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:
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!
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]
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Information is one thing – behavior is another.
As the saying goes, money is 80% behavior and only 20% math.
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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.