is fantastic. I’ve been a fan of WCI for about 4 years and got onto PoF from the WCI article on the Other Guys. I’ve enjoyed both blogs and learned a lot from them. I’m a Boglehead and a high net worth non MD professional, and I think that there’s a quite a bit of stuff on both sites that we can benefit from. May be one of these days I’ll start my own blog – PhD on FIRE- and be invited to join the WCI network 🙂
That’s great news! Been a fan of both for a long time now. Looking forward to even more great content from 2 masters in medfinance!
Congratulations. Happy for both.
It sounds more of a business relationship, no one rarely does anything out of pure altruism 🙂
In a lot of ways, things get done better if they’re for-profit than if they’re purely charitable. Capitalism and self-interest are very powerful.
Congrats to you both. Can’t see this as anything but a win for every single person involved. Except maybe those occasional whole life insurance salesmen that pop up on here every now and then to argue their product. So like I said, win-win-win.
I enjoy both of the POF and WCI blogs and have learned a lot from them as have my students. However, I am a bit put off by some of the arrogance creeping into some of the WCI writings.
But you know what I’m good at? I’m good at websites, and I’m particularly good at websites about physician financial topics. I might know more about this business than anyone else in the world.
Really? Maybe correct but just am a bit put off by the whole , “I am the greatest” persona. It seems that this community of professionals who are humble, do things the right way, and are always seeking to improve others financial lives.
Maybe I am being too harsh but just think that there is a fine line here that needs to be watched closely.
Thanks for the comment. How’s life as a part-time doc? I’m hoping to be one myself this fall.
I think you’re right about the fine line, and it’s one I try to stay balanced on, as well. On one hand, in real life, I believe I’m a reasonably modest and humble person. Confident, but not cocky. I would describe Dr. Dahle similarly.
Online, however, if you want people to read your story and learn from you, a fair amount of self-promotion is required. The more you shout “Hey! Look at Me!” the more people will look at you. And then start reading your “about me” page, your archives, etc… And your mission is more likely to be fulfilled.
I reconcile the dilemma by thinking of PoF as my online persona. It’s me, and everything reflects who I am and what I’ve done, but I may speak more authoritatively, more positively, or even complain more than I otherwise might. Ultimately, I want to reach and help as many people as I can and earn enough from my site to make meaningful charitable contributions. If that requires some boisterous behavior, so be it.
Cheers!
-PoF
Sorry to put you off, that was not the intent. The intent of that line was to juxtapose my lack of skill and success with real estate next to my significantly higher skill level and dramatically higher success with online business. Tone, however, is an incredibly difficult thing to get right on the internet.
Not to pile on, but for many of us Jim was the voice in the wilderness leading us away from steak dinners w/ whole life insurance salesmen who “specialize in physicians.”
He has been an invaluable resource to me and I repeatedly tell my senior residents to buy his book and read it. My deal to them is that if they find it useless or boring I will buy it back from them at full price. No takers yet, and a hell of a lot of stories about how hey gave it to their spouse.
When I lecture on financial planning (in the academic world) I often ask who has heard of WCI and increasingly I’m seeing a decent show of hands. In a world of static or sometimes declining reimbursement, this is critical stuff.
With basic principles I learned from Jim, I am on track to be debt free (except mortgage) at the age of 36. Had I listened to standard advice for high income professionals I would be leveraging my relatively low interest quarter million dollar student debt load against a $1.5M home purchase.
Arrogance is unhelpful and unattractive. I read none of it in Jim’s writing. This is a private blog and none of us have to visit. But turns out a hell of a lot of people do.
It’s also unhelpful and silly to feign impotence, paucity of expertise, or lack of skill. When I’m about to do procedure on patients, I assure them that I am probably the best person in the hospital to do this for them at that moment. As an ER doc in the case of central lines, LP, I+D etc that’s true. They find it reassuring, not off-putting.
Jim is making more money as a blogger than I am as a full time EM attending. I think he can swagger a bit.
I don’t disagree with any part of any of the replies. Just was pointing out that just like being a physician, there is a difference between being confident/ competent and arrogant.
I have used this website to teach students as well and hope to continue that as I think that this site is a valuable resource.
This is a great partnership. What I love is the entrepreneurial spirit and the playfulness. Neither of you seem interested in creating a billion dollar empire that consumes all of your time. It’s more like Yvon Chouinard and Douglas Tompkins coming together to make something fun.
I know this comment is the exact opposite of a previous comment, but it’s just how I see it. Best of luck and looking forward to seeing where this takes both of you.
Aha… the founders of North Face & Patagonia. I had to look them up.
PoF,
Just wanted to extend my congratulations on your new partnership as well as going part time. How did you end up swinging it? Did your group hire another part timer?
Thanks, EnjoyIt! Administration (employer) has to approve it yet, and my new schedule wouldn’t start until this fall, but the plan is for me to work as a 0.6 FTE, while partners will work 1.1 FTE. Basically, each partner would pick up a couple of my shifts each month. Pay would be adjusted proportionally.