Money Meets Medicine with Ryan Inman and Dr. Jimmy Turner

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 

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 

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

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

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

As they say, the only constant in life is change. The same is true when it comes to the resuming of student loan payments this fall. Staying up-to-date on all the relevant information is key to effectively managing your student loans. But the student loan landscape is changing fast. So we’re here to help.

Since we last spoke about student loans in July, more important updates to loan terms have been released. If you’re someone with student loans who wants to make sure you have everything in order before payments resume September 1, let’s talk about the factors you should be aware of so you’re as prepared as possible.

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

According to studies conducted by the American Psychological Association, the number one financial stressor for households is money - personal finance. That makes talking about money with your partner a really important topic for everybody to understand. 

Why is talking about money with your partner important?

• For alignment with your partner 

• To ensure you’re working towards the same goals 

• Personal finance is one of the top reasons for divorce

• Divorce is one of the biggest wealth-killers

I want you to live a life of wellness, and for many people that means having the money you need and people you love to share it with. 

So whether you're married or not, you should be having financial conversations with the significant other in your life. 

But maybe first you need to know HOW to have this conversation. Check out this episode to learn more.

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

Did you know that when it comes to investing, keeping it simple often leads to better returns?

Keeping it simple is not just my or Lisha’s opinion - studies show that this is a more effective, sustainable way to go about investing.

Why? Because it turns out that as humans, we don't like as many choices as we think we do. We take action less often when we feel overwhelmed with choices. Just think of the last time you asked your partner where they wanted to go for dinner…

In fact, in a jam (yes, jam) display study on consumer habits, a display case with 24 varieties of jam received more customer traffic but ten times fewer sales than a display case featuring only 6 jams. When we have too many choices, we often don’t choose at all. Also known as: analysis paralysis. 

We love talking about the psychology of investing, so let’s dive into some of those principles and how simplicity can help you when it comes to real-life application.

• In this episode, we discuss:Examples of analysis paralysis (7:25)

• How Lisha operates psychologically when it comes to investing (10:06)

• A great way to start when you’re new to investing (15:49)

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

For those who have no idea what to do with the upcoming student loan payments restarting, and the millions who will need to enroll in a student loan plan… are you overwhelmed yet?

Understandably, a lot of physicians are anxious about how loan terms are going to roll out, what it means for their finances, and how it will affect their lives. As we know, keeping up with the recent loan changes is an ongoing process, and it can be hard to keep all the details straight. Plus, how do we know the advice we’re getting actually applies to our specific loan scenario?

Help is here. Today, we’re going to share some of the specific loan scenarios we’ve encountered when we help physicians manage their finances through Attend. 

Tune in for step-by-step instructions on how to figure out your best options for student loan repayment.

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

Whether you’re planning to take a vacation this summer or in the near future, you may be looking for some financially savvy ways to prepare. Lucky for you, one of the secrets of life that I've learned is how to incorporate intentional planning when it comes to personal finances and summer vacation. 

That’s what this week’s Money Meets Medicine podcast is all about.

Just a few of the topics we’ll cover include:

3 ways vacation gives us psychological benefits

• How to be intentional about taking vacation

• Saving for vacation in a way that works for you

• Tips for making travel more manageable

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

We interview Will Flanary, who is perhaps better known by his comedic stage name: Dr. Glaucomflecken. Just a few of the awesome topics we cover in our conversation:

• Charitable giving

• Will’s battle with testicular cancer and the time he had a cardiac arrest

• His thoughts on physician side gigs and residents unionizing

• … he even shares his biggest personal finance mistake

Click here to download the Attend App for Doctors.

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

July is the time of year when those in the medical field experience the most transition – whether to your next level of training, moving to a new institution for fellowship or residency, or taking your first job as an attending. It can be overwhelming.

Make sure you’re equipped with the right questions to ask to make your job transition less intimidating and stressful. Here are a few financial considerations to make when you’re starting a job. 

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 

50% of doctors change jobs in the first 2-4 years of their career, but knowing how to properly handle a job transition is relevant to every physician at every stage of their career. Financial advice for doctors doesn’t often cover this topic, so we’re more than happy to dive into it with you here. 

Maybe you’re coming out of your first job in training, maybe you’re an attending changing jobs, or you’re moving out of academics to another field. You honestly don’t know when certain opportunities will arise, or how life will happen and cause you to change your plans.

Lisha has a job transition on the horizon herself as she prepares to leave her residency in LA and become an attending physician, so it’s a timely topic and widely applicable no matter where you are in your career journey.

Job transitions can be tricky enough when you’re careful. There are a few more things to consider in a new job as a physician than in most other careers - we’re going over 9 today. Be sure to keep them in mind as you set the course for your next career move.  

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 

You may have already heard about President Biden’s student loan forgiveness plans, but what does that mean for you?

We’re covering those qualifiers today, plus identifying three 2023 dates in particular that really matter for those managing student loan debt. Join us as we walk through those three important dates, what they mean, as well as the potential impact. 

Plus: find out how to make sure you don’t get stuck with a surprise 4-figure loan payment.

It’s everything you need to know about student loans as a doctor in 2023.

Full disclaimer: this episode was recorded in advance. Please know any of this information could change at any time, but all information is true and correct to the best of our knowledge as of the time we shared it with you. 

White house memo on student loan changes: https://www2.ed.gov/policy/highered/reg/hearulemaking/2021/futureofpslffactsheetfin.pdf?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term=

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

Did you know that it's possible to make great financial progress while you spend money on things you enjoy? Yep, you read that right.

It might be surprising to hear this in the financial space, but you worked hard to get to where you are. You deserve to enjoy some of the spoils and riches of all of that work that you put in to go through college, medical school, and residency.

In the physician finance blogosphere, there are financial gurus that are out there who paint a dichotomous picture of only two possible money management options. Either you eat ramen for five years after you finish residency so you can meet your financial goals. Or you fall into the camp of YOLO hedonism, living it up, spending every dime and not saving anything.

This black-and-white approach skips the view that you can do a little bit of both.

You can be financially responsible for those first three to five years and for every year after that. AND, at the same time, you can actually enjoy life.

It’s about finding balance.

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

Did you know that as interest rates rise, the value of bonds falls? Should you even care about that? Are bonds a good investment for doctors? 

In this episode, we’re tackling these questions and discussing the purpose of bonds in a doctor's portfolio, as well as the nuance of our current high interest environment.

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 

Maybe you're starting your intern year and you're considering investing as one of your steps in that journey. As July approaches, maybe you’re transitioning as a trainee from an institution or to a new job, you might be asking yourself, “Should I be investing in pre-tax vs Roth?” 

It’s a really interesting topic and an important question, especially as interest rates and inflation changes. 

When someone slides that 401k or that 403b form in front of you, it often gives you the option to choose whether you want to invest in a traditional pre-tax method where the money is taken out of your paycheck before it ever gets taxed. Or do you want it to get taxed immediately, and then get invested knowing that it'll never get taxed again in the future? 

As it's been a couple of years since we tackled pre-tax versus Roth on this show, that’s what we’re diving into in this episode. We'll help you figure out the answers to these questions, or at least help you to make a more informed decision. 

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

If you’ve ever needed to save up for a wedding, a car, or a home, yet you weren't quite sure about the best way to do it, this episode is for you.

There are lots of reasons why you might be thinking about setting up short-term savings (savings you intend to need within 3-5 years). 

But figuring out how to save money can be easier said than done. With so many options for investments and money management, how do you know the best place to start? And how can you be sure you’ll reach your savings goal by the time you’ll need the money?

Let’s go over the 4 qualities your short-term savings methods should have, as well as ways to save money that feel simple and aligned with your personal finance goals. 

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

It often pays to work smarter, not harder, yet many doctors put in more and more hours to make more money in medicine. But is working more always a good idea?

I think there are pros and cons to working more shifts in medicine. Personal finance is personal, and you have to assess whether you feel you’re being compensated fairly for the time and energy you put into your work. 

If you’re not, you might be working for diminishing returns.

Yes, you have expenses to cover, but remember the importance of work life balance, especially as it pertains to physician burnout.

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 

With inflation and interest rates being what they are, one of the most common questions that we get nowadays is, “Should I invest or pay off debt? What should I be doing with my money?”

Everywhere in medicine, inflation has an impact. One of the common areas where this naturally happens a lot is in regards to reimbursement rates and income. Doctors realize, “Hey, I haven't gotten a substantial raise in five or ten years, maybe more. And yet, inflation in 2022 is 6-9%.”

So when we face these unprecedented rates of inflation, it makes sense to ask, “Should I invest or pay off debt?” Let’s dive in by covering specific financial tasks that doctors need to take into consideration.

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