Mastering Money: A Doctor's Guide to Wealth Building with Wall Street Insider Michael Cico
In this episode of the Medicine and Money Show, we're tackling the crucial topic of financial literacy for doctors. Join us as host Ryan interviews Wall Street Insider and founder of Trader Dad's, Michael Cico, who shares his vast experience in the financial markets. Learn how to transition from medical expertise to financial acumen, understand the basics of Wall Street, and why doctors should care about investing. Michael offers practical advice on managing time, balancing investing with clinical responsibilities, and understanding risk. Tune in for actionable tips and insights that will help you build wealth, protect your capital, and secure your financial future, even with a busy medical career.
00:00 Introduction: Mastering Medicine and Money
00:37 Guest Introduction: Michael Cico's Wall Street Journey
01:57 Understanding Wall Street: A Primer for Physicians
03:37 Michael Cico's Background and Career Path
06:03 Financial Advice for Doctors: Risk and Investment Strategies
10:17 Navigating Market Trends and AI Impact
20:21 Balancing Professional Life and Investing
24:55 The Path to Building Companies
25:32 Setting Realistic Goals
26:07 Micro-Level Resource Management
26:54 Framework for Success
27:30 Tax Deferment Explained
29:32 Choosing Between Self-Management and Advisors
33:48 Budgeting and Financial Planning for Doctors
41:01 Final Advice and Resources