Introduction to the Financial Residency Podcast
Hey – you’ve made it. By being here, you are demonstrating how important your finances are to you, your family, and/or to your career. Finances are important, so kudos for taking the first step in starting your financial residency.
This is a place where you can go for financial information that will arm you, protect you, and keep you informed. I promise that we’ll mix in enough fun to keep you entertained in the process. Thanks for being here and welcome to the Financial Residency Podcast!
The Financial Residency Podcast is Bound to Keep You on Your Toes
Do you ever wish that you would have had a training program that would teach you everything you need to know about money, just like your residency program taught you what you needed to know about medicine?
Because I’m married to a physician, I know that doctors don’t get the best information to properly handle their student loan debt, learn how to buy their first homes, or even how to manage their big income jumps post training. Even worse, I know from my wife’s experience that people come to the hospital all the time trying to sell doctors insurance and other products they don’t need.
These salesmen typically don’t have a doctor’s best interest in mind; they just want your money.
Enter Financial Residency: It’s the money training you never got but always wish you had. In this podcast, I’ll be interviewing experts in several different industries and answering your questions to help you pay off your student loans, manage your income, and build wealth that will last.
In this first episode, you will learn all about what the Financial Residency Podcast is all about as well as what direction we are heading.
I hope you enjoy the content as much as I am creating it for you. Looking forward to helping you jumpstart your journey into financial residency.
What You Will Learn:
- Financial Residency is going to be all about educating you on the finance topics you didn’t learn while in medical training.
- I work exclusively with physicians and physician families.
- My journey started many years ago when I met his wife freshman year of college at the University of San Diego.
- My family has always been good with saving money.
- My wife and I decided to do the Public Service Loan Forgiveness Program for $120,000 of student debt.
- Having serious talks about your finances can help put things into perspective.
- Downsizing may be the best option for paying off loan debt.
- Work-life balance is really important.
- Replenish what you lose.
- Over time, your career and life goals might change.
- Unifying your goals can push you in the right direction.
- This podcast is about making a difference in people’s lives.
- This podcast will build a foundation of financial knowledge.
- There’s so much to learn!
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If you enjoyed this episode, I’m sure you would enjoy reading this: 5 Financial Tips Every Doctors Should Know
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Full Transcript: Introduction to the Financial Residency Podcast
Hello and welcome to the launch week of the Financial Residency podcast. I’m your host Ryan Inman. Before we get started, I just want to say thank you so much for tuning in. I know there’s a lot of podcasts out there and I’m honored and I really appreciate you guys being here with me today. I’d like to jump into what the podcast is going to be about and a little bit on my background, then kind of jump into where we’re taking the podcast and the journey that we’re going to take together in your financial residency.
[bctt tweet=”Financial Residency is about educating you on the finance topics that you didn’t receive while in training.” username=”physicianwealth”]
Financial Residency is going to be all about educating you in the finance topics that you didn’t receive while in training. I’m married to a pediatric pulmonologist and I know that you didn’t have any formal training in personal finance. You’re not expected to know this stuff. I really wish you guys had some training so you can better protect yourself, but hopefully this podcast will help serve as that training and help educate you guys and arm yourselves so you can make the best financial decisions for your family.
I work exclusively with physicians and physician families.
A brief little background of myself. I am a fee only financial planner over at Physician Wealth Services, which is the firm that I started a few years back. I work exclusively with physicians and physician families. What I do is I help physicians understand what their goals are and help them formulate their goals and then create a custom plan, a life plan really, that helps them go down the path that they truly want, to help them achieve their dreams, and to really have laser like focus on what those dreams are and how we’re going to achieve them together.
My journey started many years ago when Imet my wife freshman year of college at the University of San Diego.
What I’d like to do is tell you a little bit about my journey and my life plan and how this all came about. My journey started many years ago when I met my wife freshman year of college over at the University of San Diego. I was getting my undergraduate in accounting. She was going pre-med. She matched into med school in Kansas, which is where she’s from, in KU. That was a tough decision for her because we had been dating for several years. We decided to try the long distance thing out, which was extremely tough. I know how busy she was studying and everything while I was in grad school. I was traveling every four or five weeks back to see her from San Diego to Kansas. Thankfully she matched out in Orange County, California for residency in pediatrics. I had moved from San Diego up to there and while we were there, I was working for a fee only financial planner. It was an amazing experience and I would’ve keep working there, but Taylor, my wife, had matched into fellowship back down in San Diego in pediatric pulmonology.
My family has always been good with saving money.
I really knew we were going to get ready and kind of settle down and start a family. We had always been saving a good amount of money. We tried to live off one salary and save the other. We had a little bit of a down payment ready and we wanted to do the American Dream kind of thing and buy a house. We started looking for homes and I had done some significant research and found some new homes in Carlsbad, which is about 25, 30 miles north of where she’d be working and we kind of forgot how hard the commute would be so it ended up being an hour almost each way, which was tough for us. We basically put down a payment and once we ended up closing and moving down there, we were basically house poor. It was really frustrating as two people who tend to save and don’t spend it on extravagant things. The mortgage ate up a ton of what our savings used to be.
My wife and I decided to do the Public Service Loan Forgiveness Program for $120,000 of student debt.
It was really kind of an eye-opener. We had basically always been good savers and now a majority of that savings was being consumed by this nice, beautiful, expensive home, play the world’s smallest violin for us, but it wasn’t really what we wanted. To give you some context, we weren’t married yet and all of our finances were separate. I had really left Taylor’s medical school loans up to her. She was amazing at being conservative and living at home and in-state tuition. She did an amazing job. She only had $120,000 in loans when she finished school. We decided that we were going to do PLSF, the program sounded amazing. Peds, as you guys are aware, doesn’t pay as strong as other specialties. We were going to go that option and let the government flip the bill after 10 years. She was doing a great job keeping her certifications up and everything but I kind of left everything up to her in terms of her loans. When we ultimately got married and her loan payment skyrocketed because now my income counted, we were really kind of in a tight squeeze.
Having serious talks about your finances can help put things into perspective.
Looking at the house, a year after we moved in, we knew something was off. The mortgage was eating up a ton of our payment. We now had a lot higher student loan and we really weren’t living the life that we truly wanted. We had a ton of questions. We kept wondering if this was the right thing that we were doing. We sat down and we had a series of some real serious talks about our family and the direction we want to take. We were doing some real serious life planning. Keep in mind, true-life planning isn’t taught in any school or textbook. This is something when you go through training and you’re learning and studying to be a financial planner, it’s all the left brain. It’s all the math. This right brain kind of life planning concept isn’t taught anywhere. This was really some uncharted territory for us and I didn’t realize at the time what it was called. I just knew that we were doing it for ourselves. It really did make a difference in the long run.
Downsizing may be the best option for paying off loan debt.
As we sat there trying to figure out what our life plan was and what we wanted from life and what our goals were from our careers and in our home life, we realized we had to make some big changes. At the time that we ultimately pushed us to do it, we realized it just wasn’t her and I anymore. We had a lot of things to consider with a newborn on the way. Our son, Wyatt. Just for the record, we ended up having two kids during a three-year fellowship. They’re 20 months apart and life got real crazy when we really focused on what we wanted. We ended up going pretty drastic. We sold the house when I realized there was a pretty good profit in there. In just 14 months of owning the home, we really got lucky and caught the big bounce in San Diego. We decided to sell the house and to rent somewhere closer to her work so she didn’t have to drive very far. I think it ended up being five minutes down from like an hour.
Paying off your loans begins with a commitment.
I’m going to save a lot of this story for another episode because it’s a pretty unique story of how we went about paying off her loans. To cut it a little bit short here, we ended up buying some rental property in Vegas and saved a portion of the profit that had came out of the home. We ended up buying a couple homes in Vegas and figured with the calculations and estimates it would be about five to 10 years to pay off her loans while we were acquiring this real estate and maybe sell one or two of the homes to pay off a remaining balance. As of the end of 2017 here, we have paid off all her loans by selling some of this property, which was neat. Again, I’ll save that for another episode.
Work-life balance is really important.
As we were looking at the opportunities and we sold this hole and moved closer, we started really talking about what her life goals and her career goals. She’s so much smarter than I am. It’s crazy. She’s been published several times. She’s a great pulmonologist. I know she’s helping sick kids all the time. For her and me, the work-life balance is really important. She wants to spend a lot of time with the kids. Actually, when she finished fellowship, she took I think four or five months off to really just be with the kids. She’s been working hard and studying hard and the calls and everything has just been so hard. Then we had two kids during fellowship.
Replenish what you lose.
One of the big things for her was to be able to take several months off and not worry about the next paycheck. Some of the savings that came from the house helped that but also we had basically living off my salary and saving hers the whole time up until the home. Once we sold the home, we had another year and a half or so of that savings coming back and to replenish what we didn’t have anymore. That was kind of life goals that she had.
Over time, your career and life goals might change.
For myself, my career goals and life goals kind of changed. I was still driving close to an hour each way to work and I was working 8:00 to 7:00. I was not being able to spend time with my family and see my new son and really spend quality time with him other than on the weekends. I was in somewhat of a temporary job because I had moved south about an hour and a half for her fellowship. My ideal job had always been in finance. During grad school, I worked at Merrill Lynch for a little bit and then branched into KPMG because I came out pretty much the middle of 2008 with the worst financial crisis since the Great Depression and jobs weren’t readily available. I had been trading TD Ameritrade accounts since I was 15 years old and had to have my mom open the account for me. I’ve loved personal finance for as long as I can remember and it’s what I’ve always wanted to do.
Unifying your goals can push you into the right direction.
I kind of had this realization that as we were doing our life plan together and how it actually formed and what we were really doing and having unified goals that are pushing us in a direction. I realized that this is something I could actually do for a living and that I can help people, physicians, and physician families just like ourselves down this path and help them realize their life plan. It’s what I really enjoy doing. It wasn’t something how we want to live our life today in getting caught up in the American Dream in the society and whatever everyone else tells us is normal things to do. We want to look three, five, 10 years down the road and get past the numbers and realize that this was real life and that real life planning is what I really enjoy doing.
This podcast is about making a difference in people’s lives.
I took my experiences, my expertise, my education, and realized that I want to help physicians down the same path. A few years back, I started Physician Wealth Services. I know it’s tough and I know that it’s not easy but I do know that it’s achievable because of what my wife and I have done now and that I choose to work with people specifically that I can relate to because I believe I truly can make a difference in their life. I know that I want to be the best financial planner for physicians that I can be and that’s really my why. Ultimately, it’s the why of starting this podcast. Over this journey that we’re going to take in Financial Residency, I’m going to help you guys realize your goals and realize your potential and give you the foundation and the groundwork that you’re going to need to live a happy, successful life and to protect yourself from other people out there that don’t align with your values, that are trying to sell you products, and trying to sell you insurance or horrible investment ideas.
This podcast will build a foundation of financial knowledge.
Where’s this podcast actually going? Obviously we’re going to build that foundation of knowledge and financial knowledge for you guys, but how’s the format going to look? What I’ve come up with is, we’re going to be interviewing experts in their fields, we’re going to be talking with Travis Hornsby from Student Loan Planner. That’s coming up pretty soon here. You guys are going to get a ton of great information out of that interview. We’re going to be talking with Holly Johnson all about credit cards and traveling frugally. We’re going to be talking with John McCarthy, who’s a CPA, all about ways to lower your tax bill and if you’re opening a practice and what to look out for. Talking with Chris Burke, who’s an attorney in San Diego, a good buddy of mine who’s extremely knowledgeable in estate planning.
There’s so much to learn!
I hope you guys enjoy the content as much as I am creating the content for you. There’s a lot already been created. There’s plenty more on the way. I’m really looking forward to helping you guys jumpstart your journey into financial residency. If you want to learn a little bit more or sign up for the seven-day free email course, head over to FinancialResidency.com.