Speaker 1 00:00:08 What's up, everyone. Welcome to the finance for physicians podcast. I'm your host, Daniel Raimi. Join me as we dig into what it looks like for physicians to begin using their finances as a tool to live better lives. You can learn more about our
[email protected] let's. Jump into today's episode. What's up guys. Hope you're having a great day today. Today, we're going to start our series on vitals checks for your finances. So I'm sure you're familiar with, uh, the medical vitals that you would check there and just to kind of refresh. So vitals are those measurements, um, of, of the body's most important basic functions, and really they're kind of that key first measure or metric of, or indicator of your health and where it's at today. You can also compare them to, you know, general targets, um, to kind of get an idea of where people are.
Speaker 1 00:01:08 They can be a big clue into diagnosing some, some bigger problems, especially when you kind of take it into consideration of what's going on for the individual. And you can even track them over time. I know, like for example, with my resting heart rate, I use a Fitbit to kind of track my resting heart rate. And that's a really good indicator of like your overall respiratory health and physical health and they can, they can, um, these vitals can really start to give you kind of a picture of how you're doing, whether it's for the better or worse. Um, and you can even set goals and, uh, use vitals as like progress check in general though, like I'm sure you guys are all totally familiar with the, the, the vitals, the big ones that you typically look at, like blood, blood pressure, heart rate, temperature, respiratory rate, I think is the other big one, but those are like the kind of the primary vitals.
Speaker 1 00:02:02 And there's a bunch of others that you might look at, but the purpose is to give you that measurement, uh, you know, kind of quick check on the body's most basic functions. So we're going to be talking about financial vitals, uh, that you might, might look at to kind of give you a quick check on, on how you're doing there before we get into that. I, I wanted to start out with just some clarification. So I think with your, with health vitals, we're measuring against, you know, the individual's situation. So if you have a patient, you're gonna look at their circumstances and situation and say, you know, I'm sure like an infant has like completely different vitals than like a elderly. And so you gotta look at your, your measuring against their situation. You might even take into consideration what the goals are or what you're kind of after.
Speaker 1 00:02:58 And so that's, that's what you're measuring against. So same sort of thing with your financials, financial vitals that we'll talk about, you're measuring you to know what you're measuring against. So we're measuring, uh, if we're looking at our financial vitals, we're measuring, we're looking at your situation, where are you at today? And what are your values, goals, priorities. So like what's most important. And where do you want to go in the future? It's important to be clear on, well, your situation, I guess, is somewhat straightforward. It's like, it is what it is like you are where you are and some of it you can't control. So that's usually that's more straight forward. The part that is very personal and varies is the goals, values, priorities part. And so I think before we get into going through these vitals checks that I'll give you, um, I think it's important to start with clarifying or making sure that we're clear on values what's most important.
Speaker 1 00:04:04 What are your goals? Because that way we can have something to measure against besides just your situation. That's where we start to like personalize, you know, how you're doing. So I'll give you a quick, uh, example. So let's, so I'm going to talk through, uh, today, I'm just going to talk through, um, you know, helping clarify your values and what's most important and where you want to go or the goals. And in, in further in future episodes, we're going to talk about the actual vitals that we're going to check. So the big vitals, um, you know, like blood pressure, heart rate, but for your financials, and you can start to measure those against these values that you identify, but, um, I'll give you an example. So, um, let's say, you know, one of the vitals we'll talk about is net worth. So let's say that just in kind of, uh, on one end of the spectrum example, let's say it's extremely important for you to, uh, give charitably.
Speaker 1 00:05:13 Like you want to be, uh, as charitable as possible. Like building wealth is not important. That's not like a huge value. So like on the other hand, compare that to another person that like building wealth is extremely important and financial independence and that sort of thing. So your net worth like those, that number, uh, and how that vital looks is going to be completely different depending on what that underlying value is. So we need to boil that down. That's an often overlooked one is just making sure you're clear on those values first. Um, I think that's, that's a huge first step, and this is kind of like your homework, you know, before we get into these vitals checks, I think you gotta clear on these, uh, values goals, priorities first, before we get into those. So we'll talk through those values most of our time today.
Speaker 1 00:06:07 I think we're going to kind of just work through, you know, clarifying, like, why is that? Why should we start here? And some ideas for how to start to boil that down and maybe think about some questions to ask yourself and start to get to a point where we can kind of like iron out, what, what, what those look like for your situation. So we'll focus on that today. And then, like I mentioned, in the next few episodes, I'll talk through some of those key metrics or vitals that you should be looking at financially to kind of measure how you're doing in relation to this. Okay. So why are values so important? You might be, you might recognize or be thinking, yeah, that makes sense, like values, or you should think about your values. But, um, what I'm saying is it's like extremely important. Like it's a, it's an, it's a huge deal.
Speaker 1 00:07:05 Like it's the most important thing and you have to do it first. You gotta be clear on those. Really, when I say values, I mean like, where do you want to go? What's most important? Like, what is the good life look like to you? Like, what are your priorities? What are your non-negotiables? Um, what, you know, motivates you, these are gonna be the key factors that make, allow you, if you're following them, allow you to live like a great life. Um, that's why they're so important is it's the difference in living a good life or not. If you're following your values, you're in alignment with your values. That's, you know, a fulfilling life. If you're not, that's a problem. And so that's the big reason why it's most important to kind of think about this aspect first, before we start to get into the vitals to look at financially.
Speaker 1 00:08:01 So what happens if you are not clear on your values? I think that's also important to think about, so it's everybody, this is kind of a thing that, uh, you know, people's lives evolve. So maybe you're in a season where you're not exactly sure what's most important or where you want to go. That's very common. I've been there before and in seasons of life, the problem with that is that when you don't have a clear idea of this is you're going to get, you're always going to be moving somewhere, but the problem is other things will pull you away, you know, typically away from your values or, you know, so like for example, the culture is going to pull you towards the norms within it or your, your friend group or whatever, uh, are gonna pull you towards their ideals. And so you're going to get pulled towards whatever those look like and the problems happen when those, those are in conflict with your values.
Speaker 1 00:09:02 And that's often the case is that what we see and I've felt in my own life is oftentimes these values, the values I have, or are in conflict with a lot of the cultural values or the typical values you see. And so when that occurs, you're going to get, so without clear understanding or clarity on your own values, you're going to be naturally pulled away from them. We all know that cultural norms, like, think about what do you think is like cultural norms, like financially, I think immediately of like spend, you know, bigger is better. And maybe people don't like say this, but like at the end of the day, like their actions speak louder than their words. So like, you know, big SUV's, I mean, maybe that's important to you and that's all good, but like, you know, culturally, it's definitely, um, kind of a pull.
Speaker 1 00:09:56 We feel material is definitely a big pool. Immediate gratification is huge. You deserve more, um, stuff is the key to happiness. I think perfection is, is a lot of times this poll, we feel like that's the only way we're going to be truly successful or feel good. Um, those are all these kinds of polls that we're feeling. Maybe some of those are okay. Some of those are just, they are what they are, but the question is more of like, what do you want your life to look like? And how do you want to live? And, you know, it does it in a lot of cases, it's probably gonna be different than that. And in order to deviate, it requires intention. Like that's the key you have to take initiative and, you know, chart out the path. So the question is, what are your values or goals, priorities, and purpose.
Speaker 1 00:10:51 So like, what is most important to you and in its most basic form, really we're asking like, what is most important to you? And so, for example, in, in, in my life, family's a big deal, you know, as you start to think about these things, like it's good to, to kind of explore, like what other things like, you know, don't just stop it. Like family's important. Like what there's, there's always competing, uh, values for people and maybe even, uh, peel back the layers. So, you know, what is the, what is the why behind it? Like, why is that important? A lot of times you'll kind of gravitate to the direction of like, what is the purpose of all this? Or what is my purpose? I mean, that's a good question to ask and how does it, how do I, you know, fulfill that and then how do I balance it all?
Speaker 1 00:11:40 Cause they're all competing too. So like w how do I balance today versus tomorrow and today? How do I balance all this stuff? That's pulling me in different directions. So those are kind of the big things to think about. As you're starting to boil this down, I'm going to talk through some questions. I think to meet. I feel like that's the best way to, to really work through these is just to really just think about brainstorm some of these questions, and they'll really get you thinking the right direction and, and kind of just document, write down your ideas, um, and brainstorm, and, and then you start to, to boil it down. So that's my favorite way to start here is just to think about some really good questions. So I'm going to talk through some of my favorites here. So the first, um, this is kind of like a series of questions.
Speaker 1 00:12:33 I've mentioned this before in a prior episode, but, um, George kinder was the one that came up with these questions. We just call them the three questions. So the kinder three questions. So the first question, so here it goes. I want you to imagine that you are financially secure, that you have enough money to take care of your needs now, and in the future, the question is how would you live your life? What would you do with the money? Would you change anything? Let yourself go. Don't hold back. Your dreams, describe a life that is complete, that is richly yours. So this is just kinda getting you to think about what is, what is the good life look like? It kind of removes the bounds of money. Imagine that you're financially secure. I think that's a key part is like, you have plenty of money.
Speaker 1 00:13:23 So like, what is this? You know, what is this life look like in an ideal where there's really no financial bounds and it gets, you kind of started thinking numbness. So second question, this starts to, uh, establish a little bit more bounds boundaries on, on the question. So, um, here's the question. This time you visit the doctor this time you visit your doctor, who tells you that you have five to 10 years left to live. The good part is that you won't ever feel sick. Uh, the bad, the bad part is that you will have noticed that the moment of your death, what will you do in the time you have remaining to live? Will you change your life and how will you do it? So this is, um, really just establishing like that. Time-bound like, okay, you have, you're in a good position financially, but like, you'll only have five years or five to 10 maybe.
Speaker 1 00:14:22 And you're not gonna know when. So if time is limited, like what is really important, how are you going to change based on this limitation here? And I think as you, as I start to think through this, it really, um, this, this question helps you think more about like the moment living in the moment or today and enjoying that, because I think that's a key part of living a values and establishing what's most important is I'm not missing out on living in the moment. So this is the third question. This time your doctor shocks you with the news that you have only one day left to live. Notice what feelings arise as you confront your very real mortality, ask yourself what dreams will be left unfulfilled. What do I wish I had finished or had been, what do I wish I had done that? I miss anything.
Speaker 1 00:15:17 So this is really kind of, you know, obviously this is a much more limited time bound. Like, you know, today's your last day? What did you really, you know, what are you going to miss out on that's that's so, as I think through this, it's like all the things, uh, all those most important things that I wish I had done, it really helps me boil down. I'm like, what is the truly most important thing? And I don't think so. Some good examples. I think that sometimes come up, it's like, I've always heard the phrase. I like this phrase. It's like, um, you can look at somebody's time they spend, or their calendar, I guess is how it goes. So look at somebody's calendar and their checkbook and, and you'll get a good idea of their values. And so a lot of people work, for example, like just a ton of hours, I mean, like 90.
Speaker 1 00:16:13 So if you look at their calendar, it's like all work or, you know, whatever, all a business. And so maybe as they go through this exercise, they're like, you know, my, I wish I had spent more time with my kids because they're young. And so it's easy to get caught up in that race and not realize it, nobody on their death bed is like, man, I wish I'd worked more hours. I mean, I think that's not more often, you hear like, man, I wish I had not spent so much time in that. And so this really helps you start to pull that down. Like, what is really most important if you had one day to live? So think through those questions. I think especially if you're having trouble, some people have a knack for just kind of thinking this direction. Um, but, um, I think either way, these are good questions to start you think in that direction.
Speaker 1 00:17:11 The other question I like this is a little bit more, uh, geared towards, uh, starting you to help you boil down, like the goal that's most important or like, where do you want to go? So that kind of fits in this concept of context, but it's a little bit of a different, uh, spend. So, uh, this is from, uh, Dan Sullivan. Um, he has like a coaching strategic coach is what it's called. It's like a coaching, um, service, but, um, and he's written books and all that stuff. So here's that question if we're having the, so if we're having a discussion three years from today and you were to look back over those three years to today, what has to have happened over that period of time, both personally and professionally for you to feel happy about your progress. So it helps you think in an ideal world, we're looking at three years from now and you've like knocked it out of the park with whatever you're working towards professionally, financially, personally.
Speaker 1 00:18:19 So you've knocked it out of the park over that three-year timeframe. And you can put whatever time you can think one year from now, you can think three years from now, 10 years from now. So put yourself in that position of it's now three years from today, and I'm pumped up about how well I've done say financially, and I'm rewinding back to today and saying, okay, what has to have happened for that to occur? Like, what's going to make me pumped up about my success financially three years from today. So that I think that question helps boil down on like more future. Like I said, like, what goals, what would you like to accomplish? So all this stuff, it's not going to be like crystal clear. It's not, it's in, it's pretty big picture. And, um, I think the key is to, to start to brainstorm, like I said, and start to, so, you know, just get it all on paper and, um, think about like, how are you going to prioritize all these things?
Speaker 1 00:19:17 And, you know, after you start to get all this down and then also think about like, what's gonna get in the way of me accomplishing whatever it might be. And really ideally you start to boil it down into like a few things. So, you know, on the values front, like, so for me, for example, I'll use my example. Just kind of talk through it. So from a value standpoint, for me, like my faith, my family building a business, having balance in life, those are like huge, lifelong growth is a big deal, independence, hard work. Those are like big, huge things for me, you know, they're the, uh, I have a lot more like littler stuff, but they all kind of fall into those, those big values. Living a modest lifestyle is another thing for me is important. Um, in setting an example for my children of like, you know, balance being, you know, being able to hit long-term goals like retirement and education funding for my children, those are important, but like balance, uh, balancing those other values is like a huge deal for us.
Speaker 1 00:20:31 So as I start to, so those, those are like the values as I start to, you know, boil down what my goals are, you know, I kinda look at like, what is the future going to be? And how do I start to execute on those values? So retirement by 60, like being able to save money so that I'm on track to have that option to retire by 60 provide education for my children, vacationing more in retirement is a big deal, maybe some big house projects along the way that's kind of, so that's what I would describe as like balancing modest lifestyle, hard work know, being able to, uh, balance in like family and time and all that. And then for us, it's one of the big things is going back to the modest lifestyle and balance. We have, you know, when, you know, at the point or given that we have enough resources financially coming in our goal is to like give the remainder away charitably.
Speaker 1 00:21:36 And as much as that number gets, I mean, so as income increases, like giving more charitably is another big goal. So based. So I'm kind of talking big picture as I boil this down, like for us, it's like our income, making sure it's in alignment would being able to, uh, save for those long-term goals and not working so much that it pulls me away from the other important areas of life. Those are huge. And then as I see financial success above and beyond those primary goals, I mentioned giving it away so that we can maintain that modest lifestyle. So that's, that's kinda how it like shakes out in my situation. So that is like hugely important in starting to work through these vitals financial vitals that I'll talk through. In fact, it's like impossible to really measure against anything until you know this. So this is kind of like the, what are we measuring against aspect?
Speaker 1 00:22:40 So it's important to really iron it out. You don't have to have it perfect. It's in fact it's never perfect. It's an evolving thing. It's like a lifelong thing and you have to kind of continually tweak it. Like I said, it doesn't have to be perfect. So don't, you don't need to spend like hours and hours and days and months and years. Um, it's kind of like, uh, the sort of thing I feel like carve out 15 or 30 minutes or something, or so to think through the questions and write down as much stuff as you can get out of your head in that period of time, if you're married, like share it with your spouse or go through the exercise with your spouse, limit it to like, like I said, 15 to 30 minutes and then like go through each thing that it's come, comes up and like circle the highest priority things and bullet down to like three to four of the most important things.
Speaker 1 00:23:32 So that, that is a huge first step to kind of getting on track and not having something to measure against, because like I said, like, this is where this is where able to start to say, okay, this is how I'm going to live my best life. Like, this is what it looks like, so that I know what I need to do. So, like I said, we'll get into some of those key vitals that I mentioned, um, in the next few episodes, we'll talk through those and, um, iron those out. But, uh, I think that's, that's probably plenty for today and, uh, hope hopefully it's been helpful. We'll look forward to jumping into the first vital believe we're so cash flow. So spending savings, giving ratio, that's the first vital we'll talk about. So we'll jump into that next time, but, uh, look forward to catching up then and, uh, hope you have a great rest of your day as always.
Speaker 1 00:24:31 Thank you so much for joining us today. If you found this valuable, please give us a review on iTunes and share with a friend. Also check out our
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