Maybe you're starting your intern year and you're considering investing as one of your steps in that journey. As July approaches, maybe you’re transitioning as a trainee from an institution or to a new job, you might be asking yourself, “Should I be investing in pre-tax vs Roth?”

It’s a really interesting topic and an important question, especially as interest rates and inflation changes.

The post Pre-tax vs Roth Investments: Which Is Right For You? first appeared on The Physician Philosopher.

The post Pre-tax vs Roth Investments: Which Is Right For You? appeared first on The Physician Philosopher.

It often pays to work smarter, not harder, yet many doctors put in more and more hours to make more money in medicine. But is working more always a good idea?

The post Money Mistakes We Made In 2022 first appeared on The Physician Philosopher.

The post Money Mistakes We Made In 2022 appeared first on The Physician Philosopher.

With inflation and interest rates being what they are, one of the most common questions that we get nowadays is, “Should I invest or pay off debt? What should I be doing with my money?”

The post Money Mistakes We Made In 2022 first appeared on The Physician Philosopher.

The post Money Mistakes We Made In 2022 appeared first on The Physician Philosopher.

Physician finance isn’t your run-of-the-mill financial strategy. We have certain exceptions and special circumstances to watch out for. And sometimes even the most seasoned pro can make money mistakes. We’re still human, after all.

So let’s normalize the idea that we’ll run into snags and learn new lessons as we work to figure out our personal finance goals.

The post Money Mistakes We Made In 2022 first appeared on The Physician Philosopher.

The post Money Mistakes We Made In 2022 appeared first on The Physician Philosopher.

One of the things you'll know about us at Money Meets Medicine is that we're big proponents of saving or investing money. When you get to the point as a physician where you think, “All right, I'm going to start investing money”, your next question usually is:

“How do I do that?”

For a lot of physicians, one of the easiest ways to get started is by investing through your retirement accounts at your job. Many doctors choose to invest through retirement accounts because of the tax benefits that those accounts give you.

But a taxable brokerage account is an investment option outside your typical retirement accounts.

The post Superpowers of a Taxable Brokerage Account first appeared on The Physician Philosopher.

The post Superpowers of a Taxable Brokerage Account appeared first on The Physician Philosopher.

A lot of us have an idea of what we should do with money that we earn on a regular basis from our physician jobs. Oftentimes it goes towards our typical cost of living expenses: bills, debts, savings, investments. But what about money you get that you weren't expecting?

Because yes, most of us will, at some point, get at least a little money that we didn't expect. Regardless of the source – whether it’s an inheritance, a tax refund, or a bonus at work – we end up with one question.

What should we do with this extra money?

The post What To Do With Unexpected Money first appeared on The Physician Philosopher.

The post What To Do With Unexpected Money appeared first on The Physician Philosopher.

When it comes to doctors retiring early because of F.I.R.E. (financial independence retire early), there’s an inevitable argument made against it and why it’s ethically wrong for physicians to do.

That argument says unless you practice medicine until the day you die, it's unacceptable.

Whether it’s citing a physician shortage that doesn’t really exist or feeling as though doctors shouldn’t retire early because we’re doing something good for society, some feel like we should give of our time, skills, and talents as long as possible, discounting the sacrifices that doctors have already made up until this point.

They don’t realize that a 30 year career is actually 40 based on the amount of hours most physicians work in a week.

But… Why even have this conversation? Are doctors actually retiring early?

Doximity’s 2021 study found that 21.8% of physicians considered early retirement due to overwork. Around 25% of women physicians considered early retirement, and 40% of medical groups saw doctors retire early from their medical group.

These numbers are not small.

So let’s explore some of the possibilities around F.I.R.E. for physicians that can make life feel more liveable and enjoyable again.

The post Is It Wrong for Doctors to Retire Early? first appeared on The Physician Philosopher.

The post Is It Wrong for Doctors to Retire Early? appeared first on The Physician Philosopher.

Physician disability insurance is something you have to get right.

If you were to learn only one thing from me, this might be the one thing that I would want you to know. It’s the reason that Money Meets Medicine exists, and why I started The Physician Philosopher.

Your most important financial asset is your ability to earn an income. You work hard to get your training protecting this asset, and your ability to accumulate an income and everything else we teach you doesn't matter if you don't make money first. This is why physician disability insurance is so important.

But there are a lot of misconceptions about disability insurance, and our goal here is to clear some of that up.

The post The Most Important Financial Task for Doctors first appeared on The Physician Philosopher.

The post <strong>The Most Important Financial Task for Doctors</strong> appeared first on The Physician Philosopher.

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.

The post Show Me the Money (In the Financial Industry) first appeared on The Physician Philosopher.

The post Show Me the Money (In the Financial Industry) appeared first on The Physician Philosopher.

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.

The post Show Me the Money (In the Financial Industry) first appeared on The Physician Philosopher.

The post Show Me the Money (In the Financial Industry) appeared first on The Physician Philosopher.

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.

The post Charitable Giving for Physicians first appeared on The Physician Philosopher.

The post Charitable Giving for Physicians appeared first on The Physician Philosopher.

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.

The post Charitable Giving for Physicians first appeared on The Physician Philosopher.

The post Charitable Giving for Physicians appeared first on The Physician Philosopher.

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.

The post Making the Most of Your Paycheck first appeared on The Physician Philosopher.

The post Making the Most of Your Paycheck appeared first on The Physician Philosopher.

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.

The post Making the Most of Your Paycheck first appeared on The Physician Philosopher.

The post Making the Most of Your Paycheck appeared first on The Physician Philosopher.

Specifically, how do you even access your retirement funds ahead of time? Because there’s a 10% tax penalty for early retirement withdrawal before you reach age 59 and a half. And that’s on top of the amount you’re already set to be taxed for using pre-tax funds. So… what gives?If you want to retire by age 45 or 50, you have to know how to bridge that 10% gap. So we’ve compiled several different options you can research (because personal finance is personal) and make educated choices towards your own early retirement goals.

The post 7 Ways to Avoid Early Retirement Tax first appeared on The Physician Philosopher.

The post 7 Ways to Avoid Early Retirement Tax appeared first on The Physician Philosopher.

Specifically, how do you even access your retirement funds ahead of time? Because there’s a 10% tax penalty for early retirement withdrawal before you reach age 59 and a half. And that’s on top of the amount you’re already set to be taxed for using pre-tax funds. So… what gives?If you want to retire by age 45 or 50, you have to know how to bridge that 10% gap. So we’ve compiled several different options you can research (because personal finance is personal) and make educated choices towards your own early retirement goals.

The post 7 Ways to Avoid Early Retirement Tax first appeared on The Physician Philosopher.

The post 7 Ways to Avoid Early Retirement Tax appeared first on The Physician Philosopher.

If you’ve thought about getting financial advice from a professional but weren’t sure who to trust or how to start, you’re not alone – and your concerns are not unfounded.

Our aim isn’t to make every doctor in our listenership into a financial guru, but to avoid being so reliant on a financial advisor that you don’t know what’s going on with your money.

When it comes to finding a truly helpful financial advisor for doctors, certain criteria need to be met that might not need to be taken into consideration in other professions. To that end, I have a list of traits to share called The Four Fs, and it’s been really impactful in helping physicians find a financial advisor that makes sense for them.

The post The Right Financial Advisor for a Doctor first appeared on The Physician Philosopher.

The post The Right Financial Advisor for a Doctor appeared first on The Physician Philosopher.

If you’ve thought about getting financial advice from a professional but weren’t sure who to trust or how to start, you’re not alone – and your concerns are not unfounded.

Our aim isn’t to make every doctor in our listenership into a financial guru, but to avoid being so reliant on a financial advisor that you don’t know what’s going on with your money.

When it comes to finding a truly helpful financial advisor for doctors, certain criteria need to be met that might not need to be taken into consideration in other professions. To that end, I have a list of traits to share called The Four Fs, and it’s been really impactful in helping physicians find a financial advisor that makes sense for them.

Looking for physician specific disability insurance → Check out www.setforlifeinsurance.com

Looking to increase your financial literacy? Check out Medical Degree Financial University → www.MDFU.co

The post The Right Financial Advisor for a Doctor first appeared on The Physician Philosopher.

The post The Right Financial Advisor for a Doctor appeared first on The Physician Philosopher.

In medicine, there’s a classic debate about pursuing academic jobs versus pursuing private practice: which category should a physician commit to? Admittedly, a lot of the debate focuses on the financial aspect and how that can affect the decision-making process. And of course, as a podcast focused on the power of well-managed money, we know finances are an important consideration. But there are components of the academic versus private practice discussion that are infinitely more important than money.

The post Should a Doctor Go Into Academics or Private Practice? first appeared on The Physician Philosopher.

The post Should a Doctor Go Into Academics or Private Practice? appeared first on The Physician Philosopher.

Looking for physician specific disability insurance → Check out www.setforlifeinsurance.com

Looking to increase your financial literacy? Check out Medical Degree Financial University → www.MDFU.co

The post Should a Doctor Go Into Academics or Private Practice? first appeared on The Physician Philosopher.

The post Should a Doctor Go Into Academics or Private Practice? appeared first on The Physician Philosopher.