MtoM #211: Psychiatrist Gets Back to Broke and Finance 101: The Dangers of Performance Chasing
Feb 24, 2025
A psychiatrist shares his remarkable journey from being deeply in debt to achieving financial stability, all thanks to his supportive wife and friends. He emphasizes the importance of teamwork in reaching financial goals. The discussion also delves into the dangers of chasing recent investment performance, highlighting the need for long-term planning. Listeners learn about the risks of impulsively investing in high-performing stocks and the value of maintaining a diversified portfolio to withstand market fluctuations.
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question_answer ANECDOTE
Andrew's Student Loan Journey
Andrew, a child and adolescent psychiatrist, accumulated significant student loan debt during medical school.
He lacked a clear understanding of its impact until his fourth year but now focuses on PSLF.
question_answer ANECDOTE
Living Like a Resident
Andrew's wife is frugal and skilled at managing their finances.
They prioritize experiences over material possessions, enabling them to live like residents.
question_answer ANECDOTE
Staying Home with Baby
Andrew and his wife decided she would stay home after calculating daycare costs and other factors.
This improved their quality of life and strengthened family bonds.
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A Doctor's Guide to Personal Finance and Investing
James M. Dahle, MD, FACEP
This book, written by Dr. Jim Dahle, is designed to help medical students, residents, physicians, dentists, and other high-income professionals navigate the complexities of personal finance and investing. It covers topics such as graduating from medical school with minimal debt, escaping student loans, purchasing the right insurance, investing sensibly, and protecting assets from lawsuits. The book also provides advice on tax minimization, estate planning, and choosing the right business structure. It is known for its clear explanations and actionable advice, making it a valuable resource for those in the medical profession seeking to manage their finances effectively.
Today we are chatting with a psychiatrist who is back to broke. He said he owes his financial awakening to his wife who and his medical school friends who introduced him to WCI. He quickly turned things around and started saving an emergency fund and opened a Roth IRA. He is working towards PSLF and is currently saving for a down payment while also investing and growing wealth. His biggest piece of advice is to have a great partner that you are on the same page with. Together you can do anything! After the interview we will be talking about the dangers of performance chasing.
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