Money Meets Medicine Podcast
MMM #33: Charitable Giving: Pre-Tax, Post-Tax, or Not at All?
Should you be giving to charity? And is there a right or wrong way to go about it? Should you do it pre-tax or post-tax? Bet you never thought there would be this many things to consider when it came to giving to charity. Keep reading to figure out all of the answers!
What You’ll Learn:
In this episode of Money Meets Medicine, “Charitable Giving: Pre-Tax, Post-Tax, or Not at All?,” You’re going to learn…
- Why you should give to charity!
- What things specifically apply to physicians when it comes to giving.
- Whether you should give pre-tax or post-tax.
- Why charity is a great way to making money an idol.
- All about the great tax benefits.
- And more!
Resources from the Episode:
Should I Tithe Pre-tax or Post-tax (or at all)?
Should I Tithe or Should I Build Wealth?
This Episode’s Sponsor
For years, Neil has been helping physicians and dentists achieve their dreams of homeownership. From start to finish, he can help guide you through the process beginning with a consultation to determine your options, to painlessly uploading your documents digitally, Neil will be there to assist and guide you during the entire process.
Whether you’re a first-time homebuyer, looking to purchase a second home, looking to refinance or purchase an investment property, TD Bank, N.A. has solutions designed for Doctors and an efficient process that makes getting a mortgage easy. Reach out to Neil on his direct line at 212 933-9900 or email him at [email protected]“
https://financialresidency.com/tdbank
Listener Question of the Week:
This episode’s listener question comes from Dr. RW:
“Are all of your savings accounts high-yield savings accounts? Do you have any savings accounts that are regular bank savings accounts?”
Each episode, we are going to start including listener questions as they are provided to us. So, if you have a specific question you’d like answered on the podcast reach out to us! Email [email protected] or [email protected]
TPP
You might also be interested in…
Following the Financial Crowd
Have you ever left a sporting event, following the crowd, and suddenly realized you were walking the wrong way? What if I told you this phenomenon has a name, and it impacts your money, too?
Understanding our own behavior when it comes to finance is essential because it helps us mitigate wrong-for-us decision making around money. Unless you know these roadblocks exist, you can’t do much to stop them from derailing your financial goals.
Last week, we shared why human behavior matters for our financial lives by taking a look at the first 5 out of 10 psychological phenomena that can (and do) affect your personal finance goals: greed, fear, ego/overconfidence, loss aversion, and analysis paralysis.
This week, we’re diving back into behavioral finance (one of our favorite topics) to share five more types of unchecked human behavior that can sabotage your journey to building the wealth you want.
Greed, FOMO, and Bad Investments
Despite our best intentions, certain emotions can keep us from building wealth. After many years arming physicians with the information they need to achieve financial wellness, I had a significant realization.
Information is one thing – behavior is another.
As the saying goes, money is 80% behavior and only 20% math.
Not only do I want to share important information about personal finance, I also want to help you recognize how certain behaviors can (and do) affect your finances.
Drawing from one of the classic books about investing, let’s go over five common behaviors that could be keeping you from achieving your financial goals.
How Doctors Can Get Good Financial Advice
Many doctors and high-income professionals hire financial advisors for any number of reasons. Either they’re too busy to handle their finances themselves, they don’t really know how to invest, or they want an expert on their side to make sure they’re on the right track.
So allow me to say from the start: I’m not against financial advisors, but I am against doctors (or anyone, really) being overcharged for bad advice.
There’s no shame in asking for help – you just want to get the help you need at a fair price.
You should be equipped enough to vet and evaluate your financial advisor so you’ll know whether they’re working well on your behalf. How can you be as confident as possible they’re acting in your best interest? This episode will help you find out.
Are you ready to live a life you love?
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