Money Meets Medicine Podcast
MMM #30: Everyone Has a Plan Until They Get Punched in the Mouth
Everyone thinks that they have a great plan until they get punched in the mouth. This is especially true when it comes to your finances and investments. However you don’t need to start preparing for the worst case scenario. Keep reading to learn how to be prepared for these unexpected situations! This may surprise you, but it’s going to involve an emergency fund…
What You’ll Learn:
In this episode of Money Meets Medicine, “Everyone Has a Plan Until They Get Punched in the Mouth,” you’re going to learn:
- What to do when the market hits the fan.
- It’s actually completely normal for the market to go down!
- Why you don’t need to invest into dooms day preparations quite yet.
- Keep the long term in mind.
- You ALWAYS need an emergency fund.
- And more!
Resources from the Episode:
Lions & Tigers & Emergency Funds – Oh My!
This Episode’s Sponsor
This episode’s sponsor is Larry Keller from Physician Financial Services. If you are in the need for life or disability insurance, don’t hesitate to call Larry. Multiple readers and friends have used Larry, and I’ve never heard a single complaint. I’d recommend him to you highly, and without reservation!
You can find Larry at the Physician Financial Services website; call his cell phone at (516) 677-6211. Or, you can reach him by email at [email protected].
Listener Question of the Week:
This week’s listener question comes from Adam:
“Are purchases and sales of funds for the purpose of tax loss harvesting and avoiding a wash sale linked to an individual and their social security number across all accounts, or is it just within a particular taxable account?”
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
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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?
© 2021 The Physician Philosopher | Website by The Good Alliance
Love it!
Classic Mike Tyson-ism
Create a strong financial foundation, figure out your why, get through the hard times and enjoy the fruits of your labor.
The hard road gets easy (but the easy road gets hard)
Great show!
Can you elucidate a bit more as to how/why the stock market can be performing so well when other metrics of economic performance may not be so reassuring?