Money Meets Medicine Podcast

MMM 61: This New Technique is the best way to Make Money

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Physician Disability Insurance

One of the biggest mistakes doctors make is listening to other people talk about their successes in personal finance. And I totally get it, everyone sits in the doctor’s lounge talking about their recent success in individual stocks. Or in real estate. So the idea that you are missing out is an easy trap to fall into.

So, what are you going to do when we share the newest technique to make money? Will you have a fear of missing out or will you stay the course?

Today You’ll Learn

  • The difference between a lottery fund and saving for retirement.
  • The impact of FOMO on investing.
  • How your financial decisions have very little to do with math.
  • The importance of your money mindset when it comes to financial decisions.
  • And more!



Jimmy Turner 0:00

Have you heard about the newest investment technique that's making doctors tons of money? Keep listening to this episode you don't miss out.

Welcome to the money meets medicine podcast where we talk about the personal finance topics you wish you'd learned in medical school. I'm your host, Kimmy Turner. And here's your co host, whose hat size is so big that he has no idea what his fitted hat size is. So I guess you can blame this guy for the one size fits no one hat phenomenon that exists. Ryan Inman.

Ryan Inman 0:34

Alright, so it's not that big. I'm just a normal person. I don't know. I don't get it. But it rains, my brain is big. But I guess if you ask my wife, she's like, No, there's nothing in that head of yours. It's just air. I love where it's all good. No one asked her. Our secret. I'm excited. So we've got a really, really big idea we want to talk about today on the show and make sure you stick around to the end because that is where we're going to reveal this big thing. For those of you that are cheating and going to just fast forward to the end, you will be potentially disappointed, but maybe really, really excited because it's a big idea. We're excited to share it with you all. Before we get in the show though. Here's a quick message from today's sponsor, which is physician financial services, and they're a business widely recognized in the physician community for disability insurance. Larry Keller, who is a CFP has also been in the insurance and financial services industry since 1990. Unlike medicine, which has a standardized path that physicians must take to gain the education, training experience requirements necessary to obtain board certification, the insurance and financial services industry doesn't have that. So working with an agent that is familiar with the underwriting about disability and life insurance policies for physicians can all but guarantee a smooth underwriting process in which the desired outcome is likely. While he may not be the doctor's first phone call regarding their insurance needs. He's often their last Larry's a great guy. We've known Larry for many, many years, we've literally quoted hundreds of policies through him at our financial planning business. And so reach out to layer by going to Dr. podcast network.com slash Larry Keller, l a r y, k e Ll er it's all one word for the URL. But the link is also in the description of this show that you're listening to us in right now. So as we move over to the main event, I feel like it's like a big Holyfield Tyson fight the main events happening

Jimmy Turner 2:29

Hey, we need background music with like you're coming in with like your hood on top your head and it's like dark and

Ryan Inman 2:34

dun dun dun dun, dun, dun. Everyone listen to that like to x speed. Oh God, here we get this. But so now is waves in client calls. And all of a sudden, my client just started looking me a little weird. And I'm like, what I've like food in my face. What's going on? I'm a little self conscious about when someone just staring at you and then start laughing. I don't know why. And then they're like, Can I speed you up? Because I'm really used to listening to you like one and a half or 2x. And you talk really slow. So I'm like, oh, okay, like I'm such a smartass. I'm

Jimmy Turner 3:06

like, like, it's like, it's like that scene from Zootopia when like they come in, like the DMV with this law and tell the joke. love that movie.

Ryan Inman 3:13

That one's a good one. My kids like didn't get it at first while he was so slow. And then I had to show them other videos after and then they thought it was really funny. But we're going to talk a lot today. And we'll get to this special thing that we're going to mention at the end here. But we're gonna talk a lot about ignoring the noise and not following the FOMO the fear of missing out some recent examples. And it's fascinating to just think the year that we've had now I'm going to strip out COVID I don't want to talk about that, from an investment perspective, financially, just ones and zeros for a second. In March, we put out a bunch of shows. And I did actually a daily show in April to kind of help answer questions of people in our community that they had around finances because everyone was freaking out. They thought the world was ending. The markets collapsed 33% in a month, it was a massive drawdown for a ton of people. And the opposite of the FOMO in that case, everyone was running for the hills everyone's running for the exit the markets were quote unquote, you know, collapsing. In other words, they weren't. We had lots of content out there was like hold the line. But right now, less than a year later, we've already had massive amounts of FOMO of these fear of missing out events. It could have been Tesla it could have been investing with Kathy would have Ark invest who I actually think is incredibly smart. I just don't think that you should pay an active manager a bunch of money. And also usually when someone outperforms the market by a lot the next year all the quote unquote dumb money the retail Money Follows in and they usually underperform the market. It's just how it works. And he had Wall Street bets that whole phenomenon with GameStop and AMC and now Rocket Mortgage is the next one which is interesting how it's just kind of hurting into different stocks. And I think the SEC He's going to have a field day of trying to figure out how to prevent this stuff. You've got Bitcoin and all the alt coins that are occurring. Some of these things are okay, some of these things aren't. And I think it's really good to stop and pause and realize what is actual investing versus what is speculation. So I've given some examples, Jimmy, of kind of what we're seeing. But from a coaching perspective, like, what do you see? Or what do you think about on the behavioral side of this kind of FOMO? These momentum plays that I think are plaguing our society right now?

Jimmy Turner 5:33

I think it's kind of interesting, because you mentioned like FOMO and reverse FOMO. And the saying, I don't know what that's called, I just made it up.

Ryan Inman 5:40

I don't like it. Reverse FOMO.

Jimmy Turner 5:42

You heard it here first. Yeah, so like, the idea of like, market going down. Everyone's like, bailing ship, because, oh, gosh, this thing's going down, the markets crashing, I'm never gonna get back to where I am right now. And so they have the fear of missing out in terms of they don't get out. Now it's going to get worse. That's almost like a reverse FOMO situation, and then immediately followed a year later by GameStop, and Wall Street bats, and that whole saga and all the other stuff that you just mentioned, where people are like, wait, if I don't get in right now, then I'm gonna miss this huge rise in these individual investments or these individual opportunities. And it's an interesting thing, because what does that do for you? Right? If money is 20%, numbers and 80%, psychology or behavioral finance, like what are these things doing in terms of the way that you make your decisions, and it goes back to, I think, any coaching topic, the entire purpose of coaching in our coaching experience, or any other coaching programs to go from unintentional to intentional, right, because most of us spend our life in unintentional thought patterns. And so what happens is, if you haven't made a decision about what you're going to do, when the market goes down, or the market goes up, or individual stocks go up, or they go down, or whatever happens, you don't know what you're going to do. That's why we did an episode on everyone has a plan to lay punched in the mouth, like, you're no good. Oh, Mike Tyson, that quotes just so good. Well, everybody thinks they have a plan that they probably didn't write down, and so they don't have anything to stick to. But I'll say that it's interesting, because even when people do have a plan to stick to sometimes they'll bail in the middle of the course. Because the FOMO gets so strong that they're like, no, but I'm just gonna miss out this time. It's gonna be too much. I'm just gonna have to change plans, like the plans written down it says you can't change your plan. It's an interesting thing, because it really goes to the idea of like, hand someone in and of their own volition if they're aware of all of these things, stay the course. Because, yes, you know, what, Vanguard's before us pun intended, have said, right, the most important thing you can do is stay the course. And so FOMO is so strong that even when people know that sometimes they bail, interesting stuff.

Ryan Inman 7:38

It is and if you think about how things evolve and change over time, it's okay to admit you're wrong. It's okay to admit that you've had a change in investment strategy. Those things are fine, but it's not fine. When that happens overnight. And so what I mean by that is, let's take this whole phenomenon of GameStop. Okay, you know, GameStop the old school like retailer that you'd go in, and I don't know, I was a nerd as a kid. I still am a nerd. You're talking about this like past tense, like, dude, me, my little boy and little girl bought like super smash brothers from GameStop like months ago, okay, I'll leave the house. So Amazon brings me everything now. But back in the day when I did free COVID Tj, you go in to GameStop. You can buy games, whatever. Well, most gaming systems now are basically download the game. There's no reason to go in and get a physical disk. Like, my kids are young. They're not young enough to where it would be discs are obsolete. That's probably the next 10 years that like no discs will just ever be created. And it'll be an ancient relic like the old Walkman or something people like what you listen to music on that doesn't even make sense. Like, I can't even believe it. Well, GameStop

Jimmy Turner 8:46

Did you have the anti skip technology maybe

Ryan Inman 8:49

wasn't the best over? Oh, man, we're nerds. So with GameStop, right. You didn't have it in your investment plan that like Oh, hey, I'm gonna go get into this trade because of XYZ reason. And I'm just gonna plow 1015 100 out whatever that money is. to go into do this, I'm going to start buying options. I'm going to open up a super easy account at Robin Hood. Which by the way, Jimmy, I did that just to see how easy it is. It is way way scary is way too easy. And to get in. It's fascinating at after the whole GameStop thing happened.

Jimmy Turner 9:21

I know this is not what the show is about today. But like speaking of another form of reverse FOMO like because of everything that happened and then how Robin Hood have handled that. It has been fascinating watching like a revolt against Robin

Ryan Inman 9:32

Hood, Robin Hood zone is going now they got a slap on the wrist for the lockdown of 15 or 20 $25 million, something like that. More fines are going to be coming as all this starts to unwind. But the idea was and we're going to take an AMC Bed Bath and Beyond. It's now Rocket Mortgage. I mean, you pick it, Wall Street bets. They're targeting certain companies that have large outstanding short interest based on the float of the company. And when you look That is not part of my investment policy statement. It just isn't I don't have anything written in there that says, hey, if x, y, z occurs, go toss 1% of my net worth into a GameStop call, or a call of a company or a put selling it short, whatever, I don't have that I have a speculation fund. And I call it my Lottery Fund, if you will. And it is evolved over time, at one point it was no more than $1,000 could be invested in any stock, it didn't matter what the stock was nothing over $1,000 could be in it. Because I am a nerd, I look at the markets all the time. And I don't trade the markets all the time by any means. And there was a period of several years where I didn't make a trade other than into my index funds, to be honest. But I still have that urge that gambling kind of spirit, if you will, it's just think of it like Vegas money, you're going to go to Vegas, you're going to pull out 100 $500, whatever that number is, it's different for everyone. And you're going to go gamble, and when the money's gone, the party's over. That's kind of like how my Lottery Fund goes. Over time it is increased at some point it was 5% or $5,000. In any stock, I've now shifted it to a very, very small single digit, very small percentage of net worth. And I removed my $5,000 per stock requirement, because that actually forced me to sell things that I normally wouldn't have sold. But I stuck to my guns, I wrote out my investment policy statement, I wrote out my Lottery Fund investment policies, it was very different than my normal 99 98% of my net worth has one investment philosophy, this has a very, very different philosophy for that. But the rest of that is my core investments, my retirement accounts, my stocks, I don't own bonds, but if I did, it would be inside there, I look at the businesses that we have the alternative investments that I have, whether it's farmland or real estate, and I talked about how I rebalance around them. And that is what goes into the investment policy statement. But right now, what we're seeing across the world, is everyone just throwing it out the door and saying eff it YOLO, we're going for this, I'm rolling the dice, and it might work. It might work twice. But when it doesn't work, it's going to be a catastrophic failure for your finances. And I really don't want to see more people hurt. And I want you to think through these things. So as FOMO exists in everything that's really hard to reduce that temptation, unless you have things written down. I can't tell you Jimmy, how many times I've had a prospective client call. And it's all I've started with this. And I'm thinking about that. I'm like, do you have anything written down? No, it's up here. My old good old noggin. I'm like, What? Oh, well, let's write this

Jimmy Turner 12:39

down. Interesting. Cuz I would fight back a little bit on like the idea of a Lottery Fund. And for example, like, I don't have one. And the reason why is because I know my personality. And like, I played a ton of poker. In college, I almost failed out of medical school, that should probably be one of our interests someday, because of poker, like I played a ton, my first year of medical school almost failed out of biochem. And so I know my personality, and I know that I really like taking risks, and gambling. And so like the idea of having a Lottery Fund for my portfolio would be just totally catastrophic. Now, there are benefits to having that kind of personality, like I have no problem with taking risk in the market in terms of being heavy in equities and stocks, because I'm going to sleep well at night, I don't dwell on those major losses. That's I've got a buddy at work who I give him a hard time because every time he gets a quarterly you want his paycheck, he puts a substantial amount of money into this Lottery Fund. I know the answer for you. But I always ask people just to clarify, because I think the perspective that you have on this is so important, whether you write it down or not, we always of course, encourage you to write it down. But even if you haven't just the mindset that you have on your Lottery Fund, simple question. Is it for fun? Or are you depending on that money for retirement? If it is for fun, it's just a personal finances personal thing, if you want to take 10 grand put it into a Lottery Fund, like I'm not gonna fault anybody for doing that just make it 10 grand. And that's it have rules like Ryan does. If you tell me that this is money that you're depending on for retirement, a Lottery Fund is a fantastic way to have so much FOMO and losing lots of money. And I think that it goes to exactly what Ryan's point is it like this idea that you can do something once or twice, but it's not repeatable. And I actually see this in the same thing happen in the physician entrepreneur space, where people will be like, oh, like, I want to coach somebody on building their own business. And I'm like, Well, how are you going to do that? And they're like, we're just gonna talk to them about their ideas and see how it goes. And you're Scott them through the process. I was like, if you don't have a repeatable process, you can walk people through what are you doing,

Ryan Inman 14:32

you don't have a plan, like a business plan, then you probably have to work. So business starting a business. I like that we're pushing back because I'll push back on you a little bit here. So you know, that's personal finances, personal your thought process and how you view risk and what you would do and you wouldn't trust yourself potentially. I'm not putting words in your mouth to have a Lottery Fund and stick within the confines of that fund. Right. If you said Oh, I'll put $10,000 in this account. Oh, look, make an A ton of money in my Jimmy but I'm gonna go and take 100,000 from these other taxable accounts, whatever and throw it at, you know yourself, don't put yourself in that position, if you have an obsession with alcohol, eating whatever dependency on those things like don't go sit down at a bar and hang out with a bunch of people, if you've got some tendencies that you haven't really worked through, that is kind of that thought process, at least to me. But what I see after working with tons and tons of people over the last 15 years, is that everyone goes, I know what I should do. And I know that it's right to invest in index funds. I know that in my heart, in my head, I know that part of me thinks I can do better. Part of me thinks I'm smarter than the market. Part of me thinks that I just want to have some fun, and that index investing is super boring. It's like watching paint dry. I don't get enjoyment from that.

Jimmy Turner 15:48

I'm already going to ask you because I see where this is going. How often does your experiment backfire on you when you tell them to play with some money and then ends up not doing better,

Ryan Inman 15:57

almost every time into doing better? Oh, no, it usually never ends up better. But you won't know that until you experience it, right? until you go through and you're like, Alright, I'm going to drop 10k into this account, we're going to do the rest of the good stuff over here with those accounts. And I'm using By the way, everyone 10k is just a random number. I don't care if it's 1000. I don't care if it's 100,000. Make it a certain very small percentage of your net worth, and swing for the fences If you want, I don't care what you do. Well, when you look at this, and over a period of time, you will quickly realize, Oh, this is actually hard. This isn't what it was cracked up to be. Or oh my gosh, I've followed into this GMP trade. And then you wake up the next day and it's down 60% you're like, Oh,

Jimmy Turner 16:39

where did all my money go? That's not cool. Hey, Ryan, a new name for your financial process. They're just gonna call it like the RCT, the randomized control trial financial process where you've got like the control arm, which is index fund investing, and then the study arm where you say, hey, go play with your money. And then we'll see how you're doing two years from now. And it goes back to who was at Warren Buffett and was the other guy that a bet against each other for 10 years. And Buffett just put his money in index funds, and the other guy picked his stocks and stuff. And then by the end of the 10 years, they had to donate like a million dollars to charity for whoever lost or something like that. And the guy that invested in individual stocks, lost by like just a massive landslide, like I mean, there was multiple percentage points different.

Ryan Inman 17:19

And there's a reason why the majority of you out there, like that's not the first time you've heard Warren Buffett's name, right. He's super old. But he's an extremely famous value investor that has consistently beat the market over his, like 900 years of investing. He's not that old. But he is like, I think he's in his 90s. Now he's pretty old. He's pretty old. But he has consistently been able to do that how many people have been able to consistently do that? Our household name, and there's only one Warren Buffett but there's, there's maybe half a dozen people that are really, really successful at that. If you think about over that career, he's done really well berkshares his company, he owns lots and lots of companies, but he's a household name. For that reason, the majority of people out there that are fund managers, more and more of them are starting to gain popularity with the FOMO crowd, right. And like I mentioned with Cathy wood at arc invest, she is invested in Tesla heavily. She was invested in Bitcoin. She's invested in all these like automation and really interesting thesis around everything. The amount of FOMO to crowd into her trade is ridiculous, like they have 20x or 30x in just a year in terms of the amount of money that they're now managing within their ETF space. And I'm saying that if we look at history, and say, well, who's performed well, and who was the top of their class for that year? How did they perform the next 135 years in almost every single time, they underperformed, not just the other active managers, but they underperformed the market as a whole? Now, Could she be the next Warren Buffett? Potentially, but I've received at least 30 emails asking me about Ark invest. And what I think and I look at is like, Well, the only reason you're bringing this up to me via email or clients or asking in calls or whatever, is because she's up to 100%. Last year, the market was not doing that. You're clearly chasing performance. And we've talked about active versus passive and the better strategies. I

Jimmy Turner 19:16

think that the more interesting question, there's two things, right. And one of them is if you know it in your head, why is it so hard to follow it with your heart? In terms of what you do with your money, we talk about low cost, diversified index fund investing all of the time. And the reason that we do that isn't because that we forgot that we told you seven episodes ago, it's because human beings need iteration you need practice. There's a reason why don't learn how to practice medicine in a week and then go start operating on people like you need repetition. And so hearing these things, hopefully over and over and over and over again are building some repetition in your mind about them. And we also recognize that it is extremely hard when you see something like a 200% return to not work Wondering Oh, I could get to my goals faster. And I think that part's interesting for me personally, because I have, you know, what I call the the hybrid ephi model, right? Where like you do the retirement accounts like standard stuff, and I'm all about it. And we will get to financial independence through that method alone, regardless of what happens in our business. But if you want to get there faster, I don't know, like, there's so many other ways to build cash flow so that you have a little more financial freedom right now, while you're still doing the diligent, steady, stay the course index fund investing strategy. And you can have both of those things without having to invest in individual stocks or go invest in Tesla or GameStop, or Ark invest or any of the stuff, like you can build cash flow to find financial freedom right now in a variety of ways through physician entrepreneurship, or real estate or whatever have you. And we've done shows on that stuff, too. So I just think it's interesting because it's almost like maybe it's because it's more passive, like you can just put your money in and then get to 100% as opposed to putting work in into other things that would build on but it happens

Ryan Inman 20:54

across all different spectrums of our life. I know that if I go to chick fil a, that is not healthy. My bottom line my waist here, I know better. Like I know I should not go eat a chicken sandwich at chick fil a. It is tasty and delicious. Some of you will say that it's not but it is love y'all, but you're wrong. If you don't like chick fil a, I agree. But I know the healthy side is la should just eat veggies. I should have this quote unquote, diet. And I don't know actually how you want to phrase that lifestyle. I know I should exercise at least 30 minutes a day. I know. But that's not fun. That's not sexy. That's not interesting. What's more fun is to go and co have a chick fil a sandwich and it tastes delicious.

Jimmy Turner 21:32

So in coaching, we would call those things thoughts, right? Like the exercises and sexy like all this stuff. But no, I think it's just so interesting, because we have to remind ourselves of these things all the time. And the reason why is because our brains are constantly trying to sabotage

Ryan Inman 21:47

us. Absolutely, absolutely. I know that it's not better for me, I know that I should be doing these things. And I'm constantly reminded, being married to a physician that I shouldn't be doing some of those things, and all our friends are visiting. So they all tell me, hey, you've gained some weight, you should probably stop doing that, hey, I get text messages. Because with my Apple Watch, we have our activity shared. And so at eight at night, I'll get a message me like, dude, you need to move more. And I'll be like, ah, I instantly regret giving you access to that. So in finance, we need to continually repeat the message. Because there's so many things to distract us that are way more fun way more sexy. The shiny object syndrome. This is what we're hearing right now with Tesla are Jamie back on whatever those are the things today, it will be different things next year, it'll be different things the year after that. But the same thought process needs to occur of I'm going to write down my plan, I'm going to write down my investment policy statement. And I'm going to figure out, when I need to make an update, you don't just make an update, you actually write in your rules, hey, I'm going to go do this, then I'm going to talk with XYZ person, my spouse, someone else that is knowledgeable and personal finance doesn't even have to be a planner, just someone else to give you a gut check. If everything works out, okay, then wait 60 days, then implement such change, at least have a rule around it. So if you're like, Oh my gosh, I want to FOMO into this geometry, this is gonna be super fun. A significant other, this is made FOMO a verb, whatever, I'll make it an adjective. And now I don't care. I'll make it everything because it is everything is everywhere around us right now. And I know a lot of people are getting hurt. And they're not admitting to it. Because that would mean that you'd have to admit that you're wrong. None of us want to do that. We know why behaviorally, no one wants to do and these negative emotions are already present around, usually work in the atmosphere, the political climate, everything COVID The last thing you want to add in is just a stupid mistake financially, that then is gonna make you feel even worse. There's just so many things that are going to compete for that attention. Let's not make some easy mistake that we don't have to do. Let's not do that.

Jimmy Turner 23:50

Yeah, that all goes back to your analogy right in the dieting and the eating just like in the finance, which is that this is just a great example, that in today's day and age, when you can literally Google anything, you can look up anything, the knowledge of something, how to do something, or what to do is almost never the problem. It is almost always the why and the processes that you have in place to help prevent you from sabotaging yourself. And so I completely agree that the idea of writing it down and having that fundamental plan investment policy statement and checking in with people and having accountability and support systems and anybody that texts you and says, Hey, get moving. And by the way, don't invest in me,

Ryan Inman 24:29

those are my text messages back to them is you want me to move. I don't want you to buy this, please don't be dumb. And they're like, please don't die, go work out. Alright, you win that round. All right, moving over to our listener questions. So we get asked a ton of questions here, money, meats, medicine, and I know Jimmy gets asked and I get asked a lot just respectively in in our other communities. But this one was around how do we rebalance the value of your home? I thought that was really interesting. So we want to talk about that here and want to remain anonymous. So we'll just leave it at that. And Jimmy. I think it was You're listening cuz you're like, what do you mean rebalance around the value of your home?

Jimmy Turner 25:04

Yeah, so I will be honest, I live in Winston Salem, North Carolina, or a small town just outside of it. And the cost of living here is so low. And I know that so many of you want to reach through your speakers right now just punched me in the face, My nose is already crooked. So actually, if you're going to do it, to punch it the other way, so it's straight now. So I actually haven't ever considered that because the money that we're saving plus the value of my business, really, the value of my home, I think in the end is going to be negligible compared to those things. Now, that's not exactly true. That's probably not a fair way of looking at that because it is going to be a double digit percentage, I would imagine. But yeah, I've just never really thought about I've thought about rebalancing my stocks and bonds and my asset allocation in that regard, but then considering it with my home. Yeah, it was new idea to me, I'm not gonna lie.

Ryan Inman 25:50

Yeah. So I look at as two steps one, when you're looking at rebalancing you rebalance your liquid net worth zero rebalancing, your IRAs, your 401, KS, your four, three B's, your in taxable accounts. And I would even include your cash in the bank inside of that. Now, some of that cash in the bank will be for your emergency fund. Some of that will be for upcoming variable spending, that you've been saving, whether it's a vacation or a new car, or whatever it may be, you've got your goals that you've earmarked. So you will always have some portion of your investable net worth in cash, right. But then you've got your pure investment accounts. That's how you're doing a lot of your rebalancing. But the value of your home is part of your net worth. And it is technically real estate. Right? You could just actually sell your home right now Jimmy, and you could be renting this whole time and not have that asset. And of course, the liability because you have a mortgage on your balance sheet. So it deserves to be there it is part of your net worth, if you decided right now, hey, my house is worth half a million dollars, I'm gonna go sell it. Let's just make this easy and say, well, 10% comes off the top 3% to your agent 3% to their agent, there's a bunch of costs to actually sell the home with transfer tax and blah, blah, blah. So you're left with $450,000, well say you owed, I don't know 400,000 on it, then you have $50,000 of cash that is real cold, hard cash that you can go FOMO into GameStop, you could put it in your taxable account, you could stick it in whatever verb noun, adjective, I want to hit them all. Let's see if I can. So it belongs on your balance sheet. But to rebalance around the value of your home seems excessive and kind of silly. So I wouldn't necessarily do that. But I think it deserves a place on your balance sheet. It needs to be something that you are looking at. and assessing the value. I don't think that it's a bad thing to assess the value every six months of your home and see what's going on in the neighborhood around you. I don't think you should obsess over this every week or every day, even every month, I think that's way excessive. But every six months, and when hurt to say, hey, if I was to sell this home, what would it be worth? And how much do I owe and, you know, coming back in should we pay more money to pay off the mortgage quicker is there other places that we need to it's just getting you to have really good, honest conversations around your money, whether you're single, or you're married, having those conversations are really important. And so understanding the value of your home understanding that it belongs in your net worth and part of your balance sheet as an asset and a liability, because that is very important to understand. And then removing that from Well, I wanted 3% of my portfolio to have real estate exposure in your house is that I wouldn't go that granular in that. But you could if you said hey, I bought a $2 million house in Southern California here and I want to come hang out because it's probably super cool house. But then I could maybe make some leeway or give you a little more leeway, I should say, into saying well, if I wanted 5% of my overall net worth to be invest in real estate, I have a lot of exposure already, just because of the price of my house. Maybe you don't take as much exposure in a read or something else. I could understand the logic around there. But again, it would have to be probably a fully paid off house a ton of equity inside of it. And honestly, I don't think it's gonna be worth the majority of your time to do that. But I like the question. Oddly enough, we get asked it a lot. It's interesting that you haven't really had that come up, Jimmy, but it's got my thought on it.

Jimmy Turner 29:13

Yeah, no, I haven't but I do like the idea of in terms of your interest rate on your mortgage. And we've talked about using things as surrogate for bonds, whether that's student loans or mortgages or whatever and so now the interest rates are so low and I bet a bunch of people listening have refinanced their home and like now have sub three and a half percent interest rates it's Yeah, I kind of get that because three and a half percent I've got some equity in my home and making decisions about rebalancing getting a guaranteed return that now 2.75% which is I think what ours is, yeah, I totally get it. Pretty interesting idea.

Ryan Inman 29:41

Yep. All right. Before we end, Jimmy and I promised you that we would be telling you the super secret and if it wasn't obvious by now, Jimmy, I'll let you do this one.

Jimmy Turner 29:49

Man. I just I felt the boss just run over me. Yeah. Hey, the secret is, please don't let FOMO including an introductory podcast headline saying hey, if you keep listening I'll tell you this new investment technique is sticking to the plan, staying the course carrying on, that's what's going to help you find success when it comes to investments and with your personal finance strategies. So we just want you to tag along stay to the end, because we all know how powerful that can be. And this is just another example that if you're super pissed off,

Ryan Inman 30:17

I would be kind of If I were you, I'd email Jimmy. Jimmy at money mean Spencer calm. Tell him how much you did not like that, because that was a funny idea. And I'll give him all the credit for it.

Jimmy Turner 30:27

Hey, you got to try new things, right? It's like that show to level my new food because my taste good. You got to try new things and podcasts.

Ryan Inman 30:34

Oh, man. All right. Well, before we end, don't forget to reach out to Larry Keller, a physician financial services for your disability insurance needs. He's been around for a while in many of the physician communities, helping all of you get the coverage you need. So find Larry, at doctor podcast network.com slash Larry Keller. And like I mentioned before, he's in the link of the description of the show, listening to you right now. But before we end, it's time for that important disclaimer. And have a great week everyone. Cheers.

Jimmy Turner 31:01

Thanks for listening.

Jimmy's daughter 31:07

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

Ryan Inman 31:36

That's my way of saying hello yeah.

Jimmy Turner 31:39

I'm trusting with Mike again because I don't have issue I'm just gonna say like, well

Ryan Inman 31:42

don't like you don't know give it some space. Alright, let's go see what I deal with.

Jimmy Turner 31:50

321 Have you heard about the newest invest big tech was bad three to one



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