Money Meets Medicine Podcast
MMM #47: Biggest Financial Mistakes You Could Make
A lot of people get nervous when it comes to money. It can be so easy to make a huge money mistake and wreck your finances. However, it’s also super easy to avoid some of the biggest financial mistakes all together. Keep on reading so you can learn what the biggest financial mistakes are and how to avoid them.
What You’ll Learn:
In today’s episode of Money Meets Medicine, “Biggest FInancial Mistakes You Could Make,” you’re going to learn…
- What the ten biggest financial mistakes are!
- How your marriage effects your money.
- Why the wrong financial planner can mess with your finances in a bad way.
- Why you probably shouldn’t be okay with so many monthly payments.
- And more!
Quotes To Remember
“Not every divorce can be prevented. So we don’t want to lead you to believe that that’s the case. But that said, I will throw the idea out there that one of the most important investments you can make is in your marriage.“
“The, “I can afford it because it’s a monthly payment. And I can afford that monthly payment, therefore I can afford it” is the wrong mindset to have.”
“Please do the math, understand it. If you don’t, start reading up on it, find a good knowledgeable source to start reading up on real estate. Don’t buy the doctor McMansion right out. And please, whatever you do, do not buy the most expensive home in an area that honestly can’t support that.”
“Either you have debt and you have no plan to get out of debt or you’re trying, but you keep failing miserably because you won’t actually address the issues and the problems… And so you’re not saving cash. You’re not saving in your investments.
This Episode’s Sponsor
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TPP
You might also be interested in…
Show Me the Money (In the Financial Industry)
The personal finance industry is meant to help you manage your assets, but particularly for doctors, many questions remain around what that kind of support actually means.
Does your financial advisor have your best interest at heart? Do you know how they get paid? Are they transparent in their disclosures about how their company actually works? Where are the conflicts of interest?
Because you can rest assured there are conflicts of interest. It’s just a matter of how they show up. And once you can say “Show me the money” and find them, that’s when you can make intentional, informed decisions regarding your personal finance.
In tackling this topic, we wanted to acknowledge the two main reasons you may be considering your options for charitable giving, especially as a high-earning physician.
One is that you may have religious convictions that make you feel more inclined to give. Even if you don’t hold to the same belief system that we do – specifically around tithing and the historical background of that concept – giving to your community is very valuable. Not just for the recipient, but for you, the giver.
This leads us into reason two, which is that giving money (or other valuable resources) and helping others has been shown to increase long-term satisfaction and fulfillment in your life.
There’s also a practical side of financial charitable giving to consider, which are the tax advantages you can use to create the most bang for your buck – literally.
Charitable Giving for Physicians
Does tithing or charitable giving play a part in your personal finances? Should it? As usual, we’re not shying away from taking a deep dive into a very personal topic. Personal finance is personal, maybe never more so than when it comes to deciding how you want to give back.
In tackling this topic, we wanted to acknowledge the two main reasons you may be considering your options for charitable giving, especially as a high-earning physician.
One is that you may have religious convictions that make you feel more inclined to give. Even if you don’t hold to the same belief system that we do – specifically around tithing and the historical background of that concept – giving to your community is very valuable. Not just for the recipient, but for you, the giver.
This leads us into reason two, which is that giving money (or other valuable resources) and helping others has been shown to increase long-term satisfaction and fulfillment in your life.
There’s also a practical side of financial charitable giving to consider, which are the tax advantages you can use to create the most bang for your buck – literally.
Making the Most of Your Paycheck
You’ve done it – your training is complete and now you’re finally getting a paycheck fit for an attending physician. You think, “I’ve arrived! I’m going to start making so much more money.”
Famous last words. If you’re not prepared, that is.
Seemingly unassuming, everyday expenses still have the potential to wreck your new paycheck and your budget. I’ve seen it many times over the years: you try to be careful, but you (understandably) want to enjoy your hard-earned money. Costs creep up on you, things snowball. Suddenly, your post-tax paycheck is no different than it was in residency.
You thought you knew how to spend money wisely, but now you wonder, “What was the point of all my hard work to get here?”
Don’t worry. You can still enjoy the money you make while being aware of five main money traps that a high-income earner like you could be susceptible to if you’re not paying attention.
Are you ready to live a life you love?
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