Money Meets Medicine Podcast
MMM #22: Lions & Tigers & Emergency Funds – Oh My!
In Maslow’s Hierarchy of Needs, personal security and safety is second only to truly essential needs like food and water. There is a reason for that. We all crave security personally, professionally, and – maybe most of all – financially. That’s what an emergency fund helps us to accomplish on our way to financial freedom.
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:
Medical Degree to Financial Free
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]
TPP
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I am a big proponent of a big emergency fund that gets bigger over the course of one’s career.
I am also a big proponent of Ally for a savings account. It is consistently among the highest rates, easy to deal with, and easy to access. I have banked with them for 10 years. (I also have a local banking relationship.)
Makes sense. Nice to use cash when the market is down for sure. Provides a good buffer.