fbpx

Physician Disability Insurance

Money Meets Medicine Podcast

Physician Disability Insurance

MMM 69: The Dangers of the Monthly Payment Mindset

Thinking that you can “afford” something because you can manage the monthly payments associated with the purchase is a common – yet deadly – financial mistake.  Your money mindset has a big impact on your financial success, and the monthly payment mindset is one thing to rid yourself of.

Don’t believe me? Tag along for this episode to find out why. 

Today You’ll Learn

  • How money is a surrogate for time.
  • Why the monthly payment mindset doesn’t mean you can afford something.
  • The benefits of getting rid of monthly expenses (and how this can double up your financial success)
  • And more!

TPP

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

You might also be interested in…

Following the Financial Crowd

Following the Financial Crowd

Have you ever left a sporting event, following the crowd, and suddenly realized you were walking the wrong way? What if I told you this phenomenon has a name, and it impacts your money, too?

Understanding our own behavior when it comes to finance is essential because it helps us mitigate wrong-for-us decision making around money. Unless you know these roadblocks exist, you can’t do much to stop them from derailing your financial goals.

Last week, we shared why human behavior matters for our financial lives by taking a look at the first 5 out of 10 psychological phenomena that can (and do) affect your personal finance goals: greed, fear, ego/overconfidence, loss aversion, and analysis paralysis.

This week, we’re diving back into behavioral finance (one of our favorite topics) to share five more types of unchecked human behavior that can sabotage your journey to building the wealth you want.

Greed, FOMO, and Bad Investments

Greed, FOMO, and Bad Investments

Despite our best intentions, certain emotions can keep us from building wealth. After many years arming physicians with the information they need to achieve financial wellness, I had a significant realization.

Information is one thing – behavior is another.

As the saying goes, money is 80% behavior and only 20% math.

Not only do I want to share important information about personal finance, I also want to help you recognize how certain behaviors can (and do) affect your finances.

Drawing from one of the classic books about investing, let’s go over five common behaviors that could be keeping you from achieving your financial goals.

How Doctors Can Get Good Financial Advice

How Doctors Can Get Good Financial Advice

Many doctors and high-income professionals hire financial advisors for any number of reasons. Either they’re too busy to handle their finances themselves, they don’t really know how to invest, or they want an expert on their side to make sure they’re on the right track.

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.

Are you ready to live a life you love?

© 2021 The Physician Philosopher    |   Website by The Good Alliance