Self-confessed 'money nerd' Ryan Inman started his financial practice Physician Wealth Services specifically to help guide young physicians toward financial independence with truly unbiased, quality financial advice. A graduate of the University of San Diego (USD) Ryan has a BA in Business Administration, an MA in Accounting and Financial Management, and an MA in Business Administration, and along with running Physician Wealth Services, he currently hosts the Financial Residency podcast and co-hosts the Money Meets Medicine podcast. Ryan uses his and his wife’s intimate knowledge of the pains, struggles, and joys that come from a career in medicine to take care of his clients while they take care of their patients.

Ryan joins me to discuss why he decided to niche down his financial planning practice to helping physician families understand and take control of their money from the very beginning of their careers. He shares his professional journey and why he moved from working in large corporates where the focus was on selling financial products and attracting high net worth clients to working with people who really need clear-cut financial guidance. Ryan also shares his opinions on what has been happening to the markets in 2020 and advises on the questions to ask yourself about your investments.

“You need to think about your money without emotion” - Ryan Inman

This week on Paychecks and Balances:

• The stereotype of physicians having high net worth without considering the debt they accumulate through their years of training
• The importance for everyone of having an emergency fund
• Why you should take advantage of the student federal debt forbearance to do something smart with the saving
• Why being forced to cut our expenses through the Covid-19 quarantine period should make us reevaluate our spending
• Ryan’s perspective on investing during periods of volatility
• Why time in the market is more important than timing the market when you’re investing
• Why the market was moving so atypically during March 2020
• Should you be changing your investment strategies right now?
• Questions to ask yourself when managing your investments
• Ways to manage multiple 401k accounts from previous jobs
• What is the backdoor Roth IRA strategy
• Managing your retirement investments and plans
• Is it best to pay down debt or invest?
• Essential questions you should ask when you’re looking for an investment app
• Why it’s essential to research the fundamentals of investments before you throw money at it
• Why you should check in quarterly on your investments alone or with a financial advisor

Resources Mentioned:

• Financial Residency podcast
• Money Meets Medicine podcast
• Betterment
• Wealthfront
• Acorns

Connect with Ryan Inman:

• Physician Wealth Services Website
• Physician Wealth Services on Facebook
• Physician Wealth Services on Twitter