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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.

Takeaways

• Now is the best time to start investing
• The importance of the employer match
• Owning the market is not gambling
• Importance of educating yourself and understanding where your money is going
• How scarcity mindset and loss aversion impede getting started in investing
• Considering job benefits holistically and not looking at salary in isolation
• Being rewarded from employers for increasing your skillset

Music: Perpetual Motion by Amarent via FMA (public domain)

Contact: rehabyourfinances@drmichaelpowers.com

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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.

Takeaways

• Importance of cognitive optimism in financial health
• Role of mindset in personal finance
• Impact of money scripts and self-talk
• The importance of savings rate
• The value of tracking net worth
• Practical steps for financial planning and wellness

References

• Belief in Exercise May Make it More Effective

Music: Perpetual Motion by Amarent via FMA (public domain)

Contact: rehabyourfinances@drmichaelpowers.com

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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.

Takeaways

• PT, nursing, and teaching median incomes and job outlook
• Factors impacting job satisfaction and burnout, including secondary traumatic stress
• At least 20% of US adults are caregivers
• Childcare costs impact businesses, too
• Unpaid family care exceeds $96 billion annually

References

• Physical Therapy job data
• Registered Nurses job data
• Kindergarten and Elementary Teachers job data
• High School Teachers salary income and job data
• Teachers Becoming Millionaires
• Physical Therapy Job Satisfaction
• Factors Impacting Physical Therapy Burnout
• Impact of Secondary Traumatic Stress on Healthcare Providers
• Hospital Worker Job Satisfaction
• Teacher Job Satisfaction
• Economic Impact of Child Care by State
• Economic Impact of Child Care Challenges
• Financial Toll of Family Caregiving
• Get Paid as Family Caregiver

Music: Perpetual Motion by Amarent via FMA (public domain)

Contact: rehabyourfinances@drmichaelpowers.com

Support the show