resident physician budget and invests, save more than half of salary as resident

How One Resident Saves 60% of Their Income

Dr. Bo Liu, physician, and creator of FutureProofMD.com joined me to talk about the basics of personal finance for young physicians. He is a 4th-year radiology resident. His blog is geared toward medical trainees including medical students, residents, and fellows. He tackles topics such as student loan management, retirement planning, investing and he even discusses how to invest without a lot of income and/or with a low net worth.

Together we talk about tools to track your net worth and why it is important to pay attention to your finances. We discuss the idea of paying yourself first which is a different way of thinking about managing your finances and is essentially a mind trick that is immensely helpful for building net worth.

Figuring out how to invest without a lot of income can pay off down the road!

Dr. Liu’s wants to inspire physicians to track their net worth to get to the future that they desire. His biggest piece of advice for young physicians is to pay attention to your finances!

What you will learn:

    • How to track your net worth and why it’s important
    • Concept of Pay Your Self First (PYSF)
    • How he saves well over 60% of his resident’s income for retirement and lives off his side income
    • What is a 457 plan and what are the risks of investing in it
    • Few tricks to lower your income for Public Service Loan Forgiveness (PSLF)
    • Why an HSA is called a stealth IRA
    • The rules and guidelines around PSLF
    • Why insurance SHOULDN’T be considered an investment
    • Learn the difference between Pay as You Earn (PAYE) vs. Revised Pay as You Earn (REPAYE)

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If you enjoyed this episode, I’m sure you would enjoy reading this: 5 Ways to Maximize Your Resident Salary

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Full Transcript: How One Resident Saves 60% of Their Income

Ryan

Do you want to learn how a resident can save over 60% of their income for retirement, and not live off ramen? Well, you’re about to find out how.

Ryan

Hey, everyone. Thanks for joining me today. I’m really excited to bring to you today’s guest, who’s a 4th year Radiology resident and saves more than 60% of his resident salary towards his retirement. He’s contributing the max to his 403(b), his 457, his IRA, and his HSA all as a resident. It’s just amazing. Today we’re talking with Bo from futureproofmd.com. He runs a great blog, one that I’m currently a sponsor of as I like it so much, and I think he’s putting out some really awesome content, and some great info.

Get in the habit of paying yourself first (PYSF).

Bo wants to inspire, and I think I can safely say he is inspiring physicians to pay attention to their finances, and to really get in the habit of paying yourself first. We chat a ton on this, as well as the importance of tracking and calculating your net worth in our show today. I think it’s extremely important so I put together a freebie, some exclusive content created solely for the financial residency community on how to organize all of your accounts, and assist you in calculating your net worth. As we talk throughout the podcast, calculating your net worth is extremely important, and, in my opinion, it’s the best way to analyze how successful you are at achieving your financial goals, and really validating what you’re doing correct.

It’s more powerful than just tracking investment returns. It’s something that you can control, and every action, in every purchase, in every decision you make can positively or negatively affect your net worth. The more comfortable you become with this concept, the highly likelihood that you’re going to mask your finances, and you’re going to take control over your financial actions, and your financial life. Once again, this freebie is really created exclusively for the financial residency group and the community, and it’s free to join, it’s on Facebook, so I encourage everyone listening here to get on Facebook, join the hundreds of members already in there in the community. We have a unifying goal. It’s to learn more about personal finances, so we can make more well-informed decisions that allow us to live our great life.

Here is this week’s digestible tip.

Ryan

Today’s digestible tip is to go through your employer benefits package. It’s that 80, 90, 100-page document that you didn’t really bother reading when you started that new job? Yeah, that packet, or it’s a pdf depending on how it was sent to you. I just don’t want to torture you by telling you, “Hey, go read this long thing.” It’s actually got some really beneficial stuff in there, and it’s super important to you and your finances, so read through it, make sure you’re taking advantage of all the benefits that you’re given. Let me just tell you a quick story why I’m telling you to do this.

I had a friend, and she just completely ignored the stuff that her work sent her. She thought, “Hey, everything’s set up, everything looks good,” and “she looked it up” when the annual benefit renewals came around, and thought everything was static, and the same, and it was okay. Well, as I went through her benefits package with her, she didn’t know that she had ability to put about $18,000 away into her 457 that her employer was offering. She had plenty of money leftover to do this, but she wasn’t taking advantage of it. Why is it such a big deal?

Well, thinking about it, if she had been putting the max away in that plan in the five years she’d already been there, give or take, she’d be having nearly $100,000 in contributions in a tax-deferred account, and that’s just without growth. It’ll probably be significantly higher since we’ve had some really good returns in the past five years in the market. Really thinking about it, that amount might’ve been enough for her to retire a year or two earlier. I mean, that’s some big stuff here, so important information’s located in that benefits package, and I encourage you to go check out yours today.

Bo, welcome to the show. Tell us a little bit about yourself.

Future Proof M.D. is a financial blog for medical trainees.

Bo

Thank you, Ryan. My name is Bo Lu. I’m a Chinese immigrant. I am a medical resident in the Specialty Radiology. I’m a 4th year, which means I’m one year away from finishing training, and next year, I will be pursuing the Interventional Radiology Fellowship at Miami Cardiac & Vascular Institute. My other job, if you will, is running Future Proof M.D. as the financial blog for medical trainees including medical students, residents, and fellows.

Ryan

Awesome. It’s a great blog. I’m excited to have you on. Like I mentioned, I am a sponsor for that just for some disclosure. I want you to talk a little bit if the listeners haven’t been to your blog site, just a little bit more about what you talk about, what they can find there, and then we can talk a little bit more on the challenges of running a blog while you’re still a resident.

Bo

Yes. My blog tackles the general personal finance. I talk about a variety of different topics anywhere from student loan management, investing, to retirement planning, but I tend to focus on the topics that concern young medical trainees, medical students, the residents, and fellows specifically, so a big part of what I talk about is student loan management, and investing, especially investing while you don’t have a lot of income, and you have a loan net worth.

Ryan

Obviously, I can think back to when my wife was a resident, and I barely saw her, much less would think that her running up her own blog, and a successful blog with really awesome content is next to impossible. How do you do it?

Track your net worth—it’s important.

Bo

It’s a challenge, day in and day out, really. I’m constantly looking for time to sit down and write, to edit, to put out things that I think are going to be not only relevant but also interesting. As you know, there’s a lot of people that do this really well. The White Coat Investor, the Physician on FIRE, a variety of bloggers are very good at putting content that are relevant to medical professionals in a very relatable way, so I just hope to offer my personal take on the different topics, and I tend to write a little bit more overview on more generalized approach articles to give people introductory lesson, if you will, something that could be very complicated.

Ryan

That’s one of the reasons that I liked having you on the show here is the show is really providing a foundation of financial education that physicians really didn’t receive while in training. Your blog is almost an extension of that. That’s really what you’ve set out to do. You do get in the details on some of your stuff, and track your net worth, and you provide a lot of insight to people. You aren’t necessarily generalized, but you do have a really good foundation of information for people that, I think, is super beneficial. It’s one of the reasons why I definitely sponsored your site. I love what you’re doing. To jump into the stuff that you discuss, you track your net worth publicly. Why do you do that? I mean, I know there’s some physician bloggers out there that do that, but not really physician bloggers, especially letting you know their name and all that. Why did you end up doing that?

Bo

I think there’s a lot of benefits to blogging anonymously. To me, I actually started out that way. When I first started tracking my net worth publicly, I had some people who are very close to me who told me not to do that, and all the potential dangers of doing so, and I put it on hold for about a year. After a while, I said to myself, “Hey, I have nothing to hide, and this also helps me show my readers, and other people who come and visit my blog that I am practicing what I preach. I’m, by no means, perfect. I constantly make mistakes with money, and, you know, this also give them a proof of what I’m preaching, and what I’m going through in my daily life, so they can follow along. If I inspire other people to do the same, I hope they would do that, and they may not desire to publicize their net worth, but I hope I get people started in thinking about their net worth.

Financial independence is one of those things that always come with a discreet number.

Ryan

I love that. I love transparency. It’s really how I built my practice at Physician Wealth Services, and I love the fact that you are providing the transparency to your readers. You mentioned that you hope to inspire physicians to track their net worth. What are the benefits of tracking your net worth? I know that there’s sites out there that tell you to do it, and advisers do it for you, and all these, but from a physician yourself, why tell other physicians, or hope to inspire them to track their own net worth?

Bo

Well, I think, as physicians, we are very goal-oriented people. Every step of our lives, we’ve had a very objective goal … Get into medical school, get into residency, get out at fellowship, get that first job, and almost everything has a discrete target. Unfortunately, financial independence is one of those things that always come with a discrete number, and that number is going to be different for every single person out there, so you put your finger on the pulse of your financial well-being, and that’s the net worth-tracking part of it. You do that periodically, so you know where you are, so you can get a better idea of how you’re going to get to the future that you desire.

Ryan

If you could, just on a high level, just can you let the listeners know how they could start about tracking their net worth, what tools maybe they could use, or … I know that you track a pretty detailed, and provide the detailed posts, but can you just give them a little insight on how they could start?

Bo

Yeah. At the fundamental level, your net worth is basically what you own subtracted out by what you owe, so basically assets minus debts. That’s how you get your net worth. Unfortunately, the biggest part is trying to get people to understand where their assets are and what their debts are because it takes time to sit down and gather all that information. Most medical trainees will have, at least, one type of debt, and that’s student loans. That’s easy for them to gather.

A lot of the times, people forget that all the other bills are technically debts too, for example, your car loans, if you have mortgage, or your house loans, insurance, all those things, all those commitments are essentially debts. Then, also there’s assets that you don’t remember. Not too many young medical trainees will have a lot of assets, but, over time, you should be building that asset number up to the point where you start to approach net worth zero, and eventually positive, and further on.

Pay yourself first is basically a different way of thinking about managing income and expenses.

Ryan

It’s a common theme that I see when I bring clients on is we start talking about just their accounts, and we start looking at where do you bank? We’ll start easy. Where do you bank? What kind of accounts do you have? Needless to say, it always comes out, “Oh, I’ve got that account there. I’ve got these three accounts over at this bank.” Then it’s, “Okay, well, let’s talk about investments.” “Oh, I don’t have any investments.” “Okay, did you have a 403(b) in residency?” “Yeah.” “Okay. Well, that’s an investment account.”

As you keep going down the list, and, “Well, that account over there, and, oh yeah, I’ve got this insurance policy-.” It pops up, it’s hard to remember everything, and financial lives, they get challenged and difficult quickly, so it’s important to know what your assets are and, in the debt column, I’d also like to say that if you have credit card debt, that’s especially where that would go into that side. One of the things you jumped into is the concept of paying yourself first, and I’m a huge believer in this. I love the concept. I do it myself. I recommend it to clients. It’s one of the things you definitely talk about on your site. Can we just jump in, and talk about paying yourself first, and maybe explain a little bit that you have written to your readers?

Bo

Yeah, of course. Pay yourself first is basically a different way of thinking about managing income and expenses. I abbreviate it PYSF because I like to talk about another four-letter abbreviation that starts with P and ends with LF, so I’m sure we’ll talk about that later. The idea is that instead of committing your income first to all the liabilities, for example, all the different bills, you commit that to yourself first, and to your future self to be specific. Essentially, what that means is when your income comes in every two weeks, every month, however often you get paid, you have certain numbers, certain percentages allotted out for your investments and retirement planning … A very basic concept. All it is is prioritizing those two things ahead of all the other commitments you have, and it’s just basically a simple mind trick that you have to trick yourself into thinking, but is immensely helpful when it comes to long-term investing, and building net worth.

Ryan

Let’s go a little bit further on that. Can you give us an example of paying yourself first, say, in an account, and how you would basically do that?

Bo

For me, I’ll just use my own personal example.

Ryan

Perfect.

Having a side hustle income makes it easier to invest your resident salary.

Bo

I have access to certain retirement plans through my employer as a resident, so the plans I have access to include a 403(b), which is similar to a 401(k), if you work for a for-profit company. I have access to a 457b, which is similar to a non-profit/government-sponsored 401(k), if you will. I have access to, on the individual side, to the individual retirement plan, which is the IRA, and I have access through work to what’s called a Health Savings Account, which is a high-deductible health insurance plan.

Those things together have a combined limit that’s quite high. In order for me to actually max it out, it’s putting quite a strain on my income stream, but, luckily for me, as a resident, I can put almost 100% of my income towards that, and use the living expenses can come from my other income source including moonlighting, the blog, and also I have built up some savings over time as well. Those different plans give me a dollar amount that I put aside every two weeks, and they automatically go into those accounts, so I never see them to begin with, and that takes care of the pay yourself first.

Ryan

Perfect. Perfect example. You touched on a couple employer-sponsored plans inside there. I want to go into one in particular. I know you’ve written about it, but I get a lot of questions on this one, so it’s going to be fun to jump into just real quick is the 457. I know you said you started one. I’m hoping you can just give an overview of the plan, and what your target is with that, and maybe a little bit of the pros and cons of that plan.

Bo

The 457, the best way to think of it is think of it as a 401(k) plan, additional 401(k) plan. The difference there is only the non-profit and government organization can actually sponsor a 457 plan. If you don’t work for a non-profit or a state and local government, most likely you don’t even have access to a 457 plan. If you do have access, it’s actually a great plan. The limit per year currently is 18,000 a year, which is the same as a 401(k) plan, but the benefit of this is the limit is in addition to the 401(k) or 403(b) limit you already have. In essence, if you’re willing to invest, you can build a lot of investment very quickly that are tax deferred, and we all know how that can add up over time, given the time value of money.

A couple of key points to keep in mind about the 457 plan. If you read the literature, that fine print, if you will, often the 457 plan is limited to a select group of management or highly-compensated employees, okay? While nobody defines the select group, it’s likely your employer will have some kind of criteria to determine whether or not you can qualify to contribute to a 457. Sometimes, this restriction have led to the 457 plan being referred to as a top-hat plan. There are some drawbacks, of course, to the 457 plan just like any other plan. Probably the biggest one is the fact that it’s completely controlled by your employer, so the fact that if your employer goes broke for whatever reason, it is possible for you to lose your 457 plan.

Investing your money into different financial plans can help lower your taxable income.

Ryan

Yeah, the insolvency risk of it is probably the biggest detractor from it, but, for the most part, it’s very similar, and from a high level, just think of it almost as an extension of your 403(b), allowing you to put an extra 18,000 down. You hinted at it before, we’re going to jump to it real quick is the other four-letter word, PSLF, or four-letter acronym if you will, which is the Public Student Loan Forgiveness. I know I’ve talked about this in a prior show, and we jumped into student loans with Travis Hornsby, but just to touch on this real quick is if you’re putting away 18,000 into your 403(b), and another 18,000 in your 457, that’s really lowering your taxable income, which, then, in turn, would make your payments less on your student loans, and increase your forgiveness, correct?

Bo

I believe so. That’s another benefit of being on the Public Service Loan Forgiveness Plan is that there are certain things you could to make your income very low, and these are two things like we just talked about here.

Ryan

Yeah. Is that what you’re personally doing? Do you have student debt?

Bo

I do. I actually have the typical amount of student debt. I have over six figure, under 200,000, so that’s good.

Ryan

Pretty good. Sorry to interrupt, but the average client that I work with has about 290,000 in debt, so under 200,000 is great. Good job.

Bo

I mean, to me, that’s still quite a lot. The benefit of the Public Service Loan Forgiveness, you can read a lot about it online, and currently it’s been in the news recently for a lot of reasons. One of which is the fact that people are talking you will be done away with, but, as far as for the people who are looking to enter into repayment right now, and the students who are just graduating, this is still a very good plan. I have written quite a bit about it, and if there’s any questions, I’d be more than happy to answer the questions.

Ryan

Awesome! I know you wrote a really good post on PAYE and Repay, or Pay and Repay, Harvey want to say them, that I will link to you in the show notes, that I, [sickening 00:18:42] as it is, thoroughly enjoyed. I thought it was a great detailed post on that, so I’ll definitely put that inside there.

Bo

Thank you, Ryan.

Having a side hustle income makes it easier to invest your resident salary.

Ryan

Oh, absolutely. Switching gears here a little bit. I want to go more in-depth a little bit on your blog. What other topics do you discuss on the blog that isn’t student loans or necessarily net worth tracking? What else do you talk about there?

Bo

I talk a little bit about investment, retirement planning. I talk about insurance. Occasionally, I get on a high horse and go on a soap box about medical ethics, and the health care economics. Those are the typical topics. There are also things like income, building wealth. I’m a big gadget junkie, so I talk a lot about technology, in the sense that how technology can better help us organize our finances. Those are the typical things.

Ryan

Something you do that’s rare and well, I don’t encourage frivolous spending, you do have a Deals section on there that I actually have taken advantage of once. I think it was a pre-loaded $20 Amazon card, you get an extra 10 bucks. While it’s nothing major, we spend so much money on Amazon, and just diapers, and all these other stuff for the kids that a free 10 bucks is cool, and just another little way that you give back to the readers. It’s that I do like, so that Deals section is pretty neat. Why did you start the Deals section?

Bo

I, myself, is a pretty big bargain hunter, so I like to purchase quality items, but I very much dislike the concept of paying retail for something. I usually will dig and hunt for a deal before I commit to buying something. I just thought, “Hey, maybe somebody else can enjoy the deals I find,” and it sounds like I have at least one reader who took advantage.

Ryan

Absolutely. I loved it.

Bo

Very happy about that.

Ryan

Absolutely. I loved it. It was cool. I mean, anything to do with Amazon, and getting free money from Amazon perks my attention just because we have two little ones, a three-year old and a one-and-a-half-year old, and we go through diapers a lot, and creams, and clothes, and shoes, and little things that they always need and growing out of, so I definitely appreciated that. One of the things I actually remember that you’d said, and I know we got caught into a little bit more of a tangent, but in HSA, and that’s something that I haven’t really talked about on the podcast yet, and I would like to go into that a little bit more, if you would, just what it is, and why you’re doing it.

The HSA stands for Health Savings Account, and it is essentially a tax-deferred investment account that is coupled with a health insurance plan called a high-deductible health insurance plan.

Bo

The HSA stands for Health Savings Account, and it is essentially a tax-deferred investment account that is coupled with a health insurance plan called a high-deductible health insurance plan. In an effort to try to decrease the cost of healthcare, and put more cost-sharing onto the consumer, the government basically made these plans into existence so that you can take advantage of this tax-deferred savings vehicle as long as you use it coupled with a high-deductible health plan. I use it as a retirement plan. The reason I do that is the idea is I can put my investments in there while paying out of pocket for a health cause during the year, and that health savings account, the money in that account can just grow as investment, and, over time, as we talked about just like another savings plan, like a 403(b), or a 401(k), over time, it’s going to grow, hopefully, and become a substantial amount.

When you do need the money, and when you do withdraw it, there’s a few things that are really great. One, if you use that money for health expenditures, it comes out completely tax-free. If you do decide to just use that money for something else, all you have to do is wait until you’re 65 or older, and then it comes out with your regular income tax bracket. It’s a really good plan that some people have talked about it as their stealth IRA.

Ryan

Yeah, it’s commonly referred to that, so if you Google stealth IRA, you’re going to see a lot of info on it. There’s a couple of points that you made that I just want to clarify because sometimes this is maybe the first time or one of the first times that a listener will have heard what an HSA is. What we’re saying is that you can put the money in pre-tax, and there’s certain limits, and, let’s say … I don’t have the exact term on me, but it’s like 2500 bucks or something. You can put that money in, and then the investment, so you’re investing that money will, hopefully, over time, appreciate in value, so it’s going to continue to grow tax-free like a taxable IRA, or our traditional IRA, or a 401(k).

Then, when you pull the money out, let’s say 20 years, 30 years from now, and you want to start living off of that income, if you’ve got the medical or health-related expenses associated that you can pull it out and offset them, that money comes out tax-free. From what I understand is that if you’ve kept a receipt for 20 years, that you can actually be paying yourself back for that expense that happened 20 years ago, and still have it come out tax-free. It’s a really powerful tool.

Bo

Exactly, and that’s what I’m doing.

What does a Stealth IRA mean for you?

Ryan

I love it. I love it. We actually have been fortunate to be on some really awesome healthcare plans with my wife. She’s Type 1 diabetic, so we have a lot of cost coming in with insulin, and pumps, and supplies, and all sorts of stuff for her, but … You know, if we didn’t have that, that would definitely be an option that we would be exploring because I don’t think there’s anything else that’s triple tax-free. You get to have it pre-tax or lowers your income the year you put the money in. It grows tax-free with your investments over time. Then, if it comes out for a qualified healthcare expense, which is a whole laundry list of what qualifies, then you get to pull it out tax-free. It’s an amazing account, and definitely people are referring it to as a stealth IRA. That’s neat that you’re using it, and have the ability, and the foresight of being able to say, “Hey, this is probably a good concept. I’ll look into it.”

Bo

You’re bringing up a really good point, Ryan, is that if you are someone who has a lot of healthcare expenditures, then perhaps an HSA isn’t for you because, if you’re not going to be able to let that money stay in the account, and appreciate over time, as in you have to pay medical bills every month or every two months, then it’s probably not as beneficial to you.

Ryan

Yeah. This is back to the same point. I think I’m almost saying this one time a show now, so I probably should coin a phrase, but personal finance is personal. What works for Bo doesn’t work for me and my family, and it might not work for your family, or it might. You just have to do the analysis, and educate yourself on what is actually available, and out there, and this show is going to help you get to that point, and futureproofmd.com is definitely going to help you get there as well, so I definitely encourage you guys to read what Bo is putting out there because it’s a really good stuff, and that’s what this is for. I mean, this is really to give back to the communities, to help educate physicians, and provide that education you really didn’t receive in training.

Now, it’s time for the curb-side consult.

Ryan

First question is what financial advice would you give a new resident?

Bo

Pay attention. That’s the advice I would give to any learner no matter what the topic is. For medicine, yes. For finances, definitely, a yes. I think we hit on a topic earlier when we started the talk. You say that a lot of the times when you sit down with a client, they might not even know where their accounts are. You know, if you pay attention, that won’t happen.

Ryan

Absolutely. I love it. To piggyback on that question, what student loan advice would you give for a new resident?

Bo

The biggest student loan advice I want to talk about is if you do qualify for a public service employer, then definitely look into Public Service Loan Forgiveness. You don’t have to sign up for it if you decide that’s not what you want to do, but you should at least consider it.

Ryan

I agree. A common mistake that I see is people who want to qualify for, who will end up working for one of those 501(c)(3)s that go into forbearance all the residency, and those payments, even a zero-dollar payment, if they factor in your 4th year medical school, and your zero income, and you have zero payment, that still counts part of that 120-qualified payments. Pay attention. I love it. Pay attention.

Bo

Exactly. One of the things that often is misunderstood about the Public Service Loan Forgiveness is a lot of people think that, when it comes to the end of 10 years, and your balance gets forgiven, you’re going to have to pay income taxes on the forgiven amount. That happen to not be the case in this particular instance. It does apply in a lot of the other income forgiveness schemes, but not for Public Service Loan Forgiveness.

Ryan

Yeah, if they’re not going for Public Student Loan Forgiveness, but they’re going to extend their student loan payments through, you know, IBR, and in for 25 years, and, say, 100,000 was forgiven, that will be taxed, but for Public Student Loan Forgiveness, I know there’s been a lot of confusion on this is that if you’re going for Public Student Loan Forgiveness, and there’s 120 qualified payments made, which don’t have to be consecutive, that’s another common misconception that I’ve seen a ton of.

Public Student Loan Forgiveness provides a tax-free opportunity.

Let’s say that same 100,000 was to be forgiven, you will not owe tax on that. Now, that could change. I mean, this administration really doesn’t know what they’re doing yet with it, and there’s so many things that could change, but the people that are already in, that are already grandfathered in, I don’t see that ever changing. It’s not a bad thing to pretend like it is, and to save like it is, but the likelihood of that changing is pretty low. The last question I have for you, Bo, is what do you think the biggest financial trap is for physicians?

Bo

Probably insurance as the investment vehicle. There’s a lot of stuff online about this, and what I’m referring to is such things as Whole Life, or Universal Life, or different variations on Whole Life. The concept is you buy into this insurance policy, and part of that money goes into an investment account, and grow your insurance premium over time, and why not? But, a lot of the times, what you don’t realize is instead of having that money go directly towards investment, a big chunk of it is going towards fees, management fees, whatever other fees you may have, so that’s something that is often sold to physicians. I don’t want to say that people who sell them are bad people per se, but I think if somebody does come to you with one of these insurance as investment vehicle plans, it’s worth thinking a little longer before you sign on.

Ryan

Absolutely. I actually think that was a great answer. I tend to say insurance is insurance. Investments are investments. Never mix the two. I know plenty of people, plenty of other advisers out there that sell insurance, and it doesn’t mean that they’re bad people. It’s the way that they’ve decided to build their business. It’s definitely not the way that I’ve decided to build mine. I don’t sell any products. It’s fee-only advise, but that I definitely I have to say I’ve had several physician families that have come into the door here, and said, “My investments are costing me too much money. Can you take a look?” That’s usually a big, red flag of what insurance were you sold? Then, doing a little analysis and seeing if that was the best fit for them or not. I love the answer, Bo. That was a great answer.

With that, Bo, thank you so much for being on the show. I really appreciate it. It’s always good to talk to you, buddy, and keep up the great work you’re doing, and just, one more time, let them know where they can find you, and more about what you’re doing.

Bo

Yeah, come visit me at futureproofmd.com.

Hustle pays off.

Ryan

Awesome! That’s futureproofmd.com, everyone. Check him out. That was such a great conversation with Bo, and, Bo, thank you again so much for being on the show. You’re such an inspiration, and what hard work, and dedication looks like. It’s amazing how hard he hustles to build these streams of side income to not only support his income as a resident, Bo allows him to maximize all these tax-deferred benefits that are available to him, which turns out that it allows him to reduce his student loan payments as he’s trying to maximize that amount to be forgiven using the Public Service Loan Forgiveness.

With overwhelming feedback I received in recent weeks, next week, I’ll be airing another curb-side consult. It’ll be five more questions from you, the listeners, and those in the financial residency community. If you have a question that you like to get answered on the show, I encourage you to go to Financial Residency, and click on the record button that says record your question. I’ll do my best to get it answered on the show, or during one of the upcoming Facebook Live Q&As. 2018 is going to be a great year for the community. There’s going to be tons of exclusive content created for you, guys. I’ll be doing Q&As, there’ll be more of these freebies, articles, podcasts, videos, and a ton more, so come find us on Facebook by searching for Financial Residency Community in the Groups section, or come to financialresidency.com. Thanks.

Ryan Inman