167: You Need a Budget

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 16 July 2020

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

You need a budget. Even for a high income earner a budget is a necessary tool. The higher your income, the simpler your budget might be. But the potential for positive impact is so much higher with a higher income. You want to be extremely intentional with your money because it can be really powerful. In this episode I interview Jesse Mecham, the founder of You Need a Budget, We talk about the budgeting philosophy behind the software and the four rules of budgeting. Some people might say the budgeting is just common sense, but yet so many people don't seem to be able to figure it out without some kind of help from an app like YNAB. They think that budgeting means dieting and it doesn't. It just means planning. They think budgeting means restriction, about spending less. Jesse tells us budgeting means you should spend guilt less. Enjoy this interview with a successful entrepreneur. Hopefully you will be inspired to get a budget in place!

Contract Diagnostics is a long-term advertiser with us here at WCI. I love this company as they’ve helped thousands of WCI get a ‘fair shake’ when it comes to reviewing and understanding their employment contracts – its all they do there. All contracts are reviewed by an in-house attorney and presented in a simplified way back to you. Their easy online signup, custom documentation, proprietary compensation data, as well as weekend and evening hours - they make it easy for your schedule. All packages are flat priced so you know what you will pay upfront – residents and fellows can even make interest free payments over time. So look them up – contractdiagnostics.com or 888-574-5526. I've heard they are reviewing many 2022 agreements already. Don't need a review? They can just provide compensation data for your current position.

Transcript

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0:00.0	This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street.
0:06.0	We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011.
0:12.0	Here's your host, Dr. Jim Dolly.
0:18.0	This White Code Investor Podcast number 167, you need a budget.
0:22.0	We're recording this. Let's see. It's now July 7th. This is going to be running on July 16th.
0:28.0	So welcome back. It's always nice to have a short interval in between the time we record and the time you'll start listening to this.
0:35.0	It helps us be a little bit more current. I think some of you have noticed in the past when we got a little further away, a little more space between our recording date and the date it runs.
0:44.0	You can especially notice that in times of rapid social medical or economic change.
0:50.0	But we're trying to record a little bit closer to the time these go live.
0:54.0	Our sponsor today is Contract Diagnostics. They're a long time advertiser with us here at WCI.
1:00.0	I love this company as they've helped thousands of White Code investors get a fair shake when it comes to reviewing and understanding their employment contracts.
1:07.0	It's all they do there. All contracts are reviewed by an in-house attorney and presented in a simplified way back to you.
1:13.0	They're easy online sign up, custom documentation, proprietary compensation data, as well as weekend and evening hours.
1:19.0	They make it easy for your schedule. All packages are flat price so you know what you will pay up front.
1:23.0	Residents and fellows can even make interest free payments over time.
1:26.0	So look them up. Contract Diagnostics.com or call 888-574-5526.
1:33.0	They're reviewing many 2022 contracts already. If you don't need a review, they can just provide compensation data for your current position.
1:40.0	Again, contract Diagnostics.com.
1:43.0	All right, thanks for what you do. I don't know about you guys, but we feel like the pandemic has finally arrived here in Utah.
1:49.0	And I think a lot of people are seeing the data as the pandemic spreads from our coastal cities to our southern and western cities like us here in Utah.
1:59.0	But it's interesting. We're now regularly running codes on COVID patients and seeing our units fill up.
2:05.0	We're not quite having to have extra ICUs opened up, but we're certainly seeing it now, whereas we were not for a number of weeks or even months at the beginning of this.
	...

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