Weekend Reflections: Digital Minimalism, Productivity, Diversification
It’s been a while since I’ve written one of these “Weekend Reflections” type of blog posts.
Such a shame because these posts are a great way to demonstrate gratitude by showcasing the work of fellow bloggers. Plus they are fun to write as well.
So much has happened since the last time I have written such a post. 6 months is a long time! My daughter turned one year old. And now she’s saying a few words and almost starting to walk. It’s incredible to see your kid grow up before your eyes! For those who follow one of my personal Instagram accounts, you know first hand what a funny character she is. š
Speaking of Instagram, lately I’ve been reducing my usage of social media accounts, especially Facebook and Twitter. I’m sure some have noticed my reduced blogging rate too. It’s a result of me deliberately minimizing my digital life so that I can focus on other things that are more important– like watching my daughter grow up in real life.
Digital Minimalism
It’s hard to see it now, but I was once the complete opposite of a digital minimalist.
I’m a millennial.Ā I was born in the 80’s and came of age with the internet. Back when I was a freshman in high school, it would be common place to see multiple AOL Instant Messenger text boxes open on my computer screen. Being able to chat with twenty of my friends individually at the same time through the modern technology of the internet was new, exciting and fun. Especially for me, since I consider myself an extrovert who often has a bad case FOMO. This pattern of behavior continued as social media platforms like Facebook, Instagram, and Twitter became popular.Ā I just had this compulsive urge to know everything about what everybody was doing. It was definitely NOT healthy.
Nowadays, I still use social media but at least now I use it in a much more intentional way. Cal Newport is the expert on digital minimalism. After all, he wrote the book. But you don’t have to read the book to get the gist (admittedly, I did not read it). You can simply listen to a few podcasts such as his interviews with Paula Pant and Rich RollĀ to get the idea. In a nut shell, get rid of all social media accounts a la the KonMari method then add only the social media platforms that bring value and/or serves an intentional purpose. That’s pretty much it.
A few benefits I’ve noticed so far
- Increased family time. This one is simple. Decreasing time on social media increases my time elsewhere. And since family time is something I value deeply, this extra time is spent with my wife and daughter, bringing me one step closer to living the life I truly want.
- Elevated happiness. This one is hard to quantify because at baseline, I’m already an overall happy person. But for sure, minimizing social media lessens my time engulfed with playing the comparison game. By limiting my propensity for the FOMO-like behavior that plagued me in my younger days, digital minimalism allows me to be fully present in my own “now” as opposed to someone else’s highly curated past. I want to live my best life, not someone’s :).
- Enhanced productivity. I’ve also noticed that I have a greater ability to deeply focus, accomplish tasks, and produce better work. Creating value for others through productive work makes me feel more purposeful and fulfilled.
Productivity
Digital minimalism has definitely enhanced my ability to perform deep workĀ and be more productive.
Nevertheless, I’m always trying to find even more ways to optimize my life and further improve my productivity. Because time is so limited and precious, I find it increasingly hard to be productive. It also doesn’t help that I work about 1.1 FTE (44 hours a week), I’m a new parent who devotes a lot of time for family, and I’m dedicated to getting 8 hours of good quality sleep almost every night.
I’m an ambitious fellow and there simply isn’t enough time to do everything I want to do.
How I do increase my productivity?
Well, I recently came across a new physician blog that might have the answers I’m looking for. In fact, it’s so new that there are no posts yet. The site is physicianzen.com and while it doesn’t have any posts, there is a really cool introductory video. Go check it out.
There is a plethora of physician bloggers (check out all 83 of them on Crispy Doc’s list). Most blog about finance, burnout, investing, real estate, and other topics. But as far as I know, nobody specifically talks about productivity. It’s a topic I’m interested in so I can’t wait to see the future content on his blog.
I have reached out to the author of the site to give him props for his video. He then told me that his first post will go live on Monday, July 1. So be on the look out for posts from this up and coming blogger! Oh yeah, and XrayVsn… give him privileges to the hospital!
Diversification
Yes, the huge list of physician bloggers represents a diverse group of unique voices. But that’s not the diversification I’m talking about.
Not too long ago, Crispy Doc wrote a post about naive diversifcation and robo-advisors. It’s interesting because my portfolio has a mix of DIY Vanguard accounts and Wealthfront (a robo-advisor) accounts. But I wouldn’t call my strategy naive diversification. First off all, these accounts serve different purposes. One is designed as a PSLF side fund while the other is more of a “wealth building” fund. Second, I don’t have the time to track all markets (US, foreign, emerging, natural resources) for the purpose of tax loss harvesting. Why not just outsource a robo-advisor for you to do it automatically? Finally, these accounts have different funds; therefore, I will not inadvertently foul up any tax loss harvesting efforts.
Either way, I would make the argument that having both DIY and robo-advisor accounts are all apart of my coordinated investment plan as outlined in my investor policy statement.
The case against over diversification
Of course, there is elegance and efficiency to pure simplicity. Gasem repeatedly makes the case for the simple Efficient Frontier Two Fund Portfolio because it generates a greater return for less risk.
Before he had his own blog, he wrote a guest post on mine demonstrating that diversification is asymptotic and not without cost (i.e. added risk). Definitely check it out.
Or diversify like crazy
On the other hand, some prefer to diversify like crazy. Passive Income MD does exactly this and has multiple and diverse income streams to accelerate financial independence. One way he does this is by investing in real estate.
I am hesitant to invest in real estate, real estate crowdfunding, and syndications. One reason is because the learning curve is relatively steep compared to simple index investing where you can pretty much put everything into VTSAX and some in bonds. There’s a vast amount of information out there and without the proper resources, it’s easy to get stuck in analysis paralysis when reviewing real estate deals. And even if you gain a good amount of knowledge, you still may not know what to do.
Fortunately, PIMD created Passive Income By Investing in Syndications course which is available now until the July 9th. This should be a very high yield resource for those wanting to learn more about real estate syndications.
Diversifying my income with real estate investing might be something I’ll do in the future. But right now, I’m not committing a lot of money (like $50,000) for 5-7 years. Because a lot of our investments are in a PSLF side fund, I need the money liquid in case wee need to pay off all my wife’s law school loans.
Meanwhile, my weapon of choice is to diversify with credit card pointsĀ so I can drink fine champagne in the air while traveling on a beer budget ;).
Travel
Speaking of credit card points and travel, over in the points and miles blogosphere, Frequent Miler has a really cool challenge among his fellow contributing bloggers. It’s called “40k to Far Away“.
The basic gist of the challenge is to use 40,000 credit card bank points (Citi, Chase, Amex) and $400 to go as far away as possible. Determining the winner of this challenge is highly subjective, and will likely be determined by degree of comfort/luxury of the journey, interesting experiences, or any other style points (pun intended). I can’t wait to see what they come up with.
If I were to do the challenge, I would probably use the 40,000 points to go to somewhere in South America with a relatively low cost of living. Some place like Chile or Argentina. Then I would try to stretch that $400 as long as I can by living frugally. I’d then go on a site such as World Packers and try to find free lodging by working in a hostel and free food by working in a restaurant as a bartender. As an anesthesiologist, I’m a natural mixologist. It would be a lot fun.
Of course, this is would be more fitting for a different time when I was a single person with no kids.
Fantasy versus reality
A few days ago, I told my wife about these fun fantasies and she shared a similar sentiment. There is something liberating about traveling to a faraway place where nobody knows you. Imagine being in a place where expectations, judgments of your character, or any preconceived thoughts of who you are. Wouldn’t it be cool to be a nobody who has no identity or ego with the ability to experience moments and things as they are and not what we believe them to be? I think it’d be cool.
But for now, I’m looking forward to our big trip that’s coming up in a few months. We are taking the whole family (and my wife’s parents) to Paris. Flights will be in business class and staying in an apartment steps from the Eiffel Tower. Almost all of it on credit card points of course!
Hope you guys have a blast in Paris!
I’ve tried to minimize my social media exposure, too. I only have social media for the blog, and have scheduled posts on that through my virtual assistant. It’s amazing how much time that has freed up.
I am taking it one step further with a light phone 2, which should arrive in July or August.
I like the road you are taking! I’m not far behind you, my friend.
Jimmy / TPP
Thanks, TPP! Yeah, I remember reading your post about the light phone 2. It looks really neat and definitely something Iām considering too!
Iām also considering virtual assistants too. At first I didnāt see the value in them. Iāve always thought people who donāt DIY everything are ālazyā and whatnot. But now that I have a kid who rightfully deserves so much time and attention, I totally get it.
I now see how Virtual assistants can totally cut out the ābusy workā so you can focus on actual meaningful work. Having a virtual assistant can mean the difference between being ābusyā (a word that I hate which suggests overwhelming work you canāt handle) versus actually being āproductively accomplishedā.
Thanks again. š
Thanks so much Dr. McFrugal for the shout out! Can’t wait to see you and and TPP @ FinCon.
I’m so glad you, TPP, and others are embracing digital minimalism and personal productivity in our busy physician lives.
Thanks,
Vi
Yeah! FinCon will be a lot of fun. Cant wait to hang out with you, TPP and many more fellow bloggers in DC!
Very insightful post, thank you. I deleted my FB account in 2013, after 3 years of use. It felt great. I just Early-retired and started blogging, so I am using Twitter and Pinterest to try and market a bit. I want to help others with personal finance- been lIving frugally and modestly since I was a teen, and before it became āFIREā. Other than that, not a huge fan of social media for other purposes.
I need to try the credit card point game. I have an SPG Amex and just used all of my points that Iāve had for years. Wife and I went to Japan and Europe, and we got great value for the points over there! We loved Paris, visited the week before Notre Dame burned.
Thanks again for your blog, and for what you do. You play a vital role for people. My Achillesā tendon ruptured a couple years ago, so had to get it repaired.
Thanks for visiting, Matt. I appreciate the kind words!
Like you, Iām not much of a fan of social media either. I only use it for the purposes of inspiring others and spreading ideas that are worth sharing.
And wow. You were way ahead of the curve before the whole FIRE movement spread like wild fire. You must have lived an exceptionally unconventional life as a teenager. Kudos for your early insight!
The points and miles game is quite fun, isnāt it? Because of it, I have been able to travel to places I only dreamed of and experienced a degree of luxury I could have never imagined. I fully intend to take advantage of it indefinitely as long as itās still viable and enjoyable.
Achillesā tendon injuries are a tough one. I hope you have recovered well after the repair.
Cheers,
-DMF
Digital minimalism is definitely the way to a healthier life. I think more and more people are seeing it every day. I’ve yet to read the book but I’ve heard Cal plug it on 5 or 6 podcasts now and feel like I already know the whole thing. Since I took all social media apps off my phone a year and a half ago I feel much better and am more productive.
Yes, I know exactly what you mean. After hearing the concepts over and over again on several podcasts, I feel like I know the whole thing too; at least enough of the gist of it š
DMF,
First and foremost, congratulations on the upcoming trip to Paris. A time to gather with family and share an extraordinary experience together (on points, too!) sounds like a pleasure out of proportion we share.
Second, thanks for the shout out. I hope I did not give offense with my post. A roboadvisor can absolutely be a component of an effective portfolio if incorporated appropriately into one’s IPS.
My post was a confession that when I first used Betterment, I did not do so as part of an IPS but rather because it was a new and appealing shiny finance strategy. My failure to properly make it a part of my IPS meant I used it to my detriment.
Like you and TPP, I have pursued the digital version of intermittent fasting. After listening to Cal Newport’s interview on the Mad Fientist podcast several months ago, I’m seeking ways to create more opportunities to work deeply and reduce distractions at home.
Thanks for the reading list!
CD
Thanks for the kudos, CD! The whole family is looking forward to wonderful time in Paris.
The funny thing is that one of your posts from last year (I think it was called āFU Spaceā, or something catchy like that) made me think about the importance of solitude and time alone to work deeply and creatively. š
“Wouldnāt it be cool to be a nobody who has no identity or ego with the ability to experience moments and things as they are and not what we believe them to be? I think itād be cool.”
My definition of retirement. Your not really a nobody, just another pilgrim on he road. Pilgrims in the ancient time were serf soldiers in service of some kind but with purpose but minimal status. The existence was often ascetic but not necessarily unpleasant allowing inner exploration. Parsimony in action
Ahh thatās a great definition of retirement. I like your analogy of the pilgrim serf soldier. One of the great things about retirement is that it allows more time for inner exploration.
I just got back from an amazing and much needed vacation myself and really turned down my digital footprint during it. One great thing about blogging is you can schedule ahead and not worry too much about it while you are off the grid some.
Thanks for bringing to my attention physician zen. I was able to add that site to the hospital (which now has 89 doc blog feed sources on it).
Welcome back from vacation. Was it hard to come back? Or are you in the worker bee camp, anxious to get back to work?
Yeah. Itās only a matter of time that 100 physicians will have privileges to the world famous Hospital. š
The blog is the reason why I bother with social media these days. Before, I used to get on my husband’s case for being on Twitter all the time! I was super disconnected with what people were doing on social media and perfectly happy. But now that I have blog accounts, I don’t really like how often I get distracted by it. And how it’s the first thing I check when I wake up. Part of it is feeling a little FOMO that other people can post so much. But then I have to realize that those people don’t write long blog posts. So they have more time to post to social media. I have to forgive myself a little bit more. But I’ve decided that if I want to decrease my social media use then I need to change my environment, which is making my phone inaccessible at certain times. Otherwise, the temptation is too much!
Ahhh, so excited for your Paris trip! Which airline are you flying?
Iām flying on Air France š
I forgot I wrote that guest post, not a bad attempt. I read half a dozen bloggers and recently joined Pof’s facebook page because there is a Tampa affiliate and I was hoping to find some relativity local folks interested personal finance. Tampa is 120 miles away but still the closest I know of. I carry a phone but never really use it unless my wife or kid txt me or I need to navigate. It dings and I take joy in ignoring it, believing it’s my phone not my task master. There is a concept called essentialism which comes out of a teacher centric classical education, of which I am a proponent. I think loss of social adhesion is the result of moving away from essentialism. We home schooled our kids for this exact reason, in a Socratic curriculum. I wanted them to have hooks into the sum of western (and some eastern) knowledge. Essentialism applies to life as well. It is a more fleshed out systemic approach to what you call minimalism. An example is FOMO is replaced by JOMO joy of missing out. Everyday I take joy in not owning a Mercedes and not having to spend a thousand bucks (or whatever) to change the oil
https://www.forbes.com/sites/lawtonursrey/2014/04/17/the-art-of-essentialism/#378b45e36516
I think one of the best uses of social media is the ability to connect with people in the community you otherwise may not have met. Hopefully you met some cool folks at the Tampa POF group!
My wife and I were thinking about home schooling. Could be tough since my wife works. Itās possible that some time in the future she may leave her job to home school. But weāll see. Thereās plenty of time to put more thought into it.
Youāre absolutely right about āessentialismā. It is a more appropriate term for how I live my life compared to āminimalismā. I have read the book by Greg McKeown and I am a huge proponent of essentialism. Same with parsimony, which you have brought up many times in past posts. In fact, parsimony probably describes my money philosophy more so than frugality. Parsimony implies an unwillingness to spend unnecessarily. While frugality sorta implies an unwillingness to spend, period. The idea of spending money efficiently and necessarily according to oneās values seem more in line with the concept of parsimony. And I think that fits me.
I guess Iām not so much a frugal minimalist. Iām more of a parsimonious essentialist! š