Medics Money podcast Ep 6 - Why ALL doctors need a financial plan
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Sep 22, 2020 This podcast discusses the importance of financial planning for doctors, covering topics such as maximizing income, minimizing expenditure, protecting family, understanding tax codes, and seeking independent financial advice. It emphasizes the significance of having a solid financial plan, setting financial goals, and preparing for unexpected health issues through income protection.
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Financial Planning Basics
- Understand your income and track your expenses.
- This helps maximize income and minimize unnecessary spending, building a strong financial foundation.
Emergency Fund
- Establish a robust emergency fund of at least 3-6 months of expenses.
- This protects you from unexpected events and provides financial stability.
Goal Setting
- Define clear financial goals (e.g., house, wedding, education).
- Align your discretionary spending with these goals to prioritize saving and investing.