Begin Your Ideal Life With These 3 Questions In Mind

Begin Your Ideal Life With These 3 Questions In Mind

Curious about what it’s like to be married to a financial planner? In this episode, Dr. Taylor Inman (my better half) reveals the good and bad that apparently comes with marrying someone who loves to geek out over numbers.

Taylor and I also discuss a bit of our backstory, how we ended up creating our own financial life plan and how we have been living out our ideal life for the past few years.

Being Married to a Financial Planner for Taylor Means Knowing What Our Family’s Ideal Life Looks Like

Having an open dialogue with each other as well as time to self-reflect allows us to hone in on our “why”. What is important to us, separately as individuals, as collectively as a married couple. What is our ideal life and what would provide meaning to our lives? This is the foundation of a life plan and we start off the life planning process by asking 3 questions. These questions, pioneered by George Kinder’s Life Planning Institute, are so important that an entire show was dedicated to them.

What Does Your Life Plan Look Like?

I strongly encourage you to write out your answers to these questions.

Question 1: If you had all the money to take care of your needs, both now and in the future, how would you live your life?

Question 2: If you found out that your life will perish within a timeframe, what would you do with the time remaining? This question does not assume unlimited wealth.

Question 3: Is your current life aligned with what you really want? If not, what changes can you make to get you closer to living out your ideal life?

What You Will Learn in This Episode:

  • Having an open dialogue with your spouse about a financial plan can help you live your ideal life.
  • What is it like being married to a financial planner?
  • Financial planning is a give and take between both spouses.
  • When the family dynamics are changing, it’s really important to have a heart-to-heart.
  • Financial planning and investing is really a joint effort.
  • When you aggressively save money, you can be more flexible in spending later.
  • Nothing is ever final for a job or a location until you’re under contract.
  • Would you change your life? If so, how?
  • It’s fun to live your ideal life—you need to know what it is first.
  • To be able to travel to the places you most want to see is a perk of planning your finances for the long-haul.
  • Dr. Taylor enjoys Ryan being home which is a luxury he worked hard to attain for his family.
  • As much as they hate insurance, they acknowledge the benefits.

Don’t Forget to Add to Your Toolbox, Get Involved and Help. Here’s how:

If you enjoyed this episode, I’m sure you would enjoy reading this: How to Find a Financial Planner You Can Actually Trust

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Full Transcript: Begin Your Ideal Life With These 3 Questions In Mind

Ryan

Welcome back everyone and thank you so much for being here. I truly appreciate you guys listening. I hope this podcast is really making a difference in your financial lives. So, I’ve decided to do something a bit different with today’s show. If you’ve listened to any of my other previous shows, I’ve kind of hinted around that I’m somehow going to get my wife to co-host a show with me. Well, that time has come today. My wife, Taylor, and I not only discuss a bit of our backstory, but we also dive into how we ended up creating our own financial life plan, honestly, by accident; and how we’ve been trying to live out our ideal life over the past few years. You know, having an open dialogue with each other, as well as time to really self-reflect, has allowed us to hone in on our “why.”

Having an open dialogue with your spouse about a financial plan can help you live your ideal life.

Ryan

You know, what really is important to us separately, as individuals, as well as collectively as a married couple. What does that ideal life look like and what would provide meaning to our lives? Really, this is the foundation of a life plan. We started off this planning process, this life planning process, by asking three questions. And these three questions, pioneered by George Kinder’s Life Planning Institute, are so important that I’ve really dedicated this entire show around it. So, you might be thinking…what is a life plan and what is he talking about? Well, a life plan really allows you to clarify your most important priorities. It enables you to maintain a balance. You’re going to hear in this show that my wife and I have sacrificed some stuff for each other, but it allows us to maintain a more balanced life.

Ryan

It allows you to say “no” to more things. As soon as you figure out what you really want in life, everything else becomes a “no” and the things that actually matter become a “yes.” It’s fascinating, once you’ve gotten to that point, of being able to say “yes” to things that really, truly make you and your spouse happy. It allows you to really envision a better future for yourself. It kind of serves as a roadmap, if you will, for accomplishing what really matters the most. You know, you’re starting here, you want to go there. How do you get there? And really, the whole process of life planning is that journey on your ideal path. The last thing is, what life planning will do, is it will help ensure that you don’t finish life with these regrets or I wish I would have or I can’t believe I didn’t. And while we don’t know when we’re going to die, you know, looking back and saying man, I had a great life, this is amazing, I’ve done everything I’ve wanted to do, I’ve become everything that I’ve wanted to become; is really a truly rewarding feeling.

 Ryan

So, I strongly encourage you to go write out the answers to these questions and really look at it and say is my current life aligned with what I really want? And if not, what changes can you make today that could be real little ones, but what changes could you make today to get you closer to living out your ideal life? So, here’s the quick back and forth with my wife and I and I hope you enjoy it. Alright, here we go.

And now, it’s time to welcome this week’s special guest.

Ryan

I have Taylor here, on a Saturday night, at 10:00. She’s been a trooper. We’ve gone through several different microphones and several different options to make sure that we sound okay and there’s not a lot of static. We’ve never recorded with two people in the same room, which is kind of funny; but, here we are on a Saturday. So, thank you for being on the show.

Dr. Inman

Well, thanks for having me on your podcast. I’ve been a long-time listener and I’m excited to finally be on the show.

Ryan

Sarcasm…I get it. She’s so funny. So, I’ve been asked several times, and I was just on Laura’s show, which is the Married to Doctors podcast; which is a great show if you guys want to go listen to that show. I’ll link it in the show notes. She had a really good question, and this is like the twenty-thousandth time I’ve actually heard it. The question was…what is it like to be married to a financial planner? I usually make up some clever answer that I think is correct, but we’re actually going to hear the truth tonight, and we haven’t rehearsed this. So, this is going to be interesting and I’ll be hearing this for the first time as well. So, Tay, what’s it like to be married to a financial planner?

What is it like being married to a financial planner?

Dr. Inman

So, it’s actually really nice to be married to a financial planner. I don’t have to worry about finances at all. Ryan takes care of all that, all the bills, all the making … or saving for retirement, and that we make enough money to live. So, it’s really nice to not have to worry about that. The one time that’s not so nice, is if there are extra expenses one month, or something. Like, we take the dogs to the vet. It also changes seasons, so I have to warm clothes for the kids, do a little shopping for Ryan, a couple of things for myself; and our credit card bill is higher and then he wants to analyze every single thing to see where every dollar went. It’s like, yeah, it was more this month, but it’ll probably be less next month; but that is not a good enough answer for the financial planner. We have to figure out what went wrong that month and what we need to do to make up for it.

Dr. Inman

So, that’s the only time it’s bad, but it doesn’t happen very often. The other time that it’s not so great to be married to a financial planner is, I go off and work, and will work a locum’s job for a week, and have this huge paycheck that comes in, and I’m all excited for it; so, I log in to look at our bank, which I don’t do very often, and I’m like where did all the money go? It’s like gone, instantly. Granted, Ryan puts it in a retirement and responsible things; but it’s like, I would think there’d be a little bit there to see, to show for all I’ve just put in for the week that I’ve worked, but it doesn’t ever show. So, I guess that’s a good thing, because I don’t spend it; but it’s one other bad thing about being married to a financial planner. He plans your finances.

Ryan

So, literally, in the first two minutes of this show, you lied. You said I have one thing that’s bad about being married to a financial planner and then you rifled off at least two, if not more. I guess that’s not that bad, though. I mean, I’m guilty. Yes, you make money; and when it actually does come in, it’s already allocated and put into wherever it needs to go…whatever savings, whatever deal, whatever purchase of a stocks or bonds, or whatever it might be. So, it’s already gone, but I’m surprised you log into the bank. I’m proud of you.

Dr. Inman

Only when I work and contribute money to the bank account. I like to see my efforts.

Ryan

Oh, that’s how that works. So, when you contribute the money, you actually want to see if it actually hit in. Is it to like see if they actually paid you, or is it just because you’re stoked for like a day?

Dr. Inman

I’m just stoked that I made money, finally.

Ryan

Well, I guess, is there anything else bad about being married to a financial planner?

Dr. Inman

So, our family motto is that Ryan deals with the finances and I deal with the medical things, which is good, but it’s also hard when Ryan can’t schedule a doctor’s appointment for himself. I have to do that. Or, if I do need his opinion on something medical, just for the emotional side of it, like deciding whether or not to put tubes in our son’s ears; and he’s like, hands off, that’s your department, you do the medical, I’ll do the finances. I’ll pay for it, but you make the decision.

Financial planning is a give and take between both spouses.

 Ryan

Yeah. I mean, I guess I could have some input, but, I mean, you are a doctor. Right? And a pediatrician. You should handle our son’s medical. I would assume that you’re way more over-qualified than I am. I don’t know.

Dr. Inman

But you’re his dad.

Ryan

Yeah, and I love him, but I trust what you have, just like you trust that I’m putting the money in the right places and not spending it on horrible stuff.

Dr. Inman

Yeah. It’s give and take. We make it work.

Ryan

Yeah. There you go. So, today’s show, I did want to answer, or have that question asked and answered; but today’s show is going to be a little bit different, if you can tell, with my wife here. Typically, around the end of the year, and we were going to record this around Christmas time, but with sick kids and us having colds, it wouldn’t have sounded that good; so, we’ve kind of delayed it to now. We’re going to do something a little bit different. We’re going to go over the three questions…the three important questions, which were brought up to me by George Kinder, who’s kind of the godfather of life planning. He didn’t originate the questions, but this is how I originally found out through one of his talks. It’s something that I do with my clients over at Physician Wealth. So, it’s one of the exercises that we do. I thought it’d be kind of fun to do this on a live recording.

Ryan

I’m surprised, Taylor thought it’d be fun as well, but yeah, we’re here. So, to give a little bit of a backstory on what it was, is we kind of did our own life plan and answered these questions, without knowing what the questions were, about four years ago, when we had first moved down to Carlsbad, when Taylor was doing fellowship. We both had hour-plus long commutes into our respective works. We had a beautiful house. We had gone with a builder, and the market hadn’t picked up yet; so, we got a really good deal and had purchased it, actually, a little bit before we moved down there. I’ll mention all of this in a separate story when we talk about how we paid off all of Taylor’s student debt in a very unconventional way. But, we were in a nice house and it was kind of an expensive house, but it was a nice house. We were traveling a ton and we weren’t happy at all. It was just a lot of time on the road, it was hard to see each other, and then when Taylor got pregnant with our son, Wyatt, we kind of sat down and had a big heart-to-heart conversation on what we were doing and how we were doing it. Little did we know, we were kind of answering these questions, but just not formally.

When the family dynamics are changing, it’s really important to have a heart-to-heart.

Ryan

And so, when we ended up moving and selling the place, we moved right next to Taylor’s work so that her commute was like five minutes. That was an important thing for her and she’s shaking her head like yep. I still had like an hour-long commute, but at least one of us was happy. Our relationship, there’s a lot of give and take and making each other happy wherever we can. So, the first thing we did was, she was pregnant, and I wanted to make sure she wasn’t on the road as much, and she was happy, and everything could go as smooth as possible. So, we ended up moving closer to her work and then about a year later, I wasn’t thrilled with the job I was in. I had left a financial planning job when we left Orange County, when she was in residency, to go down to San Diego; and I took this temp/financial analyst position. So, I had quit that to start Physician Wealth. The way that we were able to do that, is because we sold the house and we moved further south. We went from a twenty-four-hundred square foot home to an under twelve-hundred square foot house, in a much cheaper area.

Ryan

We were able to save even more of the money that we were bringing home and we kind of invested in ourselves. We thought at that point in our lives, we were young enough that we still put money in our IRA’s, and Taylor still had her 403b from work; but other than that, all the extra money went into just savings. We had a ton of cash, and the reason was, because I wanted to start my own company and chase my dream. So, we’re here two years later, and I know Taylor will kind of jump in and have her side of the back story, but we ended up moving to Vegas. We’ve gone through this conversation, or this exercise, not as formally as, maybe, we had last year, or this year that you’re about to hear; but we have gone through and had this conversation several times. So, we thought it’d be fun to let everyone kind of hear how the behind-the-scenes works. Yeah, so, Tay, if you want to tell a little bit of the back story and fill it in.

Dr. Inman

Yeah. So, living in Carlsbad, like Ryan said, it was a horrible commute for both of us. We talked about what was important, and what was important was to spend time with each other. Even though we were working a ton, we wanted to be able to spend time together. We knew we were going to have a baby and we wanted to be able to spend time with him once he came. So, once we made that decision to sell our house, I feel like it put a lot of things in motion. So, we were renting some place that was smaller, that was cheaper, that worked for a couple of years; with the idea that we probably would be moving out of San Diego after I finished training, just because it’s so expensive to live in San Diego. I knew that once I finished fellowship, I wanted a break. I felt like I had been going straight through. I didn’t take any breaks from college, to med school, to residency, to fellowship; and I knew that I was going to want a break when I was done. So, moving to Las Vegas, we were close to Ryan’s family and it was a lower cost of living.

Dr. Inman

And then, through our conversations, we had decided that I would be able to work part-time here and have time with our now two kids. So, that’s been really good. Moving here has been a little bit harder than I expected. One thing for all the listeners to know, is that nothing is ever final for a job until you have a contract. So, I haven’t been able to find work locally in pediatric pulmonology, so I actually travel to Fresno, to Valley Children’s Hospital. I’m an independent contractor, but it’s similar to locums. I fly out there for one week out of a month, and I work, and I’m on call for the whole week. Then, I’m home as a mom for three weeks. I do a little bit of gen ped’s locums here in Las Vegas as well. I cover for a practice. So, it’s nice to have a lot of time home with the kids, but it’s not a long-term solution for us, but it’s been really nice to have time with the kids and time to be a mom. I haven’t missed out on much with them, so that’s been nice.

Financial planning and investing is really a joint effort.

Ryan

Yeah. So, if you, kind of, look at chronologically, we sold the place and maybe you benefited the most when it first started, because your commute was less. I was still stuck in the job I wasn’t really a fan of and then we had about a year or so of saving, aggressive saving; and then I was able to quit, and then it shifted back into my favor, that I was able to start Physician Wealth Services and really chase my dream. I had always been into financial planning and investments, and this was benefiting me the most to do this. And then, as we were finishing fellowship, it was really a joint benefit. I was still going to get to do the job that I loved doing, and you were going to get to be a mom and, also still have your hand in work; but not full-time, 60-hour, several on-call nights, that kind of thing. So, that’s our back story of how we got here.

Ryan

So, as we go through, you can, kind of, hear our three questions and how that’ll go. I’ll read through those. Are you ready to start?

Dr. Inman

I am ready.

Ryan

Okay. So, the first question is, imagine you’re financially secure. You have enough money to take care of your needs, both now and in the future. How would you live your life? Would you change anything? Let yourself go and describe your dreams. What would you do if money were no object?

Dr. Inman

So, I would love to live by the beach, with a big yard, not a big house. I would like an average-size house, because I don’t want to have to clean that big of a house. Just be comfortable with my family and live somewhere beautiful with great weather. I’d want to spend as much time as possible with family. Our kids are little now, but they’ll be starting school soon; so, I know I’d like to travel with them to exotic, fun places in the Summer, when they’re on breaks, and just teach them about life and culture. I would like to workout every day and have a chef to cook healthy meals for me. I hate cooking, but I like to eat healthy. So, that would be a big splurge for me. Then, I still would want to work part-time, maybe one or two days a week, or do volunteer work. I’ve kind of had a taste of this not working, from moving to Las Vegas. The first six to seven months that we were here, I wasn’t working at all.

Dr. Inman

I had two little kids, I was studying for boards. There was a lot going on, but I still felt like I missed work. So, I know that I would still like to work in some capacity, even if I had all the money in the world, I’d still get a lot of joy out of working. I think part of that is going into pediatrics, it’s fun. I get to play and act like a kid at work and it’s a lot of fun.

Ryan

Yeah. So, you bring up being active still and work. Like, if money were no object, what would your ideal work week look like? Would it be every week?

When you aggressively save money, you can be more flexible in spending later.

Dr. Inman

I think it’d be every week while the kids were in school, while we were tied down to our home base; but I think I would like something that’s flexible. So, I said one to two days a week, maybe, in a practice that could allow it to have someone just come in here and there. They wouldn’t have to pay me much, because money would be no object. I also think that medical mission trips would be fun as well; especially, if we could take the family and the kids somewhere different and help out.

Ryan

Yeah. I’d be interested in a medical mission. I mean, I wouldn’t know what to do. I’d just be, kind of like, there for support and probably be the babysitter for the kids; but we’d be there to support that. I think that’d be fun.

Dr. Inman

Yeah.

Ryan

And then, you said you’d like to live by the beach; and I know, big yard, small house. Where? Like, where’s ideal?

Dr. Inman

We’ve lived in California. We know California. I like it there. It’s a bit crowded, but just somewhere with nice weather and not a lot of hurricanes or natural disasters, would be nice. I guess there is natural disasters everywhere, but just somewhere beautiful, quiet, and peaceful.

Ryan

So, ignore all the fires and earthquakes in California; no natural disasters at all, Tay. So, is there anything else you’d want to add to question one?

Dr. Inman

No, I feel like we talk about this question quite a bit. Like, what would your ideal life look like? So, I kind of feel like I’m living that now too, besides being financially secure. I mean, I’m having time with the kids. We have time together. We travel, not as extravagantly as would be possible; but we still get to do a lot of things that we want. So, I feel like we’re living a pretty good life.

Ryan

Yeah. You’re not going to bury me for telling you how much of a house we can afford when we potentially could afford a little more?

Dr. Inman

That’ll be on the next podcast that I’m on.

 Ryan

Oh, thanks. Can’t wait. So, I’ll go ahead and kind of answer some of mine. So, I really want to travel and I would travel a whole lot more than we do. I would have a little bit better vacations than what we do and maybe stay in a little bit nicer place, or not have to worry about how much things cost. It wouldn’t be like we’d go overboard and be at the Ritz or something. Then, I’d like to go to several places. I’d like to go to the Great Barrier Reef. I know you’ve been and I was really jealous and wish I could have gone. I’d love to go to China and Japan. That’d be a great trip. We both were very fortunate to go in college to Africa, on a safari. That was like the best trip that we have ever been on, at least in my mind. Do you agree, or no?

Nothing is ever final for a job or a location until you’re under contract.

Dr. Inman

Yeah. Hands down, that was the best trip that I’ve been on in my life. It was so fun to just be out in Jeeps, around crazy huge elephants, giraffes, lions, everything. I’d love to take our kids there, go on vacation, and just spend a week or two in Africa.

Ryan

Yeah. They’d need to be a lot older, though. Like, a lot older. So, I’d really like to do that. I’d really love to see Iceland. There’s a couple of like specific things that I’d like to see that I don’t know if you would be super-thrilled. I know that, maybe, at some point, we might be able to do some of these. I’d like to go to the Ice Hotel in Sweden. It’s like a full ice hotel, just like it sounds.

Dr. Inman

I don’t like cold.

Ryan

From Kansas. Yeah. I’d like to go to Alaska and do salmon fishing. I think that’d be super fun. I want to see an iceberg. I’m not gutsy enough to do the scuba under the iceberg, as you look at me with a terrible face; but yeah, there’s people that do that, and pay to do that, which seems painful. I really do want to see an iceberg. And then, I really want to see the sharks in South Africa jump out of the water and do one of those things. I don’t think I’m crazy enough to get in the water with the cage. I don’t know, maybe. I think that’d be amazing. And then, for the day-to-day stuff, I would still like to work and help people. I wouldn’t be, maybe, as stressed and work the six, seven days a week that I do work and do all that kind of stuff. I would still, actually, create a podcast, because I really like doing the podcast. I think it’s really fun. So far, feedback has been good. So, I guess that’s good.

Ryan

And then, the two other things I’d look to do is, I’d actually like to be more active in real-estate. We already are pretty active. We buy like a rental place a year now. I would want to keep active, but not for the profit side. I would actually want to build affordable housing for people in need, and manage that, and help people out. Kind of like leaving a legacy that our kids could kind of live off of. This question, it doesn’t assume that you’re Bill Gates, but it assumes you are financially secure. So, I’d like to use some of that to help it so the kids can chase their dreams. Then, the last thing is, I would like to fund a college that the best and brightest minds go to. It’s kind of like how Stanford is doing their program where tuition is going to be free. It’s something that I think would be really fun and would love to do if money were no object. So, do you have any questions?

Dr. Inman

I’ll travel to all those places with you, except for, I do not want to get into the water with sharks in Africa. That sounds awful. You already are very active in real-estate, but I think I like your idea of building affordable housing and helping people out when you are so fortunate. I think that’s a great idea.

Would you change your life? If so, how?

Ryan

Yeah. I think it’d be super neat. So, you would go to the Ice Hotel. Begrudgingly, I would go to the Ice Hotel.

Dr. Inman

It’s recorded. She’s going to the Ice Hotel. Alright. So, switching up to question two. Question two is…now imagine that you visit the doctor, and I get to play along, because I know this doesn’t really happen, but she reveals to you that you only have five to ten years left to live. You’re never going to feel sick, but you’ll have no notice of the moment of your death. What would you do in the time that you have remaining? Would you change your life, and if so, how would you change it? Quick note is that this question does not assume unlimited wealth.

 Dr. Inman

So, for me, if I did only have five to ten years left to live, I think I would stop working at that point, just because you have an end. You’re not going to live forever. You know you don’t have that much time. I’d focus on spending time with my kids, with family, with friends. I would travel as much as possible and make memories. I mean, I still think I would travel. It wouldn’t have to be as extravagant. I know there’s not unlimited wealth, but I would live within my means, so that I didn’t have to work or worry about money and travel. You could rent an RV and drive around the United States and have fun too, making memories together. On a side note, I would eat dessert with every meal and enjoy food a little more; and just spend time enjoying what time I have left.

Ryan

So, you would actually get in an RV and drive all around the United States?

Dr. Inman

I think that would be really fun.

Ryan

Are you sure?

Dr. Inman

What’s wrong with it?

Ryan

I’m saying it’d be fun, but we could like stop at every ball park and go see baseball games. We could do that. I didn’t know, actually, this is something I learned about you. I did not know that you would actually get in an RV and go drive around for a while.

Dr. Inman

If I was going to die in five to ten years, and I wasn’t working, and I wanted to travel on a budget, and make memories; that seems like the best way possible.

Ryan

Yeah. Except for, I mean, thankfully you’re not dying in five to ten years; but, I mean, we have no idea when any of us are going to die. I mean, I’m not a doctor. I am married to one, but I’m not a doctor. I know that we’re not going to live forever. So, I mean, who says we couldn’t end up doing that?

It’s fun to live your ideal life—you need to know what it is first.

Dr. Inman

Summer vacation. Maybe when the kids are a little older, though; because one and three traveling in an RV sounds awful. Just driving home from taking them to the aquarium today was nerve-racking with both meltdowns, because it was dinner time.

Ryan

What? You don’t like screaming kids in an enclosed car?

Dr. Inman

I didn’t have earplugs.

Ryan

Awe. Neither did I, but that was the most exciting thing ever. So, yeah, travel, stop work, and you’d eat dessert.

Dr. Inman

With every meal…breakfast, lunch, and dinner.

Ryan

Seriously? Breakfast too?

Dr. Inman

Yep.

Ryan

Oh, my gosh. You’re crazy. You’re crazy. Okay. So, I don’t really have any, I mean, I knew a lot of that, but I did not know the RV thing. Do you have anything else to add?

Dr. Inman

Nope. Ryan, what would you do with your five to ten years remaining?

Ryan

So, I would stop working as much as I do. I know that I’m working quite a bit. I would enjoy more time with the kids and with you. I still am trying to do this, is to like, when we are spending time together, to unplug and to not have the phone, not worry about emails, and different things that come through. I’m sorry for the clients listening, but I am trying to unplug at certain times. You know, I have, and one of the biggest things for me with starting my own company, was that I could be more active in the kids’ lives and just being able to not have to go in and having the company working from home on purpose, and not wanting to grow this thing like crazy. It has allowed me to have lunch with the kids, or help them get down for naps, be active in dinner and after dinner, getting them to sleep, and pajamas, and all that kind of stuff. So, I would definitely want to not miss any of those memories.

Ryan

This one’s weird for you, probably, to think about, but I would want a vlog; just like a video blog. You know how people blog, but this would be with video. I want to do it, because I want the kids to remember me. So, I’d want to be able to, and I actually, I’m trying to start this more, but I’d want the kids to be able to see me, remember me, and hear my voice. I know Google or Apple, or one of these gigantic awesome companies, is going to have it to where you’re going to be able to play a video and they’re going to be able to recreate the scene around you. You’ll be able to, I don’t know, maybe I watch too many superhero movies.

Dr. Inman

Like virtual reality?

Ryan

Yeah, but like crazy. You know how Tony Stark in Ironman, he throws out the thing and he could walk around and touch things? I feel like that’s going to be like fifteen years from now. You’ll be able to eat dinner with yourself ten years ago, if you had a recording. So, I’d want to vlog and; specifically, I already do write stuff to the kids, and send them emails, and send them pictures every once in a while. Yeah, I’d do a lot more of that. I would want to take like six months or a year and I’d want to go live in Hawaii. I’d probably do it like sooner rather than later, before the kids start school; but I think I would really want to do that. I can work remotely, if I was working a ton, but I really wouldn’t be working a ton, I guess, in this situation; but I absolutely love Hawaii and I would totally want to do that.

Ryan

And then, I would say the two trips, like traveling, would be important, but not that important. The two trips I would want to do is, I would want to go on a safari, again. Then, I would want to go to the Great Barrier Reef. That would be the two trips in that five to ten-year timespan that I think would be really fun and really important to do those if I had five to ten years left.

Dr. Inman

Yes, I agree. I would live with you in Hawaii, and travel to the Great Barrier Reef, and on an African safari.

To be able to travel to the places you most want to see is a perk of planning your finances for the long-haul.

Ryan

Oh, thanks. I guess would tolerate me for the six to twelve months that we go live in Hawaii, huh?

Dr. Inman

Yes, and I would support your video blogging as well. You also touched on working from home and being able to help out with the kids. It is nice having you work from home, because when they are both melting down and it’s the end of the world, you can’t work, because they’re screaming so loud that you can’t talk to clients, you can’t record podcasts. You do have to come and help. So, that’s really nice about having you at home, if you look at it in a beneficial way.

Dr. Taylor enjoys Ryan being home which is a luxury he worked hard to attain for his family.

Ryan

I see what you did there. Do you actually, probably, like leave them behind? Like, when I close my door to my office, do you just like let them scream so I come home?

Dr. Inman

Usually not. Only if it’s an especially special day for them.

Ryan

You actually admit to doing that. I was totally kidding.

Dr. Inman

No, no.

Ryan

Oh, I see how it is. Alright. So, let’s go to question three. So, question three, and I know when I do this with clients, and I know already what you’re going to say; you’re going to hate this question. Finally, imagine that your doctor shocks you with the news that you only have 24 hours left to live. Nothing can be done. What feelings arise as you confront your own mortality? What did you miss? What did you not get to be? What did you not get to do?

Dr. Inman

I don’t like this question. I don’t like talking about it. In all honesty, I would feel like I got to miss out on being a mom and a wife. I would miss watching my kids grow up, and just miss out on important life events, and everyday activities. I don’t think there’s anything that I would be worried about not getting to do. I just, missing out on my family and not being there for them. So, family is the most important thing to me and I think this question helps you realize that, but I still don’t like thinking about it.

Ryan

Yeah. I mean, no one likes it. The good news is that you’re not dying in 24 hours. Neither am I, and hopefully no one listening. But, yeah, family is the most important. I talk about family, like in every podcast and a lot of blog posts. It’s always top of mind to me. So, family is extremely important and to answer this question for myself, if I didn’t get to see my kids grow up, that would be a tough one. If I didn’t get to grow old with you. I want to see what you’ll look like old. I’d be sad that we didn’t get to do all the fun things that we want to do and see the experiences that we want to see. Nothing material, like, I don’t care about any of that. It would be the experiences that I’d be missing, doing those things with you and the kids. You know, walking my daughter down the aisle, that’s going to be, obviously, a big day. Hopefully, when she’s thirty-five. That good? She’s going to kill me when she hears this, if she hears this. But yeah, those are the things I’d really miss. It wouldn’t be anything else really.

Dr. Inman

Actually, I do have something that I would not get to do. I’d be pissed that I didn’t get to spend my 401k, and like all that…is that what it’s called?

Ryan

Yeah.

Dr. Inman

All the money that you saved, all that stuff you put away for retirement. I’d feel a little gipped that I didn’t get to use it. What about if Ruby, and Wyatt, and I got to use it? Okay, well then that’d be okay, but still. I’d feel like I’d be missing out.

As much as they hate insurance, they acknowledge the benefits.

 Ryan

Yeah. Well, I mean, a typical answer, like in question two, with clients, actually, is like…they would work really hard for like two years and make sure that the loans are paid off, that their house is paid off, or that their significant other or kids had money or college money. As much as I hate insurance, these are some of the benefits to insurance. So, like term insurance would be able to, which you have and I have. The policy on me is a million dollars. Again, I’m worth more alive than dead. So, remember that. The million dollars, if something happened to me, I wouldn’t want to work as hard as I can, because I know that you’re going to get a payout of a million dollars when I pass. You know, I’d want to be focusing on the memories, and experiences, and things like that.

Ryan

You know, I think you’re, honestly, the first person that has actually said I’d be pissed I didn’t get to spend my retirement money. I’ve never heard of anyone say like, I wish I had put more in there. That’s definitely never come up, ever. Most people don’t even address that, which is funny.

Dr. Inman

Well, you save so much of our money that it’s just sitting there.

Ryan

Well, it’s doing its job. It’s like earning income itself. I mean, granted we can’t touch it for another twenty some odd years, six years, fifty-nine and a half. Yeah, I mean, it’s doing its job. Don’t hate on it. So, that’s kind of the end of the three questions for Taylor and I. Thanks for doing that.

 Dr. Inman

Thanks for having me on your podcast.

Ryan

Yeah, of course. I mean, you listen to all of them, so you might as well be one some of them. Speaking of that, like, if this was at all helpful to you guys, I mean, I hope it was; and I’ll link in the show notes some of the stuff we had chatted about. Also, I’ll drop the three questions in on the Facebook group, so you guys can check it out; and that’s the Financial Residency community group on Facebook, with a link to that in the show notes. So, you guys can, kind of, go over these yourself; maybe, go over them with your spouse; and, maybe, have a little bit deeper, better communication, more open communication, with your spouse, or even with yourself, if you’re not married. These are important, powerful questions; and you can tell, like, the first question when, you know, wealth is unlimited; that’s usually when all the material things come out.

Ryan

You know, whatever it is. Buy the sports car, buy the dream home, or move to the beach, have a big lot on the ocean, and walk out and be able to run on the beach or whatever you said. You know, that’s where that kind of stuff comes from. The second question gets a little deeper. It talks more on what really does start to matter. Where do you want your life to end up? What are the things that are important? Then, the third question, as much as it is a terrible question to think about, like, that cuts away all the crap. It’s just…what is important? And, looking back, what would you miss the most? That’s what you need to highlight in your life. You know, for us, that’s each other and family. You know, kids and extended family and all that.

Ryan

So, if you guys liked having Taylor on, and having this kind of conversation; I mean, we have several conversations that I actually think everyone would benefit from listening to. Maybe if Taylor gets some good feedback, she’s in the Financial Residency Facebook group; so, she’ll see the comments that you guys make on this show. If it’s important, or if it’s something that you guys have questions on and would like us to discuss, or if you have any questions for Taylor; you can go to speakpipe.com/financialresidency. Again, I’ll put that in the show notes. You can ask us questions and maybe we’ll have her back on the show. So, thanks for being on the show. I appreciate it.

Dr. Inman

Yes. Thanks for having me on the show and working hard and supporting our family.

Ryan

At 10:30, on Saturday. You’re amazing.

Ryan

Alright, that was a really fun show with Taylor. I was really, really excited to have her on, even though I did get blasted a little bit about, apparently, it’s not as much fun to live with a financial planner; but hey, guilty as charged, honestly. After the show, we were chatting about if she’d be on the show more or not, or if this was kind of a one-time thing; and I said, hey, you know what, let’s let the listeners tell us what they want to hear. So, I’m going to be making a post in the Financial Residency community. It’s going to say hey, this show went live, check it out. But, you know what, go leave a comment and let us know if you liked the show, or didn’t like the show. And if you did, and you want to hear more of it, what questions would you have? We’re really an open book. We don’t mind talking about our finances, or what’s going on, or how we planned. So, if this is something you want to hear more of, awesome. We will create the content for you guys.

Ryan

Next week, I’m going to be having John McCarthy, who’s a CPA out of Ohio, on the show. We’re going to be talking all things tax. I know that might sound really, really boring; but I think it’s going to be extremely important for you guys to listen to, because over the holiday, they dropped that thousand-plus page tax bill on us. There’s a lot of stuff that’s changed inside of there. So, John and I are going to go over the highlights of what’s changed and what’s important to physicians. So, I encourage you to take a listen and Happy New Year’s guys. I hope everything’s great. I wrote in the group…what’s your one goal? I really want you guys to think about what is that one goal, and go out and accomplish it I 2018. Alright, catch you net time.

Ryan

Thank you for listening to the Financial Residency podcast. This episode has ended, but your financial residency continues online. Head over to financialresidency.com, where you’ll find links to any resources mentioned in today’s episode, along with other valuable tips and information that will help you regain your financial freedom. That’s financialresidency.com.

 

 

 

Ryan Inman