Have you ever stopped to wonder what your life might look like if you were financially independent? What would that elusive nest egg have to be in order to meet your needs and wants sufficiently and indefinitely? Would you continue practicing medicine the same way you do now, or would you make some adjustments?
Stop and imagine for a moment the options that financial independence could unlock for you.
As I explained in my prior post, “ ‘FIORE,’ Financial Independence with the Option to Retire Early, Empowers Physicians to Pursue Life on Their Terms,” it’s those options that matter most to physicians regarding financial independence. That’s why I prefer to call it FIORE–emphasizing O for options–rather than the traditional Financial Independence Retire Early (FIRE) nomenclature. Options give physicians agency in the way we choose to practice medicine or perhaps to pursue other dreams, or both.
I’m hoping you’ll join me on the learning curve about FI. I’m sharing three of my favorite books associated with the FIRE Movement here.
Your Money or Your Life: Transforming Your Relationship With Money and Achieving Financial Independence, by Vicki Robin and Joe Dominguez
This book is rooted in transforming your relationship with money, not just changing your money habits. The goal is to find and have “enough” (and then some) rather than always seeking “more.” No matter what you think money is, there’s one truth that applies to everyone: Money is something you trade your life energy for. Called the “prophet of consumption downsizers,” by the New York Times, Vicki Robin along with Joe Dominguez wrote the book that many consider the genesis of the FIRE movement. Your Money or Your Life, now available in 11 languages, was originally published in 1992 and revised in 1998 and 2008 before being fully revised by Vicki Robin in 2018.
Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required by Kristy Shen and Bryce Leung
Kristy Shen retired with a million dollars at the age of 31, and she did it without hitting a home run on the stock market, starting the next Snapchat in her garage, or investing in hot real estate. In fact, she began life in abject poverty in China, where her entire family at one point was living on 44 cents a day. Quit Like A Millionaire includes all the tools you need to master your money. Shen will guide you through a step-by-step approach that is accessible to anyone and will leave you feeling inspired and ready to live your best life.
The Simple Path to Wealth by Jim Collins
Jim Collins arrived on the FIRE scene as the internationally celebrated Stock Series blogger — posting sage advice to his then college-aged daughter about the importance of money and what it can (and can’t) do for you. His friendly writing style was so popular that he decided to reorganize and distill the content from the blog and self-publish it as a book: The Simple Path to Wealth. This book is a must-read book for every responsible adult and young adult — rich with wisdom but spellbinding in its warm delivery. How can you not love an English Literature major comparing the entire stock market to a large mug of beer and explaining why it’s still worth buying even when it comes along with an unpredictable quantity of foam? Another great example of a book to share.