Money Meets Medicine Podcast
MMM #28: YOLO Versus Saving For Tomorrow
In most subjects, moderation is key. Is that true when it comes to money? Should we save for tomorrow or live for today? Is there a middle road? That’s what this is all about.
What You’ll Learn:
In today’s episode of Money Meets Medicine, “YOLO Versus Saving For Tomorrow,” you’re going to learn:
- The “ESBS” secret to spending and saving.
- It’s a good thing to spend money on what you love!
- How to balance between being boringly frugal and overspending.
- How to save or spend even when it doesn’t come naturally.
- And more!
Resources from the Episode:
Avoiding Buyers Remorse with Intentional Spending
Money Dials: Why you spend the way you do
This Episode’s Sponsor
This episode is brought to you by Michael L. Relvas. Michael is a CFP Professional and insurance agent committed to helping physicians nationwide with their term life and disability insurance needs. He provides an objective, transparent and education-focused process, that aims to help physicians make prudent decisions and avoid over-complicating things.
We really like Michael and know he’s got your best interest at heart when it comes to disability insurance. We know he’d be happy to help you with whatever your needs are.
You can find Michael at https://thephysicianphilosopher.com/mrinsurance or contact him at 800-817-4522.
Listener Question of the Week:
This episodes listener questions comes from Ritu Ramdeo Vyas:
“What should you do if the only 401K option is actively managed funds?”
Each episode, we are going to start including listener questions as they are provided to us. So, if you have a specific question you’d like answered on the podcast reach out to us! Email [email protected] or [email protected]
TPP
You might also be interested in…
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?
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