Step 4 - Money: Recent Episodes
Tyler Olson
Financial education is critical to the life and career success of physicians. Here we impart all the education that we can to help early career physicians take the next step toward financial independence and decision freedom.
We get to speak with Broc Buckles, an independent disability insurance agent, about why own occupation disability insurance is so important. We talk through the various riders available to policies, as well as the relationship between employer provided coverage and personal supplemental coverage. There are tax consequences for each type. Broc also shares insights on why who we buy our policy from is very important. Overall it is very important for physicians to get their own personal policies as soon as they can reasonably afford it.
Dr. McGough shares his experience of making money decisions around student loans, budgeting and making intentional spending decisions.
Dr. Bowers discusses her career path and how she eventually identified time and employment stresses that she had to find ways to change, be it with more support from trusted individuals to actual changes in her responsibilities at work. The effort was clearly worth it.
Three single physicians share the challenges, ideas, and solutions they came upon in residency.
We talk about specific difficulties that are common to physician families and the importance of knowing the role each person plays as well as the importance of communication.
2:15 - Dr. Nii’s background as it relates to finance
6:30 - the confusion around finance is so prevalent
13:10 - avoiding expensive mistakes
28:10 - the work and the benefits of working for yourself
41:40 - refining one’s purpose and values, and the actions that must follow
2:15 - How Michael came to be helping physicians with disability insurance decisions
8:10 - When should one buy it?
18:45 - Tyler breaks down the financial impact of this concept for a resident
24:30 - What kind of policy and riders should one buy?
36:40 - What pitfalls should physicians be mindful of when making this decision?
Dr. Tyler King discusses misconceptions about where one must work to qualify for PSLF, the so-called high rejection rate of applicants, as well as practical steps and preparations that one should make in order to make good financial decisions.
2:40 - post-baccalaureate programs
6:15 - the alternative DIY route
11:00 - financial cost comparison
15:55 - time cost comparison
21:30 - how it adds up
25:00 - planning for medical school costs
31:15 - final bit of advice
4:00 - Commitment choices
15:00 - Avoiding skill atrophy
22:30 - The impact of different procedure-based specialities
25:15 - Mentorship
28:35 - Retirement planning
5:00 - Contract Review
17:45 - How to view Benefits
24:05 - The path the Ownership/partnership
31:10 - common pitfalls
35:12 - Jim’s new book for medical and dental students
Cost of Residency Applications: 2:45
How to Evaluate Residency Programs: 15:00
Why Greater Transparency of Residency Programs is Needed: 21:05
How to Prepare for Zoom Interviews: 31:35
Three Areas In Which We View Money as Ours - 0:55
In What Context It is Healthy to View Money - 8:35
End - 15:35
1:30 Dr. Rhoiney’s background
7:10 Lifestyle Creep
14:00 Take care of yourself as well as your debt
18:35 Assign your dollars to tasks
22:15 Communication with family
27:30 Beware of financial salespeople
32:15 Dr. Rhoiney’s financial literacy resources
Limiting financial damage: 3:35
Making an alternative plan: 8:45
Molding our behavior: 11:12
Dr. Rangarajan’s background - 2:15
Know Your Plan - 12:00
Advocacy - 18:55
Location Choices - 31:30
Seek Trustworthy Financial Planning Sources - 39:23
COVID-19 Message for Students - 50:37
Our background relative to debt:1:39
Credit Cards: 2:30
Auto Loans: 6:25
Mortgage: 10:55
Conclusion: 15:37
End: 17:20
Introduction: 0:00
Our Background Relative to Budgeting: 2:00
Phase 1 Your First Budget: 3:25
Phase 2 Employed Situation: 12:48
Phase 3 Having A Child: 20:14
Phase 4 Having Your Own Business: 26:02
Conclusion: 32:25
Introduction - 0:00
Students - 2:15
Employed People - 5:55
Self-Employed People - 11:15
Conclusion - 17:05
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