Our guest this episode is Jimmy of The Physician Philosopher blog. Jimmy is an anesthesiologist, an academic physician working full-time and living on the East Coast. Despite his youth, he already has some impressive personal finance experience; he increased his net worth by 1/4 of a million dollars in his first year out of training and paid off $200,000 in student loans in 19 months. He clearly knows how to Live Like a Resident. Even though he grew up in a family where profligate spending, credit cards, and even bankruptcy were the norm. Like many financial bloggers and others who become financially literate at the beginning of their career, he plans to become financially independent by mid-career and cut back to part-time by 50. However, working 1.3 FTEs and having a side gig appears to be starting to take its toll, just like it has with many of you. Which brings us to the main reason for the addition of the Physician Philosopher to The White Coat Investor Network. It is his focus on balance, contentment, burnout, life design, and living intentionally. In short, I’m trying to add a little more philosophy to the hard-core financial topics we hit so often.

This episode is sponsored by PKA Insurance Group. Pradeep Audho is an independent insurance broker and the owner of PKA Insurance Group Inc. He is based in Boston, but works with clients nationwide. His focus is on Disability and Life insurance. Pradeep has over 15 years of experience providing clients with Disability and Life insurance. He represents all the major pure own occ disability insurance carriers. He is very laid back and approachable and is not a pushy sales person. You can request life and disability quotes on his website at pkainsurance.com. OR You can reach Pradeep by phone at 978-314-7795.

There are lots of ways to pay for a home, 15 year mortgages, 30 year mortgages, fixed, ARMS, paying all cash. What is right for you? I answer listener questions in this episode about buying a house.

The US is 9 years into the second longest economic expansion in US history and many people are asking how long can this go on? Further, the US is in an affordable housing crisis and when looked at together, these problems create a compelling opportunity. Seasoned real estate investors and sons of physicians Mark Khuri and Ryan Andrews launched “The Recession Resistant Fund”. The fund invests in value-add mobile home parks, self-storage facilities, and workforce apartment communities and provides investors with passive income and immediate diversification. The Fund currently holds an ownership stake in 27 properties across 9 states. Learn more at: www.recessionresistantfund.com

When should you hire a financial planner? You don’t have to know everything about finance to take care of your own finances. You only have to know the parts that apply to you. The amount of knowledge you have to assemble in order to do your own financial planning and investing can be surprisingly minimal. But there are a lot of ways a financial planner can help you. We discuss these ways and when it would be smart to hire professional help with your finances in this episode.

This episode is sponsored by Creighton University. Creighton University believes in equipping physicians for success in the exam room, the operating room, and the boardroom. If you want to sharpen your business acumen, deepen your leadership understanding, and earn your seat at the table, Creighton’s Executive Healthcare MBA is for you Specifically tailored to busy physicians, advanced clinicians, or working healthcare executives, our program blends the richness of on campus and the flexibility of online learning. Earn a Creighton University Executive MBA 18 months, 45 credit hours, and four, four-day on campus residencies. Learn in a deeply collaborative, peer to peer cohort, and elevate your expertise. Visit www.creighton.edu/CHEE to learn more.

Let’s talk about How to Get Rich. First thing is to avoid getting poor. That means minimizing the cost of your education, making sure you match. Making sure you get through your training. That doctor income is going to fuel your wealth creation. Even if you end up with a great side gig or become a real estate mogul, the doctor income is going to kick that off. It’s the cash cow. So make sure you get it. In this episode we discuss the other steps to becoming rich as a doctor.

This episode is sponsored by M3 Global Research. Instead of helping 11 - 30 patients a day, what if you could affect exponentially more? In just 30 minutes, you can positively impact the patient journey, improve the development of medical devices, and influence emerging treatments. Join more than two million healthcare professionals around the world who take part in paid medical studies with M3 Global Research. You have a wealth of medical knowledge and experience that few others possess. Join M3 Global Research and help shape the future of healthcare. https://www.whitecoatinvestor.com/M3Global