He jokes with his wife who is a Pediatric Pulmonologist about how brilliant she is, but isn’t very knowledgeable about personal finance. He then realizes she was never taught about it in medical school, so how would she know? Ryan Inman, Owner of Physician Wealth Services and Host of the Financial Residency Podcast says physicians are gullible to making bad decisions when it comes to their money.
In fact, financial planners know this and find that doctors are easy to make a commission from. Yikes.
Ryan is passionate about doing the right thing for his clients as a fee-only financial planner, a type of planner, which he explains, provides a flat rate for their services rather than a percentage of income or “assets under management” (AUM).
In this episode with Ryan, he gives us top personal finance tips for physicians that we should be paying more attention to.
You’re not expected to be an expert in personal finance, but you should know some of the basics.
When it comes to our money, every doctor should understand these few things according to Ryan:
- Realize that savings rates are critical
- Know what you expect to spend and how you spend it
- Understand the power of compounding
Which of these do you struggle with or find difficult to do to keep your personal finances in order?
Ryan talks about the key criteria on how to go about vetting a financial planner like knowing the difference between fee-only and fee-based advisors; knowing about an advisor’s fee structure. You shouldn’t be paying anyone a percentage for anything. If you hear the word percentage, you should probably run. The best situation for hiring the right advisor is having a true flat-fee. We also talk about the top mistakes physicians are doing with their money such as getting sold insurance and thinking they’re investments and lifestyle creep. This is an episode you don’t want to miss!
Source: Doctor's Unbound