fbpx

Physician Disability Insurance

Money Meets Medicine Podcast

MMM #16: Snowball vs. Avalanche vs. Snowplow

How should you pay down your debt?  Well, are you a mathematically inclined person, or do you need the psychological motivation to get the job done?  The former favors the Avalanche method of paying down debt, the latter favors the snowball. What if I told you that neither of those was ideal if you are a doctor with student loan debt?  Tag along as we discuss the three different methods, the pros/cons of each, and why I support driving your Snow Plow at your most hated source of debt.

What You’ll Learn:

In the 16th episode of Money Meets Medicine, “Snowball vs. Avalanche vs. Snowplow,“ you’re going to learn which method is the best for paying off your debt and:

  • Why Dave Ramsey’s advice may not be the best for physicians.
  • How the snowball method relates to video games.
  • The impact psychology has on your debt payments.
  • Why the avalanche method is almost always successful, but why I still don’t teach it.
  • And more!

Quotes to Remember:

“Getting started is the hardest thing. Making those small incremental changes is what fuels you.”

“Emotion is built into pretty much every decision we have, and finances are no different.”

“Credit card debt is an emergency!”

“If you’re using any of these three methods, you’re winning!”

Resources from the Episode:

How to Pay Off Debt? The 3 Methods Explained

The Physician Philosopher Student Loan Refinance Page

This Episode’s Sponsor

Kaplan FinancialThis episode is brought to you by Robert Kaplan, CFP of Kaplan Financial which can be found at Kaplan Financial .  Robert specializes in serving the unique disability insurance needs of over 2,500 physicians nationwide.  Robert, who has been married to a practicing physician for over 25 years founded Kaplan Financial in 1990.  Kaplan Financial is the place to go for objective and experienced financial advice, discounted rates on individual disability insurance, and a long-term commitment of superior service.

So, if you are in need of disability insurance, don’t hesitate to reach out to Robert at KaplanFinancial.net or if you prefer email or phone you can email Robert at [email protected] or call him directly at 818-783-6620.

Listener Question of the Week:

Today’s listener question is from Robert Jurado who asks,

”I have a traditional IRA, which represents the money that was in old 401k from my previous employer. Do you guys think it’s worth it to convert to Roth? Would you do yearly conversions of the IRA contributions? Does one have to do these conversions yearly? Is it really worth it?”

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

1 Comment

  1. Stephen

    Not only did I wear JNCO Jeans, my mom wouldn’t let me out of the house with them dragging on the floor (which as I recall was half the point). So I wore HEMMED JNCOs. In public. Couldn’t keep the ladies off of me

    Reply

Submit a Comment

Your email address will not be published. Required fields are marked *

You might also be interested in…

Following the Financial Crowd

Following the Financial Crowd

Have you ever left a sporting event, following the crowd, and suddenly realized you were walking the wrong way? What if I told you this phenomenon has a name, and it impacts your money, too?

Understanding our own behavior when it comes to finance is essential because it helps us mitigate wrong-for-us decision making around money. Unless you know these roadblocks exist, you can’t do much to stop them from derailing your financial goals.

Last week, we shared why human behavior matters for our financial lives by taking a look at the first 5 out of 10 psychological phenomena that can (and do) affect your personal finance goals: greed, fear, ego/overconfidence, loss aversion, and analysis paralysis.

This week, we’re diving back into behavioral finance (one of our favorite topics) to share five more types of unchecked human behavior that can sabotage your journey to building the wealth you want.

Greed, FOMO, and Bad Investments

Greed, FOMO, and Bad Investments

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.

How Doctors Can Get Good Financial Advice

How Doctors Can Get Good Financial Advice

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.

Are you ready to live a life you love?

© 2021 The Physician Philosopher    |   Website by The Good Alliance