Money Meets Medicine Podcast
MMM #38: Pandemic Proof Your Finances: How to Bulletproof Your Finances
Are your finances prepared for an emergency? How about another pandemic? If not, now is the time to create your plan. We tell how you can make your finances bulletproof. It’s all about your savings. Keep reading to learn more!
What You’ll Learn:
In this episode of Money Meets Medicine, “Pandemic Proof Your Finances: How to Bulletproof Your Finances,” you’re going to learn all about how to prepare for the next pandemic (financially) and:
- As always, why you NEED an emergency fund!
- Why you should write your plan down on paper.
- Why a financial downturn is a bad time to panic.
- Why “pandemic proofing” your finances gives you a great way to think about the future.
- Why you shouldn’t plan your future around money you don’t have yet.
- And more!
Quotes to Remember:
“During this time a lot of us have realized that our finances aren’t nearly as secure as we thought that they were going to be. It turns out that having all this financial security for being a physician maybe isn’t as bulletproof as we’d like.”
“Know what’s going on, know how money’s coming in and out, building an actual plan. I’m not saying in your head. I’m saying, literally write this down”
“Please do not make changes in the middle of a downturn, a market turmoil, or a moment of passion. You need to make these changes with a conversation, sitting down, ideally with someone else, a financial planner that you trust…”
Resources from the Episode:
This Episode’s Sponsor
As part of this show, we wanted to mention – if you didn’t know – that Ryan and I also have written books on personal finance for physicians. Ryan’s book called Financial Residency: Create Your Financial Plan Without the Long Hours or Sleepless Nights is all about going through the steps to create a financial plan.
My book The Physician Philosopher’s Guide to Personal Finance: The 20% of Personal Finance Doctors Need to Know to Get 80% of the Results… follows a chronological order from medical school through becoming an attending and the steps you should focus on each way along the way.
So, check them out by going to financialresidency.com/book or thephysicianphilosopher.com/book
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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.
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.
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.