Bryan Jepson MD and CFP, author of The Physician's Path to True Wealth: 12 steps to gaining control over your money and your time – you can find it on Amazon and at this website for free Bryan Jepson MD, CFP® | physician finance

Disclaimers:

This is not specific financial advice, this is general education. Talk with your own advisor or schedule with Bryan to get specific advice 

The easiest, most straightforward way to start creating assets is to invest in your 401k

Debt to fund a liability is bad debt, it takes money out of your pocket

Debt that leads to more money in your pocket is good debt, but this requires wisdom in choosing your degree and education path

There are a couple of methodologies to pay off debt, the snowball method vs the avalanche method. Snowball goes smallest debt to largest. Avalanche goes from highest interest to lowest interest. Use the one that will actually work for YOU and will make you be consistent

The 4% rule: generally, when you can live off 4% of your investments per year, you have enough for retirement

So, if you need 100K to live off in retirement, you need 2.5 million in investments

Why does everyone need a will? If you have kids, it allows you to designate a guardian should you die. It also allows you to allocate where your assets go

What is the importance of giving away money?

Giving can be looked at through a couple different lenes. When you give, you are blessed in return. Or maybe you can view it as good karma

Bryan talks about how relationships are an important aspect of life and giving allows for meaningful relationships with something you value. Donate money but also your time

When you are rich, you don’t have the cushion to give. When you are wealthy, you have the ability to give to others

Finance is simple but not easy because you need discipline. You don’t have to get far into the weeds to be successful

Bryans book has the foundation you need to understand finance

Bryan talks about the difference between a financial advisor and a certified financial planner

 Bryan gives his opinion on whole life insurance vs term insurance

Support the show

Full show notes can be found here: Episodes - Practical EMS - Content for EMTs, PAs, Paramedics

Most efficient online EKG course here: Practical EKG Interpretation - Practical EMS earn 4 CME and learn the fundamentals through advanced EKG interpretation in under 4 hours.

If you want to work on your nutrition, increase your energy, improve your physical and mental health, I highly recommend 1st Phorm. Check them out here so they know I sent you.

1st Phorm | The Foundation of High Performance Nutrition

Everything you hear today from myself and my guests is opinion only and doesn’t represent any organizations or companies that any of us are affiliated with. The stories you hear have been modified to protect patient privacy and any resemblance to real individuals is coincidental. This is for educational and entertainment purposes only and should not be taken as medical advice nor used to diagnose any medical or healthcare conditions.