Money Meets Medicine Podcast
MMM #25: Good Help Ain’t Cheap When It Comes to Financial Planners
If you want something done right, you better do it yourself… or pay good money to find someone to help you do it! This is particularly true when it comes to matters of personal finance. It is hard enough to find good help in the financial world and, even when you do, you are going to pay for it. How do you separate what’s worth the money and what’s not? That’s what this episode is all about.
What You’ll Learn:
In today’s episode of Money Meets Medicine, “Good Help Ain’t Cheap When It Comes to Financial Planners,” you’re going to learn:
- What good financial advice ACTUALLY looks like.
- How to separate the good financial advice from the bad.
- What’s the gold standard for financial advising
- The questions you need to ask a financial advisor before you hire one.
- And more!
Resources from the Episode:
Recommended Financial Planners
The Gold-Standard of Financial Planning
Saving Money. How Much is Enough? The 30% Rule
This Episode’s Sponsor
This episode is brought to you by Physician Wealth Services. You may have heard of it before, and that’s because it is the flat fee-only firm run by none other than my co-host Ryan Inman.
I’ve known Ryan for some time now and I can tell you two things about Ryan that stand out. The first is his practice structure, which provides a fair flat fee that is both transparent and fair. It certainly meets the gold-standard that I tell my students to find. The second is that Ryan and his practice partner Kayse do everything within their power to optimize and individualize plans to best suit their clients’ needs.
This is one of the reasons that Physician Wealth Services makes my very small list of recommended financial planners. If you want to see if Physician Wealth Services would be a good fit for you, visit https://thephysicianphilosopher.com/Inman to schedule a free introductory call.
Listener Question of the Week:
This episodes’ listener question comes from Grant via Twitter:
“Advice for transitioning to new attendings with possible student loan payments being pushed back until September 2020, would you adjust your plan of attack with how you use your money budgeted for your WAR? Of course keeping WAR rate the same and knowing loans will come due.”
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
You might also be interested in…
Show Me the Money (In the Financial Industry)
The personal finance industry is meant to help you manage your assets, but particularly for doctors, many questions remain around what that kind of support actually means.
Does your financial advisor have your best interest at heart? Do you know how they get paid? Are they transparent in their disclosures about how their company actually works? Where are the conflicts of interest?
Because you can rest assured there are conflicts of interest. It’s just a matter of how they show up. And once you can say “Show me the money” and find them, that’s when you can make intentional, informed decisions regarding your personal finance.
In tackling this topic, we wanted to acknowledge the two main reasons you may be considering your options for charitable giving, especially as a high-earning physician.
One is that you may have religious convictions that make you feel more inclined to give. Even if you don’t hold to the same belief system that we do – specifically around tithing and the historical background of that concept – giving to your community is very valuable. Not just for the recipient, but for you, the giver.
This leads us into reason two, which is that giving money (or other valuable resources) and helping others has been shown to increase long-term satisfaction and fulfillment in your life.
There’s also a practical side of financial charitable giving to consider, which are the tax advantages you can use to create the most bang for your buck – literally.
Charitable Giving for Physicians
Does tithing or charitable giving play a part in your personal finances? Should it? As usual, we’re not shying away from taking a deep dive into a very personal topic. Personal finance is personal, maybe never more so than when it comes to deciding how you want to give back.
In tackling this topic, we wanted to acknowledge the two main reasons you may be considering your options for charitable giving, especially as a high-earning physician.
One is that you may have religious convictions that make you feel more inclined to give. Even if you don’t hold to the same belief system that we do – specifically around tithing and the historical background of that concept – giving to your community is very valuable. Not just for the recipient, but for you, the giver.
This leads us into reason two, which is that giving money (or other valuable resources) and helping others has been shown to increase long-term satisfaction and fulfillment in your life.
There’s also a practical side of financial charitable giving to consider, which are the tax advantages you can use to create the most bang for your buck – literally.
Making the Most of Your Paycheck
You’ve done it – your training is complete and now you’re finally getting a paycheck fit for an attending physician. You think, “I’ve arrived! I’m going to start making so much more money.”
Famous last words. If you’re not prepared, that is.
Seemingly unassuming, everyday expenses still have the potential to wreck your new paycheck and your budget. I’ve seen it many times over the years: you try to be careful, but you (understandably) want to enjoy your hard-earned money. Costs creep up on you, things snowball. Suddenly, your post-tax paycheck is no different than it was in residency.
You thought you knew how to spend money wisely, but now you wonder, “What was the point of all my hard work to get here?”
Don’t worry. You can still enjoy the money you make while being aware of five main money traps that a high-income earner like you could be susceptible to if you’re not paying attention.
Are you ready to live a life you love?
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