Money Meets Medicine Podcast
MMM #37: Why It’s Okay to Live Like an Attending
When doctor’s become financially literate and keep hearing “live like a resident,” it can be hard to transfer out of that mindset. Learning to loosen the purse strings and enjoy the money you have can take a bit of practice. It’s good to learn how to spend a little bit of money. Keep reading and you’ll learn how to live like the attending physician you are!
What You’ll Learn:
In today’s episode of Money Meets Medicine, “Why It’s Okay to Live Like An Attending,” you’re going to learn how to enjoy the money you make and…
- How to break the habit of keeping your purse strings tight.
- The tips and tricks to make sure you don’t go overboard spending.
- Why you should never beat yourself up over any mistakes!
- How to “dial” your money to suit your needs.
- And more!
Quotes to Remember
“Anything in extremes is bad. So you go from being an ostrich to being financially woke, trying to figure it out, go, “Oh no. Oh no, I’m not spending any money.””
“Once you become financially literate and you realize that money’s pretty simple… …you start looking at everything that you spend money on with this different perspective. And that different perspective actually leads people to have a hard time spending money.”
“The ends will not justify the means if the means mean that you are eating ramen and not doing anything fun or taking trips or spending money in any way that provides you enjoyment or satisfaction today in order to get to that goal.”
“As long as you’re accomplishing your goals, as long as you are saving first towards your annual goals that you have… …as long as you are accomplishing your goals, the rest is just gravy.”
Resources from the Episode:
Why Every Physician Needs a Budget and How to Create One Worth Following
Make Spending Money Music to Your Ears: Spending Equalizer
Avoiding Buyers Remorse with Intentional Spending
Money Dials: Analyzing Your Spending Habits with Ramit Sethi
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Show Me the Money (In the Financial Industry)
The personal finance industry is meant to help you manage your assets, but particularly for doctors, many questions remain around what that kind of support actually means.
Does your financial advisor have your best interest at heart? Do you know how they get paid? Are they transparent in their disclosures about how their company actually works? Where are the conflicts of interest?
Because you can rest assured there are conflicts of interest. It’s just a matter of how they show up. And once you can say “Show me the money” and find them, that’s when you can make intentional, informed decisions regarding your personal finance.
In tackling this topic, we wanted to acknowledge the two main reasons you may be considering your options for charitable giving, especially as a high-earning physician.
One is that you may have religious convictions that make you feel more inclined to give. Even if you don’t hold to the same belief system that we do – specifically around tithing and the historical background of that concept – giving to your community is very valuable. Not just for the recipient, but for you, the giver.
This leads us into reason two, which is that giving money (or other valuable resources) and helping others has been shown to increase long-term satisfaction and fulfillment in your life.
There’s also a practical side of financial charitable giving to consider, which are the tax advantages you can use to create the most bang for your buck – literally.
Charitable Giving for Physicians
Does tithing or charitable giving play a part in your personal finances? Should it? As usual, we’re not shying away from taking a deep dive into a very personal topic. Personal finance is personal, maybe never more so than when it comes to deciding how you want to give back.
In tackling this topic, we wanted to acknowledge the two main reasons you may be considering your options for charitable giving, especially as a high-earning physician.
One is that you may have religious convictions that make you feel more inclined to give. Even if you don’t hold to the same belief system that we do – specifically around tithing and the historical background of that concept – giving to your community is very valuable. Not just for the recipient, but for you, the giver.
This leads us into reason two, which is that giving money (or other valuable resources) and helping others has been shown to increase long-term satisfaction and fulfillment in your life.
There’s also a practical side of financial charitable giving to consider, which are the tax advantages you can use to create the most bang for your buck – literally.
Making the Most of Your Paycheck
You’ve done it – your training is complete and now you’re finally getting a paycheck fit for an attending physician. You think, “I’ve arrived! I’m going to start making so much more money.”
Famous last words. If you’re not prepared, that is.
Seemingly unassuming, everyday expenses still have the potential to wreck your new paycheck and your budget. I’ve seen it many times over the years: you try to be careful, but you (understandably) want to enjoy your hard-earned money. Costs creep up on you, things snowball. Suddenly, your post-tax paycheck is no different than it was in residency.
You thought you knew how to spend money wisely, but now you wonder, “What was the point of all my hard work to get here?”
Don’t worry. You can still enjoy the money you make while being aware of five main money traps that a high-income earner like you could be susceptible to if you’re not paying attention.
Are you ready to live a life you love?
© 2021 The Physician Philosopher | Website by The Good Alliance
Great message! I’ve certainly struggled with this. What helps me is having a plan that I know will lead to my goals. Then I know as long as I am following that, I can stop and enjoy the roses. Like many of us, I have an overachieving type of personality and often feel like I need to “beat” our budget by saving more etc. However this can lead to a different form of financial burn out.