Why do physicians in training fail to focus on their personal finances? Why aren’t they willing to own their mistakes, learn from them, and teach others how to avoid them?
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Jordan Frey about his financial journey and how he went from burying his head in the sand to gaining full control over his finances. Along the way, he created the Prudent Plastic Surgeon blog to help increase financial literacy within the profession and help his colleagues avoid the mistakes he made. Jordan recently completed his plastic surgery residency and fellowship in microsurgery at NYU. Now, he serves as a plastic surgeon at Erie County Medical Center (ECMC). He also created the Prudent Plastic Surgeon blog where he shares more on his financial journey.
Topics Discussed:
- Financially Clueless: It’s so easy to bury your head in the sand
- Financial Well-being: Climb out of the hole and sort out your personal finances
- Success: What is wealth? Financial well-being and focusing on what matters
- Culture of Consumerism: You are what you buy versus what makes sense
- Narcissism? Jordan got into medicine to be a better doctor, not to make money
- Financial Failures: Admit to what you don’t know and learn from your mistakes
- Time Constraint: Excuse or reality to find time to focus on personal finances
- In Training Paychecks: Start small, avoid lifestyle creep, save rather than spend
- Personal and Financial Well-being: Establish ‘why’ to make the ‘how’ easier
- Lack of Financial Literacy: Physicians are easy targets for non-fiduciary advisors
- Financial Metrics: Check bank accounts to stay on budget and track net worth
- Financial Literacy Blind Spots: Continue financial education and take action
Links:
The Millionaire Next Door – Thomas Stanley
The Millionaire Real Estate Investor – Gary Keller