Money Meets Medicine Podcast
MMM #3: Fitting a Peloton into Your Budget
Anyone who has spent time in the personal finance blogging or podcasting world knows that cash flow is king. And the best way to get good cash flow is to remain frugal and to pay off your debt. Yet, at some point we all need to spend money on things – and to spend it lavishly – on things we love. That’s what this episode is all about: Fitting a Peloton into Your Budget.
So, if you have ever wanted to splurge on something that you are passionate about, tune in for this episode. We not only give you permission to spend the money, but highly encourage you to do so. Don’t believe me? Take a listen.
What You’ll Learn: Fitting a Peloton into Your Budget.
In this episode “Fitting a Peloton into Your Budget” of Money Meets Medicine, you’re going to learn about all of the following and much more:
It’ll be simple bullet points:
- Why you should spend lots of money on things you love!
- How you can spend money guilt-free while obtaining your financial goals.
- How I justified buying a Peloton, despite being traditionally frugal.
- The At-home test for determining what purchases have made you happy, and which haven’t.
- Buyer’s remorse that was experienced by yours truly.
Resources from the Episode:
The following were mentioned in the Fitting a Peloton into Your Budget episode:
- The Peloton Bike (Use referral code DNSZAT to get $100 off equipment)
- Spending Lavishly, Cutting Mercilessly by Ramit Sethi
- How The Physician Philosopher overcame my frugality and purchased a Peloton
- The impetus for my Buyer’s Remorse: My Chevy SS
- How to buy a new car for the best price
- How to Avoid Buyer’s Remorse with Intentional Spending
This Episode’s Sponsor
This episode’s sponsor is Larry Keller from Physician Financial Services. If you are in the need for life or disability insurance, don’t hesitate to call Larry. Multiple readers and friends have used Larry, and I’ve never heard a single complaint. I’d recommend him to you highly, and without reservation!
You can find Larry at the Physician Financial Services website; call his cell phone at (516) 677-6211. Or, you can reach him by email at [email protected].
Listener Question of the Week: Fitting a Peloton into Your Budget.
This Question is submitted by Dr. Jake Matthews, a loyal listener, and the person who helped us come up with the name of this show! Jake asks, “Do you have a good icebreaker when it comes to discussing the taboo topic of finance?”
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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