Do you remember the late Notorious B.I.G.’s song, Mo Money Mo Problems? Physicians can probably relate to it. On the flip side, some people believe that having more money makes you benefit from fewer problems.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about how making more money often leads to more problems.
- Does money make you happy? Depends on how you define problems
- $1 or $1 Million: More money makes simple things complex choices, decisions
- More assets means more checking, savings, credit card accounts go unclaimed
- Temptation: Easy to add something, but more painful to take something away
- What happens to your money? Be responsible and organized; not out of control
- Perceived Target: Doctors are rich, even residents with $400,000 in student loans
- Moral of the Story: Use money to improve and have less problems, happier life
- Slippery Slopes: Choose wisely between buying nice things or being generous
- Time: More money can buy time to prioritize and outsource tasks, responsibilities