PA the FI Way

Are you a physician assistant student and feel as though you can just wait until after PA school to focus on your finances? Well, you certainly could, but there are so many financial areas that you can focus on right now while you're in PA school. Alex Adkins, PA-S, shares how he knew about the concept of FI even before PA school started, which has helped him make some wise financial decisions. On...

Inflation has been a common topic in the news the past several months. But do you know what inflation is, why it happens, and why it can be a problem? Finally, do you know what steps you can take to hedge against inflation?    Follow along on Instagram: @pathefiway   https://www.instagram.com/pathefiway/   Join the private Facebook group created for current and future PAs on th...

You've heard from those who invest in cryptocurrency say that their investments are going to the moon, and you have serious FOMO. Should you join the crypto craze? As with many things in finance, the answer is maybe, as it's a bit complicated... There are some benefits to consider with crypto, as well as some cons to consider.    If you're a PA student, consider applying to the White Coa...

Four different types of budgeting methods are reviewed (pay yourself first method, envelope method, 50/30/20 budget, and zero-based budget). These types of budgeting systems can provide you a framework to save money to invest for your future as a physician assistant, PA student, or pre-PA. You may find that one works better for you than others at various points in your life. Sinking funds can...

Should you try to time the market in hopes of buying high and selling low? Or should you try to switch your money around between asset classes in hopes that one will do better because you heard it's the latest craze? If you can't time travel to have the benefit of hindsight or don't have a crystal ball, then the answer is likely no. As a current or future physician assistant, you're likely pretty...

The topics of dividends and diversification are discussed in today's episode. Some investments pay out dividends, which can be another way for your investments to earn more over time. However, this doesn't necessarily mean that you should be chasing stocks with only high dividend yields. Diversification in your portfolio may help provide less risk over time, and can help make your wealth building...

Compound interest, which has been dubbed the 8th wonder of the world by Albert Einstein, needs time to grow its magical gains. Which group of people likely has the most time in the world to benefit from the effects of compound interest? Children, of course!  Once you start becoming financially literate, y ou may likely start thinking about the kiddos in your life, whether they be your own chi...

When it comes to saving, investing, paying off debt, and building wealth on your way to financial independence as a physician assistant, automation may be key to setting you up for success so you can reach your goals sooner. Automation may help you save your time, your money, and your sanity!    Personal Capital link: https://pcap.rocks/katarinaastr   Follow along on Instagram: @pat...

Is traveling to new places domestically and internationally one of your favorite hobbies? Do you have family that lives far away from you? Do you enjoy CME conferences, but don't have a generous enough CME budget to fully cover your flight and / or hotel cost? Then travel hacking by earning travel rewards points likely is for you!    This episode introduces the concept of travel rewards,...

Justin Chidester, CFP, AFC, founder of Wealth Mode Financial Planning reviews with us the benefits of working with a fee-only fiduciary financial planner. He also covers some red flags to watch out for when considering whether you should work with a financial advisor. I share my story of how my husband and I worked with another type of "financial advisor" for several years, until we figured out th...

In this episode, we will review what Social Security is, and will consider if it will even be around by the time that we reach traditional retirement age.  Follow along on Instagram: @pathefiway   https://www.instagram.com/pathefiway/   Join the private Facebook group created for current and future physician assistants on their journey to financial independence: https://www.facebook...

As you invest to build wealth on your journey to financial independence (FI) as a PA, it's important to also invest in your health. "Health" is not only comprised of your physical health, but rather, several types of health need to be optimized to truly help your overall health. Don't neglect your health on your journey to FI, or you may end up being too depressed or too physically unhealthy to ev...

Having a great credit score can help you in several ways financially. In this episode, we will review what your credit score actually is, why it is important, and how you can boost your credit score if you need to.  Read blog posts and sign up for email list: pathefiway.com Follow along on Instagram: @pathefiway   https://www.instagram.com/pathefiway/ Join the private Facebook group only...

Ah, the great debate: should you rent a place or purchase a home? As with many topics in personal finance, it depends. In this episode, some myths surrounding renting and buying are dispelled, and some pros and cons to both homeownership and renting are reviewed.  Referenced article by J.L. Collins: https://jlcollinsnh.com/2013/05/29/why-your-house-is-a-terrible-investment/  

Jordan Fisher, PA-C, joins me on the podcast as our very first guest! He's the author of PA Next Steps, which is a step-by-step guide for the new physician assistant for what to do after PA school. This book will provide you with all of the information and tools you need to start practicing, find a job you love, and excel in your personal, professional, and financial life.  Purchase your...

Did you know that practicing as a PA actually costs you money? Let's review profession specific costs as well as general costs to working as a physician assistant. These costs can vary, and many can be negotiated to have your employer help out with some of the costs!   Website to read blog posts: pathefiway.com Follow along on Instagram: @pathefiway   https://www.instagram.com/pathefiway...

As a physician assistant, you are likely very familiar with common types of insurances such as medical insurance, home and auto insurance, and malpractice insurance. But did you know that you should be assessing your situation to determine whether or not you should also be getting disability insurance, life insurance, and even umbrella insurance? For some, these types of insurances that are discus...

This is Part 2 in reviewing the basics of investing and retirement accounts for PAs, as well as the order of operations for starting to invest to build your wealth. This episode continues to review retirement accounts such as 401(k)s, 403(b)s, 457(b)s, etc., as well as Roth IRAs. Additionally, the tools called Roth Conversion Ladder and Backdoor Roth IRAs are reviewed, which can help you in your j...

This is Part 1 in reviewing the basics of investing and retirement accounts for PAs, and the beginning of reviewing the order of operations for starting to invest to build your wealth.  Investing can seem overwhelming and scary to start with, but it's so important that you understand that you need to get your money invested, not just sitting around in a savings account, so that it can earn mo...

Read about emergency funds, debt payback strategies, and investing vs. paying back debt here: https://www.pathefiway.com/blog/emergency-funds-debt-payback-strategies-and-should-you-invest-or-pay-back-debt   Are you just beginning your journey to financial independence and want to learn more? Download your FREE copy of the PA the FI Way Beginner’s Workbook here!     Website / Bl...

Have you ever thought of why you think a certain way about financial topics, and others in your life may have a completely opposite point of view? Why is it easy for some people to save since childhood, while others have a hard time with saving? In this episode, the concept of your Money Story will be discussed, as well as how you can shift from having a Scarcity Mindset to an Abundance Mindset so...

Did you know that as a PA, there are several different ways that you can be compensated? Your income may not be as clearcut as getting paid via hourly pay or via a salary. In this episode, the various compensation models that physician assistants can get paid will be reviewed as well as some of the pros and cons of each, so that you can have an understanding of these options when you are interview...

Various tax tips to consider for physician assistants are reviewed, which include possibly being able to deduct student loan interest, investing in tax-deferred and tax-exempt accounts, donating to charity, homeownership, and why you should not necessarily be looking forward to a tax refund, as well as why you should NOT try to avoid earning more to try to pay less in taxes.  Website / Blog:...

Strategies to tackle your probable six-figure plus PA student loan debt amount are reviewed in this episode. Trying to pay off your student loans aggressively will help set you up for success and allow you to reach financial independence sooner! Some topics that are covered include the following: prevent lifestyle creep, increase your income, consider PSLF, consider IDR plans, and consider refinan...

If you're a PA student, congrats on getting accepted into a PA program!!! The next 2 - 3 years will be some of the hardest of your life, but very rewarding. During PA school, it can be very tempting to spend some of your student loans on somewhat frivolous things to "treat yo' self" with the idea that you're just borrowing from your future self. But newsflash : your monthly student loan payments m...