Journal Club 02-09-24 – Passive Income MD

Here’s Journal Club 02-09-24! Every week, I hold a JOURNAL CLUB. After filtering through the articles on the web, I present a few that impacted my life this week. Be safe and stay well!

• Did you know that both self-employed individuals and small business owners can contribute to an Individual Retirement Account (IRA)? The  Physician on FIRE discusses two popular retirement plans that have key differences in eligibility, contribution methods, and tax benefits for self-employed individuals and small business owners. Curious to learn more? The author shares essential details in the article – SEP IRA vs Simple IRA: Which Retirement Plan Is Right for You?

• The happiness and satisfaction you experience from paying down your enormous student loans can be unparalleled. Many individuals pursue this goal relentlessly while they dream of that day to arrive. If you’re looking for some inspiration to pay off your hefty student debt, the Investing Doc shares their remarkable success story of rapidly knocking off the student loans and provides beneficial tips for achieving this significant milestone in the post – How I Paid Off $150k In Loans In 1.5 Years.

• Surely, you’re familiar with the concept of lifestyle creep. It’s a common phenomenon where people gradually increase their spending as their income rises, often justifying it as a necessity. Per the author of Five Year FIRE Escape, anyone can prevent lifestyle creep and maintain financial stability by having a bigger financial goal that motivates them to resist unnecessary expenses. Further, the author shares helpful tips for building better money habits to avoid falling into a lifestyle inflation trap in the article – Lifestyle Creep – The Sneaky Trap Draining Your Finances Worse Than Inflation (And How to Avoid It).

• When it comes to building wealth at an accelerated pace, investing in real estate has always been at the forefront as one of the most efficient and effective strategies. However, it takes money to make money. So, how do you invest in real estate if you’re strapped for cash? The Debt-Free Doctor offers a comprehensive overview of a financial strategy, allowing individuals to harness the power of real estate in the post – How You Can Use a 401k To Invest In Real Estate.

Read any interesting articles? We’d love it if you could please take a moment to share them in the comments below!

Thank you for reading and sharing,

Peter

Disclaimer: The topic presented in this article is provided as general information and for educational purposes. It is not a substitute for professional advice. Accordingly, before taking action, consult with your team of professionals.