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:
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]”
You might also be interested in…
Despite our best intentions, certain emotions can keep us from building wealth. After many years arming physicians with the information they need to achieve financial wellness, I had a significant realization.
Information is one thing – behavior is another.
As the saying goes, money is 80% behavior and only 20% math.
Not only do I want to share important information about personal finance, I also want to help you recognize how certain behaviors can (and do) affect your finances.
Drawing from one of the classic books about investing, let’s go over five common behaviors that could be keeping you from achieving your financial goals.
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.
Have you ever thought about using real estate to reach financial independence, but you didn’t want to be a landlord?
Recently I sat down with one of my good friends and one of the OG partners of The Physician Philosopher. He’s an anesthesiologist, husband, father, entrepreneur, as well as a real estate and physician side gig guru – of course, I’m talking about Dr. Peter Kim.
One of the interesting things about Peter’s story is his transition from full-time practice as an OB anesthesiologist to stepping away from medicine and going part-time, to now his being on sabbatical. He’s not sure if that’s a permanent sabbatical or not, so we got to explore his thought process on that and his story.
So let’s dive into this discussion with Dr. Peter Kim and the intersection of all things entrepreneurship, side gigs, medicine, money, and real estate.
Need help getting disability insurance or student loan help from a company built by doctors, for doctors? Make sure to check out HelloAttend.com