Ep 006 – Where To Find Good Financial Education

Summary: Resident Finance – Where To Start [0:05:04] Mental Barriers on Financial Planning [0:09:29] Second-guessed by People [0:13:44] Do For One What You Wish You Could Do For Everyone [0:18:02] Taking Action, Doing Something, Using Technology [0:21:32] Make Reversible Decisions Quickly [0:26:43] Great Price Offered At Financial MD [0:34:26] Additional Information [0:38:25]     Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make. Your hosts, Jon and Trevor, explore a different topic with each episode. Jon Solitro is a financial planner and certified financial education instructor. He’s been working with young physicians for the better part of the decade and lectures to graduate medical programs around the country. Dr. Trevor Smith is a board certified ophthalmologist with a full time practice and he has learned the ins and outs first-hand what it takes to make smart financial decisions as a young physician. And now here’s your hosts, Jon and Trevor.   Jon: Hello and welcome to the seventh episode of the Financial MD Show. We got a great conversation for you today. Trevor and I talk a little bit where to find good financial education other than Financial MD. Obviously, there’s some great resources here that I could brag about, but we’re going to point you in some additional directions, ways to get information passively, ways to get educated from good sources in a timely manner that work for you, that are actionable, things that you can do passively between shifts, between patients. We know that things are busy but you still do need information. Unfortunately, what we find is that so many residents and medical students get ignored because they don’t have any money or it’s just not a focus on them and there’s so much more you can find on being an attending with money. We hope to point you on some good direction today, give you some actionable items. Of course, you’ll hear some humorous banter from me and Trevor, but without any further ado, here’s today’s show. Hope you enjoy it.     Jon: Welcome to today’s episode of the Financial MD Show. I have, as always, my partner in financial education, Dr. Trevor Smith.   Trevor: Hey, hey.   Jon: Hello, and myself, Jon Solitro, bringing you once again the latest and greatest in how to be a resident well and a lot of our stuff obviously applies to anyone, but we’re looking out for the younger guys – the medical students, the residents – as you’re getting through and trying to figure out what to do, what can you do, how to do it right. We can tell you some ways how to do it wrong too if you’re interested. For sure, that will come up. If you missed our last show where we talked about buying or renting, we talked about some mistakes and things we’ve learned in the process, so go back and check that out (Episode 5). Today, we’re going to talk a little bit more broadly about educating yourself. You’ve gone through undergrad, you may be in med school now, you may be in residency, but you’re starting to figure out and starting to hit home that, “Okay, I’m seeing the light at the end of the tunnel. I’m going to make money. I need to get smart about what to do with that money.” In Trevor’s case, for example, from an early age, Trevor was educating himself and trying to take some very proactive steps. We talked about in episode 1 how Trevor and I met and it was simply because he was one of those residents that was a bit of an anomaly in the sense that he was thinking about this stuff way ahead of most of his peers – good, bad, or indifferent – and we got connected because obviously I liked talking about it, he liked talking about it, and so we talked about it. He was one of the more knowledgeable residents on finances – personal finance,