Managing personal finances is an essential topic for everyone, especially for doctors. With large amounts of student loan debt and high incomes after residency, you may be wondering about the best practices when navigating personal finance for doctors.
If you are looking to improve your finances, listening to podcasts is a great way to begin since, as a doctor, you are most likely short on time outside of work. Podcasts allow you to gain knowledge while commuting, cooking dinner, or doing chores around the house. Check out these money podcasts for doctors to better understand how you can manage your finances.
1. The White Coat Investor Podcast
Hosted by practicing emergency physician Dr. James Dahle, The White Coat Investor Podcast is one of the most well-known personal finance podcasts for doctors. This podcast focuses on providing personal finance information for residents, doctors, and other high earners so they can learn the basics of personal finance and how to build wealth. After teaching himself personal finance and investing, he first began writing a blog by the same name when he saw a need for information targeting personal finance for doctors.
The podcast was started in 2017 and launches a new episode every Monday and Thursday. Episodes on Thursdays cover various topics, including early retirement, student loans, real estate, and personal finance plans. Episodes on Mondays, titled “Milestones to Millionaire,” focus on a guest sharing their story of how they accomplished a significant financial milestone that will hopefully inspire you for your own journey.
2. The Freedom Formula for Physicians Podcast
If your goal is to be financially free, then The Freedom Formula for Physicians Podcast by Dave Denniston may be for you. As a CPA, he provides advice geared towards physicians, including lowering taxes and getting rid of debt. Denniston frequently interviews physicians and other professionals on issues important to physicians, including burnout, student loan debt, taxes, and other issues.
This podcast is one of just two money podcasts for doctors not hosted by a physician on our list, giving you a different perspective from someone in the finance arena.
3. The Financial Residency Podcast
Feeling like you don’t know where to start with your finances? One of the great finance podcasts for doctors to help you get a handle is The Financial Residency Podcast. The mission of the podcast is to help you feel less overwhelmed with your finances. Hosted by Ryan Inman, a financial planner who works exclusively with physicians, he says this “podcast will simplify highly complex concepts and translate industry jargon into plain English.”
With episodes on setting a financial goal and making sound financial decisions, you can gain knowledge to help lessen the overwhelm of your finances. New episodes are released every Friday and clock in around 30 to 40 minutes, making these episodes easy to listen to on your commute.
4. The Passive Income MD Podcast
Looking to make money outside of your regular employment? The Passive Income MD Podcast can be a great starting point to figure out other sources of income. The host, Dr. Peter Kim, says the mission of the podcast is to “help physicians create financial freedom through multiple streams of income.”
With new episodes every Monday and most topping out at 15 minutes, these episodes pack a lot of information in a short amount of time, allowing you to listen in pockets of time during your day. Many episodes focus on side hustles and real estate investing so if you feel confident in basic personal finance for doctors, this podcast can help you expand beyond that.
5. Wealthy Mom MD Podcast
The Wealthy Mom MD Podcast is specifically geared toward women. Women physicians may deal with a unique set of circumstances: feeling they have to prove themselves in a male-dominated career, suffering from mom guilt, and being weighed down by large amounts of student loan debt. Dr. Bonnie Koo understands these circumstances, and according to her, makes her podcast to “help women physicians learn about their money mindset, find out how to manage their money, and create the life they want.”
New episodes are released every Thursday. Women with large amounts of student loan debt may specifically like hearing episode 70, “Wealth at Any Net Worth,” where she talks about how it is possible to be wealthy regardless of your net worth.
6. The Scope of Practice Podcast
If you are starting your own practice or dream to one day, The Scope of Practice Podcast could be a helpful resource. Host Dr. Brent Lacey covers topics to help medical professionals know how to run their medical practice and manage their finances. Besides focusing on managing a medical practice, he also covers basic personal finance for doctors, insurance needs, retirement, and life issues like marriage, parenting for physicians, and dealing with burnout.
Episodes are released every Monday and include interviews with physicians so you can gain insight from others that have done it before you.
7. The Physician Philosopher Podcast
Many of the money podcasts for doctors previously mentioned focus on the financial aspects of the career. The Physician Philosopher Podcast centers around other parts of your life, along with mastering your money.
One such issue is burnout, which can be an unfortunate consequence of the career choice as a physician. Dr. Jimmy Turner, the host of The Physician Philosopher Podcast, knows burnout all too well but found coaching that helped him gain control of his life. He now coaches other doctors going through the same to enable them to ditch the overwhelm. The mission of his podcast is “to teach doctors how to create the life they deserve – one thought at a time.”
Listening to the episodes that drop every Monday may help with your mindset and allow you to practice the best way for you.
Next Steps to Take
After listening to some finance podcasts for doctors and possibly feeling inspired to manage your finances better, begin taking action by gaining a complete picture of your financial situation. Determine your expenses and debts and create a budget if you do not have one.
If student loan payments put a significant dent in your budget, check into student loan refinancing with ELFI.* Refinancing can help lower your monthly payment and save you thousands in interest costs over the life of the loan.