Episode Summary:

Join Nate Reineke and Ben Utley as they welcome Jordan Grumet, also known as Doc G, author of The Purpose Code and host of the Earn and Invest podcast. They discuss the vital connection between purpose and financial well-being, providing insights on navigating burnout and rediscovering joy in the medical profession.

Guest Info:

Jordan Grumet, born in Evanston, Illinois in 1973, found the spark to become a doctor after a deeply personal event reshaped his life’s trajectory. The unexpected loss of his father, an oncologist, ignited a passion within him to practice medicine and instilled a unique vantage point that later melded seamlessly with his financial expertise.

Completing his studies at the University of Michigan, Jordan earned his medical degree from Northwestern University before embarking on a journey in Internal Medicine in Northbrook, Illinois. Presently, he serves as an associate medical director at Unity Hospice.

With a profound understanding of both medicine and finance, Jordan unveiled his thoughts through blogging, specifically focusing on financial independence and wellness. This passion culminated in the launch of the Earn & Invest podcast in 2018, which received the Plutus Award for Best New Personal Finance Podcast in 2019 and subsequent nominations for Best Personal Finance Podcast of the Year in 2020 and 2021.

In August 2022, Jordan published Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life with Ulysses Press. His second book, The Purpose Code, will be published in January 2025 by Harriman House Press. Jordan’s journey intertwines medical insight and financial wisdom, resonating deeply with those seeking a balanced, meaningful life.

Resources Mentioned:

- The Purpose Code by Jordan Grumet: https://jordangrumet.com/books/

- Taking Stock by Jordan Grumet: https://jordangrumet.com/books/

- Earn and Invest Podcast: https://www.earnandinvest.com/episodes-9

Call to Action:

For more information, visit www.physicianfamily.com.

Disclosure: See marketing disclosures at www.physicianfamily.com/disclosures.

Closing Thought:

Remember, you're not just making a living, you're making a life. Pursue what lights you up!

Episode Overview:

In this episode, Ben Utley and Nate Reineke address the important topic of interest rates and how they might affect your financial decisions as a healthcare professional. They explore the potential impact on your investment portfolio and offer considerations for mortgage refinancing, aiming to provide insights that could be valuable for your financial management.

Key Highlights:

1. Understanding Interest Rates:

- Ben and Nate discuss how interest rates can influence your investment choices and highlight the importance of staying informed to enhance your financial planning.

2. Investment Policy Statements:

- The hosts outline how an investment policy statement can serve as a useful tool for guiding your investment strategies and helping you maintain financial discipline.

3. 529 Plans and College Savings:

- You'll learn about strategies related to front-loading 529 plans to maximize tax benefits and compound interest, supporting your efforts to fund your children's education.

4. Managing Cash Reserves for Home Purchases:

- Ben advises against investing cash reserves that you plan to use for home purchases in stocks. Instead, he suggests considering high-yield savings accounts to keep your funds accessible and secure.

5. Choosing Appropriate Health Plans:

- The episode discusses how to choose between high-deductible and low-deductible health plans, particularly if you have chronic conditions, helping you make the most of Health Savings Accounts (HSAs).

6. Understanding Mortgage Refinancing:

- Ben explains when it could make sense for you to refinance your mortgage, emphasizing the need to analyze current rates in light of your financial situation.

7. Impact on Student Loans:

- The hosts address how interest rates might influence your student loan refinancing decisions, providing guidance on when it could be wise to explore new loan terms.

Actionable Advice:

Get Personalized Financial Advice:

For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.

Have a Question?

Send your questions to podcast@physicianfamily.com or call 503-308-8733, and your query might be featured in a future episode!

Resources Mentioned:

Retirement Wellness Check: Assess how well-prepared you are for retirement at PhysicianFamily.com/Quiz.

Disclaimer: See marketing disclosures at www.physicianfamily.com/disclosures.

Episode Overview:

In this episode, Ben Utley and Nate Reineke tackle the question of how much cryptocurrency is appropriate for doctors to own. They cover important considerations, such as the lack of inherent value in crypto compared to traditional investments like stocks and bonds. This episode also addresses a variety of financial topics relevant to physician families, from 529 plan strategies to managing cash reserves and understanding investment policy statements.

Key Highlights:

1.Cryptocurrency for Physicians:

-Ben and Nate explore whether doctors should own cryptocurrency and conclude that, given the lack of inherent value, "zero ownership" is acceptable. They emphasize the importance of understanding the speculative nature of crypto investments.

2.Investment Policy Statements:

-The hosts explain the role of an investment policy statement in guiding individual investment strategies and maintaining a disciplined approach to personal finance.

3.529 Plans and College Savings:

-They discuss the benefits of front-loading 529 plans to capitalize on tax-free growth and compound interest, while advising on flexibility for college funding strategies.

4.Managing Cash Reserves for Home Purchases:

-Ben advises against investing cash intended for home purchases in short time frames, recommending high-yield savings accounts instead to keep funds accessible for future needs.

5.Choosing Health Plans for Families:

-The episode examines selecting between high-deductible and low-deductible health plans, particularly for physicians with chronic conditions, and optimizing HSAs.

Actionable Advice:

Get Personalized Financial Advice:

For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.

Have a Question?

Send your questions to podcast@physicianfamily.com or call 503-308-8733, and your query might be featured in a future episode!

Resources Mentioned:

Retirement Wellness Check: Assess how well-prepared you are for retirement at PhysicianFamily.com/Quiz.

Disclaimer: See marketing disclosures at www.physicianfamily.com/disclosures.