Ryan Inman founded Physician Wealth Services, a fee-only financial planning firm devoted to the financial well-being of physicians (physicianwealthservices.com). He was inspired to do so after witnessing how vulnerable his wife was to poor financial advice during residency. He was shocked at how many advisors tried to take advantage of her and her peers.
To meet the needs of a much larger audience than those in his backyard, Ryan then created Financial Residency (financialresidency.com), a podcast and associated Facebook group that serves hundreds of attendings, residents, and their spouses who have had it with their financial challenges.
His podcast teaches financial concepts so you can protect and grow your assets, and shield yourself from insurance agents, stock brokers, fee-based financial planners, and lenders that attempt to sell you financial products and services you don’t need.
He has an undergraduate degree in accounting, and 2 masters degrees, including an MBA. I met Ryan through a mutual podcasting friend, Dr. David Draghinas. I love his podcast and his approach to providing financial services for physicians like me.
During our discussion, Ryan provided important financial advice for those planning to pursue a nonclinical career. Some of the topics he covers include:
The absolute need to develop a WRITTEN plan describing your ideal life and the ultimate goals you’re trying to achieve; Addressing major debt before embarking on a career shift, and limiting lifestyle creep as a way to do that; Awareness of financial landmines related to life, disability and malpractice insurance; Understanding vesting and how it might affect growth of retirement accounts; and, Some of the major money mistakes physicians tend to make, in general, and how to avoid them.For all of the resources mentioned during the podcast, and a transcript of our conversation, go to vitalpe.net/episode071.
