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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:

Pave Your Way To Financial Freedom In Just 5 Weeks

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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Seriously, though, go leave a review.  It helps others find the Money Meets Medicine podcast, too.

TPP

1 Comment

  1. Dr. Gan

    Even throughout residency, the goal in mind was to develop various streams of income to generate cash flow…because cash FLOW itself is king, but I felt that cash itself is NOT king as this is why. Holding cash at the side (checking or low interest savings account) holds you as a victim too fees, service charges, and inflation. So to counteract that, I felt that putting cash into high interest savings account, after Roth IRA max and 401K contributions, was key to have cash easily accessible in low volatility. But at the end of the day, even saving 10% of pre-tax income and investing it, the next thought was how to generate cash flow to increase investments and pay off debt…so I got my real estate license and drove for Uber on my weekends off. That generated cash flow, granted some was active rather than passive, but eventually 3 years later my real estate license started generating passive income through property management sources and showings via an assistance and that added substantial increase in income…to help further invest and pay off debt while still of course living like a resident! I was able to increase my savings/investments to 15% pre-tax!

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