WCI #193: Cure Physician Burnout with Dr. Dike Drummond

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 14 January 2021

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Burnout is a big risk to your finances. Your fastest path to cash is as a board-certified doctor. We want you to be happily practicing medicine for as long as you would like. Our guest in this episode is Dr. Dike Drummond who we have written about before https://www.whitecoatinvestor.com/using-a-venn-diagram-to-decrease-burnout/ . He has spent the last 20 years coaching and training physicians on the prevention and recovery from burnout. In this interview we discuss the causes of physician burnout, depression vs burnout, symptoms of burnout, and how to recover from it. Recovering from and preventing burnout, and building a wonderful life is just connecting a series of baby steps. If you are feeling burned out and looking for a cure, start with this episode and it will help you identify the next steps. See the show notes here http://whitecoatinvestor.com/cure-physician-burnout-with-dr-dike-drummond-podcast-193

At some point in our financial lives, it will be time to buy a home. A physician mortgage can be a good vehicle for a young doctor who’s just out of school and has a more effective place to use their money than on a big down payment. These loans allow doctors to secure a mortgage with fewer restrictions and a lower down payment than a conventional mortgage. But if you’re further advanced in your career or deeper into your journey to financial freedom, buying a home with a conventional mortgage and then, later on, potentially refinancing that loan to a better rate with a shorter time frame could be a great move. Wherever you are in your financial journey, make sure you use the mortgage that will be most financially beneficial for you. Hop over to our recommended tab to learn more about all of your mortgage and refinancing options at https://www.whitecoatinvestor.com/mortgage. 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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Transcript

Click on a timestamp to play from that location

0:00.0	This is the White Coat Investor Podcast, where we help those who wear the White Coat 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 Coat Investor Podcast number 193. Stop position burnout with Dyke Drummond.
0:23.0	Thanks for what you do. This last year has been hard, I think, on all of us.
0:27.0	We get paid less, we do more. We have a lot of extra demands at work.
0:34.0	We've been wearing PPE for months, making it difficult to enjoy our practice.
0:39.0	I know a couple of my partners have put in for retirement this year, and I'm not sure they would have without the pandemic.
0:44.0	I think they might have worked a couple more years. It's been a hard year on all of us.
0:48.0	Thanks for what you do. It's not easy work, and you may be on your way into work, on your way home, maybe you're working out, whatever.
0:55.0	But if nobody's told you things for what you do, let me be the first today.
0:59.0	At some point in our financial lives, it will be time to buy a home.
1:03.0	A physician mortgage can be a good vehicle for a young doctor who is just out of school and has a more effective place to use their money than on a big-down payment.
1:11.0	These loans allow doctors to secure a mortgage with fewer restrictions and a lower down payment than a conventional mortgage.
1:17.0	But if you're further advancing your career, deeper into your journey to financial freedom, buying a home with a conventional mortgage, and then later on, potentially refinancing that loan to a better rate with a shorter time frame could be a great move.
1:29.0	Wherever you are on your financial journey, make sure you use the mortgage that will be most financially beneficial for you.
1:34.0	Hop over to our recommended tab to learn more about all of your mortgage and refinancing options at whitecodeinvestor.com slash mortgage.
1:42.0	You can do this, and the whitecode investor can help.
1:45.0	All right, according to the day-to-day, it comes from Phil DeMuth.
1:48.0	He said, people's comfort with investment volatility is dependent on their current state of mind.
1:52.0	When the stock market is racing up, people are comfortable with volatility. Isn't that the truth, right?
1:57.0	We only dislike volatility when it's going down. All right, it's January.
	...

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