Money Meets Medicine Podcast
MMM 50: Springboard Your Finances in the New Year
It’s that time of the year we all start to make those financial resolutions. However, it’s so easy to start something for a week or two and immediately jump off the wagon.
Some of the most common types of resolutions are financial resolutions. Today we’re going to teach you how to make good financial resolutions. But not only that, resolutions that are going to stick.
When you change your mindset you can change your life. You can create resolutions you can stick to for the entirety of 2021!
Today You’ll Learn
- How to make good financial resolutions for 2021.
- How you can make SMART goals you can stick to.
- How to change your mindset and let your goals work for you for longer than January.
- And more!
- 11 SMART Financial Goals for Your New Years Resolutions
- Alpha Life Coaching Experiene
- Pattern Insurance
Ryan Inman 0:06
It's that time of year when people start breaking out their new year's resolutions, you know, the ones reset, you're gonna lose a bunch of weight. And then two weeks later, you're like, f$#! it, it's donut time. Well, this episode is gonna teach you how to change your mindset around goals. Let's do it.
Jimmy Turner 0:21
Welcome to the money meets medicine Podcast, where we talk all about the personal finance topics you wish you had learned in medical school. I'm your host, Jimmy Turner. And here's your co host who blames his male pattern baldness on the financial industry.
Unknown Speaker 0:34
Ryan Inman 0:36
is still a true man. I mean, Taylor tells me all the time, that's what it is. And I'm like, yeah, that's like the medical side. I'm like playing in my, like, fake reality land of like, all the CPAs that have given bad advice and all the financial planners that keep trying to screw doctors. That's what's giving me this. That's what I'm sticking to. I like your medicine part of this show right now.
Jimmy Turner 0:58
I think your goal this year should be to stop lying about your hair.
Unknown Speaker 1:02
I'm not lying.
Ryan Inman 1:05
technique. I mean, those are details, whatever. Alright, everyone right now has been talking about, you know, are getting to be talking about I guess socially distance talking about their new year's resolutions that could be Hey, I want to lose weight, hey, I want to get financially fit, whatever it ends up being you want to do something, you've got goals around some something. And Jimmy now hear me you in a second, and kind of walk through some of the goals that you could have from a financial standpoint. But Jimmy and I, I think are on the same page, but we'll find out pretty soon here. I really hate New Year's resolutions, like with a fiery passion. Because I hear it all the time. Oh, I'll get started on that in January. Oh, I'll start Hey, I'd love to do XYZ, you know, ping me in 90 days. And in January, we'll start working on that. So what why January like it's just some random arbitrary date. Like why not? Why not do this now? Why not rock and roll? Let's go.
Jimmy Turner 2:01
Yeah. And so speaking of random, arbitrary dates, there's an important one coming up. So let me tell you this before we get rolling with the rest of the show. So if you're shopping for Disability Insurance right now, it can be really complicated. And if so if you're wondering how to get the best price and discounts that can be pretty overwhelming. Principle financial, recently announced that they're unisex rates, which are really have been helpful in the past for women physicians, they're going away like tomorrow when the show gets released. So December 31 2020, unisex rates at principle, financial will be going away. So if you're a woman, physician, and you need disability insurance, which every woman physician needs disability insurance, but you don't have it, you're looking for it. Don't wait until January. Listen, the day you hear this, hear the show to potentially save 50% or more, you can be confident you write policy at the best price by going to the pattern by going to pattern insurance, you can do that by visiting the physician philosopher.com slash pattern insurance or by clicking the link in the show description. Seriously, super important.
Ryan Inman 2:58
Alright, so we don't plan out anything on this show. That was a really well done transition. Jimmy. I'm like, super impressed with you,
Unknown Speaker 3:05
man. I'm getting better. I'm growing up. I'm
Unknown Speaker 3:07
a big boy.
Ryan Inman 3:08
He's almost a legit podcaster.
Jimmy Turner 3:10
It's crazy. It's blown my mind.
Ryan Inman 3:12
Little boys getting so old.
Unknown Speaker 3:14
Aren't you proud of me,
Ryan Inman 3:15
I'm so proud of you. But like random arbitrary dates. Let's go back to this for a second. I don't understand the concept. Even if it's like, I'll start that in three weeks, or I'll start that in a month. Most of the time, though, it revolves around the calendar. And that's like, maybe it's the, you know, when everyone starts to get in the, in the holiday spirit, you start to see everything get decorated, and all this stuff. And people are generally nicer. Although I don't think we're going to be experiencing too much of that in around the holidays, socially distance and people who still refuse to wear a mask. But I'll look at the glass half full side of stuff here. Unfortunately, though, it doesn't help you with mindset and doesn't help you stick to those goals. Because you had this arbitrary thing that then was the catalyst to get you going, when in reality, whatever that thing was, should have been the catalyst itself. So if you said, hey, look, I want to build my emergency fund. But I know the holidays are coming and all this craps occurring and blah, blah, blah, whatever you like to tell yourself how that's gonna work out. But I'll start it in January. Well, because January was your catalyst. Not, hey, I need to be financially responsible. And I need to get my emergency fund in order. Therefore, I'm going to take charge almost started today. Right? That would have been your catalyst. But everyone changes it to the time of year, right January. And that's when a lot of you are some of you are going to find money meets medicine for the first time right now. Because this show airs at the end of December, and you're going to search in podcasts. Hey, I'm trying to figure out my finances and you stumble upon the show I feel really bad for you might want to stop now because it just gets uglier as well. We go on. Now we appreciate anyone that's new. We joke around a lot. We try to make finance fun. But, and I know Jimmy, you can go into this more from the coaching side of this. But I look at this as the the event should be the catalyst and not the time of year. Yeah, so
Jimmy Turner 5:17
this is actually a super interesting topic, right? Because, I mean, the tagline of the physician, philosophy podcast, my other podcast and the coaching world is to start before you're ready, start by starting start now. And the entire reason for that tagline is because most people are stuck. Most people have these things that they supposedly want, they'll say, Oh, yeah, I want to I want to do X, Y, and Z, I want to be financially independent. By this age, I want to have a budget, I want to have an emergency fund, I want to do all this other stuff, I want to create an online business, and they just don't know how to get started. And so it's, it's interesting, because it turns out that your thoughts, your mindset around money, determine most of your financial decisions, right? So if you think that I'm really bad at money, or that money is really hard, or it's too complicated, or no one ever taught me about money, like those are the thoughts, those are the stories that you tell yourself about money, you're going to feel inadequate or feel stuck or feel unable to move forward. And that's what's gonna happen. Because you feel that way, right? And so it's a super interesting thing, like, how do you get people started? And one of the one of the exercises that I take people through when it comes to really any topic where they feel stuck like that, it's talking about, like, Where do you want to be in a year? Where do you want to be in two years, three years, five years, and maybe you the person right now, who hasn't had a ton of, you know, teaching in terms of personal finance, you don't have the answers. But that person five years from now, well, and so why don't you tap into that? And say, Where do I want to be? And then figure out how to how to have these things, you know, from a backwards design standpoint, where you start with the end in mind, and then go back in the details kind of fill themselves through. And I think that's why financial resolutions a lot of the time don't work?
Ryan Inman 7:00
Well, I think there's a lot of reasons why financial resolutions don't work. But I will say that looks to say that it wasn't based on the timing, that it wasn't because of the calendar year, I think the resolutions that we usually set for ourselves, if you're not focused, or maybe have read up on it, they're just not great goals. Right? I think some of those are going to need to be what we call SMART goals. And we've talked about this, you've blogged about it, I've blogged and talked about it. But I think let's just recap really quick here. SMART goals are specific, measurable, achievable. And then Jimmy, you call this one, relevant,
Unknown Speaker 7:39
Ryan Inman 7:40
okay, I'll humor you relevant, and time based. Right? And so why don't Jimmy you give an example of a goal. And that is, I'll give an example of a of a bad goal. And you give example of a good goal. How about that?
Unknown Speaker 7:57
Okay, I like it.
Ryan Inman 7:58
Okay. So you can obviously tell we don't rehearse anything as we get on because this is I think, the beauty of Mmm, and as we want to tackle all these, these awesome topics. So Jimmy, I, I really want to lose some weight in 2021. And my wife tells me all the time, I'm overweight, you tell me all the time I'm overweight, you make fun of me, you hurt feelings. You make me cry. I need to lose any lose 40 pounds. So I'm gonna lose 40 pounds next year. That's my goal.
Jimmy Turner 8:32
Yeah. And so if I were making a SMART goal for you, right? It would be. And it's interesting, right? Because you, you now that I do coaching, I've got two different models to do this, right?
Ryan Inman 8:42
Let's hear about
Jimmy Turner 8:43
so smart. Goal wise, I'd be specific. And this goes into the model too. But I want to know exactly what you weigh. I want to know exactly where you want to be. So you know, say you weigh 250 and you want to get to 10. Perfect, you know, I would want to know specifics about it. Right? And then I want it to be measurable. So now that we know that you want to lose 40 pounds, we know where you're starting, we're know where you're going, you know that that is a measurable goal where you can track progress. And then you need to be, you know, specific about how you're going to achieve that. So you know, like, are you going to eat better? You're going to go no sugar, no flour? Are you gonna, you know, start just doing only only macros like like, what what sort of food consumption? Are you going to plan your your food consumption out in advance? Are you going to, you know, have exceptions like, are you going to stick for this for two weeks, four weeks, four months? Like, how long are we doing this? Are you going to exercise? If so, how many days a week, like what is your specific, measurable goal and how are you going to achieve it? Now? If you weighed 400 pounds, and you told me you're gonna use to lose 200 pounds in the next two week? I would tell you well, Ryan, I love you. I mean it but you're probably not losing 200 pounds in two weeks, and if you do, you'll probably die. That's not a very achievable goal.
Unknown Speaker 9:58
Unknown Speaker 9:59
and Some surgery.
Jimmy Turner 10:00
But you know, that is, you know, you want to make it something that you can actually achieve so that you don't, you know, basically stop yourself before you start. It's obviously relevant for your health and for other reasons, but you didn't tell me exactly why other than that your wife wants to, and I can tell you right now from experience, just because your wife wants something doesn't mean you're gonna actually stick to something that's not a real reason. It's not a powerful reason behind your goal. And then time based, so how long are we talking 40 pounds in two weeks, two months, two years. So if you laid out all of those things, and said, You know, I want to go from 240 to 210 pounds by exercising four days a week doing high intensity interval training, and eating clean by not consuming any sugar or flour, I'm gonna do intermittent fasting and I'm gonna achieve this goal within the next six months. Because of X y&z whatever your reasons are, I would say that is a SMART goal. It's much more specific and in the coaching world.
Ryan Inman 10:54
So really quick, I mean, you're up that last piece, you went over it really fast. And maybe you're about to go into it, but the because like what is that motivating factor? on this? Now I gave the example here just to throw it out. That is because my wife and you call me fat.
Unknown Speaker 11:07
For the record, I
Jimmy Turner 11:08
do not call him fat. I just point out that he never rides this peloton.
Ryan Inman 11:11
He just says I'm big boned. No, he makes fun for not writing the poem, which I need to do. And I keep telling him text me, but then he texts me like three in the morning, I want him to do that. But the reason because of XYZ, it needs to be real motivating stuff needs to be relevant, and my wife makes fun of me, right? It's because I want to be healthier, because I want to be around when my kids are, you know, going to have their kids and I want to be interactive, and you know, being able to coach their teams and not have to like huff and puff out to the field or whatever it is that is motivating to me, that's what else needs to be written down. So most of us are going to write the goal, I want to lose 40 pounds. And that's it. That's the goal. That is your resolution, when Jimmy just literally broke it out, which I thought was actually really well done on the fly, that there was a whole paragraph for that one goal. So if you're going to do resolutions, and we'll get to what some of them could be, or give you some ideas on what will happen when you play the game that you're going to start in, in January, because it's literally two days from now, at the time of release, we should say. But it was it wasn't just a three words or five words, there was a whole paragraph that also then took whatever was and gave me motivation beyond this is just going to happen because of January, and I'm going to do it now.
Jimmy Turner 12:34
Yeah, and so before we jump into some specific ideas, I do want to tie back in that piece. And that that is the beauty of coaching, right? So coaching is about your mindset. So if you're aren't sure what your motivation is, or what the thoughts that you currently have, that are driving where you're at, at the moment, like you know, you didn't just get to 250 on accident, like there are thoughts that led to how you felt and what you decided to do with your life that led you weighing 250 pounds. And so if you want to get to 210, or 200, or maybe, you know, and everyone's goals are different. This is just an example that Ryan picked off the fly. But you need to really dig into the mindset piece and the thought work that goes behind all of that. And once you do that, then you can figure out
Unknown Speaker 13:15
Jimmy Turner 13:16
what am I real motivations? What are the thoughts that I need to think, to get me motivated, so I will accomplish these goals. And you know, if you want to learn more about mindset work or coaching, you can go to the physician philosopher.com slash mindset and and learn more about that there. But for this show finances, personal finance and money, people often have new year's resolutions, and we're going to give you some but we're also going to talk to you about you know, sticking to them and stuff like that, right. So one of the one of the first ones that, you know, people often mention, or, you know, notice when it comes to New Year's are things that they haven't been doing, and I'm gonna go kind of out of order here with some of these Ryan, but you know, in terms of like, chronological sequence, or how you might view these things, but I feel like New Year's, and what it often brings up is like regret, like man, like, you know, I wish I had lost 40 pounds or, you know, in the financial world. It's like, you know, like, it's really been on my mind in the back of my mind for you know, some months now that I need to do some things that I haven't done, I haven't gotten disability insurance, right. Like you're listening this on December 30 you're a woman who needs disability insurance, please, please, please, please, please listen to the sponsorship segment of the show and go get disability insurance but like a lot of people just put off things that aren't very fun or they're kind of nitty gritty, they just don't want to you know have to go through the process. And New Year's brings up that like those thoughts like what am I not doing that I should be doing in my life and asset protection ends up being one of those things, whether it's disability or life insurance, or umbrella insurance or you know, what have you i think it's it's it's one of those things that does come up at the end of the year because people are like, Oh gosh, yeah, that is important. I haven't done it yet.
Ryan Inman 14:45
Yeah, one I see the most with our clients and I mean, a handful of clients actually come to start working us and actually have this implemented is estate planning. And if you have kids, it is not even for you at this point. It is for them. And that is almost going to be the number one thing that I see in terms of, Oh, I know I need to go do this. I know it's been the bag, I'll get to it someday. I mean, you hear every excuse in the book, which Trust me, I get no one likes talking about death, especially during a pandemic, and all the death that is around all of us right now. But it is really important, even if we weren't in a pandemic, that you get your estate plan together. So I think that is one of the big ones that I will throw out into the ether here. And say that if you don't have an estate plan together, write down what you're going to do, why you're going to get it, why it's important. And I can tell you that if you have kids, that's pretty much the entire reason, that should give you the motivation to go get that done. And they're not a sponsor, I've just used them. And I like them is thoughtful wills, thoughtful wills calm. And they have a whole package for financial residency listeners, again, not paid just I use them personally liked it. So it's financial residency.com slash Tw is the is the link to get there. But getting an sp plan is extremely important. And it's actually really affordable.
Jimmy Turner 16:08
Well, and so that's what I was going to say like so the reason just to go back to that that mindset piece, because this is so important, when it comes to actually accomplishing the resolutions that you have, you have to ask yourself, why isn't this happening when it comes to estate planning or asset protection, a lot of times the two thoughts that I hear that are preventing people, they're the limiting thoughts, or limiting beliefs that prevent them from doing this stuff is one, it's too complicated. I don't know what to do. Right. And the other is that while but it's really expensive. And and I would tell you that those thoughts, which caused all of the anxiety and apprehension about moving forward with those very important financial pieces can be dealt with, when you realize there are resources out there that are pointing to the people that can make this process super easy, and actually pretty affordable. And so if you just know where to go and the people to ask, go to financial residency.com, go to physician philosopher.com, we will point you in the right direction, and make this process much easier for you. That's why we exist is to help you. And and so I just want to point out that those are limiting beliefs, that is going to be too complicated. I don't know enough, it costs too much. These are very important things. And once you get rid of those beliefs that aren't helping you, you can move on to beliefs where you know, but I got kids, and it's really important to protect them, right, and just get it done, and then go to the places that you need to go. So you know, and and I think it's funny too, because they can be pretty specific when it comes to New Year's resolutions. But another one that I hear pretty frequently are like, like, they're just not smart goals, like we talked about earlier. They're very generic, like, I want to make more money or save more money. And I always think it's especially the save more money one, because it's like man, like and I'll ask people, and I'm also often shocked at this point, you know, say, okay, you want to save more money? Like what does that mean? Like, what,
Unknown Speaker 17:49
Unknown Speaker 17:51
Jimmy Turner 17:53
Do you think you'll be financially independent or financially free, you no longer require a paycheck whenever you want to call it? And usually these people that are concerned about saving more money, they'll be like, I don't know. And it's like, well, that's part of the reason why you feel like you need to save more money is because you have no idea how much you need to save. And so let's start again with the end in mind. Right? design it backwards and say, well, you want to be financially independent by 55. This how much you currently have. And let's figure out how much need to be saving every year and then determine do you actually first of all even need to save more, maybe you're saving enough already, maybe you're not saving nearly enough? And that's going to be you know, a here's your sign kind of moment. But I think that when you go to make these new year's resolutions, one reason why people don't stick to them is because there's so general like they're just so vague in nature, I want to save more money like that is not specific. How much are you saving? This is a great, great, like the weight loss example earlier? How much are you saving right now? How much do you want to save? How are you going to get there? What things are you going to fill up? You know, in terms of what, you know, vehicles are you going to use to get to that number? And based on what expected interest rate you will get? How long is it gonna take you to get there? And does that? Is that number okay for you. So, like the SMART goal, I think really applies to the people that are going to save more money or I'm going to make more money. Like be smart. Be smart about your goals there. Yeah, I
Ryan Inman 19:13
hear this one a lot along with the same more money is why I know I want to save, you know, basically money to pay for college. Well, what what kind of college? What does that look like? Right? Because we could talk is that state school? that's going to cost a fraction of what it is. Are we talking about? You want to cover two years? Right? Do you want to cover two years at a great school? I'll use a Wake Forest example. Like do you want to go there? Yeah, Jimmy's like Yeah, yeah, you should write is that cover four years it Stanford does that cover four years then of medical school? Like, how much are we talking because, and I go through this a lot with clients where they're like, Well, one of my big goals is I want to save for college. It's like well, what are we what are we looking at here because we could be talking a couple 100 or 1500 a month. That is very big difference in your overall planning. So, again, having more specific goals. And I keep coming back to and I know Jimmy's doing it too from the weight loss thing, because it's just easy for us to talk about. Because everyone understands that piece, when we relate this maybe to something financial, it might, we might lose a couple people here and there. But back to the to the weight loss concept. Let's say it was 50 pounds, it had to be lost in the year, break it into smaller and smaller, you don't eat an elephant one, you know, like, in one bite, you do it one bite at a time. So if I need to lose 50 pounds, then I'm going to say well, in six months, I need to lose 25 pounds. On three months, I mean, lose 12 and a half in one month, I need to lose four and you lose basically a little less than a pound a week. Oh, that's so much more manageable now to be able to go and tackle those goals. Again, that's one piece of how you will do that goal. And there's a bunch of pieces that we talked about the SMART goals. But applying this across the board, I see a lot Jimmy of well, I want to I want to crush my student debt. It's like Well, are you going for PSLF? Or not? Generally, we get the Well no, I'm not going for PSLF Why have you looked at refinancing? No. Should I say? Well, your interest rates near seven and I have clients legitimately that have done a five year variable refinance at point four 9% I just got an email that I haven't responded to yet. I was like you're reading emails while recording.
Jimmy Turner 21:29
Earlier, I opened it, and then I closed it. And then I marked it on red so that I could spend some time answering this emails because it's gonna take me a good, probably 30 minutes to respond to this doctor who has a million dollars in student loan debt. Currently in forbearance, finishing training, and is asking me what to do. And, and this is one of the reasons why we say start now, right? Like when we put off problems, until, to some extent it's too late. Or, and or it makes the battle much, much worse. You know, it's just, it's just interesting to me, right, because we're talking about the other side of this right now, which is that like you have people that are that are, you know, refinancing point four 9%. And, you know, I get, you know, get those emails to I'll text with my resins about refinancing earlier today. And, but then, like, I get these other emails, and it's like, the reason why this other doctors in this situation is because they never made a plan. Like they just never made a plan and, and to be to be completely fair to this person. They, they, they were saying that they were kind of new defining this stuff. And this is what happens, like, you know, like no one teaches this why money meets medicine exists. like nobody teaches personal finance to doctors. And then, you know, after a four year residency and a year of fellowship, they're just stuck in this bad place. So if you're in that bad place, and you're listening to these goals, and like some of these awesome things that people are considering doing, I just want to say that like, you know, there are other doctors, myself included five years ago, who knew nothing about this stuff. And, and so, like, don't put the stuff off just because you're, you know, it's just something you're gonna tackle later. Like start like start now and like and just like having the juxtaposition of you mentioning the point, you know, the point four 9% compared to the email that I got, you know, a few hours ago, it's like, man, like I just, oh,
Ryan Inman 23:25
yeah, we don't have anyone that's a million, we've we have a couple in the seven to 800 k range. And again, it happened by just shoving their head in the sand like an ostrich saying I'll figure it out someday later. It's like, if you just didn't go into forbearance, and just paid the minimums in your income driven repayment plan. Yeah, that's a couple 100 bucks, but it wouldn't have doubled your student debt. I mean, there's only one way to get into a million dollars of student debt, like, obviously taking out debt, but then doing nothing for it and letting it just compound like crazy. I hope that they've paid at least enough attention to realize that if they even just put themselves into one of the income driven repayments in March, they would have at least started the ticker for PSLF. And it would have cost them nothing. So I hope, but,
Jimmy Turner 24:08
and so and so I just want to throw that out there just to mention it like if you're a trainee, if you're a medical student, listening to this, or you're you know, a resident or fellow, please don't wait to you're already you've already made it this far. You made it to a podcast that's about personal finance for doctors. So please, please, please, please, please do you're just a little bit of work to set up a plan that will work for you and that so that you're not sending me an email six months before you graduate about your million million dollar student loan debt. Like just just start now. And
Ryan Inman 24:42
one of the things we have on there and I'm gonna do a shameless plug here is to improve your financial knowledge. And the financial fellowship is literally geared for residents, fellows and new attendings that want to do it themselves, but not by themselves and that what I'm referring to is to build a financial plan. So what we go through in 12 weeks is to actually go step by step into building a financial plan, you have live group coaching with me. And we will, in 12 weeks have a full, complete customized plan that you built that you understand that you will help implement, and be able to implement and understand all of that without paying, you know, 568 $1,000 to a financial advisor, it's a fraction of the cost. So, go to financial fellowship.com. It literally opens up next week in January, you can buy either of our books, Jimmy's got a fantastic book, at the physician philosopher, comm slash book. And Jimmy, you can tell a little bit about your book, my book at financial residency.com slash book. I mean, these books are like 2025 bucks. My book will literally help you build a financial plan, I co wrote it with my wife, who's a physician, and she relates a lot of the finance stuff back into medicine, what we went through what we experienced, there's lots of checkboxes and check lists. And there's a free course that goes with it, you get our templates, like this stuff will help you take action, and Jimmy's got an awesome book, I won't. I won't talk about yours, you can talk about it. But these books will help even put even what we're discussing here with smart goals and get you thinking differently. Like even this will help you for $25 and a couple of your time.
Jimmy Turner 26:20
And what I'll throw out there, it's just the idea that we just want you guys to improve your financial knowledge. So whether that means committing to listening to a podcast on personal finance, whether it's money meets medicine, financial residency, or any of the other awesome podcasts are out there, taking a course buying a book, we just want you to commit to a lifestyle, a habit, that includes maintaining your financial knowledge. And before you maintain your financial knowledge, gosh, you have to have some. And so you know, the physician philosopher, guide to personal finances, you know, the book, The subtitle says what it is, which is the 20% of personal finance, you need to know to get 80% of the results. So it's more of a knowledge based book. Like this is what you need to know. And you know, that's your that's your base camp, that's where you're starting from to give you the base primer level of knowledge. And then you know, you can you can move on from there. And but honestly, I don't care if you I don't care if you buy the book and I don't care if you take you know, any of our courses, like what I care is that you improve your financial knowledge. And then you make that part of your lifestyle. Like this isn't just like something you do during January like you commit to listening to a podcast, once a week, you commit to reading a book and then reading some blogs, you commit to, you know, creating a financial plan and sticking to it or you know, hiring a financial planner, you know, a fee only fiduciary financial planner that works with physicians, that's flat fee, you know, like that you go out there and take those steps, we just want you to put yourself in a position where you're no longer like checking the box in terms of a one time event. And instead you were you were creating a lifestyle change because this is how meaningful change is maintained, right is that you actually commit to doing it ongoing. And so these are some of the first steps you can take and then create a lifestyle where you're just continually improving and maintaining your financial knowledge so that you can make sure you're taking care of yourself and your family.
Ryan Inman 28:04
And really well. So to me, we just, we just want you guys to be financially healthy. And that's really why we exist. And I will love the day. I mean, I joke and say like my book is to put me out of business, because I tried to put together enough of it that you can work through this like workbook concept to build a plan. Because I am just so sick of all of our friends, and all of our peers. I've been with my wife since we were 18 as freshman year college, so I've been through medical school, three years residency, three years fellowship. All my friends are doctors, all our clients are doctors, like I'm around it all the time. I hate blood. And I don't like a lot of your stories. But I've gotten some thicker skin over over the decades at this point. But I'm so sick of seeing the situation of well, I thought I trusted this person to help me and in fact, they sold me products. Yep. So that fired them. Because I got woken up a little bit, I went to another person and got sold a different crap product. And now you're coming to me to work with us at physician while services, five, 610 years down the road. And all of a sudden, it's like we've lost almost a whole decade, because you got taken advantage of because you were too trusting or you just didn't do the research or you just you check the box and then you forgot about it like you. I'm gonna die it for January and then you know, we're going crazy February 1, because you got off the rails like I just want you guys to take control over your finances and feel comfortable and confident to come to the point where if you're going to work with an advisor say we'd be honored if it was us but even if it's not that you're working with them, because you want to not because you feel like you need to because that's a horrible feeling to have. And I also just I would love to put a lot of these crap companies that sell these products out of business, because we people enough that they just stopped buying this crap. That'd be that is my my My ultimate goal is, is all of a sudden, Northwestern Mutual's like, Well, we've got to pivot to be fi only because like, no one buys our products anymore. I'd be like, Ah, I'm done, I retire, like, I'm good. To be amazing. There's a goal, a big goal.
Jimmy Turner 30:14
And so we want you to invest in your your, your financial knowledge. And the last thing that I'll leave you with is, because we've talked about a lot of stuff like getting asset protection and estate, you know, estate planning, and dealing with your student loans, and saving more money and being more specific about your goals. But please hear this that I, you know, I think it's so important to invest in yourself. And I cannot tell you the number of people that I coach who dive into the financial independence community that we live in, and then they are unable to enjoy, enjoy the journey along the way, because they're so focused on arriving to the goal of getting to financial freedom and the amazing feeling, it's going to provide the opportunity and the freedom and so on and so forth. And I just want to tell you that if you can adopt a mindset, this year of saving, first save enough for your future self, and think from that perspective, but also when you think about that perspective, being able to enjoy the journey, because you're going to want to be able to look back and say, You know what, I really had a good ride on the way here, right? So enjoy the journey. So don't don't forget this year to save first, but then invest in yourself, invest in your happiness and your joy, take a trip, you know, get coaching, you know, go Go on, you know, you know, an expensive thing with your family have experiences you know, and, and just really dive into to spending money, you know, in a way that is meaningful for you for you and your family. And and I don't I don't mean like go spend money, you know, willy nilly, and just just blow it all, like what I'm saying is save enough money. First, take care of your financial tasks. But then don't feel any regret, shame or otherwise bad about spending money on things that you enjoy, you should be able to spend money and have a lifestyle that you love, and that you enjoy, and that you have absolutely no second thoughts about. So I highly encourage you to adopt that save first spend what's left gleefully with joy this year.
Ryan Inman 32:08
Now, for longtime listeners of money meets medicine or financial residency, you guys know how much I love cash flow and talking about budgeting and you know how much Jimmy is the exact opposite. And he saves what he has. And then he basically spends everything and just doesn't know where it goes, which is totally cool. But that is that is Jimmy and I in a nutshell have almost polar opposites in this piece. But what Jimmy says, rings true through and through. And sometimes even we, Jimmy and I have issues with potentially spending money or doing things that would bring us a lot of freedom and joy and happiness. And I've been very, very self aware that sometimes I don't want to spend money because I'd rather invest it because I I am I am a sicko. I am a super money nerd and I truly enjoy the act of investing. I don't even care what my balance is. Just the fact that I could take money that we've earned, and invest it truly brings me happiness. Like I am not a Hey, this is the end result. And I can't wait to get there. I'm like, I can't wait for that journey. That's gonna be so fun to go through. And navvy I'm like, it's cool. I'm a weirdo.
Unknown Speaker 33:23
You are weird.
Ryan Inman 33:23
I bring this up. Because my wife for a year now has been talking about the peloton treadmill. Like a full year. She loves it. She loves the concept. And she knows there's no way in hell, I want to spend like $4,000 on this treadmill. One because Jimmy's laughing because he knows I won't ever use it. And she well she runs all the time she I mean had this 100 mile challenge for work that they did over like shorts with Navy over like a two month period. She did in like three weeks. Like she just she loves running. And this is like a thing and I know we could get cheaper treadmills like this is the part of me that's like well, why do we have to get a like a super nice expensive drawing Why don't just get like a lot less expensive treadmill right. And I'm sitting here going, that is me not wanting to spend the money when I know that it will truly bring her happiness. So what I did was at the beginning of this year, which was pre COVID I started to put aside a certain amount of money that I needed to know that when the holidays come around, I will have enough money saved up and I'm done all my other things right I've saved for my retirement accounts. I've paid all our bills have done all the other stuff I had to do but part of our Flexible Spending money our variable expenses, wasn't going to travel. And I just took it and I didn't tell her I took this and I allocated it to basically the treadmill so at the time of recording she will have already seen in open treadmill which is great because we're after the holidays. We are recording this right before the holidays. So she's not heard this yet. So I'm honestly like I hope she's not around. Listen To this, but I did that because I know that that will bring her so much joy every single day, she will use this thing, and it will bring you so much joy, it is hard for me still to go, huh, I had to spend that amount of money, because I know it could go to a whole bunch of other places. But I've already taken care of those things. So what Jimmy's saying it rings true. And we are not immune to these things just because we talk about it on air, like Jimmy and I are very open about what we do what we do, right, and more importantly, what we do wrong. And this is one of those things that I really want you guys all to lean into. Because the majority of you have financial independence is one of your big goals. And so some of you will go I think anything extremes is bad. But some of you will go to the extreme and go back to like, what it was like in training where it was just survival. But also it was super delayed gratification. And what happened at a training most of you went crazy. And the asset, the lifestyle, inflation went nuts, you were buying things doing things. If you do that now and you delay gratification, again, you're doing it, honestly, I think for no reason other than to hurt yourself emotionally. And just be careful. Like, as you're you're spending and saving and earning that you think through what do I want in the future, but also what I want now and balancing those two. And that's, that's a real balancing act, you will not figure that out in a month, it'll take you probably a couple years of really diligent digging into your finances, understanding how this things works. The numbers, the ones and zeros will come quick. It's the emotional piece that'll take you a lot longer.
Jimmy Turner 36:39
Yeah. And what I will leave you with here is is what I tell my clients all the time is that people get frustrated because they fall back off the horse like man, I tried to adopt that mindset, I tried to do that work to really get to that space where I didn't feel bad about spending money. And I just like it's just really hard. You know, I'm back in my own my old pattern of thinking. So whether this is with weight loss, or whether this is with your financial goals, you got to view your brain as a muscle. It's just like anything else, like you're not gonna go out and run a marathon tomorrow. If you're not running right now. You got to build up to it, you're going to fall off, you got to keep exercising, keep working, you know, the mindset piece, and it will get better and easier and easier and easier until it's just part of who you are. And once it's part of your identity, you can't help but do it because that's who you are. And so that that's ultimately the goal to get to that mindset. And and once you've done that, it's great, but you're going to struggle on the way and Ryan and I certainly do as well. But hopefully some of these, these goals and this this mindset work and kind of thought where we talked about smart goals has been helpful for you. And we we appreciate you tagging along as we hopefully gave you some ideas for the for the post holiday season and your new year resolutions. Speaking of which, don't forget to go get Disability Insurance particularly if you're a woman physician with disability insurance needs, you can go to the physician philosopher.com slash pattern insurance to get quotes because the unisex rates principle financial go away December 31. So don't wait, start now. I appreciate you guys listening and we'll see you next week.
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