By Josh Katzowitz, WCI Content material Director
The scene is just a little cliché. It’s a household gathered round a desk, all people carrying their finest sweaters for the event, with an uncut but deliciously cooked turkey resting on the desk subsequent to the stuffing, the cranberry sauce, and the yams. Earlier than all people digs into the meal that took 10 hours to create however will take solely 12 minutes to scarf down, maybe someone means that the group goes across the desk and, one after the other, declares what they’re grateful for this yr.
To me, the scene is stereotypical and but completely unrealistic. I imply, aside from the flicks and TV exhibits, who really dissects the turkey with a carving knife and enormous fork in entrance of everybody sitting on the desk? Wouldn’t the tablecloth quickly be ruined by turkey juice? Wouldn’t an electrical knife be simpler if not as aesthetically pleasing? Why do it’s a must to put on an itchy sweater? And what the heck is a yam, anyway?
Even talking your gratitude out loud in entrance of others (who may completely decide you!) would usually really feel just a little Ward and June Cleaver to me. However after what the world has been by means of because the starting of March 2020, after docs have been burned out by the pandemic; after buyers endured a short Coronabear market; after months and months of anti-vaxxers and protesters and nasty partisan preventing, possibly saying “thanks” into the environment is the antidote that may briefly ease the world’s wounds (our wounds, not the turkey’s).
So, I requested a lot of white coats what they have been grateful for in 2021. Right here’s what a few of them stated.
What Are Medical doctors Grateful for This 12 months?
Daniel Iyer, a DVM from Georgia:
“There are various explanation why I’m grateful I’m within the place I’m in as we speak. My mother and father instilled self-reliance and dedication—if you’ll do one thing, do it proper —into me very early. Being a younger teenager and saving sufficient cash to purchase a automotive was a dream of mine, till discussing with my father. He stated, ‘Why would you need to purchase one thing that’s price much less proper once you drive it off the lot?’ After all, being a child, that made no sense as a result of I noticed the fast worth and flashiness of the automobile (a Nissan Xterra) to my associates. Lengthy story quick, I purchased my first home as an alternative, which was the start of my actual property enterprise that continues as we speak. I had roommates that paid my mortgage, and I by no means needed to make a fee out of pocket throughout my late undergrad and veterinary faculty tenure. I’m really grateful my mother and father taught me to save lots of and by no means be grasping.
Right now, I proceed my journey 15 years after vet faculty, with my pretty three daughters and exquisite spouse. I’m grateful that I’m able to supply for my household with my veterinary earnings and passive actual property earnings that permits me to work three days every week. Resulting from this, my work/life steadiness retains my stress degree a lot decrease than my colleagues within the business.”
J. Jarred Molitoris, an MD from Ohio:
“I’m grateful to be in a career that permits one among us (on this case, my spouse) to take day off and keep dwelling with the youngsters. She is a pediatrician, so she is giving up a six-figure wage, however we’re lucky sufficient that we will make up for it or reduce on bills. As an obstetrician, I can simply add 1-2 shifts a month of resident protection to make up her earnings.”
An MD from California who needs to stay nameless:
“I’m grateful for:
– These members of the group who not solely imagine and comply with the science, but additionally have been courageous sufficient to face verbal and bodily threats in school board and metropolis council conferences with a purpose to advocate for public well being measures.
– The members of the scientific group who quickly developed and deployed vaccine and remedy choices throughout this pandemic.
– The frontline healthcare employees who handled all sufferers regardless of uncertainty about their very own private security.
– Job safety, which has been shattered for therefore many industries and so many members of the workforce, together with some fellow healthcare colleagues.
– A profession shift into telemedicine, which has allowed for an enchancment in high quality of life and afforded insulation from the pandemic throughout this unsure time.
– The well being of my household and associates, which ought to by no means be taken with no consideration on this line of labor.”
Tawny Smith, a Pharmacist from Texas:
“This yr, I’ve lots to be glad about, however I’m most grateful for my oncology staff who helped me kick most cancers to the curb. I’m additionally grateful for my wonderful family and friends who made my battle simpler with their love and assist.”
Dr. T, an MD from Minnesota:
“I’m grateful for having added non-clinical talent and expertise. It’s broadened my choices and given me extra management over my work atmosphere and future instructions.”
Lee Epstein, an MD from Florida:
“I’m grateful for the well being of my household, sufferers, and follow throughout this difficult yr. With the monetary safety I gained by following recommendation from The White Coat Investor I used to be in a position to give attention to the wants of my employees and sufferers slightly than my very own monetary issues.”
Dr. JH, a dentist from Texas:
“I’m grateful that we have been lately in a position to repay all my dental faculty mortgage debt. We save about 30% of our gross wage collectively (which matches to IRAs, 401(ok)s, ETFs, and different funding vessels). Sometimes, something over 30% after saving we use to fund household holidays; dwelling enchancment initiatives; and, on this case, repay my pupil loans. By reaching our set financial savings objective, now we have the peace of thoughts that spending something after what we saved is guilt-free. Getting the scholar mortgage paid off is yet one more factor that’s not hanging over our heads, and we will now use that cash towards journey and enhancing all of our psychological well being as we emerge from COVID.
I’m additionally grateful that as a result of we’re a dual-income household, I used to be in a position to be there for my children throughout COVID dwelling education time . . . although I believe I might have a lot slightly been at work—WOW! On that word, I’m tremendous grateful for my child’s wonderful lecturers who do this full-time!”
Heather A. Dlugosz, an MD from Ohio:
“I’m extraordinarily grateful this yr for the chance to have lowered my FTE standing over the summer time with a purpose to spend extra high quality and present-minded time with my household. After a difficult earlier yr with the pandemic and lengthy hours spent caring for sufferers, I felt it was necessary to prioritize my household, as that is values-driven for me. With out the good thing about my doctor wage and the chance to have saved cash and diversified our belongings beforehand, I might not have been in a position to make this necessary change. The chance to spend high quality time with my household and do the ‘routine’ issues with them, together with dropping children off at camp, was priceless, relative to the discount in my FTE and wage for the summer time.”
Jennifer D., an MD from Ohio:
“I’m grateful for the monetary reserves to have the ability to rapidly make an inter-state transfer this yr once we wanted to be near household.”
Jim Dahle, WCI founder and an MD from Utah:
“This Thanksgiving season I am grateful for PPE, vaccinations, particular person liberty, fantastic folks to work with, good well being, and a plethora of alternatives to assist others. I am additionally grateful for all the great folks positively influencing my youngsters as they pay much less and fewer consideration to me.”
As for me, I really feel like I’ve been floating by means of the world of journalism for the final a number of years, and I wasn’t certain precisely the place I used to be stepping into my profession. Or if I ought to even be within the business that I’ve at all times been so captivated with. However then I began learning the world of finance, and I fell in love with it. Then, this job got here alongside, and I used to be fortunate sufficient to seize it. I’m grateful for my spouse’s neverending assist throughout my journalism journey, and I’m grateful that I get to bask in two of my passions to make my residing: writing and the world of finance. Mainly, I’m grateful to be right here writing these phrases for you as we speak.
For those who’ve obtained any causes to be grateful this yr, remark under so we will all delight in your gratitude.
[Editor’s Note: I really enjoyed talking to some of my doc friends and the WCI community to find out why white coats are thankful this year. I’d like to do something similar for early January. For the first Sunday of the new year, I want to write about your 2022 crystal ball predictions when it comes to finances or investing. If it’s outlandish with almost no chance of coming true, that’s fantastic. If it’s the most obvious prediction in the world, that’s cool, too. If it’s funny, even better. Either way, email me at [email protected], and inform me your finest crystal ball prediction of 2022. On the finish of subsequent yr, we’ll have a look again at these predictions and snicker on the silliness or congratulate you in your brilliance. Both method, it’ll be good instances.]
What I’m Studying This Week
Tithing in Crypto?
If there was ever presupposed to be a separation between the church and state and, um, cryptocurrency, these strains have been blurred. That’s as a result of a church in suburban Phoenix has stopped utilizing an providing plate throughout providers and now accepts donations in cryptocurrency.
That church isn’t the one one doing so. As famous on this USA Right now story, the VIVE Church in Palo Alto, California additionally will take Bitcoin off your palms. From the article:
“The Rev. Michelle Stewart, a former lawyer, stated her church members within the Bay Space have been investing in crypto and had requested how they might give from the monetary positive factors that they had made.
Stewart stated that two of the pastors helped create software program that will enable the roughly 1,000-member church to simply accept non-cash presents like crypto, and that most of the givers at VIVE donate that method . . .
She noticed the facility of non-cash presents in August and September when the church wished to place a down fee on a brand new constructing and raised $6.3 million—with half coming from crypto and shares—in 45 days.”
However don’t essentially depend on Bitcoin to be the crypto you’ll be utilizing a decade from now. In some ways, Bitcoin is like AOL.
Is Shopping for a House a “Horrible Monetary Determination”?
In accordance with Ramit Sethi, the reply is sure (that doesn’t imply he received’t do it, although). Blame it on “phantom” prices.
I didn’t point out the Zillow home-buying meltdown in my column earlier this month about whether or not Wall Avenue is coming for your home. However if you wish to attempt to benefit from Zillow’s resolution to cease flipping properties, you would maybe get an excellent deal on one of many hundreds of dwellings the web site wants to dump.
Don’t Name It a Comeback …
They’ve been right here for years and years. They simply haven’t been as affluent as they as soon as have been. However earlier this month, Ford eclipsed a $20 inventory value for the primary time in 20 years. You possibly can thank the potential of electrical autos for that.
As for Basic Electrical, one of many authentic members of the Dow Jones, properly, issues aren’t going nice. Right here’s an attention-grabbing Twitter thread that discusses former CEO Jack Welch’s function in all of this.
Basic Electrical is ending a century as a large conglomerate by splitting into 3 components.
It’s front-page information. Plenty of occasions led to this, however you is probably not acquainted with a number of the extra nefarious points that triggered GE to stumble, then collapse.
— Barry Ritholtz (@ritholtz) November 10, 2021
Cash Track of the Week
On the floor, “Child, You’re a Wealthy Man” by The Beatles looks like a simple tune to decipher. With lyrics like “How does it really feel to be one of many lovely folks? Now that you already know who you might be” and with John Lennon and Paul McCartney singing the identical factor over and over within the refrain, “Child, you are a wealthy man/Child, you are a wealthy man/Child, you are a wealthy man, too,” it’s tempting to attract this from the tune: you don’t should be wealthy to be rich. You’re wealthy merely since you’re being you.
And that does appear to be a component of the tune. However Rolling Stone had a barely completely different take, writing that it was really extra of a shot taken on the wealthy folks. Wrote the journal:
“The title got here from McCartney, however the spirit was pure Lennon. The working-class hero beloved nothing higher than tweaking the moneyed class: ‘The purpose was, cease moaning—you are a wealthy man, and we’re all wealthy males, heh heh, child!’ he stated.”
It’s price noting that Rave journal tried to estimate—through royalties, movie charges, and reside appearances—how a lot every member of the band earned in 1966, the yr earlier than this tune was launched. Apparently, John and Paul every made about £1.2 million. In as we speak’s cash that’s £19.2 million (which equals about $25.8 million). So yeah, they have been wealthy males, child.
One different attention-grabbing word about this tune that I simply realized. Within the refrain, they sing, “You retain all of your cash in an enormous brown bag inside a zoo/What a factor to do.” In accordance with genius.com:
“Brown luggage and envelopes are related to off-the-record money shops (in different phrases, makes an attempt to keep away from tax). These strains mock Scrooge-like individuals who hoard cash and conceal it away merely for the aim of getting it.”
Naturally, that didn’t cease The Beatles from attempting to restrict its personal tax publicity. When the British authorities started taxing super-rich residents at a 95% charge, the band arrange a partnership within the mid-Sixties so the members may pay a much-lower company tax charge than the person earnings tax charge.
“Child, You’re a Wealthy Man” was the B-side of “All You Want Is Love.” So, actually, all you want is love . . . and an excellent accountant.
Tweet(s) of the Week
These of you who’ve learn The Millionaire Subsequent Door needs to be very acquainted with this line of considering.
The typical millionaire drives a 4-year-old automotive with no funds.
Millionaires are regular folks. They don’t seem to be all carrying designer garments with sports activities automobiles of their driveway. They’re individuals who keep away from debt, reside on lower than they make, and make investments persistently.
— Dave Ramsey (@DaveRamsey) November 5, 2021
And possibly one thing else that may be added to the following e-book replace from Stanley and Danko.
I was impressed by folks with fancy homes, automobiles, and levels.
Now I am impressed by folks with passive earnings, high quality networks, and full management over their calendar.
— Brian Feroldi (@BrianFeroldi) November 4, 2021
[Editor’s Note: Josh Katzowitz is the Content Director for The White Coat Investor, and his work has appeared in the New York Times, Wall Street Journal, Washington Post, Los Angeles Times, and CBSSports.com. A longtime sports writer, he covers boxing for Forbes, and his work has been cited twice in the Best American Sports Writing book series. For comments, complaints, suggestions, or plaudits, email him at [email protected]]