Money Meets Medicine Podcast
MMM #42: How to Get Rich Quick
Do you want to get rich quick? Literally, who doesn’t? However, that may not be the most realistic thing on the planet. Unless you win the lottery, it’s actually almost impossible. However, you can get poor quick. Today, we’re goin to discuss the ways you can self sabotage your finances. Keep reading how you can help yourself out instead.
What You’ll Learn:
In today’s episode of Money Meets Medicine, “How to Get Rich Quick,” you’re going to learn all about the five things that can destroy your finances and…
- Why student loan debt isn’t one of the big five things.
- Why getting rich slow is a little bit more realistic.
- Why you need to be careful not to blow a paycheck you don’t even have yet!
- How to make rational decisions without making up reasoning for everything.
- Why getting rich is all about intentionality with your spending.
- And more!
Quotes To Remember
“A lot of issues that I’m seeing now are, hey, I’m finishing residency. I have a contract in hand, but I haven’t even started and I’m going to go buy this massive house. You’re blowing up the plan literally before you even earned your first paycheck.”
“I think this is one of the reasons that doctors are historically so bad with money is because we can rationalize our way out of anything. So if you want something, you just got to be careful with the fact that you are a highly intelligent, really smart person that is very good with logic.”
“You have to kind of pick and choose what your battles are, particularly when your heavy in student loan debt, when you start out a consumer debt or credit card debt or auto debt or whatever it is. Just because we’re harping on these things, doesn’t mean that you can’t have one or some of them.”
“So there’s nothing wrong with any financial decision you could really ever make, in terms of purchases as long as you’ve done it intentionally. As long as you’ve thought through the pros and cons, as long as you’ve talked it out with someone else and really made sure your head’s where it needs to be at when you make the decision.”
Resources from the Episode:
How to Get Rich: Curbing Spending on the Big 5
Listener Question of the Week:
This week’s listener question is from an anonymous source:
Thanks for your podcasts (I listen to all 3 – there is actually 4 if you haven’t heard of Jimmy’s new on The Physician Philosopher podcast) – I really enjoy the format and especially look forward to listening to the money meets medicine podcast every week.
I come from an immigrant family and a culture in which children support their parents through their old age. My parents do not have retirement accounts or pensions, and while I’ve been in training there has been a mutual understanding that once I become an attending I will be providing financial support (my brother has already been providing support, I’ll be joining in once I graduate in June). Do you have any advice, I mean for entertainment purposes only, for those of us (I’m sure I’m not alone – especially looking at the South-Asian families) who find ourselves in this position? Are there any ways to provide the assistance but reap in some sort of tax benefit?
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…
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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