Money Meets Medicine Podcast
MMM #5: Recovering From Financial Mistakes
Life can be messy, and so we don’t want to curate the personal finance world. We all make mistakes, even those of us who live and breathe personal finance. Yet, in many places it feels like the message is “look at how perfect I am; you can be perfect, too!” In this episode, we will dispell this myth by discussing financial mistakes we can all learn from and how to recover from those financial mistakes, too.
What You’ll Learn from Recovering From Financial Mistakes?
- Steps to recover from financial mistakes.
- Unnoticed subscription services eating away at your monthly cash flow.
- Examples of investing mistakes, including active investing techniques.
- How smart people can reason their way to bad financial decisions, even after you know better.
- Our thoughts on commodities like gold and silver as hedges against the economy.
- Student loan mistakes during training.
- How multiple income streams and emergency funds can protect you from some financial mistakes.
Resources from the Recovering From Financial Mistakes Episode:
Check out the resources mentioned in this episode:
- Financial Mistakes I’ve Made Before I Knew Better
- Financial Mistakes I’ve Made After I Knew Better
- What You Need to Know About Disability Insurance (that would have prevented my disability insurance debacle, if I had known this stuff in medical school).
- Guide to Real Estate Syndications
This Episode’s Sponsor
This episode’s sponsor is Jamie Fleischner from Set for Life Insruance, which is one of the nation’s top independent brokerages specializing in life and disability insurance for physicians and professionals. Since 1993 they have worked with thousands of clients finding the most suitable products at the greatest discounted price.
Jamie has been a long time sponsor at The Physician Philosopher, and I’ve never heard a single bad review from my readers. So, if you need a term-life insurance or disability policy, you can reach out to Jamie by calling Set for Life at 888-553-3559 or emailing her team at [email protected]
Listener Question of the Week:
Today’s question comes from Dr. Graham,
“There is so much cash out there chasing returns right now… do you think it is a good time to be investing in real estate syndicates? We know a higher return means more risk… how much risk is there in real estate syndicates?”
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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Despite our best intentions, certain emotions can keep us from building wealth. After many years arming physicians with the information they need to achieve financial wellness, I had a significant realization.
Information is one thing – behavior is another.
As the saying goes, money is 80% behavior and only 20% math.
Not only do I want to share important information about personal finance, I also want to help you recognize how certain behaviors can (and do) affect your finances.
Drawing from one of the classic books about investing, let’s go over five common behaviors that could be keeping you from achieving your financial goals.
Many doctors and high-income professionals hire financial advisors for any number of reasons. Either they’re too busy to handle their finances themselves, they don’t really know how to invest, or they want an expert on their side to make sure they’re on the right track.
So allow me to say from the start: I’m not against financial advisors, but I am against doctors (or anyone, really) being overcharged for bad advice.
There’s no shame in asking for help – you just want to get the help you need at a fair price.
You should be equipped enough to vet and evaluate your financial advisor so you’ll know whether they’re working well on your behalf. How can you be as confident as possible they’re acting in your best interest? This episode will help you find out.
Have you ever thought about using real estate to reach financial independence, but you didn’t want to be a landlord?
Recently I sat down with one of my good friends and one of the OG partners of The Physician Philosopher. He’s an anesthesiologist, husband, father, entrepreneur, as well as a real estate and physician side gig guru – of course, I’m talking about Dr. Peter Kim.
One of the interesting things about Peter’s story is his transition from full-time practice as an OB anesthesiologist to stepping away from medicine and going part-time, to now his being on sabbatical. He’s not sure if that’s a permanent sabbatical or not, so we got to explore his thought process on that and his story.
So let’s dive into this discussion with Dr. Peter Kim and the intersection of all things entrepreneurship, side gigs, medicine, money, and real estate.
Need help getting disability insurance or student loan help from a company built by doctors, for doctors? Make sure to check out HelloAttend.com