Parents' Financial Upbringing and Mistakes

Today we are chatting with a physician who helped her parents pay cash for their car for the first time in their lives. She was vulnerable with us and shared that her parents don't have great financial habits and are going to need a lot of financial help from her. She has begun to educate them around how to be wise with their money and paying cash for the car was a big step for them. She knows that her parents want to be independent and she sees helping them learn what she has learned about money is a kindness to them that will allow them to be independent longer. After the interview we will talk a bit more about financially helping your parents for Finance 101.

This podcast is sponsored by Bob Bhayani at Protuity. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time white coat investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage or to get this critical insurance in place, contact Bob at https://WhiteCoatInvestor.com/Protuity today by email info@protuity.com or by calling (973) 771-9100.

The White Coat Investor has been helping doctors, dentists, and other high-income professionals with their money since 2011. Our free personal finance resource covers an array of topics including how to use your retirement accounts, getting a doctor mortgage loan, how to manage your student loans, buying physician disability and malpractice insurance, asset allocation & asset location, how to invest in real estate, and so much more. We will help you learn how to manage your finances like a pro so you can stop worrying about money and start living your best life. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!

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00:00 MtoM Podcast #245 02:04 Physician Aids Her Parents in Buying a Car with Cash 16:17 Helping Your Parents with Their Finances