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:
You might also be interested in…
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.
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.
Need help getting disability insurance or student loan help from a company built by doctors, for doctors? Make sure to check out HelloAttend.com