Money Meets Medicine

Have you ever had an existential crisis? You know the “What am I doing with my life?” sort of question?  And how does money play a part in your long-term view of your life?  Do you want to leave a legacy?  Do you want to make sure you maximize what you’ve saved? In this episode, Dr. Jordan Grumet a palliative care and hospice physician discusses his experience with dying patient’s and their views on personal finance and the importance of purpose, connection, and identity.   Buy Taking Stock by Dr. Jordan Grumet Need help getting disability insurance or student loan help from a company built by doctors, for doctors?  Make sure to check out HelloAttend.com  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

If you’ve ever wanted to fly first class but thought it was too expensive, this interview is for you. Devon Gimbel, MD is known for helping physicians maximize rewards from credit card points so they can travel more, travel better, and travel often.  This feels like an especially relevant and timely conversation – especially since the data shows that about 38% of doctors have 3-4 different credit cards. We have to wonder: should all doctors be using credit cards to optimize points and perks? I got to sit down with Devon to talk about exactly this. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Let’s just be real: student loan guidelines are confusing and they’re constantly changing. But if you’re like many physicians who have student loans, you’re well aware that if your payments haven’t resumed yet, they’re about to. You want to make sure you’re on track and have a plan for repayment, so you can move confidently forward with your personal finance goals. Student loan advice is also one of the things we love helping people with at Attend. If you want a student loan expert to help you figure out the best course of action with your loans – including which plan to be in, whether you should consolidate, whether you should file your taxes jointly or separately if you’re married, or what to do when you finish training… You can schedule a consultation right now at helloattend.com. For those concerned about cost, we have a unique pricing structure at Attend where you can buy now, pay later through four monthly payments all at 0% interest.   Let’s dive into the 6 most common student loan mistakes to avoid for your best financial outlook. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Have you ever left a sporting event, following the crowd, and suddenly realized you were walking the wrong way? What if I told you this phenomenon has a name, and it impacts your money, too? Understanding our own behavior when it comes to finance is essential because it helps us mitigate wrong-for-us decision making around money. Unless you know these roadblocks exist, you can’t do much to stop them from derailing your financial goals.  Last week, we shared why human behavior matters for our financial lives by taking a look at the first 5 out of 10 psychological phenomena that can (and do) affect your personal finance goals: greed, fear, ego/overconfidence, loss aversion, and analysis paralysis.  This week, we’re diving back into behavioral finance (one of our favorite topics) to share five more types of unchecked human behavior that can sabotage your journey to building the wealth you want. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Despite our best intentions, certain emotions can keep us from building wealth. After many years arming physicians with the information they need to achieve financial wellness, I had a significant realization.  Information is one thing – behavior is another. As the saying goes, money is 80% behavior and only 20% math. Not only do I want to share important information about personal finance, I also want to help you recognize how certain behaviors can (and do) affect your finances.  Drawing from one of the classic books about investing, let’s go over five common behaviors that could be keeping you from achieving your financial goals. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Many doctors and high-income professionals hire financial advisors for any number of reasons. Either they’re too busy to handle their finances themselves, they don’t really know how to invest, or they want an expert on their side to make sure they’re on the right track. So allow me to say from the start: I’m not against financial advisors, but I am against doctors (or anyone, really) being overcharged for bad advice. There’s no shame in asking for help – you just want to get the help you need at a fair price.  You should be equipped enough to vet and evaluate your financial advisor so you’ll know whether they’re working well on your behalf. How can you be as confident as possible they’re acting in your best interest? This episode will help you find out. Need help getting disability insurance or student loan help from a company built by doctors, for doctors?  Make sure to check out HelloAttend.com  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Have you ever thought about using real estate to reach financial independence, but you didn't want to be a landlord? Recently I sat down with one of my good friends and one of the OG partners of The Physician Philosopher. He’s an anesthesiologist, husband, father, entrepreneur, as well as a real estate and physician side gig guru – of course, I’m talking about Dr. Peter Kim.  One of the interesting things about Peter's story is his transition from full-time practice as an OB anesthesiologist to stepping away from medicine and going part-time, to now his being on sabbatical. He's not sure if that's a permanent sabbatical or not, so we got to explore his thought process on that and his story.   So let’s dive into this discussion with Dr. Peter Kim and the intersection of all things entrepreneurship, side gigs, medicine, money, and real estate. Need help getting disability insurance or student loan help from a company built by doctors, for doctors?  Make sure to check out HelloAttend.com  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The arrival fallacy is a concept that’s very prevalent in medicine. Coined by Tal Ben-Shahar, it refers to the illusion of happiness that we think we’ll experience when we arrive at a completed goal or achievement (spoiler: it doesn’t work like that).  In medicine in particular, this is reinforced with lots of delayed gratification and long training periods with limited free time and low pay.  We think that finally achieving the next level (whether it’s residency, fellowship, or attending, receiving a bonus, a raise, etc.) will instantly make our lives better, because we’ll have more money and more control over our schedule.  We constantly look for “the light at the end of the tunnel” to get ourselves through years of grueling assignments and shifts. But a lot of the time we reach these specific benchmarks – or, we “arrive” – and it’s not at all how we thought it would be.  Gertrude Stein was right when she said, “There’s no there, there.” How does the arrival fallacy come into play when we reach attending status and start pulling in a whole new pay grade? Let’s examine that… Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future?  Make sure to check out HelloAttend.com Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Have you ever thought about what legacy you’ll be leaving behind and how money plays a part in that? Lisha and I recently had a conversation with Dr. Hala Sabry, emergency medicine physician and founder of Physician Moms Group, a private online physicians community made up of over 120,000 physicians. Hala is passionate about helping women physicians fulfill their professional goals and discover the legacy they want to create – which includes building and managing wealth.  As you might imagine, we had a lot of topics to cover in our chat with Dr. Sabry. Tune in to learn all about: Dr. Sabry’s recent trip to Africa – the most time off she’s taken outside maternity leave Whether she’s always been financially savvy The way she utilized her disability insurance How she sees Attend helping doctors along their financial journey The legacy of inspiration Dr. Sabry wants to leave for future leaders Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future?  Make sure to check out HelloAttend.com Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Recently Lisha and I sat down with Dr. Omar Nije to talk about his experience as a doctor in finance. Dr. Nije’s perspective is unique because he’s both a physician AND a principal, but not in public education. He’s a principal at a venture capitalist firm, which is a world that most physicians I know haven’t been exposed to. Up until about 6 months ago, it was something I didn’t know much about myself. Join the conversation to learn more about: What venture capitalism is Dr. Omar’s journey from medical school to principal at a VC firm His connection to Attend, the company I co-founded His mission to create more diverse opportunities in VC Need help getting disability insurance or student loan help from a company built by doctors, for doctors?  Make sure to check out HelloAttend.com Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.