Money Meets Medicine Podcast
MMM #22: Lions & Tigers & Emergency Funds – Oh My!
Yet, I find far too often that doctors are far too unfamiliar with the what, why, and how of emergency funds. Ignoring this basic financial essential is a great way to experience financial pain. After you listen to today’s episode, though, you’ll be well on your way to the financial security you need.
P.S. If you are looking for more financial security, don’t miss out on your chance to sign up for the online course Medical Degree to Financially Free. Doors close on June 10th, and likely won’t open for another 6 to 12 months. Click here to check out the course that 100% of Beta Members recommended and called a “Game changer” that would save them tens of thousands.
What You’ll Learn:
In this weeks episode of Money Meets Medicine, “Lions & Tigers & Emergency Funds – Oh My!,” you’ll learn:
- Yes, you definitely need an emergency fund.
- There’s a lot of bad advice for doctors out there.
- Why you need AT LEAST three months of an emergency fund!
- Why multiple savings accounts for non-emergencies is important too.
- And more!
Quotes to Remember:
“You need three to six months of an emergency fund, plus whatever it costs to cover your tail if you want to leave your job.”
“There’s 24 hours in a day. If I’m going to spend my time doing something, it’s going to be worthwhile.”
“An emergency fund is truly for emergencies. This doesn’t mean you don’t have other savings accounts for other things.”
Resources from the Episode:
This Episode’s Sponsor
This episode was brought to you by the course launch for Medical Degree to Financially Free. It is the only 5-week course built to help doctors create positive cash flow so that you can pay down your debt, invest for your individual goals, and find the financial freedom that you deserve. For more information, visit my affiliate link at financialresidency.com/MDFree. And, remember, doors close on June 10th. So, if you catch this episode after that time, you might have to wait another 6 to 12 months before the doors open again. Go to financialresidency.com/MDFree for more information.
Listener Question of the Week:
Today’s listener question comes from Navin:
I have been listening to the MMM podcast and I enjoy hearing you guys discuss different topics. I had a follow up question on the joint accounts episode. Is it possible to make retirement accounts joint or does this have to be individual?
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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Physician turnover is high, specifically after the first 2-5 years of training. With doctors changing jobs so often, it is important to establish an emergency fund early on (and to consider the cost of leaving a job in medicine).
So today we wanted to dive into why everyone, including us, says you need an emergency fund, where you should put that money, what to use it for, and what NOT to use it for. We are also going to do some real talk on doing the math BEFORE you decide to either change jobs or leave medicine altogether.