If you are a personal finance blogger, you get a lot of books in the mail to review. So, when Ryan Inman – my partner in crime on the Money Meets Medicine podcast – offered to send me his new book called Financial Residency before it was published, I said, “Sure, why not”. Just another book to add to the pile, right?
After reading the book, I thought it was a lot more than just another book. It is pretty unique, and so I thought it would be worthwhile for me to share my thoughts with you. Here is what I thought about the book, and whether you should pick up a copy, too.
Ryan is a flat, fee-only financial planner at Physician Wealth Services. If you are looking for a flat, fee-only financial planner I trust and can recommend:
click here to see PWS’s services and fee information.
Who Wrote Financial Residency?
Financial residency was written by a power-couple. The main author is Ryan Inman, MBA. You probably recognize him as the co-host of the Money Meets Medicine podcast (or his “other” podcast also called Financial Residency). Ryan and I tackle money topics each Wednesday, and so I know this guy quite well.
He currently hails from San Diego. Ryan is one of the few financial planners in the country that meets my gold-standard of financial advising. He is a flat, fee-only, fiduciary who has experience working with doctors.
The book is co-authored by his better-half Dr. Taylor Inman. Dr. Inman is a practicing pediatric pulmonologist in the Navy. She provides spark and insight into the book from a doctor’s perspective and how the financial system discussed within the book was helpful for her and Ryan as they set up their own financial plan.
What is Financial Residency About?
The subtitle of Financial Residency really captures what the book is truly about: “Create Your Financial Plan Without The Long Hours or Sleepless Nights”. The purpose of the book is to help you layout a financial plan that is tailored to you.
At the same time, it also provides a lot of helpful tips and tricks to put you on the right track.
There are a total of 12 chapters. Yet, the book is only 143 pages long. Really, this book reads more like a workbook in many ways than it does like a novel. It is jam-packed with worksheets and exercises to help you figure out your financial picture.
For example, there are worksheets to help you figure out your “Why”, which makes sense given that Ryan is a Registered Life Planner. It also contains more concrete worksheets on budgeting and determining life insurance needs (which you should purchase from truly independent insurance agents who specialize in working with doctors).
If that wasn’t enough… the book comes with an accompanying free course where you can print off the worksheets. It also contains other helpful PDF documents for your Financial Planning.
What Financial Residency is Not
Financial Residency is more of a how-to book than a deep dive into the personal finance world. What I mean by this is that the book is about taking action and creating a plan for you.
This is how I put it in my official review found on the back of the book, “This book makes an otherwise daunting process digestible, actionable, and concrete. If you are a physician having trouble getting started on your financial plan, this is the book for you.”
This book is about taking actionable and concrete steps.
However, it is not going to take a deep dive into investing and discuss small and value tilting or passive index fund investing. Yet, this makes sense. Investing is but one part of your financial world. There are a lot of other elements that go into a comprehensive financial plan, and this book nails them all.
That said, if you are looking for a book that takes a more comprehensive dive into student loan debt or investing, this isn’t the book for you. If this is what you are looking to read, I’d recommend you read The Physician Philosopher’s Guide to Personal Finance instead.
In a way, my book and Ryan’s are complimentary – just like our personalities on the podcast.
What I Learned from Financial Residency
Anyone who listens to Ryan and I banter on the Money Meets Medicine podcast knows that Ryan loves budgeting. He calls it the “dreaded ‘B’ word”… and you know that I use backwards budgeting and cash flow planning, because I hate traditional budgeting. I am not a detail-oriented person, and so budgets are not my cup of tea.
That said, Financial Residency taught me that even people like me can benefit from structure. Having checklists and worksheets laid out in front of you makes the process easier to digest.
For example, Ryan encourages everyone to have a banking structure that makes sense. He includes several types of savings accounts, including one for his dog Bear who always seems to get sick. Seeing this laid out was helpful. If you just have one savings account, it doesn’t take much to raid the account. However, if you have a fund named “Disney” you are much less likely to steal money from the family Disney trip to buy that new TV.
This book is full of other actionable advice, too, like how much life insurance you need, what you need to think about to the various kinds of retirement accounts.
In fact, each chapter ends with a “What,” “Why,” and “Result” to help you know exactly what your next step should look like.
Who Should Read Financial Residency?
This book is for anyone who feels lost at sea with their personal finances. It will guide you through the process of figuring out what is most important to you and then guide you chapter-by-chapter through the necessary steps to creating a financial plan.
This book would be helpful to you if you need a financial plan and you are a:
- Medical Student
- Resident Physician
- Attending Physician or Practicing Medical Professional
And, if you like the thought process, you could always use Ryan as your flat, fee-only financial planner.
I am all about taking complicated topics and making them simple. This is my calling card in academia with my own residents. I think this is the reason I gravitate towards the Financial Residency book. It takes an otherwise daunting process and makes it simple.
So, if you don’t have a financial plan, click here to snag your copy of Financial Residency. It’ll get you pointed in the right direction and help you create a financial plan without the long hours or sleepless nights.
Have you read the Financial Residency book? What did you think? What did you find most helpful? Leave a comment below.