It doesn’t matter how much or how little a person makes; finances can be a challenge for all of us. In today’s Money Checkup, I chat with Tarang Patel about how even physicians struggle with finances. Coming right out of medical school or residency, physicians are faced with large amounts of student loan debt and many don’t have the opportunity to start contributing to an employer sponsored retirement plan until they are in their mid-thirties. We discuss these issues and others that our physicians are facing with their finances to try and provide some suggestions and insight as to when and how they should be getting a handle on their finances.
Tarang is a radiologist and host of the Doctor Money Matters podcast where he provides a place for physicians, dentists, and other health physicians to discuss financial topics they are faced with today.
What We Will Cover
- Tarang’s background and where his interest in finance stemmed from
- Tarang’s reason for launching his podcast Doctor Money Matters
- How Tarang’s views on money were shaped
- How to instill good money values with your kids
- Financial mistakes many physicians tend to make
- Why physicians continue to make the same mistakes as previous generations
- How “keeping up with the Joneses” can hurt even physicians
- Financial traps physicians can fall into after finishing up medical school or residency
- The best time for physicians to link up with a financial planner
- Why maxing out a 401K isn’t enough for retirement
- The importance of living below your means (and avoiding lifestyle creep)
- If you haven’t started investing in a taxable account, why you should start today!
- The reason physicians are poor wealth accumulators despite the high income
- The importance of looking at the whole picture when examining a job offer
- Why you should look at establishing a financial plan NOW
- The significance of taking care of your financial health (just like you would your medical health)
A Financial Goal in the Works
- Try to diversify away from the stock market
One Piece of Financial Advice
- Get the right type of insurance as early as you can.
- Invest in yourself and your own financial knowledge.
Getting Connected With Tarang
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