4.9 • 2.3K Ratings
🗓️ 5 September 2019
⏱️ 45 minutes
🧾️ Download transcript
If you forgot to live like a resident for your first few years as an attending physician, it isn't too late. In this podcast episode I interview Dr. Disha Spath, of the www.thefrugalphysician.com who did just that. They were stressed about money and making limit progress towards being debt free, so her and her husband made some drastic changes in their life. The result? They paid off $208,000 in student loans in 17 months. How did they do it? Focusing on the big expenses; housing, cars, and food. They tried to be intentional in their spending, ensuring that they were spending on things that brought them joy. Doctors are in the top 1- 5% when it comes to income in this country. If anyone can afford to not be frugal, it should be a doctor. But we also know that you can always out spend your income no matter how large. Listen to this episode to hear a discussion on spending tips for things that people spend a lot of money on and how you can maybe spend a little bit less. Choosing to be generally frugal and selectively extravagant will help you build wealth and live the life you want.
I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://www.whitecoatinvestor.com/financial-advisors. You can do this and The White Coat Investor can help.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
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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 is White Code Investor Podcast No. 122, frugling down with Disha Spath, MD. |
0:23.0 | Thanks so much for what you do. I had a unique opportunity this week. I got the opportunity to take care of an 800-pound man. |
0:29.0 | I wanted to give a special shout-out to those you working with the severely obese, whether you're in primary care or you're a bariatric surgeon. |
0:36.0 | This is a real issue, and I think you're making a big difference in helping these folks. |
0:41.0 | Their lifespan is shortened so dramatically by their weight that anything you can do, even helping them to drop just 100 or 200 pounds, makes a dramatic, dramatic difference in their comorbidities and their lifespan. |
0:55.0 | As interesting as I call it, the cardiologist about him, because he was having a chest pain, the cardiologist said there is almost nothing I can do with this man, because we could not put him on the cath lab table. |
1:06.0 | We could not put him on the CT scan table. It's just a very, very difficult person to take care of just because of his sheer size. |
1:14.0 | And so those of you who are working on this problem, and most importantly, probably preventing this problem, I wanted to give you a special shout-out and thank you for what you do with your daily work. |
1:24.0 | As much as you are trying to help others, I want to help you to be successful in your finances, and that's what the White Code Investor podcast is all about. |
1:32.0 | I estimate that 80% of doctors need want and should use a financial advisor and or an investment manager. |
1:39.0 | Some investment gurus, such as Dr. William Bernstein, think my estimate is way too low. |
1:43.0 | At any rate, if you want to use an advisor temporarily or for your entire life, there's no reason to feel guilty about it. |
1:49.0 | Just make sure you are getting good advice at a fair price. |
1:53.0 | If you need help updating your financial planner, just getting one in place, check out our list of recommended financial advisors at whitecodeinvestor.com slash financial-advisors. |
2:03.0 | You can do this, and the White Code Investor can help. |
2:06.0 | I told you last week about the passive income MD conference that is still available, I believe, for registration. |
2:13.0 | I don't know how much longer it's going to be. That will take place on October 26th in Los Angeles. |
2:19.0 | It's a one-day conference with some of the biggest names and physician real estate investing that there are out there. |
2:25.0 | Letty Alto, who also be speaking of the White Code Investor conference, is there Eric Taith, Victor Mingona, Trevor McGregor, Aaron Kaplan. |
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