The next three episodes comprise an intro to the Physician’s Guide to Personal Finance. We start with the Physician Philosopher, an anesthesiologist blogger who wants his audience to understand their “why” to understand their “how” of personal finance. Next week we interview Bonnie Koo, MD, the voice of female physician finance, and the following week we interview Ryan Inman, a fee-only financial advisor who understands the specifics of physicians’ financial needs as he exclusively works with us and he’s married to one of us.
To understand The Physician Philosopher’s book, you first need to understand the Pareto Principle, or the 80/20 rule, which states that 80% of the effects come from 20% of the causes. James Turner, MD, aka Physician Philosopher, believes this about personal finance. To get 80% of the benefit, you only need to understand 20% of the concepts. To quote the phys ed coach from Teen Wolf, “the rest is cream cheese.” We discussed the 20% he wants physicians to understand to take control of their personal finances.
He completed his undergraduate studies at Erskine College, went to medical school at Wake Forest, was an anesthesia resident at North Carolina Baptist Hospital before returning to Wake Forest as a regional anesthesia and acute pain management fellow and there he has stayed as an attending. He is currently creating a personal finance curriculum for the PA, CRNA and medical students of Wake Forest. His blog is thephysicianphilosopher.com, now part of the White Coat Investor Network, and his new book, The Physician Philosopher’s Guide to Personal Finance, is available everywhere fine books are sold.
We start out discussing some philosophical questions, the Kinder questions, that have helped him to focus on his priorities and why this is critical in personal finance. We get into the financial independence movement and how to calculate how much money you need to be financially independent; why it is totally fine that he bought a tricked-out new car despite this being anathema to his spending philosophy, an introduction to public student loan forgiveness and who should be looking into this, and why the 80:20 rule may help you avoid the need to hire a financial advisor.
Find this and all episodes on your favorite podcast platform at PhysiciansGuidetoDoctoring.com
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