Money Meets Medicine Podcast
MMM #7: Pros and Cons of Joint Bank Accounts
Do you have a joint bank account with your partner or spouse? Is that a good idea? In this episode, we outline the pros and cons of having a joint bank account. We don’t hold back on our views, and we don’t expect you to either. Hit us up in the comments below after listening to the show.
What You’ll Learn from the Pros and Cons of Joint Bank Accounts?
Combined, or joint, bank accounts come with benefits and consequences. Here is what you can expect to learn:
- How you can separate your bank accounts for spending within a joint account.
- The benefits of merging your bank accounts.
- Potential consequences of joint bank accounts.
- Would you help your spouse if they had a financail setback?
Resources from the Joint Bank Account Episode:
Check out the resources mentioned in this episode:
- Leading Causes of Divorce
- Why you should consider having a joint bank account
- How student loans impact marriage
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,
“I have a fair amount of revolving debt and with my tax refund this year (which will be very large because we adopted kids) we should be able to pay all of it off. If I was diligent, I could probably still have it all paid off in 3.5 years and invest the tax refund. Is it better to pay off the debts ASAP or put the sizable amount of money in an investment?”
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
Submit a Comment
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?
© 2021 The Physician Philosopher | Website by The Good Alliance
Great episode. Joint account supporter here! Comparatively lighter topic: how do you keep surprise purchases (birthdays, anniversaries, etc.) a surprise? Obviously cash is an option, but any other strategies?
Well, one way is to go buy groceries and take cash out there with a debit card. Just looks like you spent a little extra on groceries each time, and your spouse is unlikely to notice ?