Should doctors have a budget?

Physician Family Financial Advisors Podcast; Personal Finance for Doctors with Children

As a doctor, does the word “budget” spark a sense of dread? Your days in Residency were the epitome of frugality but now that you’re an attending, the financial responsibilities have piled up. When you look at paying off your student loans, investing for retirement, saving for college, paying down your mortgage and even taking a vacation, you might begin to think you need a budget. If you don’t have one, does that mean your goals won’t become a reality? Maybe not. You know budgets are a plan to spend money and to manage day-to-day finances, but does a budget go beyond just the numbers? Listen for an informative discussion around the practical use for budgets. Learn about alternatives to a budget, how to make a savings plan, and the benefits of a wish list.

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IN THIS EPISODE

• [00:34 ] What is a budget?
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• [01:21] How do people budget?
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• [02:42] Is budgeting possible?
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• [03:44] Why would you create a budget?
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• [05:10] Why do doctors want to budget?
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• [10:00] The savings mindset and how to create a savings plan.
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• [13:00] What is the wishlist plan?
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• [15:28] How the wishlist plan works.
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• [20:25] Should doctors have a budget?

NOTICE

Physician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

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