Table of contents

1. Preface

2. Main Article

3. OMFS World

4. Stuff (App, Gear)

Preface

This week we took firstborn and secondborn to a pump track to practice their bicycle skills.

It was funny to see 20-year-olds doing their crazy stunts right next to our little ones, carefully cycling the same course. Secondborn, who had just learned how to ride his bicycle, handled the course like a pro. Firstborn was mentally noting every stunt they made. We now wonder how soon he will start performing similar stunts 🚴.

On the freezing front ⛄️, we had our first experience with ice INSIDE of our car.

On a sunny minus 5 degrees morning, I saw a thin layer of ice forming on our car’s windshield. I turned on the wipers, but nothing. So I took out the ice scraper and worked outside the windshield, only to find the ice was on the INSIDE. I tried to melt it with the air-conditioning, but after a few minutes, I gave up and scraped it off. The car seats and dashboard looked like a ski resort afterward ⛷️.

On the financial front - Amazon rejected our Amazon card application. AGAIN.

This time it wasn’t our credit score but the short period since we opened a US bank account. Considering we have had this account for a few years now, how much longer do they need? Maybe they will approve us when we reach retirement age 👵👴.

Today’s newsletter will be devoted to the concept of time vs. money.

As I previously mentioned, embarking on a fellowship journey halfway around the globe is a complex task. The financial aspect of it is a huge factor.

We manage bank accounts and pay taxes in two countries. We handle medical bills, and pay high Boston rent and utilities.

But the financial burden didn’t start only after coming here.

In my private practice, I stopped accepting new patients long before coming here. As I see it, if I’m not there to see them through, and handle side effects myself, I shouldn’t start treating them.

So the amount of money we “lost” due to the fellowship is substantial.

But when we ask ourselves, “would more money make us happier?” the answer is a HUGE FAT NO.

Why is that? I’m glad you asked!

Today we discuss the concept of money as a life’s goal.

Number #21! Let’s do this

“A person travels the world over in search of what one needs, and returns home to find it.” — George A. Moore

Main Article - Why making money should never be your life’s goal

💰We tend to focus on money as our most valuable resource in life, and for good reasons. We use it for housing, health, education, commodities, children, and retirement funds.

However, I think differently:

Time is our most valuable resource.

⏳Every minute that has passed is gone forever.

The money we spend is not.

We can earn money today, and earn money tomorrow, but we can never earn back our time.

3️⃣Let’s break this perspective into three:

• Happiness and money.

• Life experiences vs. money.

• Hours lost for work.

​

1. Money will make you happy up to a point

😃😞Once you pass this point (i.e., make more money than you need), you won’t be happier. In fact, earning much more than you need may eventually DECREASE your happiness. According to a pivotal research study from 2010, emotional well-being does not increase beyond an annual income of 75,000$.

📈 In other words, the happiness of someone who earns 100,000$ a year is not higher than someone who earns 80,000$ a year.

👨‍🔬Now, as a scientist, I have some reservations about these data. Numbers vary by country, cost of living, and cultural differences. Moreover, recent studies found higher thresholds (95,000$) and defined happiness differently.

However, there is a clear take from these studies:

The relationship between money and happiness is not linear.

🤔Take home message: It’s possible that free time in exchange for money will make you happier.

🙋‍♀️Ask yourself:

• If I decrease my income by 10%, and in return, I will have 1.5 extra hours a day to do whatever I want, would I be happier?

• If I decrease my income by 20%, and in return, I will work 4 days a week instead of 5, will I be happier?

“It is not the person who has too little, but the person who craves more, that is poor.” —Seneca

​

2. Life experiences and memories preserve your spent time forever.

🎁Time is a non-refundable resource. Once you spend it, you can never have it back.

Yet, if you use your time to have a meaningful experience, it will continue to exist in your mind. Think about all the great memories you have. How many times did you think back and re-lived these moments?

Having meaningful memories is the equivalent of a profitable investment. But instead of investing your money, you invest your time. 🕰️

We are the sum of our memories, not our money.

🧐Take home message: Spend time creating meaningful memories. In the end, memories are the only things we have. Money is merely a number.

🙋‍♂️Ask yourself:

• What are the three greatest memories of my life?

• How can I create three similar memories THIS YEAR?

​

3. Every working hour you spend for the sole purpose of making money is an hour lost forever.

We all need money.

However, choosing to work for another hour MUST serve a specific goal 🎯. It can be whatever you want, but you have to have a goal! 🥅

Otherwise, you are driven by inertion (”this is what I’m used to do every day“), which is a terrible idea.

🤔Take home message: Every hour you CHOOSE to work must serve a specific goal. Otherwise, invest this hour in yourself or your loved ones.

🙋Ask yourself:

• How many hours did I choose to work last month only to make money?

• Do I have a financial goal for these hours?

“Money often costs too much.” —Ralph Waldo Emerson

OMFS World

🥼For the OMFS resident - Residency is a great time to take advantage of discounts and other benefits that can help you save money. As a resident, you can access loads of special offers others may not be eligible for, so make sure you know what’s available. From discounts on conferences, books 📚, and memberships to reduced prices on medical equipment (headlights💡, loupes 👓), there are plenty of ways to make the most of your resident status.

💵It can sometimes reach 50% or even 90% discounts!

For the non-MD medical professional - Intrauterine devices (IUDs) are becoming more popular in recent years, and come in two forms: hormonal and non-hormonal. The hormonal IUD can be placed for five years and is contraindicated in liver disease and active breast cancer. The non-hormonal (copper) IUD can be placed for ten years and is contraindicated in Wilson’s disease. Both types of IUD’s are contraindicated in vaginal bleeding of unknown etiology, cervical or endometrial cancer, and pelvic infection.

Stuff

📱Application I use - Unsplash is an incredibly powerful website of free-to-use pictures 🖼️. Launched in 2013, Unsplash has become a go-to source of royalty-free images for millions of content creators worldwide. I use it for my newsletters and recommend it to anyone preparing a presentation or building a webpage.

Don’t forget to reference the photographer’s name to say thanks! 📸

💡Gear I use - Leatherman Squirt PS4 has been a versatile and lightweight tool on my keychain for over ten years. Whenever I stumble on something that needs fixing, I have to fix it right there and then. This tool has everything you need for nearly any situation. With its stainless steel construction, high-quality craftsmanship, and 25-year no-questions-asked warranty, the Squirt PS4 is a must-have multi-tool for the everyday handyperson.

My kids have had their own Leatherman ever since they were three years old 😀.

Epilogue 

That’s it for this issue.

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Have a great meaningful weekend!

Shay