What should doctor's do with an extra $1,000,000?Feb 23, 2022
Whether it’s a buyout, a bonus, an inheritance or even the gradual piling up of cash in your bank account, many physicians are wondering what to do with a large chunk of money. Should you invest it? Pay down debt? Save for college? Or use it as a cushion for a job change? Even if you haven’t hit the extra million mark, you need a plan to make the most of it. Listen now for a discussion on emergency funds, paying off student loans and mortgages, and other scenarios for how you can spend or save that extra cash. Whether it’s $25,000, $250,000 or even a million dollars, you’ll learn something in this episode to make a better decision.
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IN THIS EPISODE
- [01:02] Examples of how doctors have accumulated extra funds.
- [03:10] What to consider when you have extra money, regardless of how much it is.
- [06:00] What is the “anchoring effect” and how can it affect bank balances?
- [08:35] Ways doctors can spend their extra money.
- [14:10] What to consider when trying to pay off student loans.
- [16:28] How to determine whether or not to pay off a mortgage.
- [21:00] What most people do once they are debt free.
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