Jimmy Turner 0:01

Over 2000 books have been written about how Warren Buffett became rich. What can doctors learn from his example?

Ryan Inman 0:08

I need to write a book that tells me about Warren Buffett is only 2000. It's rare.

Jimmy Turner 0:13

Stick around to fight about Warren not right.

Ryan Inman 0:22

Welcome to the money meets medicine podcast where we talk all about personal finance topics you had wished you'd learned in medical school. I'm your host Ryan him in in, here's your co host and founder of the physician philosopher who's among the 16% of Americans who sleep on their stomach. Dr. Jimmy Turner,

Jimmy Turner 0:38

you know, I for longest time, I literally thought that everybody slept on their stomach. It's like, what people do, I thought that maybe the other people were weird. And then we went to buy a mattress I can't remember is probably four or five years ago. And there's apparently different mattresses that are better for side sleepers versus back sleepers versus stomach sleepers. And Kristen slipped on her side, and I sleep on my stomach. And so I ended up finding out all this information about how that works. And I love to sleep I love sleeping in. And so actually, this is gonna be a problem for me. I've thought about this a lot. If I ever get admitted to a hospital, all the monitors and stuff go on your chest. It's like Dude, if I go into hospital, I'm gonna die because I am I from like sleep deprivation. Because I can't sleep on my stomach. I got all those monitors. They're like, I've never seen a patient really sleeping on their stomach. I don't even know how that would work.

Ryan Inman 1:21

I'm over here like so when Jimmy and I do these little intros, like, we come up with like random things. And sometimes we put it in and the other doesn't know until they're actually reading it. And I am now kind of like, wait, I'm a part of that. 16% like, I thought most people slept on their stomach. So now I'm like Mind blown over here. I mean, I knew I was different and amazing. We all know you're different. Not really. Just not amazing. That's right, but I'm one of the 16% like I feel so cool today.

Jimmy Turner 1:49

Yep, that's right. But speaking of sleeping, right. favorite thing to do while you sleep Ryan

Ryan Inman 1:53

make money. Make money. Oh, that was the thing. I was totally joking. No,

Jimmy Turner 1:57

that's it more Buffett does that better than just about anybody right?

Ryan Inman 2:00

I got does make a lot of money.

Jimmy Turner 2:01

He makes a lot of money. his net worth right now. Look it up right for the show is over $100 billion. That's it. That's a chump change threes. This guy's called the oracle of Omaha. So what is the secret to his ability to build wealth? That's what we're going to talk about on this episode. But before we get there, Ryan, who is sponsoring the show?

Ryan Inman 2:20

Yeah, today's sponsor is panacea, financial, and they provide banking for doctors and it was founded by doctors they have nationwide loan checking and savings options designed specifically for doctors and doctors and training. Their specialized suite of financial products gives medical students residents and practicing physicians greater freedom to forge their futures, at affordable rates. And by reducing financial barriers and burdens. penisy financial ensures that all doctors have increased capacity to serve their patients and the population at large. So if you need a good home for your banking needs, check them out. You can go to panacea, financial calm. We'll give their link in the description of the show that you're listening to right now. And we need to say that panacea financial is a division of Primus, member fdic.

Jimmy Turner 3:07

All right, Ryan, I said last year, I'm gonna reference this because I've been reading this book. So psychology of money, right?

Ryan Inman 3:11

Jimmy reads one book in like three years, and now we're hearing about it for probably the next 10 episodes. Everyone, I need to send you more of my book. So then you want to reference that all the time. That'd be great.

Jimmy Turner 3:22

Yeah, maybe that's all Bye. It was too easy. You put it up on a t 40. No,

Ryan Inman 3:27

I didn't even mean to, I'd say sorry. But I'm not never saw coming.

Jimmy Turner 3:32

So Warren Buffett is 90 years old, the dude has $100.5 billion in net worth, get this 100.5 of that 100.2 of it was made after the age of 50.

Ryan Inman 3:46

So that means that he had $300 million by the age 50. So I'm not feeling bad. But then in 40 years, he like I don't even know what that is.

Jimmy Turner 3:56

Yeah, we'll talk about in a second. So crazy. And 97 point 5 billion of that was made after his mid 60s. So if you slow down and think about what I just said, over 95% of his wealth was earned after the age of 60. Just stop asking, like why? How did that happen? Was it because he just was the best stock picker ever. He's called the oracle of Omaha. What was the reason for this unbelievable ability?

Ryan Inman 4:16

He won the lottery about 44 times?

Jimmy Turner 4:19

Yeah. So the reason is, Buffett started investing at the age of 10. And he was actually an entrepreneur, he started businesses. And so he started doing things at the hardware store, stuff like that. But at the age of 10, he started investing and by the age of 30, he had a million dollars, which today's dollars would be worth about 10 million by the age of 30. And Morgan housel in that book that the psychology of money talks about the importance of investing early, and he proposes this crazy hypothetical situation, which is just like completely mind blowing. I know Ryan, you walk people through in some of your talks through similar thing, but he says, okay, 100 point 5 billion. Let's say that Buffett did what everyone else did instead, this hypothetical situation he used his teens and 20s to like find himself find his purpose, his passion and what he's going to do with his life ride to get his act together, and then started investing at age 30. Which, by the way, for all you doctors listening to that sound familiar, and get the same returns, he's average, which aren't saying, so I'm gonna say this number, but it is what it is 22% annual returns. So it started 30 22%. Like, most of us, when we project out our annual returns for future investments, like I mean, you know, six to 8%, that'd be great. You 10 so this historical average, we're gonna give him 22% in this hypothetical situation, from age 30, to age 60. So instead of starting at age 10, he started at age 30, how much would he have had, if he retired at age 60, he started playing a bunch of golf, not 100 billion, with a B, he would had 11 point 9 million with an M, if you're bad at math, that's 99.9% less wealth than he currently has. And the only difference is that he started saving 20 years later, and then retired at the age of 60. That's it, right? So even though we got the same exact returns the same average. And this speaks to the magic of compounding interest and time in the market, so not timing the market time spent in the market, which is what we're going to discuss in this episode, because this principle is just so so important.

Ryan Inman 6:14

Yeah. So let's talk about the elephant in the room. Very second one, there is only one Warren Buffett, there's a couple of guys that are like him that have been around forever, that are active stock pickers, Warren Buffett's all about the moat, which is find a business that is really good at what they do, and has this really think of a big castle like medieval times, and they got the moat to protect it from like the ground troops and whatever, fine businesses like that. So an example that we can always give is Coca Cola, right? There's only one Coca Cola, it's one of the most recognized brands or McDonald's the most recognized logo in the entire world. That is a huge economic moat around that business. Because everyone knows what that is. Lots of people drink soda, and now Koch has ended up buying out dozens and dozens of other beverage companies, and they have this huge moat. He's famous for that. But again, I think the elephant The room is 22% annual returns. There's only one Warren Buffett. And when we talk about passive versus active investment strategies, Nobel Prize winning research has shown that over a 10 year period, active managers, people like Warren Buffett, who are actively picking stocks, trying to outperform whatever benchmark, that is usually the s&p 510% of the time, they will do that 90% of the time, the s&p 500 wins.

Jimmy Turner 7:32

But even Buffett would say that, right? So like, Buffett's got many, many quotes out there about, you know, what he would recommend for anybody else.

Ryan Inman 7:38

Not only that, his family, so when he passes, all their money is going into the s&p 500 index.

Jimmy Turner 7:45

That's what he tells other people to do. And he's

Ryan Inman 7:46

like, Don't try to be me, no one will be me. And he's not being egotistical at all, he's just saying, like, this is not the easiest thing to do, and most people will fail. And just to finish that piece, in a 30 year period, it goes down to less than 3% of all active managers will beat their benchmark. So you have the privilege of paying one one and a half 2% in terms of an expense ratio, to hope that in 30 years, that one fund that you bought, has a 3% chance of beating the s&p 500, which if we look at fidelity has a 0% expense ratio on that. And that's with one fun majority of people that we see, when they come to work with us that worked with other advisors have eight to 15 other funds. The math on that is just minuscule that you're actually going to beat the market. But back to Buffett, he's saying like when I pass away, he's given away a bunch to charity and the Gates Foundation, all sorts of amazing things. And hopefully, they do some really good work with that money. But his errors, their investments aren't going to some fancy money manager that quote unquote, knows everything. It's not going to another person like Buffett where they think that they can beat the market by investing in these companies that have huge economic moats? No, it's going into the s&p 500 index.

Jimmy Turner 9:04

Yeah. And I think that brings up one of the first points that I want to mention on this show, which is that as long as you're in a reasonable portfolio, a low cost diversified index fund portfolio, for example, like Ryan was just mentioning, and all the research that goes to support doing that. I think that's one of the things that helps you stay in the market and have that time in the market. That's just so important, because it takes the stress off of you feeling like you need to get it right. Like you need to pick the right thing that's going to do the best you just pick something reasonable. That's not sexy. That isn't like the thing you're going to go and brag about, like yeah, the s&p 500 index fund, like nobody's gonna be like, oh, gosh, dude, like, Hey, you see that thing I did do like I invested in the s&p 500 index fund, but nobody's gonna be bragging about that. But at the same time, that's actually the beautiful thing about it is that it allows you to get that time in the market and to stay there with a simple portfolio that's well diversified, that's low cost that will buy a bit of everything. And it gets away from like your desire to like try to hit the homeruns, which we talk about all the time. Like we had the episode where We're talking about hitting singles,

Ryan Inman 10:01

while I look at it is, you know, everyone's out there saying they're buying the next Tesla, whatever it is, and human nature, we don't want to have things that are boring, like watching paint dry. That's what your portfolio should be. The majority of us are like, maybe I know a little something more, and maybe I can invest in this, or, hey, this is a great company. I use Tesla always because one, I love Tesla, fanboy, I want a Tesla, and I can never justify it, because I'm not a car guy. But at some point, who knows, maybe you break down and we end up getting one. And I love that Ilan is doing a whole bunch of things. You can buy me a Tesla car guy, you could buy me one, you always want to buy cars, just factor that into the budget, buddy, what budget, if we look at it, and they're like, I bought Tesla at $50 a share. And now it's $4 billion, or whatever. And I'm like, okay, I bought Tesla, too. But I bought it in my index fund. And Grenada was a very small amount, but like, when it hit the index, I bought it. So however cheap that was six bucks or something. And technically, I've been buying it all the way through now. Yes, it's not an outsized, ridiculous percentage of my portfolio, and I own 50% of intestine or something ridiculous. But I own Tesla, you own Tesla, we all own Tesla, because it's in the index. And if you're buying an index, you own some of Tesla, you on some of Microsoft to some but Apple, even some Google, like, you own a bunch of shares and a bunch of different companies. That's the whole point. You don't pick one, you pick the entire amount, you pick the whole market, and you're letting the market dictate your return. Not well, I think I'm smart and can figure this out. Or I like the product, therefore, it's a good company. No, look how many products that were decent products, but horribly run companies that went bankrupt, that's not your investment strategy.

Jimmy Turner 11:37

Examples are incredible. If you look at it, I don't have the numbers right in front of me. But I'll tell you from having read about the history of the market, you can google this after the show, if you go look at the s&p 500, or these other indexes, or companies that the Forbes list of the top whatever companies and then you go back 50 years and see how many of those still are the top companies very few of them do. And it's exactly what you're saying. Ryan is like it is impossible to predict. And back then, like those were companies that were like stalwarts, and like, no way they're going under and you know, doing really well.

Ryan Inman 12:06

But you know how big Yahoo got, right, what's fascinating, there's videos on YouTube, that you can go and search a video of largest companies by market cap, timeline, something like that. And you'll come up with videos, and it'll show you in a horizontal bar graph, in real time how these companies are moving, and it is fascinating to watch. And you'll see like companies move up, Microsoft, all of a sudden just is like crushing it. And then over time, the market cap isn't really shrinking. It's everyone is catching up. And all of a sudden Yahoo dropping off the face of the earth, because who has Yahoo anymore, and then all of a sudden, up comes Amazon or Tesla or Google or something else. It's super neat and super fascinating to watch how these big companies are moving in terms of market. But the thing is, they don't always stay the same coke was up there talking about Buffett and add Coke is still a massive, multi multi billion dollar company. But it's not the largest. It's not the biggest, it doesn't come in what it used to 20 years ago.

Jimmy Turner 13:07

Yeah. And I think it's important to mention that because like, stocks go up, stocks go down, like companies do well, and then they go broke, you just can't know. And the reason that's important is because of what we talked about a time, right, you have to get it right twice, like you got to sell at the appropriate time and then buy back at the appropriate time. And the odds of getting that right twice, over and over and over and over and over again, is just so infinitesimally small. The other thing is, it's not even about whether you could get it right that many times in a row, like, I wish someone had told me this earlier in my life, but your time is worth something to you. And so do you want to spend all of your time doing all this research and then getting it wrong 97% of the time or more? Or do you spend your time like with your family or going to play golf or doing whatever you'd like to do, and really just getting away from the idea of timing the market and Buffett's got this great quote that I wrote down, right. So the stock market is a device for transferring money from the impatient to the patient. So basically, people that are impatient that want to buy and sell a day trade, they're going to gradually or very quickly, in some cases, transfer their money to the people that are in low cost, diversified index fund investing, who just stay in the market and never sell like us buy and hold. And I think that's an interesting idea that I never really thought about that way.

Ryan Inman 14:15

And remember that you're going to have friends, family, and just people in your centers of influence or circles that you hang out with that are going to day trade or buy individual stocks, and they like, Hey, this is the right thing. You're gonna get so much investment advice, which by the way, this is not investment, financial planning any other sort of vises is like fun entertainment. Don't take anything we say as actual investment advice. Don't trust anything you say, right? Not at all. Me neither. But the idea is that you're going to have people in your circle that you trust that you're going like hey, I think this is the next thing at Coinbase that thing IPO and bitcoins going to the moon that's what everyone's saying on Twitter. You know if that goes to the moon then this has got to go the moon. Alright. It is not part of your financial plan. Don't deviate from the plan. But when we're looking at companies and investing Again, it should be boring. But you've got to time it twice like Jimmy saying, Hey, I'm going to buy into the art even better. Let's go back in very recent memory in February of 2020. Did you say woof, this is getting out of control, we think COVID is gonna spread over, it's gonna cause global panic. And obviously, all the issues with COVID not even health wise, just financially, the economies are gonna shut down at any in the world think we're gonna have stayed on orders for multiple times and in the United States. No. And if they did, they would have sold everything and leveraged short in February. And then basically, when we dropped 35%, and everyone thought the world's ending, the sky is falling, you turn on the TV, those people the talking heads on CNBC, everyone was extremely depressed and down, couldn't believe their eyes that the market would dip 30 something percent in a month? Did you look at that and go, yeah, that's the right amount of pain. Yep, I'm gonna buy it now exists feels like the bottom. And knowing that in less than 60 days from there, we're going to recoup all of those losses. Know, if you did, I wonder if you can hear me over the waves crashing as you're sitting on the beach sipping your meitei. And why didn't you email Jimmy and I, and let us know, the point I'm trying to make is that most people have no clue what the market is going to do. And if they're going to tell you that they do, or think that they have some strategy that will beat the market a certain percentage of time, they're lying, it's false, it's fake, because if they did, they want me to sell you some product, or some service or some pitch to tell you what the market is going to do and not to do and that they have all the answers. They would be that person on the beach sipping my ties and hanging out. And trust me, they're not doing it because they're bored. Now, and

Jimmy Turner 16:37

it's so important to remember that people hate losing money. And so if they knew that was coming, and they knew this giant dip was coming, they would have done that, and they didn't and far more people saw it dip and then sold and then forgot to buy back because they thought it was just gonna stay down and lost a ton of money

Ryan Inman 16:51

on the flip side can occur. I had someone potential client, they were interviewing me and they said, What did you do in February and it's like the same thing we did in January. And the same thing I did in March and the same thing I did in April, like we dollar cost averaged in. And we did rebalance. We had some tax loss harvesting that occurred in March. And they said, my dad knew that the crash was coming. I said, Really? That's cool. What do you do? Oh, well, he sold in mid February. I was like, wow, that's fantastic. When did he get back in?

Jimmy Turner 17:18

Yeah,

Ryan Inman 17:19

he didn't tell me. I'm like, What do you mean, tell you what he hasn't I don't think gotten back in yet. Like oh, so great. He missed that whole drawdown. Awesome. That's fantastic. He was sitting there, the big old grin on his face going I got it right. Now he's wrong, because now the price is higher than when he actually sold. And so he would have been better off if he could have stomach the volatility just staying in, because he couldn't hit it twice.

Jimmy Turner 17:43

So the buy and hold gets you away from that I think is so important. Is is behavioral finance principle. Right. myopic loss aversion. There's a name for this, I think this was diversity economy. And maybe Thaler I can't remember who did this study. But it basically looked at it like if you look at your portfolio, more often you think a it's gonna go down, like I think about my portfolio, you're more likely to make a change, you're more likely to lose money. And so if you can just have a mindset of buying and holding in that time in the market is more important than most things, and just stay and just keep doing what you're doing dollar cost averaging. So for those of you that are listening that don't know what that means, because sometimes I have students asked me what dollar cost averaging is Ryan, that's putting in a consistent monthly payment. Basically, if you think about the way monthly investment towards your future, so you take a piece of your paycheck, then you invest that, as opposed to I guess easiest way to say is save $100,000 that you just inherited, there's two different ways you can invest that one is a lump sum, you put it all in right now, another way would be to dollar cost averaging, where you put $10,000 in per month for 10 months. bad example. However, because actually lump sum in that situation is better 80% of time. But that said, You dollar cost average your paycheck every month, when you take home money, and you put in the money you plant.

Ryan Inman 18:47

So I was gonna say is your all dollar cost averaging. And right now, at least 98% of you, when you put money in your 401k, your four, three B, every paycheck, you're getting a little piece taken out, and it gets put into your 401k or your 403 B. And then that trade gets executed and placed. And you're buying in every two weeks every four weeks, or we get paid. I'm not sure. But that is dollar cost averaging versus just saying, you know what, take my entire paycheck. Let's just assumed it was 19,500 sets its whole amount. And January 1, that first paycheck, just toss it all in, then you wouldn't be dollar cost averaging and you'd be lump sum investing.

Jimmy Turner 19:21

Yep, totally. So Ryan, I wanted to talk a little bit about

Ryan Inman 19:25

No. I want to talk a little bit about him no idea what he's gonna say

Jimmy Turner 19:30

some lessons that I've learned about staying the course time in the market that I often have conversations with my residents or students actually just gave a talk to my research assistants, not mine that are awake in the anesthesia department. And I really just tried to stress the emphasis on this because I can't tell you how often I have somebody come up to me and be like, hey, Jimmy, guess what I did. Like I started maxing out my four, three B and they're like five or 10 years into their career. And I give them a high five and I think that's great. That's better than if they didn't start doing that but like they missed out on On so much time, like from that example with Warren Buffett we gave earlier, right? So one of the biggest lessons is don't wait to start investing because many doctors, the vast majority of us are in our early or mid 30s. Before we even start investing, because we didn't really quote unquote, make enough money to invest, like the earlier you can learn to build this muscle to invest even when your income is low as a research system you're making, I don't know, $30,000 a year, if you could just save 1000 bucks, 500 bucks. So just teach yourself to save 50 bucks a month, or whatever it is, and just start to train your brain to just think about saving early. That money that you save early on ends up mattering. And the rule of 72 is like something I'd like to talk about here. And when you think about like the rule of 72. For those who don't know it, you can basically divide whatever your interest rate is that you're anticipating getting, or that you'll get or that you have gotten 72 divided by that will tell you how long it takes for your money to double. And so I showed the research systems like hey, let's just say you get 10%. That's the historical average, I don't know that you're gonna get it in the future. But let's say you do 10%, it's going to double about every seven years. And they're like in their 20s. And so I said, Hey, if this doubles, six times, it is a being multiple hundreds of 1000s of dollars, from just a single $5,000 investment. Let that sink in. So the earlier you can start investing in flexing those muscles and building those muscles and training your brain to save, the better you will be both for time in the market and also just for learning solid investing principles. And I just had that talk the other day. So it's top of mind for me.

Ryan Inman 21:20

Yeah, there's a talk I give to residents and fellows all the time. And if anyone's interested in either of us coming in potentially talking at your institutions, or practices, you can email us at Ryan and money meets medicine comm or Jimmy money meets medicine calm, I probably gave 20 ish talks in the last 12 months or so due to COVID. And everyone's being remote. And everyone realizes that remote is awesome. And we don't have to be in person for everything. One of the slides I talked about is really about, don't wait to start investing. And I'm making sure that I show the math because the math doesn't lie. It's just numbers. And when we look at it, I say, well, let's say that we're ages between 32 all the way down to 50. All right, we've got 20 years of investing. And let's say that attending a says I'm going to put or let's use a resident eggs, I'll do the math that's actually there. And this is ballparked math, but the point will be made, they put $300 a month in or 30 $600 a year and it makes 7% a year, nothing is ever going to grow linearly, but you get the gist. And they do that for basically the next six years. And they're going to end up putting in roughly seven years. And they're going to put in roughly about $25,000 in that time period, then you've got resident B that says look during training and fellowship and whatever, I don't want to put anything in, I'm just going to put money in from then all the way to age 50. And so they basically put from year seven all the way down money in and they end up contributing $50,000 to basically this account. So you've got resident a with 25,000, that put in over a period of time resident B that waited and then over a longer period of time, they put in 50,000. But when we look at the math, at the end of the 20th year, they're sitting with almost the same exact balance, yet one had to put twice the amount of money in because it's power of compound. It's like the eighth wonder of the world. The idea is that if you're investing early and often and you're putting money in, and it's growing, that over time that will outperform than if you're trying to back load a whole bunch of money later on in your career and giving a lot less time to compound. So 25k versus 50k, they put double in Indian with nearly the same portfolio.

Jimmy Turner 23:35

I think that that goes to adjust the importance of being in early and this is why if you combine our last episode, we're talking about monthly payment mindsets. And this current episode, hopefully you can start to get some of the picture put together in terms of big picture because what I see some people do is they will preferentially pay down their debt and not invest at all while they're doing that. And this is why I think that as Ryan always says moderation in anything is good, right? So anything in extremes is bad. moderation is good. So investing while you pay down your debt, doing both of those things, building both of those financial muscles, I think is so important now, what percentage goes where like that's a personal finances personal kind of situation, you probably need to chat with somebody about But that said, Don't wait to invest, please just stretch that muscle work it out as early as you can. And I think this really goes down to a fundamental principle for me at least is that when we say investing I'm talking about you just put your money in like a high yield savings account and call that investing as long as you're doing something reasonable. staying the course in other words, the how of investing is infinitely more important than the what? Now we're not going to cover what reasonable portfolios look like on the show right now. But like staying the course the how of investing in my opinion is infinitely more important than the what as long as it's reasonable. And john Bogle has a great quote that talks about the winning formula for success. So he says the winning formula for success in investing is owning the entire stock market through an index fund and then doing nothing, just stay the course and bogles pointing out like what Ryan said earlier right like when you buy the total The stock market index fund or the s&p 500. Guess what you own Tesla to. So when people are bragging about that, like you still own that, and you get to have the great success of the winners, while you're shedding the losers when you have an index fund portfolio, so you get to have all of that success, not to the same exact degree if you went to Vegas and gambled on Tesla, but you could also go to Vegas and gamble on Yahoo and have Yahoo's experienced too, it's just as likely. So staying the course that how with investing,

Ryan Inman 25:22

or Enron or WorldCom, or Bear Stearns or Lehman Brothers, like there's 1000s of companies that were he, you know, I mean, GE still around, those ones are not around, they're gone, whether it's fraud, or just the market cycle, or this, they mismanaged and over leveraged and liquidated, it changes, the markets changed. So having huge concentrated positions is not going to likely work out for you in your future. And like I said, there's one Warren Buffett, the guys made a living of being really good, the anomaly and doing this successfully. He's 90 years old and still doing it. And that's why he's worth so much. But when we talk about active investing, and I'm like, how many people do you know can actually do this most of the name Warren Buffett, but anyone else you're like, not I'm drawing a blank, I can't search for more names. There's a reason because there are several like him. They're not hundreds or 1000s. And millions of Warren Buffett's. There's really a few that are like him.

Jimmy Turner 26:19

And that's so important. And I think that really, if I had to Ryan, honestly, not only Don't be Warren Buffett, but because there's only one of him. When you take this stay the course time in the market. Just buy and hold mentality. I think the most beautiful thing about this is it allows you to spend time focusing on what you should be focusing on, which is practicing medicine or being with your friends and family or whatever your hobbies are, and allowing you to spend more time doing those things rather than picking stocks, which you're not going to be the next Warren Buffett, I'm sorry to break it to you. But there's a point zero users or 1% chance that's gonna happen. And there's 100% chance that if you spend your time repeating Of course,

Ryan Inman 26:58

yeah, of course, Steve job love that YouTube video is a good one. He rawr Jenkins. Yep. And I agree with Jimmy that you'd be focused on other things. But let's just stay in the finance realm for a second. If you take this index boring watching paint dry like jack Bogle is talking about to do nothing other than to own an index fund. We're not talking about which one and again, not investment advice. But if you do that, then all the other time that you would have spent researching and doing all these other things with your investments, instead of doing it this way, make more money. That means that time can actually be spent on understanding how much money is going in and out, or, hey, I need to actually go get insurance, like maybe sitting down and writing an email, hey, I need this type of coverage. Or, hey, maybe instead of having five bank accounts, we have one bank account and go down to one bank with checking in a savings like you can work on other things in your financial plan, that I'm hoping that you all have actually a written financial plan. If you're not get on that, get a written financial plan, please write your own work with us work with someone get one put in place, please.

Jimmy Turner 27:56

It's not only that, like from the defensive side, too, and like other things you need to be doing. And I'll tell you that, for me, earning time back, allowed me to build a business and make more money that I could then again, save and invest,

Ryan Inman 28:08

but largely to pursue a passion,

Jimmy Turner 28:10

right, you really can just double up here and stop wasting your time trying to pick stocks, stay the course. And then use that time to develop your financial plan like Ryan saying, or co make a business and make more money and then invest that money too. There's just so many things you can do in this financial realm, that would be so much more beneficial to you than trying to pick when the markets gonna go up or down and or buy stocks when they're gonna go up or down or a time in the market is so important timing the market is not something that you should do.

Ryan Inman 28:38

Totally Great. So hopefully this was helpful to you guys. We love all of you that have stayed tuned towards the end here. Jimmy and I have lots of future plans for the show. We're really excited to continue to do money, meats, medicine shows every Wednesday, and produce a hopefully what we're considering high quality content for you all but again, remember, it's not investment or financial planning or insurance or any other type of advice. We don't think you should take advice from anyone on the internet unless they know specifically about you and your situations. Odds are they don't. And so always do your due diligence and be careful with what you read you hear you watch on the internet because it is likely very generic and not geared towards you. And remember personal finances personal by that I don't want to forget to say thank you so much for panacea financial for sponsoring today's show. And if you are a physician and you're looking to change up some of your banking needs, they are a financial firm that was built by physicians and they have a personal loan that was designed specifically for physicians and physicians and training, if that might interest you as well. So you can go to panacea, financial calm and open a new account today. Like we're required to say they are division of Primus, member fdic. So thank you so much. Please share the show with other people. We appreciate all of you being here. I think one more time for that important disclaimer.

Jimmy Turner 29:53

Thanks for hanging out everybody. We appreciate you and look forward to seeing you next week. And thanks for the emails that you send to us at money meets medicine calm We really love hearing from you. You guys have a great week. Cheers.

Jimmy's daughter 30:08

Hi dad. Dr. Jimmy turn is a practicing anesthesiologist. Mr. Aiman is a fee only financial planner, you should know that this show is not personalized financial advice free. In fact, this shows only for your general education and entertainment purposes. So keep listening to learn how to become a great yourself financial guru. Or go find a great fee only financial planner like Mr and min to create a personalized financial plan for you.