fbpx

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

2 Comments

  1. VagabondMD

    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.)

    Reply
    • ThePhysicianPhilosopher

      Makes sense. Nice to use cash when the market is down for sure. Provides a good buffer.

      Reply

Submit a Comment

Your email address will not be published.

You might also be interested in…

Should I Use My HSA or FSA?

Should I Use My HSA or FSA?

As we head into the final months of the year, which is typically the time of year for open enrollment for benefits, lots of benefit questions inevitably arise – particularly in regards to spending accounts like HSA vs FSA.

5 Things About Retirement Accounts Every Doctor Should Know

5 Things About Retirement Accounts Every Doctor Should Know

Retirement funds are one of the biggest points of financial confusion for doctors. We want to provide some clarity and understanding so you can learn what you need to know to start making your money grow.

We’re going over five things about retirement accounts every doctor should know.

MMM 90: Hard Decisions on Money Meets Medicine

MMM 90: Hard Decisions on Money Meets Medicine

Have you ever felt like things are getting really heavy? And that you need to make a change? That is what we are going to do today on the show today. We are going to pull back the curtain and talk about things that have been going on in our lives. Often people don’t think about the lives of the people behind the YouTube videos or podcasts like this one, Money Meets Medicine. So today we are going to dive in and talk about hard decisions on this podcast Money Meets Medicine. Join us as we explore why resting in your personal and financial lives is essential for healthy success.

Are you ready to live a life you love?