In this episode, I'll be describing four big money mistakes I've made over the years. Following that, I'm pleased to be able to tell you about a course for high income professionals that will help you avoid them, and other financial blunders.
This is a BONUS EPISODE, that I really didn't want to delay publishing. I'm excited about an opportunity that dropped in my lap, so I wanted to tell you about it . I'll just say right now that there'll be some promotion at the end, so if you really hate that kind of thing, you can just skip this post.
I've been doing the blog almost two years, and I started the podcast a few months ago. To this point, I haven't really monetized it in any way, and there are some expenses that come with producing a blog and a podcast. So I'm looking for ways to pull in some income that is not intrusive to the podcast.
When I found out that Jim Dahle had created a course based on his last seven or eight years of blogging, I was all in. I'll tell you more about that in a little bit.
Four Big Money Mistakes
But before we do that, let me describe four of my biggest money mistakes, as a warning to you and maybe to set the stage for promoting this great course.
Money Mistake Number One – Divorce
I know, it's not really something one plans to do, like going out and spending too much for a car or speculating in the stock market. But I want to acknowledge that, if you go through a divorce, it's going to set you back at least five or 10 years, financially. I certainly was subject to that. But that's all I'm going to say about it.
Money Mistake Number Two
The second big mistake that I've made is never preparing a written plan or following a budget. The closest I've come is to prepare personal balance sheets for our household, where I list assets and liabilities. That has allowed us to track our net worth over time and helped me to maintain some focus. But I've never completed anything close to a full financial plan. And I've never been good at budgeting, so that's definitely a big mistake.
Money Mistake Number Three
The third big mistake is that we've bought two or three new vehicles over the years, taking out loans to finance them. I think we just wasted money doing that. If my wife and I worked better together to plan those purchases, we could have saved up the money and bought them for cash.
Money Mistake Number Four
My fourth big money mistake was taking out a mortgage on a home that we had completely paid off, in order to do some remodeling. We had our reasons, of course. My wife and I had been recently married. We had both been married before and we were trying to blend our families. The home we were was a little tight to accommodate five children. So we thought we'd remodel the basement, and make another bedroom or two.
It came out very nice. But, the amount of money that we spent, and the time it took to pay it off, could have been done in a better way. We could have stayed more on budget for that project, as well.
So those are just four big mistakes that I've made. There have been many others, and it just made me think: if I'd only known back then what I know now, I might not have forged ahead with some of those decisions.
If I only had an educational resource that I could learn from, that could have taught me how to avoid those problems. But the resource I'm thinking of didn't exist.
And that's where Jim Dahle and Fire Your Financial Advisor come in. If I'd purchased such a course 10 or 20 years ago, I think things would have been different. I would have reached financial independence much sooner.
But the course was just released. I suppose there might be something out there like it. But when it comes to educating high income professionals, I don't think there's anybody out there that's done as great a job as Dr. James Dahle has on the White Coat Investor.
The Fire Your Financial Advisor! Online Course
As I said, it's designed for the high income professional who wants to do their own financial planning, or know enough to work with a financial advisor and to keep him/her honest. In fact, the course goes into great detail about how to identify and engage a financial advisor.
Having gone through the course, it's just amazing how much content there is. I have not completed all the worksheets, or created all the financial plans. But, it really covers everything you'd need to know, whether you're early in your career, or near retirement.
Let me give you an example of what's covered. The course goes into detail about budgeting and financial planning, creating financial reports, student loans, insurance, housing, investing, and retirement and estate planning. So it really covers the big issues when it comes to planning your financial future.
The quality of the videos is very good, and the worksheets and handouts and are just awesome. They make it so easy to create an insurance plan, investing plan, housing plan, and so forth.
Some of you already may be aware of the White Coat Investor, and may have been following his blog and now his new podcast. Perhaps you've already bought the course.
But if you aren't already aware of the White Coat Investor and this course, and you purchase it through my podcast, then I get a small stipend for referring someone who otherwise may not have known about the course.
The Course is Impressive
The price is set at $499.00. You might say that $499.00 is a high price for an online course, but when you look at the amount of content included, and the fact that it's been boiled down from thousands of blog posts and podcasts, it's just remarkable.
In fact, I'd say it's probably worth 10 times that. If you avoid one mistake like I made, or do something different that will improve your ability to accumulate assets, it's going to be worth way beyond $500.
The quickest way to check it out without making any kind of commitment, would be to just go to vitalpe.net/money, and that will take you right to the landing page where you can find out more about the course.
But I wouldn't wait too long. I don't know how long the course this is going to be available. Besides that, the quicker you get started, the quicker you're going to reach financial independence.
And one more thing. There's a money back guarantee. So if you purchase the course and look through it, and you decide that you don't like it, you can get a refund.
That's it for today's episode. Thank you for joining me. Again, the link to the course is vitalpe.net/money.
You'll thank me later if you purchase the course.
Now let's end with this quote…
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If you'd like to listen to the premier episode and show notes, you can find it here: Getting Acquainted with Physician NonClinical Careers Podcast – 001