Show notes
As a physician, your skills help you earn an income well above the national average, but life is expensive. Between financial illiteracy and an increase in living expenses, financial education has never been more vital. And for women physicians facing systemic oppression, it’s often a rare commodity. Welcome to the Author Hour Podcast. I’m your host Hussein Al-Baiaty, and I’m joined by author, Dr. Latifat Akintade, who is here to talk about her new book, Done with Broke: The Woman Physician’s Guide to More Money and Less Hustle. Let’s flip through it. Hello friends and welcome back to the show. I’m here with my friend, Latifat Akintade today, and I’m super excited because her book is absolutely remarkable. It’s going to be so helpful to so many people, but first of all, I’d like to welcome Dr. Latifat. How are you? Latifat Akintade: I am doing fantastic. I am so excited to be here and glad that I get to chat with you today. Hussein Al-Baiaty: Yeah, me too. I was literally sitting at your table when you came to Scribe and started your work, and it’s such a privilege to watch authors come to the table, get their things together, outline their books, and have a vision and they bring it to life. I get to have the privilege of watching those journeys unfold, and your journey is obviously huge because you have a very unique story but also, a purpose. Your book, Done With Broke: The Woman Physician’s Guide to More Money and Less Hustle, is just that. It’s amazing because I hear so many physicians out there, or stories about physicians out there that struggle financially. Even though they’re making good money, at least, to society it sounds like being a doctor, make sure you earn good money and all that good stuff. However, I know I’ve learned it through business, it’s not how much money you make, but how much money you keep. The way you go about your book and the stories that you share are so powerful. I’m so glad you’re here. Thank you for joining me. I really want to get into the juiciness of the book, but before that, I really want to talk to you about it and have you share about your personal background a little bit. Perhaps where you grew up, what it was like for you, and maybe a person or an event that sort of inspired you to be on the path that you’re on to becoming and working as a physician. Latifat Akintade: No, absolutely, thank you so much. I’m really excited to be here, and honestly, to say that I cannot believe that I’m having this conversation with you would be an understatement. And the reason why is because my journey to where I’m at today is not what I ever thought it was going to be. Me writing a book, me talking about money and, in fact, maybe even a physician, honestly, were not things that I thought — I mean, I hoped it would happen, the physician part of it, but if I look at my journey from where it started, and for those that do not know me, which I’m as human as a lot of your audience. I grew up in Nigeria, I moved to the United States about twenty-something years ago. I’ve always wanted to be a physician from a young age, which, to be honest with you, I have zero idea how that came about because my parents were not college educated. My dad had a business, my mom would stay home for a lot of our lives because she had seven kids; six girls and a boy. I remember her biggest fear was that the girls were going to get older and everyone’s going to get pregnant at the age of twelve. She [was] like, “I’d better keep an eye on this crazy kid.” So my mom was a stay-at-home mom, which I’m super grateful for, but I moved here to be a physician, really. But the path wasn’t one that was always straight. I didn’t know what the journey was going to look like. We first came here with my siblings to Los Angeles and had the privilege of being hosted by family members. My aunt, who’s now late, unfortunately, and my uncle. They played a huge part in my life, and I’m really grateful for how they impacted our journey. But they also were not physicians, so I didn’t know how I was going to get here. It’s literally through the impact of mentorship, and good advisors that I’ve been able to navigate this journey. And a dose, a huge dose of stubbornness and determination to be honest with you is what let me through learning how to be a physician. I went to UCLA for undergrad, UCSF for medical school, and I’m really just grateful for the path that has led me to where I am today, which is to be a physician and specifically, a gastroenterologist. Hussein Al-Baiaty: Wow, what a journey. I’m so glad you articulated that so beautifully. And it is a beautiful journey, and I’m so grateful because, in a lot of ways, I relate to that kind of journey, where I got to come to the States and have tons of people in my life and in my journey. I never thought I would go to architecture school or anything like that, but this is where I find a lot of connections, right? Because as we come from different countries, we see in the distance what the vision can be but man, it is not a straight road. Like you said, it is very windy and sometimes you feel like you end up in a cul-de-sac where you’re just like, “I’m stuck.” But yes, stubbornness and, of course, eagerness get to where you want to be. So congratulations on that journey, I mean, it’s beautiful and I’m glad I get to experience it alongside you here. I want to talk about a little bit the importance of not only becoming a physician but also the importance of financial education for physicians. What made you realize that that was an important factor in what you were doing? Was that something you were always good at or not so good at? How did you wake up to this realization? Latifat Akintade: Oh my goodness, I was horrible with money. I knew zero about money. In fact, I went through my entire medical education without any financial education. We’d learn a lot of stuff, amazing, helpful stuff in medical school but financial education isn’t one that is included in our training. I went through undergrad, med school, three years of internal medicine residency, and then another additional three years of training after that. The longer the training, literally, I should tell you that I was hecka broke. That was the whole point of that, so I knew zero about money, and because my entire goal was to be a physician. I wanted to be the best doctor that I could be and I’m really grateful for the path that I took, the education, the mentorship, the patience, everybody that taught me throughout my journey to be who I am today. But what happened though was at the end of my training — at that point, I had two kids, and I now have three. I remember looking around, and I’m so glad that for some reason, this was a time when people weren’t necessarily talking a lot about burnout in medicine. I looked around, and I saw that a lot of my attendants were burnt out. People were tired, shoulders slumped, and these were amazingly smart people. I always tell people that if you want to be inspired, go read the personal statement of a physician or someone that wants to be a physician. We go into this field because we want to change the world. We care deeply about people. Nobody in their right mind would sacrifice their twenties and thirties to learning, spending sixty to eighty hours in a hospital, missing out on a lot of stuff in their twenties, not going out clubbing, not partying when their peers were doing that, being broke, going into debt, and acquiring like USD 250,000 averagely in debt, without caring about the purpose and mission for which they’re doing it. We went into this to care about people but unfortunately, the way that the healthcare system is created, unfortunately, can lead to a natural path of disempowering physicians. I had this moment where — I’m so grateful for — where I just realized that if I did not have my money shit together — can I say “shit” on this podcast? Hussein Al-Baiaty: Oh yeah, absolutely. Yeah, yeah, yeah. Latifat Akintade: All right, great, I’m a GI doctor. I say “shit” all day. Hussein Al-Baiaty: Yeah, I mean this ain’t Disney, this is my show. Latifat Akintade: Okay good. Hey, just ought to be sure, just want to make sure I’m on the right channel here, right? I knew that in order for me to be the kind of doctor I wanted to be, in order for me to create the kind of impact that I wanted to be able to create, in order for me to be able to practice medicine with authenticity and courage and honesty, I knew that I had to have the power to be able to walk at any time. I knew that I had to have the power. You know, my roof, my shelter, my kid’s food was not dependent solely on someone walking into the clinic and saying, “I don’t like the fact that you’re taking too much time with patients and you’re not meeting some ridiculous metrics, you’re out of here.” And I wish that was false. I wish that was a myth but unfortunately, there are physicians that are amazing, that are excellent, that I will trust my entire life and my family’s life, and my family too that unfortunately, sometimes are fired for no just cause. Maybe they need to go take care of their health issues and they’re like, “Sorry, we cannot accommodate that, you’re fired.” Stuff like that should really not be happening. So for me, the way that I think about it, money is a tool that helps physicians be excellent physicians. Money is a tool that helps physicians stay in the game, not because they don’t have a choice but because they want to. And if you truly want to see someone that’s excellent at their art, they are the people that have a choice. They’re not there because that’s the only thing they can do, they’re not there because they can’t pay their bills, they’re not there because they’re afraid of their lack of voice. They are there because they’re like, “I want to be here with what I call two butt checks,” meaning like, with full authenticity and speak to you because it’s like, “I could be anywhere else, but I care about you, and I want to be here.” That’s the whole reason why I had to learn money for myself and that’s how and why I teach other physicians and specifically, women physicians to know money, to have money without hustle, without grinding but in the way that takes focus, commitment, intentionality. Because when we do that, it’s going to create a different breed of physicians, which I believe is what the world needs today. Photo by Pixabay from Pexels: https://www.pexels.com/photo/rolled-20-u-s-dollar-bill-164527/ Making Financial Moves Hussein Al-Baiaty: Yeah, that’s so powerful. Latifat, you have such deep passion for not only your work but the craft of your work, and also other physicians, and over these airwaves, I could just feel your passion and energy towards wanting to help other people become free of this idea of, the idea of feeling like, “I have to do this” and it’s, “I get to do this.” And really, that fine line of financial stability, financial understanding. That’s how you become a great artist, like you said, you show up and not worry about this other thing, that that is taken care of and that you’re not forcing yourself to be there. That’s very powerful, and that mindset, that mind shift of thinking about your craft in that way and not walking around with slumped shoulders and feeling the burnout. So, how did you start making this move on your own to figure out, “Okay, this is something I have to do, and I have to understand my financial state, what it looks like” all these good things? How did that journey start? Take me down that story of making these moves. Latifat Akintade: The start was not fun at all because here I was, a physician who knew nothing about money. I had spent sixty to eighty hours in hospitals at that point, learning and taking care of patients. So for me, I had lots of thoughts, and the thoughts were not very helpful. The thoughts were, “I’m already too late, everybody else knows about money, and I don’t,” right? How am I going to say I know nothing about money and people are going to be able to trust that I’m smart enough to be a physician? I looked around and the only spaces that existed unfortunately at that time were hard for me to come out and say, “I need help with money,” because everybody looked like they knew it. So I thought that was a classic med school that I escaped, which that class didn’t happen, right? I had all those reasons in my head for why I couldn’t learn money, but then the reasons that I just shared with you right now were the reasons that I had for why I had to learn money. I wanted to be able to practice with authenticity. I wanted to be able to make sure that the sacrifices of everybody that had invested in my life, including my mother who I didn’t see for five years because she was in Nigeria then, I wanted to make sure that their sacrifices were not in vain. And for me, if I could not practice medicine by choice, their sacrifice was going to be in vain. Also, at that point, I had two kids. I did not want to be a parent that I would keep making excuses and saying, “I did not have a choice.” If I’m going to do something and not be there physically for my kid, it’s because I believe in it. It’s because I want to go there and take care of a patient. I want to go there and save a life. I want to go there and comfort someone, right? So I just did not want a life of excuses. So even though there were those fears, my why became strong, and it was those why’s that really became what pivoted me into going into what felt like a dark hole for figuring out how to do money. And honestly, the process wasn’t sexy. It literally was me going online and going, “Okay, people said I need to learn how to budget. Like, what is a budget? How to budget?” Especially if you hate math. I do not like math. I got 100% in calculus in college because I pretty much did every single extra credit that you could find in this world, and I did great, but it doesn’t mean I’m good at math, right? So I knew that I had to figure out how to do money in a way that didn’t take a lot of time because I’m like, “I’m busy, I don’t have time. I don’t like math, I don’t like spreadsheets.” So literally, I had to learn what was out there but then now go into figuring out, “Now that I know what people are doing, how do I create something for myself that makes sense in English?” How do I translate this jargon into what is not boring and going to put me to sleep, right? What is going to be interesting and what is going to be successful, despite the things that I thought I sucked at? And so that’s how I had to create it for myself. So it’s as simple as things like, instead of budgeting, what is a spending plan? How do I tell my money where to go? How do I redirect my – I literally had to change the communication of money in my head and do it for myself because, again, listen, I was so bad at this that I didn’t even for a second imagine that I would be teaching anybody how to do it. So that was not even on my radar at all, I was just there to fix my own shit, literally, and that’s the path that took me to learn money. I always tell people that the hardest part is starting. Once you start, you keep going, and you start to see wins, you start to get better, and then you’re like, “Oh, maybe my thoughts about this were not right.” You start to create evidence for yourself on why this is actually doable and possible for you, and that’s the path that has led me towards learning my own money, learning real estate for myself, investing in real estate, and now being the person that’s able to teach other women how to do this. Hussein Al-Baiaty: So powerful. I love that journey because in order for us to actually learn the thing that we most fear, we have to go to those dark alleys. And the funny thing is, when we get into those dark alleys, you realize, there’s a light switch, right? You flick this thing on, “Okay, I can learn this.” I was terrible at math, and I think there’s a fear around…
Full show notes at the publisher