Money Meets Medicine Podcast
MMM #34: How to Talk About Money With Friends and Family
We love getting reader questions. We enjoy them so much we’ve dedicated a whole episode to one question.
This question is from Dr. Jeff Bank. We have summarized. He asks:
“As you become more financially literate, how do you bring up the topic of finances with friend and colleagues in a nonthreatening way? I would like to help educate my friends and colleagues but I have limited success in getting them to engage in the conversation or to take further action on their financial habits. I realize the drive to change financial habits or any habit has to come from the individual, but I wanted to see what tips or tricks you have to spark that initial conversation and or change.”
We answer his question in today’s post. Keep reading!
What You’ll Learn:
In this weeks episode of Money Meets Medicine, “How to Talk About Money With Friends and Family,” you’re going to learn:
- How to ask your family, friends, and collegues about money related questions.
- Why you need to take care of your own financial house before you can help anyone else.
- The right way to have a money conversation without stepping on toes.
- How to create excitement and confidence about finances.
- It’s okay to say that you don’t know things!
- And more!
Resources from the Episode:
The Physician Philosopher Podcast
This Episode’s Sponsor
For years, Neil has been helping physicians and dentists achieve their dreams of homeownership. From start to finish, he can help guide you through the process beginning with a consultation to determine your options, to painlessly uploading your documents digitally, Neil will be there to assist and guide you during the entire process.
Whether you’re a first-time homebuyer, looking to purchase a second home, looking to refinance or purchase an investment property, TD Bank, N.A. has solutions designed for Doctors and an efficient process that makes getting a mortgage easy. Reach out to Neil on his direct line at 212 933-9900 or email him at [email protected]”
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Show Me the Money (In the Financial Industry)
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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.
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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?”
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Great topic and insight!