Podcast Episode 10 – “How I Teach My Kids and My Students to Be Masters of Personal Finance” with Dr. Jason Mizell

Episode 10 – We all want our children to have a better life than we had.  If we can help them not make the same mistakes we did, we can set them up for success in life.  Teaching kids and students to handle their money successfully is the top goal for this week’s guest.  Dr. Jason Mizell has created a comprehensive curriculum for business and personal finance that he gives to his medical students.  He also uses the same concept to teach his children how to be more successfully financially.

Even if you don’t have children or students to teach right now, you’ll get so much value from hearing this episode with Dr. Mizell.  He has made a huge difference in the lives of hundreds of medical students, and today he shares all of his wisdom and tips so we can do the same.

 

“Being the one voice in the wilderness talking to students about money and business is as important as teaching them biology and anatomy.”

 – Dr. Jason Mizell

 

Listen to the episode on Apple Podcasts

 

Meet Dr. Jason Mizell

Dr. Jason MizellDr. Mizell obtained his medical degree and completed a general surgery residency at Louisiana State University Health Sciences Center in Shreveport, Louisiana. He then went on to complete a fellowship at Baylor University Medical Center in Dallas in colon and rectal surgery. He is currently an Associate Professor of surgery at the University of Arkansas for Medical Sciences where he has a busy colorectal surgery practice.

Outside of the clinical area, he focuses on education and curriculum development. Since 2011, he was the director of the junior and senior surgery clerkships at UAMS, but recently began a position as Program Director for the Transitional Year Program. He has been honored with numerous teaching awards, and has developed curricula instructing residents and students on personal and business finance. He has published and spoken nationally to physicians on the Business of Medicine and his work has been highlighted on multiple podcasts and the White Coat Investor blog. The curriculum has been adapted for use at other universities as well such as Wake Forest and Vanderbilt. His research interests are in rectal cancer and medical education, especially regarding personal and business finance.

Connect with Dr. Mizell by email!

 

Free Resource: 5 Financial Decisions Couples Should Make Together

 

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Featured online community: Peloton Female Physicians

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Join the Business and Personal Finance for Physicians and Dentists Facebook Group!

Most physicians and dentists come out of training programs with a huge amount of personal debt and little to no idea of how to actually run a clinical practice.  This Facebook community is for anyone who wants to learn more about how to manage their business more successfully and master their personal finances.

 

 

Everything Is Awesome!  5 Important Personal Finance Lessons I Teach My Kids Using LEGO

personal finance lessons with LEGO

Show times

  • 00:00 – Introduction to the show.
  • 02:32 – Introduction to Dr. Jason Mizell
  • 03:19 – Dr. Mizell originally wanted to be a minister but his life took a major detour into medicine.
  • 04:35 – His childhood experiences were fairly humble, and that inspired him to pass on his financial literacy knowledge to his students.
  • 06:15 – Very few physicians get any formal financial training during medical school.
  • 06:45 – Dr. Mizell didn’t have formal financial training but felt compelled to start a personal finance curriculum for his students.
  • 08:15 – Now that Dr. Mizell is teaching a personal finance curriculum for medical students, he is starting to teach his kids some of these concepts as well.
  • 10:45 – Teaching your kids sound financial concepts is at least as important as passing these lessons to your students.
  • 12:19 – If you’re a high income family, you run the risk of spoiling your kids.  Generosity is the antidote to that.
  • 15:00 – Dr. Mizell talks about the origin of his personal finance curriculum he created for his residents and fourth year medical students.
  • 18:02 – The first year was an experiment, but there was a robust response and high attendance.  He was even able to get the course to count for academic credit in their fourth year.
  • 20:05 – As he built on the success of the program, he was able to get support from his program leadership to give him time out of his schedule to plan the course and work on it.
  • 21:22 – In order to avoid bias in the course, he vetted his speakers heavily.
  • 22:11 – He started with speakers in his local area in order to keep the budget very low. 
  • 23:55 – People are generally willing to help if you’re willing to just ask.
  • 25:15 – Adding the course in the evening enables students to bring their spouses with them.
  • 26:54 – Having conversations with your spouse about money is critical to relationship success.
  • 28:00 – Dr. Mizell shares the specific topics covered in the course.
  • 30:25 – For students that need a little more one-on-one help, Dr. Mizell offers office hours for individual attention to students.  Dr. Mizell then talks about creating the 4 year longitudinal “Honors in Finance” track for students.
  • 32:40 – Dr. Mizell was able to secure a 0.15 FTE reduction in his time in order to enable him to have one protected day per week to dedicate to planning and perfecting the course.
  • 34:48 – For people who are interested in starting a curriculum at their institution, just start small and start with what you know.
  • 37:04 – Anything is better than nothing.  If you think this is worth starting, just start!  Start small if you have to, but start!!!
  • 38:33 – If you’re in private practice, your staff members need this information too!!
  • 40:55 – For the most part, people want very basic information, so you don’t have to be an expert in order to teach these concepts.
  • 43:13 – Dr. Mizell shares his parting wisdom for students, trainees, and physicians who want to learn from a course like his or start one of their own.
  • 46:18 – Saying goodbye to Dr. Mizell.
  • 46:33 – Summary of the episode with Dr. Jason Mizell
  • 47:18 – Free resource #1: FREE disability insurance quotes with Pattern: www.thescopeofpractice.com/pattern
  • 48:27 – Free resource #2: “5 Financial Decisions Couple Should Make Together”
  • 48:57 – This week’s featured online community: Peloton Female Physicians
  • 52:35 – Signing off!

 

Listen to the next episode

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