Money Meets Medicine Podcast
The Importance of Keeping Investing Stupid Simple (KISS)
Did you know that when it comes to investing, keeping it simple often leads to better returns?
Keeping it simple is not just my or Lisha’s opinion – studies show that this is a more effective, sustainable way to go about investing.
Why? Because it turns out that as humans, we don’t like as many choices as we think we do. We take action less often when we feel overwhelmed with choices. Just think of the last time you asked your partner where they wanted to go for dinner…
In fact, in a jam (yes, jam) display study on consumer habits, a display case with 24 varieties of jam received more customer traffic but ten times fewer sales than a display case featuring only 6 jams. When we have too many choices, we often don’t choose at all. Also known as: analysis paralysis.
We love talking about the psychology of investing, so let’s dive into some of those principles and how simplicity can help you when it comes to real-life application.
In this episode, we discuss:
- Examples of analysis paralysis (7:25)
- How Lisha operates psychologically when it comes to investing (10:06)
- A great way to start when you’re new to investing (15:49)
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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
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.
Dr. Peter Kim and Physician Entrepreneurship
Have you ever thought about using real estate to reach financial independence, but you didn’t want to be a landlord?
Recently I sat down with one of my good friends and one of the OG partners of The Physician Philosopher. He’s an anesthesiologist, husband, father, entrepreneur, as well as a real estate and physician side gig guru – of course, I’m talking about Dr. Peter Kim.
One of the interesting things about Peter’s story is his transition from full-time practice as an OB anesthesiologist to stepping away from medicine and going part-time, to now his being on sabbatical. He’s not sure if that’s a permanent sabbatical or not, so we got to explore his thought process on that and his story.
So let’s dive into this discussion with Dr. Peter Kim and the intersection of all things entrepreneurship, side gigs, medicine, money, and real estate.
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