Questions that we consider in this interview include:
- 1) What is opportunity cost?
- 2) How do you build a growth mindset?
- 3) Should we look to the stock market to create wealth as physicians?
- 4) How can it pay off to avoid the herd?
In this episode, we challenge many of the common assumptions about wealth accumulation and detail the importance of gaining financial knowledge early on in your medical career. To help us do this we are joined by financial expert Chase Chandler, CEO and Managing Partner of Chandler Advisors, LLC. Chase is also the author of The Wealthy Physician, a book specifically written to provide physicians with new insights about building wealth wisely. You can obtain a free copy of The Wealthy Physician at http://www.thewealthyphysician.net/.
I was told in undergrad and medical school that I would not have to worry about money, however, as I complete my residency training in my early 30s I realize that statement is far from the truth. Chase recommends starting to gain financial knowledge right away so you can begin making informed decisions about your financial future, even testing out some of the financial principles you learn while still in medical school and residency because “your plate will never get less full”. The ultimate goal is to have a systematized financial process and plan in place before you’re a practicing physician out of residency so you can truly gain financial freedom.
Additional references from this episode include: