Financial Education and Wellness for the Early and Mid Career Physiatrist-Financial Education and Wellness for the Early and Mid Career Physiatrist

Video Transcription

Video Summary

The speaker begins by introducing the session and reminding the audience to silence their cell phones. They mention that the session is being recorded and provide information on how to access evaluation forms for the session. They encourage attendees to visit the PM&R Pavilion for additional resources and educational opportunities. <br /><br />The speaker then introduces Dr. Kent Hagen, a private practice physician who will be speaking about personal finance. Dr. Hagen shares his background as a physician and his passion for personal finance. He explains that he will be covering topics such as investing in securities, student loans, and life and disability insurance. <br /><br />Dr. Hagen begins by discussing the basics of finance and accounting, including income statements and balance sheets. He quotes Robert Kiyosaki, author of "Rich Dad Poor Dad," and emphasizes the importance of understanding assets, liabilities, income, and expenses. <br /><br />He then moves on to discuss investing and wealth management. He highlights the time value of money and the power of compounding returns. Dr. Hagen explains that while investing has risks, it is generally a reliable way to grow wealth over time. <br /><br />Next, he explains different types of investment accounts, such as IRAs and 401(k)s. He recommends maxing out contributions to these accounts and emphasizes the importance of minimizing fees. <br /><br />Dr. Hagen discusses portfolio construction and suggests a ratio of stocks to bonds based on age. He explains exchange-traded funds (ETFs) and how they mimic benchmarks such as the S&P 500. He also touches on other investment categories such as commodities, precious metals, cash, and cryptocurrencies. <br /><br />The speaker states that achieving financial independence is important, but cautions against seeking wealth quickly or taking excessive risks. He advises individuals to focus on saving, reducing debt, and building a solid investment portfolio. <br /><br />Dr. Hagen briefly touches on life insurance, recommending term life insurance over whole life insurance, and suggests getting specific with contracts and consulting a lawyer when necessary. He mentions the importance of being available, affable, and competent in medical practice, and the benefits of referring patients to trusted colleagues when necessary. <br /><br />The speaker concludes by emphasizing the ability of physicians to make a positive impact with their financial potential, encouraging them to prioritize financial stability and generosity.

Keywords

session introduction

personal finance

investing

wealth management

investment accounts

portfolio construction

life insurance

financial independence

medical practice