Money Meets Medicine Podcast
MMM #21: Why Cash Flow is King, Queen, and Jester of the Courts
Don’t forget to sign up for the FREE webinar where you can also snag a FREE copy of The Physician Philosopher’s Guide to Personal Finance. The webinar is called “The 3 Myths to Finding Financial Freedom: How to build a Cash Flow Plan that achieves your financial goals without a detailed line-by-line budget or the guilty spending!” There are four available dates to sign up! Click here for more information.
If there is one thing in personal finance that is more important than any other it is cash flow. It is more important than paying down debt, investing for your future, or giving to charity. You want to know why? Because you cannot do any of those things without cash flow. Come listen to this episode if you want to learn how to find the cash flow you need to pay down your debt, invest efficiently for your goals, and find the financial freedom every doctor deserves!
What You’ll Learn
In today’s episode of Money Meets Medicine, “Why Cash Flow is King, Queen, and Jester of the Courts,” you’ll learn:
- All about my new course and why you should sign up now!
- All of the things you can’t do without cash flow.
- Your lack of financial knowledge is not your fault! But it’s not too late to learn.
- The concept of Earn, Save, Build
- And more!
Quotes to Remember:
“50% of doctors who earn millions of dollars during their career can’t retire at the age of 65 and maintain their lifestyle.”
“Unfortunately, physicians are not trained in finance!… It’s not your fault!… You were never trained to be good with money.”
“You need to earn a good paycheck, you need to spend less money than you earn so that you can save the difference and put that towards your financial goals, and build wealth.”
“If you’re actually paying attention to your money, there’s a higher probability of success.”
Resources from the Episode:
This Episode’s Sponsor
This episode was brought to you by Medical Degree to Financially Free. To find out more information through my affiliate link at financialresidency.com/MDFree which will bring you to Medical Degree to Financially Free. Doors close June 10th!
Listener Question of the Week:
Today’s listener question comes from Jordan Fennema
What is your take on investing in individual stocks vs the classically taught index fund strategy, particularly in this rapidly declining market? A lot of people seem to be going against traditional advice because this is a “unique situation” and “normal principles of investing don’t apply right now”. Not sure if they’re wrong or if there really is some benefit to be had jumping out of the index funds.
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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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.
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.