Money Meets Medicine Podcast
MMM #18: Physician Mortgages
Have you ever thought about buying a house? Buying a house is a huge decision. Tag along as Ryan and I discuss everything you need to know about physician home loans and other mortgage jargon in the newest MMM episode!
What You’ll Learn:
In today’s episode of Money Meets Medicine, “Physician Mortgages,” you’re going to learn:
- My personal home buying story
- All about the different mortgage jargon out there
- The pros and cons of the physician mortgages
- Why you need to spend money to sell a home
- And more!
Quotes to Remember:
“If your a physician, or married to one, you should not be paying PMI (private mortgage insurance) ever.”
“The biggest issues with physician mortgages is that physicians end up buying too much house!”
“There are a lot of other things that go into house costs than just mortgage verses renting”
“A bigger house is not going to make you happier!”
Resources from the Episode:
Physician Mortgage Loans: What You Need to Know
This Episode’s Sponsor
This episode is brought to you by Doug Crouse at doctorloanexpert.com
Doug personally helped Ryan and Taylor get their loan and they were blown away by how amazing he was to work with. He had the best rates and the service puts him at the top of class.
He would be happy to answer any questions you have about your home loan.
Reach out to Doug at doctorloanexpert.com Or by phone, at 1-816-728-3631.
Listener Question of the Week:
Today’s listener question comes from Jared Henrichs:
He asks, “Should I refinance my loans to a longer term to throw more money in a taxable account given where the market is currently sitting?”
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]
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Show Me the Money (In the Financial Industry)
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
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?”
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?
© 2021 The Physician Philosopher | Website by The Good Alliance
Outstanding podcast. Chock full of great info. And really appreciate the overview of all the costs involved in buying, owning, and selling a house-other than the house!