fbpx

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

2 Comments

  1. PrudentPlasticSurgeon

    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)

    Reply
  2. Stephen

    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?

    Reply

Submit a Comment

Your email address will not be published. Required fields are marked *

You might also be interested in…

Show Me the Money (In the Financial Industry)

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

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

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?