Money Meets Medicine Podcast
MMM #9: 5 Common Financial Mistakes Doctors Make and How To Fix It
Financial mistakes are a part of my origin story. I went through bankruptcy as a kid, was hosed by a disability insurance agent in medical school, and forbeared on my student loans. The truth is that there are a lot of common financial mistakes that doctors make. It happens all the time. Today’s Money Meets Medicine episode discusses 5 of the most common mistakes we make, and how to overcome them.
What You’ll Learn:
In today’s episode of Money Meets Medicine, “5 Common Financial Mistakes and How to Avoid Them” you can learn all these things and more:
- How to avoid an “I can deal with it later” attitude
- The truth about the financial industry and how to combat it
- How to not go broke (even on a doctor’s salary)
- When’s the right time to refinance your student loans
- Outsourcing things to focus on priorities
Resources from the Episode:
Check out the resources mentioned in this episode:
- Examining Physician Student Loan Debt Mistakes
- The Physician Philosopher’s Recommended Insurance Agents
- Avoid Debtabetic Neuropathy
This Episode’s Sponsor
This episode’s sponsor is Earnest, a student loan refinancing company. If you refinance through the link provided on this podcast, you will receive a $500 cashback bonus for doing so, and you will also be supporting the Money Meets Medicine podcast when you do that. It is a win-win-win. You can find out more information by visiting earnest.com/moneymeetsmedicine.
Listener Question of the Week:
This week’s question is from Dr. Lin:
Tips or ideas on outsourcing and hiring help for families with dual demanding careers – as well as how to put a “value” on those expenses, given that they will extend the journey to financial independence – and would you consider these expenses a worthwhile lifestyle inflation given that the focus/time can be spent on the careers (and potential increasing income as a result)?
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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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.