Saturday Morning Rounds April 11, 2020 - The 2 key behaviors of personal finance

Posted by BossB, MD on April 11, 2020
BossB, MD

What we're reading

As we mentioned last week, a big part of what we do here at BBMD is helping women physicians get their money right 💰

Our real expertise in that area lies in helping you maximize what you earn at work by career planning and negotiating like a pro, but there's so much more to the money game than that. And with the economic uncertainty we're all facing right now, we expect that this topic might be top-of-mind for many of you reading this.

So, we're working on a series of webinars to give you an overview of all the stuff you really need to know and none of the stuff you don't, in one place. Here's what we're thinking of so far:

  • Economics 101 - How the economy and markets work
  • Overview of fundamental personal finance concepts & strategies
  • How to build multiple revenue streams (investments, side-hustles, etc)

As we've been sourcing material for this project, we've been wading through the vast amount of financial content on the interwebs trying to find the diamonds in the rough and share them with you. Here's our second:

Afford Anything by Paula Pant

Afford Anything isn't a book or a video - it's a website, a podcast, and really an entire company run by an incredibly cool person named Paula Pant.

Paula is a valuable resource in this area for many reasons, chief amongst them being that she's really done the work and has receipts to prove it (a rarity in the personal finance thought leader space).

She achieved financial independence and secured her dream life of traveling around the world wherever and whenever she wants at a much younger age than most. Now she shares the lessons she learned getting there, with others.

She does an amazing job of demystifying personal finance topics, grounding what she shares about finances in the knowledge that it's always in service of your personal lifestyle design, and creating content that is entertaining, easy to understand, and realistic to implement. She specializes in real estate investing with a focus on rental property income, but has a pretty solid wide-angle view of the whole personal finance world.

 

One of our favorite lessons of hers is this graphic about what personal finance boils down to, from her intro content:

Personal finance really boils down to 2 key behaviors:

  • Maximizing the gap between what you earn (our real specialty lies in helping you maximize this number) and what you spend (this is the focus of many "personal finance experts" who would have you stop drinking Starbucks and eating avocado toast)
  • INVESTING THE DIFFERENCE

Paula keeps everything centered around these behaviors, and her recommendations are simple, focused and actionable - just a few of the many reasons we love her stuff.

Who we're following

Paula Pant (@AffordAnything), of course! She recently contracted and thankfully recovered from Coronavirus, so lately her content has understandably been focused on that.

However, her feed is usually a well-curated treasure trove of interesting and insightful finance content from a myriad of sources (she actually very impressively kept this up throughout her illness), as well as her own content. If you're interested in deepening your understanding of such topics she's one of the best Tweeps (or Instagrammers or emailers or podcasters) you could follow.

BBMD tip of the week

Increasing what you earn is pretty much always more fun than decreasing what you spend, so brainstorm 10 ideas for how you could increase your earnings - bonus points if they'd be a brand new source of revenue for you. Then be sure to have 'em handy for next week's post :)

Quote we're contemplating

"Mind the gap. If I can distill personal finance advice into three words: Mind the gap. Focus on ramping up your income, while keeping your expenses the same or less. That gap will naturally grow wider and wider.” - Paula Pant 

 
 
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PPS - As always, please let us know your requests and suggestions by replying to this email (we read 'em all) or getting at us via Twitter. Which section above is your favorite? What do you want more or less of? Just send a tweet to @BossB_MD and put #SaturdayMorningRounds in there so we can find it.

Have a wonderful weekend, y'all!