Pump the brakes on your week and take 10 minutes to make your life as a surgeon just a little better…
Jeff welcomes to the mini-podcast Ryan Inman, MBA. Ryan is the founder of Financial Residency - a free financial education podcast for physicians and Physician Wealth Services, a fee-only financial planning company. The topic of our discussion in this episode is Financial Training!
Ryan joined Jeff on the mini-podcast to talk about financial training for physicians. As the husband of a pediatric pulmonologist, he knows from personal experience that physicians are highly intelligent. Having met many of his wife’s colleagues and hearing lots of stories, he knows that surgeons don’t receive much training in managing finances for business, and perhaps more importantly for our personal goals and financial wellness (wealth).
Ryan’s goal is to arm physicians with the knowledge they never received during medical school and residency. Does that sound familiar? *Ahem, cough, SurgeonMasters.* Ryan started the Financial Residency Podcast to help physicians increase their financial literacy. Through his experience with his financial planning, Ryan understands that many of his clients, and physicians in general, are coming out of school with over $200K in debt. Despite that, he knows that lifestyle inflation is one of the most common first mistakes that many make.
Training on any subject begins with the basics. Then knowledge and success build with repeated practice.
How do we avoid lifestyle inflation and achieve long-term financial goals?
Here’s what Ryan suggests:
Step 1 - Take Control Early (or Now!) - Evaluate your financial situation. What is coming in? Where is your money going? Remember, it’s NEVER TOO LATE!
Step 2 - Understand Your Financial Goals - Importantly, how will this make you happy?
Step 3 - Create a Plan that will achieve these goals! What are your priorities so you achieve these first? Developing a plan and following it will help you get there.
While these basics steps describe WHAT needs to be done, HOW you do this is up to you. How will you improve your financial training and wealth?
Will you train yourself more?
Will you delegate some financial training?
Will you outsource your financial wealth to a financial planner?
Any of the above will require you to at least learn the basics. We hope you will add to your training with our podcast with Ryan Inman.
Ryan is Founder and Owner of Physician Wealth Services LLC, a fee-only financial planning firm created to help physicians and their families, like his, take control of their finances and position themselves for a bright financial future. His wife, Taylor, is a Pediatric Pulmonologist. His goal is to provide trustworthy, unbiased financial advice to dedicated, hardworking people like her.
He has an intimate knowledge of the pains, struggles, and joys that come from a career in medicine. He knows what it’s like to be buried in debt while his physician spouse makes next to nothing, spending every fourth night in the hospital. He understands what physicians are going through; he and his wife have been there.
He started his fee-only practice to help physicians sleep well at night knowing they have a trusted advisor guiding them toward financial independence. While Physician Wealth Services is his family practice, Ryan is also the host the Financial Residency podcast, a free resource to help physicians increase their financial literacy