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]
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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