026R | In today's podcast we discuss our takeaways from Episode 26 with Physician on FIRE plus some exciting developments in the Financial Independence world as well as feedback, questions and comments from the ChooseFI community. In Today’s Podcast we cover: The Friday Roundup after the Physician on FIRE interview from Episode 26 Information for the high income professionals and how it’s important to give details for that aspect of our audience Does the perfect answer exist for high income professionals pursuing FI? It might not be possible to defer enough money to get them out of that high marginal tax rate “A dollar saved is two dollars earned in the 50% tax bracket.” A brilliant quote from Physician on FIRE Everything comes down to living a frugal lifestyle “Doesn’t your spouse deserve a really great lifestyle?” asked the White Coat Investor. “Well yes, and she’ll have one, but she deserves my time.” Responds PoF. The fundamental flaw in the ‘retirement calculators’ that are published online for “normal people.” Your current income is not relevant when considering your retirement number. It is all about your expenses. For new physicians, you need to avoid the blowup in spending on cars and expensive homes when you get that first big paycheck You need to keep your fixed expenses down to a manageable level and you can splurge at the margins on other things Don’t fall into peer pressure to live an expensive lifestyle. Maybe move to a smaller town and practice geographic arbitrage in the US Brad’s own geographic arbitrage in his life moving from Long Island to Richmond, VA Optimized charitable giving with a ‘donor advised fund’ Discussion of the ‘backdoor Roth’ that Physician on Fire mentioned on the episode and the applicability for high income earners A new Camp Mustache event was announced for January 2018 and the tickets are available The ChooseFI private Facebook group is running and extremely vibrant and we’d love for you to join us Scott Rieckens contacted us about a documentary on the FI community that he is embarking on The FI community is on the verge of a breakthrough in the US Brad’s mom is listening to the podcast and had a frugal win of the week Feedback from PastorFI: College hack for student housing Discussing the call from Mark from Student Loan Freedom from Episode 25R about permanent life insurance Feedback from about Ken’s prior call about the ESPP from Olaf. He clarified the tax treatment on the purchase through the Employee Stock Purchase Plan Don’t let paying taxes get in the way of making a smart financial decision Noah from Money Metagame’s call about how to remove escrow to potentially save hundreds of dollars per year Part 5 of the case study with Paul including Paul’s feedback on his daughter’s college plans plus Paul’s summary of the case study Frugal Wins of the Week from the ChooseFI Community Itunes Reviews of the Week and Book Winners Links from the show: Physician on Fire Frugalwoods article on Donor Advised Funds Camp Mustache tickets Join our private Facebook group Scott Rieckens website Mr. Money Mustache on the Tim Ferriss podcast Student Loan Freedom KeepThrifty.com Money Metagame Mutual Assurance Society of Virginia ToDoIst Early Retirement Now Google Docs from Big Ern at Early Retirement Now: Google Doc master file for Safe Withdrawal Rates Big Ern's explanation on how to use this file Doc with Paul's case study numbers with Social Security Doc with Paul's case study numbers without Social Security Fiery Millennials