Financial Residency
Grand Rounds - Financial order of operations with Brian Preston, CFP
Jun 10, 2024
Brian Preston, CFP, discusses the financial order of operations for building wealth, emphasizing steps from debt management to retirement savings. He highlights the benefits of index fund investments and shares insights from his new book 'Millionaire Mission.' Additionally, Brian shares his journey in financial education and content creation, aiming to simplify financial knowledge for his audience.
24:15
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Quick takeaways
- The financial order of operations provides a structured approach for managing finances, starting from emergency savings and progressing to maximizing tax-advantaged accounts.
- Index funds offer a powerful and cost-effective strategy for safe investments, emphasizing low costs, tax efficiency, and market performance.
Deep dives
Balancing Deferred Gratification with Financial Priorities
Doctors are unique in their financial journey due to their deferred gratification in education and residency. Despite higher incomes, doctors need to balance catching up on savings, investments, and debt repayment. Avoiding impulsively rewarding oneself is crucial, as doctors often face complex financial decisions and the temptation of 'dumb doctor deals,' emphasizing the importance of focusing on simple, prudent financial strategies.
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