Rehab Your Finances

Send your questions and comments here!In this episode, fellow physical therapist and educator Dr. Sylvia Son joins Mike to share her personal finance journey. They discuss the importance of getting started with investing, that investing is not gambling, the impact of money scripts and psychology on personal finance, recommendations for physical therapy students entering the workforce, and that financial wellness is much more than trying to maximize salary. TakeawaysNow is the best time to start investingThe importance of the employer matchOwning the market is not gamblingImportance of educating yourself and understanding where your money is goingHow scarcity mindset and loss aversion impede getting started in investingConsidering job benefits holistically and not looking at salary in isolationBeing rewarded from employers for increasing your skillsetMusic: Perpetual Motion by Amarent via FMA (public domain)Contact: [email protected] the show

Send your questions and comments here!In this episode, Mike recaps the key insights from season one of Rehab your Finances. He explores the interplay between money mindset and numbers, highlighting how both play key roles in financial wellness. Mike emphasizes how the benefits of optimism and purpose extend beyond personal finance, as they are protective against job burnout and are associated with greater lifespan and happiness in retirement.TakeawaysImportance of cognitive optimism in financial healthRole of mindset in personal financeImpact of money scripts and self-talkThe importance of savings rateThe value of tracking net worthPractical steps for financial planning and wellnessReferencesBelief in Exercise May Make it More EffectiveMusic: Perpetual Motion by Amarent via FMA (public domain)Contact: [email protected] the show

Send your questions and comments here!In this episode, Mike examines the impact of caregiving on finances. After outlining income and job growth data for physical therapists, nurses, and educators, he outlines key factors impacting job satisfaction and burnout among these caregiving professions. He then discusses the impact of caregiving for young children and/or aging family members, highlighting the value of a supportive workplace and building out a financial buffer. Throughout this episode, Mike emphasizes the importance of autonomy, competence, social connections, and reasonable workload on job satisfaction and sustainable financial wellness.TakeawaysPT, nursing, and teaching median incomes and job outlookFactors impacting job satisfaction and burnout, including secondary traumatic stressAt least 20% of US adults are caregiversChildcare costs impact businesses, tooUnpaid family care exceeds $96 billion annuallyReferencesPhysical Therapy job dataRegistered Nurses job dataKindergarten and Elementary Teachers job dataHigh School Teachers salary income and job dataTeachers Becoming MillionairesPhysical Therapy Job SatisfactionFactors Impacting Physical Therapy BurnoutImpact of Secondary Traumatic Stress on Healthcare ProvidersHospital Worker Job SatisfactionTeacher Job SatisfactionEconomic Impact of Child Care by StateEconomic Impact of Child Care ChallengesFinancial Toll of Family CaregivingGet Paid as Family CaregiverMusic: Perpetual Motion by Amarent via FMA (public domain)Contact: [email protected] the show

Send your questions and comments here!In this episode, Mike discusses money scripts - our hidden and often subconscious beliefs and stories we tell ourselves about money. He explores the impact of these scripts on our financial wellness, highlighting scripts which are correlated with lower net worth, lower income, and higher revolving debt. Mike highlights how our feelings about money are often uncorrelated to our actual money numbers due to the money scripts we unquestioningly follow. In this episode, Mike provides a framework for discovering and exploring the money scripts which may be holding you back from financial wellness.TakeawaysMoney scripts - hidden drivers of financial behaviorsKlontz Money Script InventoryScripts: money avoidance, money status, money worship, and money vigilanceRemit Sethi's money typesMoney types: avoider, optimizer, worrier, dreamerHow you feel about money is uncorrelated to your financial numbersHigh professional achievement does not necessarily correlate to rational financial decisionsReferencesMoney Beliefs and Financial Behaviors: Development of the Klontz Money Script InventoryDiscover the 4 Types of Money Scripts! (Video)How Clients' Money Scripts Predict Their Financial BehaviorsMoney Scripts: Why Do We Make Poor Money Choices?Evaluating the Klontz Money Script Inventory with a Diverse SampleMoney For CouplesRemit Sethi's 4 Money TypesMusic: Perpetual Motion by Amarent via FMA (public domain)Contact: [email protected] the show

Send your questions and comments here!In this episode, Mike questions whether the "magic" number for retirement is truly $1.46 million, as suggested in a recent Northwestern Mutual Planning and Progress survey. He outlines how to project your retirement needs by first determining your anticipated expenses and then applying the 25x rule. Mike discusses the key assumptions underlying the 25x rule and the 4% rule, including recent revisions to the 4% rule. He highlights why rules of thumb rarely align with real-life findings, citing evidence that most retirees end up needing and spending less in retirement than these rules of thumb would indicate. He closes by emphasizing how retirement extends far beyond financial numbers, citing examples of the common habits shared by the happiest retirees. In this episode, Mike provides a holistic view on retirement planning which places the financial numbers within the greater context of meaning and purpose.TakeawaysIs $1.46 million the "magic" number for a comfortable retirement?The importance of knowing your estimated expenses in retirementSocial Security - insolvency does not mean gone25x rule and 4% rule - helpful for back of napkin calculationsKey assumptions underlying the 4% ruleRetirement risks: inflation, sequence of returns, healthcareMost retirees do not live solely off retirement portfoliosHealthy financial habits now carryover into retirementHappiest retirees emphasize social connections, curiosity, and purposeReferencesAmericans Believe They Will Need $1.46 Million in RetirementSocial Security WebsiteStatus of Social Security 2026What is the Retirement Spending Smile?Why Most Retirees Will Never Draw Down Their Retirement PortfolioFive Lifestyle Secrets of the Happiest RetireesWhat The Happiest Retirees Know: 10 Habits for a Healthy, Secure, and Joyful LifeMusic: Perpetual Motion by Amarent via FMA (public domain)Contact: [email protected] the show

Send your questions and comments here!In this episode, Mike demonstrates how annual returns and time spent invested interact to produce unbelievable results which seem like magic. He peels back the curtain on the magic of compounding, including an in-depth discussion of how to make it work for you instead of against you. He highlights how each percentage point makes a tremendous difference in long-term investing, which is why you should understand how expense ratios and financial fees impact your returns. In this episode, Mike provides actionable insights to empower you toward taking control of your financial plan and wellness!TakeawaysThe magic of compound interestAnalogy of the lily pad taking over the pondRule of 72 for estimating doubling timeImportance of time in the marketUsing a compound interest calculatorNominal vs real returns (and why you should care)Why 1.5% is a big dealReferencesCompound Interest CalculatorPassive Fund InformationUnderstanding Expense RatiosMorningstar: When Do Active Managers Win?Vanguard's VOO Hits 1 Trillion DollarsHow Much Does a Financial Advisor Cost?In Defense of AUM FeesMusic: Perpetual Motion by Amarent via FMA (public domain)Contact: [email protected] the show