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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

Doctor Home Loans by State

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

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