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Money Meets Medicine Podcast

MMM #1: How Batching Might Save Your Personal Finances

When I tell people that I only spend about 1-2 hours per year on my personal finances tasks, people look at me like I’m crazy.  How can someone who reads, writes, and podcasts about money every day… spend only 1-2 hours on their own personal finances? It’s called batching your personal finances.

No, I’m not talking about “Batching It” where you act like a Bachelor for a weekend when your partner leaves.  What I am talking about is being able to accomplish twice as much in half the time.  If you batch your personal finance tasks together, you can  produce the biggest bang for your buck – while also spending the least amount of time taking care of these tasks.

What You’ll Learn – Do You Even Batch?

Disability Insurance for DoctorsWhat will you learn in the “Do You Even Batch Episode?”  All of the following, and much more:

  • How to separate deep from superficial work – and how this can benefit your financial life.
  • The difference between Time-Batching and Time-Blocking.
  • Why it is important to create an automatic financial plan.
  • The difference between a Maker’s Day and a Manager’s Day.
  • Listeners will find out that I have superpowers, too.

Resources from the Episode:

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 by email to [email protected].

Listener Question of the Week:

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 ryan[email protected]

TPP

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Show Me the Money (In the Financial Industry)

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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?