Financial Residency: Recent Episodes

Financial Residency Network

As a doctor, you spent decades in school to get to where you are. Unfortunately, during all those years in medical school and residency, you probably didn't receive a financial education. But, not to worry. That’s where I come in. Think of this podcast as your financial residency without the long hours and sleepless nights! I will guide you through a financial education resulting in money confidence and clarity in this critical aspect of your life. You’ll understand how you make money, how you spend money, how your hard-earned money can work for you, and how to protect yourself and your family. I have witnessed residents and fellows bombarded by life and disability insurance salesmen and other “investment” pitches that are not in their best interest. You didn’t receive any formal financial education in your decades of medical training, so how are you supposed to know the good financial advisors from the bad? This podcast will help with that. Remember, it’s ok to not know the difference between a ROTH IRA and a 403b or which 529 plan is best. This podcast will simplify highly complex concepts and translate industry jargon into plain English. Are you ready to take action and make smarter, more informed financial decisions? Great - let's do this! Let your financial residency begin.

Burnout is caused by many factors but can cause physical manifestations such as severe fatigue, headaches and lack of sleep. Tiffany Cagwin is a holistic life coach who works with many healthcare professionals to help them recover physically. She talks today about getting the body back into the proper circadian cycle by incorporating a couple very simple tasks into your daily routine. You can learn more about her at www.TiffanyCagwin.com.

In the complex world of physician compensation, deciding between a low base salary with a lower patient cap or a higher salary with a higher patient cap can be challenging. Jon Appino dives into the factors that influence this decision, including long-term career goals, financial stability, and market conditions.

Understanding the implications of each structure is crucial for making an informed choice that aligns with your personal and professional aspirations. If you’re navigating a new position and need expert guidance, reach out to us for tailored advice and support!

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

In this episode of "A Life Well Lived: A Physician's Guide to Wealth," James Nutter provides a comprehensive checklist for pursuing Public Service Loan Forgiveness (PSLF) for physicians.

He breaks down the steps to understanding the requirements, confirming if PSLF is right for you, getting organized and doing it consistently, building a contingency plan, and what to expect when you reach 120 payments.

With insights from a client who had over $200,000 in loans forgiven, James offers valuable tips and resources to help physicians navigate the PSLF process successfully.

Timestamp

Summary

1:06

Essential PSLF Tips for Physicians Seeking Loan Forgiveness

6:30

Determining Employer Eligibility for Public Service Loan Forgiveness

11:23

Evaluating Public Service Loan Forgiveness Suitability and Strategies

16:48

Strategic Income Reporting for Lower Loan Repayments

19:40

Strategies for Timely Student Loan IDR Recertification

25:53

Mastering PSLF Through Organized Documentation and Regular Submissions

28:51

Identifying an Authorized Official for Employment Verification

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

As a recently graduated family medicine physician, navigating the choice between private practice and hospital employment can be complex. Understanding the differences between W2 and 1099 structures is crucial for your career path.

This guide explores the benefits and drawbacks of each option, considering factors like tax implications, scheduling flexibility, and family needs.

Discover how to align your employment choice with your personal goals, whether you prioritize benefits, retirement plans, or the flexibility of independent contracting. Reach out for expert advice tailored to your unique situation!

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

In this episode of Coffee and Contracts, Jon Appino from Contract Diagnostics shares insights on current trends in physician employment contracts. With over 12 years of experience, Jon discusses shifts in various specialties, highlighting significant salary surges and changes in demand. He emphasizes the importance of staying informed about real-time trends rather than relying solely on published data.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

In this episode of "Life Well Lived: A Physician's Guide to Wealth," James Nutter takes a deep dive into the intricacies of selecting the right financial advisor for physicians. James emphasizes the importance of financial wellness and the impact of intentional financial planning in achieving a life well-lived. He revisits his Financial Wellness 101 series, urging listeners to engage thoroughly with the content to gain control over their financial situations.

James then introduces a new series, "Financial Advisors Exposed," where he critiques common financial advisory practices and highlights the critical steps physicians should consider when hiring a financial planning team. Throughout the episode, James unpacks the various types of financial advisors—transactional, reactive, and proactive—and guides listeners on determining which type aligns best with their financial goals.

Key Takeaways: * Understanding Advisor Types: Physicians should distinguish between transactional, reactive, and proactive advisors to select the best fit for their financial needs. * Licenses and Standards: Important to verify an advisor's qualifications, ensuring they hold appropriate licenses and adhere to a fiduciary standard. * Fee Structures: Awareness of how advisors charge—whether through fees, commissions, or a hybrid model—is crucial for making cost-effective decisions. * Comprehensive Services: Deciding whether you need a money manager or a comprehensive financial planner to address all aspects of financial well-being. * Communication and Accessibility: Ensure that the advisor’s communication style and availability align with your expectations for timely and efficient financial advice.

Register for our upcoming PSLF Hacks masterclass here

Resources

PSLF Hacks Checklist

Follow James Nutter

Book a free financial wellness diagnostic with James here

Instagram

Follow IM Wealth

Gain FREE immediate access to all of IM Wealth’s exclusive physician financial wellness resources here

www.imwealth.com

Youtube

Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Dr. Cory Fawcett literally wrote the book on "Managing a Financial Crisis" as part of his Doctor's Guide series. He joins us today to talk about the steps a physician can take to navigate the crisis by methodically evaluating resources and making a plan to move forward, deal with the emotional fallout, prevent loss of relationships from the event and hopefully come out in a better place on the other side.

You can learn more about Dr. Fawcett, read his blog, take a course or obtain coaching at www.FinancialSuccessMD.com.

In this episode of Coffee and Contracts, Jon from Contract Diagnostics dives into the essential topic of balancing risk in employment agreements. He explores how to evaluate the rewards and risks associated with contracts, including non-compete clauses, salary negotiations, and benefits like vacation time. Gain insights into understanding your risk tolerance and making informed decisions during contract negotiations.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

In this episode of "Life Well Lived: A Physician's Guide to Wealth," James Nutter takes a deep dive into the intricacies of selecting the right financial advisor for physicians. James emphasizes the importance of financial wellness and the impact of intentional financial planning in achieving a life well-lived. He revisits his Financial Wellness 101 series, urging listeners to engage thoroughly with the content to gain control over their financial situations.

James then introduces a new series, "Financial Advisors Exposed," where he critiques common financial advisory practices and highlights the critical steps physicians should consider when hiring a financial planning team. Throughout the episode, James unpacks the various types of financial advisors—transactional, reactive, and proactive—and guides listeners on determining which type aligns best with their financial goals.

Key Takeaways: * Understanding Advisor Types: Physicians should distinguish between transactional, reactive, and proactive advisors to select the best fit for their financial needs. * Licenses and Standards: Important to verify an advisor's qualifications, ensuring they hold appropriate licenses and adhere to a fiduciary standard. * Fee Structures: Awareness of how advisors charge—whether through fees, commissions, or a hybrid model—is crucial for making cost-effective decisions. * Comprehensive Services: Deciding whether you need a money manager or a comprehensive financial planner to address all aspects of financial well-being. * Communication and Accessibility: Ensure that the advisor’s communication style and availability align with your expectations for timely and efficient financial advice.

Register for our upcoming PSLF Hacks masterclass here

Resources

PSLF Hacks Checklist

Follow James Nutter

Book a free financial wellness diagnostic with James here

Instagram

Follow IM Wealth

Gain FREE immediate access to all of IM Wealth’s exclusive physician financial wellness resources here

www.imwealth.com

Youtube

Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

In this episode of "Life Well Lived: A Physician's Guide to Wealth," James Nutter takes a deep dive into the intricacies of selecting the right financial advisor for physicians. James emphasizes the importance of financial wellness and the impact of intentional financial planning in achieving a life well-lived. He revisits his Financial Wellness 101 series, urging listeners to engage thoroughly with the content to gain control over their financial situations.

James then introduces a new series, "Financial Advisors Exposed," where he critiques common financial advisory practices and highlights the critical steps physicians should consider when hiring a financial planning team. Throughout the episode, James unpacks the various types of financial advisors—transactional, reactive, and proactive—and guides listeners on determining which type aligns best with their financial goals.

Key Takeaways: * Understanding Advisor Types: Physicians should distinguish between transactional, reactive, and proactive advisors to select the best fit for their financial needs. * Licenses and Standards: Important to verify an advisor's qualifications, ensuring they hold appropriate licenses and adhere to a fiduciary standard. * Fee Structures: Awareness of how advisors charge—whether through fees, commissions, or a hybrid model—is crucial for making cost-effective decisions. * Comprehensive Services: Deciding whether you need a money manager or a comprehensive financial planner to address all aspects of financial well-being. * Communication and Accessibility: Ensure that the advisor’s communication style and availability align with your expectations for timely and efficient financial advice.

Register for our upcoming PSLF Hacks masterclass here

Resources

PSLF Hacks Checklist

Follow James Nutter

Book a free financial wellness diagnostic with James here

Instagram

Follow IM Wealth

Gain FREE immediate access to all of IM Wealth’s exclusive physician financial wellness resources here

www.imwealth.com

Youtube

Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

In this episode of Coffee and Contracts, Jon dives into essential topics surrounding outside activities, restrictive covenants, and non-compete agreements.

He shares valuable insights from client feedback and discusses the complexities of social media use for physicians, including potential conflicts with employer policies.

Learn how to navigate these challenges, ensure compliance, and leverage social media effectively while safeguarding your career. Join us as we explore contract reviews and compensation analysis tailored for healthcare professionals.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

Dr. Mary Anderson is a clinical psychologist who works with high achievers, including many physicians, med students and residents. As a profession, we are often perfectionists, which can lead to feelings of imposter syndrome, high stress and burn out. She has written a book called "The Happy High Achiever: 8 Essentials to Overcome Anxiety, Manage Stress and Energize Yourself for Success - Without Losing Your Edge." She shares many helpful insights today about actionable self care to maintain gratitude and positivity while limiting cognitive distortion that causes stress, performance paralysis and self-doubt. Her new book comes out 9/24/24. You can learn more about Dr. Anderson at www.MaryAndersonPHD.com.

In this episode of "Life Well Lived, A Physician's Guide to Wealth," host James Nutter dives deeply into the strategies for building a sustainable financial plan and maintaining consistency. This episode is part of the Financial Wellness 101 series, and James emphasizes the crucial steps one needs to take to ensure their financial health and stability. He also announces an upcoming Public Service Loan Forgiveness (PSLF) masterclass webinar, set for September 26.

James outlines a clear plan focusing on five key steps essential for building and sticking to a financial strategy. He emphasizes understanding your financial goals and cash flows, relevant family board meetings, the box and shelf method for organizing financial documents, and the importance of automating your finances. His insights are aimed at alleviating financial stress and ensuring the listeners can achieve a well-structured financial strategy, drawing on his extensive experience in financial planning.

Key Takeaways: * Box and Shelf Method: Organize your finances using a digital system, keeping all financial documents in a designated 'box' on a virtual 'shelf' to maintain focus and organization. * Regular Family Board Meetings: Schedule and maintain monthly touchpoints with your loved ones or yourself to discuss and review financial plans, ensuring consistent communication and alignment. * BAMFAM (Book a Meeting from a Meeting): Always schedule the next financial discussion or task meeting before ending the current one to avoid leaving tasks incomplete and plans unexecuted. * Automate Finances: Simplify your financial management by automating savings and other regular financial actions to reduce the effort needed for manual tasks. * Adapt and Adjust: Be prepared to navigate financial changes and adjust goals as necessary, staying flexible and proactive in your planning.

Notable Quotes:

"Put your finances on a hypothetical box on a shelf. It creates space where you know you're going to be working on priorities at a certain place and a certain time."
"NASA did a study that said when you are multitasking, your IQ level drops lower than when you're stoned."
"If you don't know what to talk about, use every single one of these episodes from the financial wellness 101 series as a meeting topic for a year."
"You can read in a textbook all you want, but until you’re in there with the family giving birth, you don’t really know how to do it. The same goes for financial planning."
"Be patient, be persistent. Build the structure. Follow the structure just how you would build a treatment plan for a patient."

Register for our upcoming PSLF Hacks masterclass here

Resources

PSLF Hacks Checklist

Follow James Nutter

Book a free financial wellness diagnostic with James here

Instagram

Follow IM Wealth

Gain FREE immediate access to all of IM Wealth’s exclusive physician financial wellness resources here

www.imwealth.com

Youtube

Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

In this discussion, Jon from Contract Diagnostics addresses common questions about student loan reimbursement in physician contracts and the implications of not having student loans. Learn how to navigate reimbursement structures, negotiate incentives if you're not receiving loan help, and understand the intricacies of MGMA data for salary negotiations.

Whether you're dealing with student loans or compensation benchmarks, get insights on how to advocate for yourself effectively in your employment contracts.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

In this enriching episode of A Life Well Lived: A Physician's Guide to Wealth, James Nutter navigates through actionable strategies for maintaining financial wellness and consistency. The episode kicks off with a timely reminder about the upcoming Public Service Loan Forgiveness webinar scheduled for September 26, 2024, offering a valuable resource for listeners to gain insights from expert financial advice.

James delves into the Financial Wellness 101 series, wrapping up the series with effective ways to take action and remain consistent in financial planning. He shares the powerful "Three by Three by Three by Three" framework and Darren Hardy's "Five Three One Plan" to help identify top priorities in various financial categories—ensuring actionable steps for achieving financial goals. James emphasizes the importance of understanding one's financial vitals, managing cash flows, maintaining core values, and setting meaningful goals, all while considering the benefits of different levels of professional financial guidance.

Key Takeaways: * Upcoming Webinars: Attend the free Public Service Loan Forgiveness webinar on September 26, 2024, for in-depth guidance on loan forgiveness. * Three by Three by Three by Three Framework: Identify and prioritize three key actions in different financial categories: vitals, cash flows, core values, and goals. * Five Three One Plan: Implement Darren Hardy’s method of choosing one skill to focus on each quarter, supported by five books, three podcasts, and one seminar or coach. * DIY vs. Professional Help: Weigh the benefits of do-it-yourself financial planning versus getting help from professionals, in terms of time, cost, and expertise. * Core Values Alignment: Ensure all financial decisions align with your core values to achieve a balanced and fulfilling financial life.

Resources: * IM Wealth Public Service Loan Forgiveness Webinar: Scheduled for September 26, 2024, held on Zoom. Register in the link provided in the description. * Rocket Money: An app recommended for tracking cash flow and expenses. * Living Your Best Year Ever by Darren Hardy: A resource for implementing the Five Three One Plan & goal execution. * Tim Grover: Mentioned as the trainer for Michael Jordan and Kobe Bryant, with a recommended book available called Relentless.

Register for our upcoming PSLF Hacks masterclass here
PSLF Hacks Checklist
Follow James Nutter
Book a free financial wellness diagnostic with James here
Instagram
Follow IM Wealth
Gain FREE immediate access to all of IM Wealth’s exclusive physician financial wellness resources here
www.imwealth.com
Youtube
Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

In this episode of The Mortgage Minute, host Doug Crouse from BMO Bank discusses a unique mortgage option for physicians looking to buy a home for their parents. He explains how using a Fannie Mae loan can offer owner-occupied rates and lower down payments compared to traditional investment property loans.

Plus, don’t forget to reach out for a free copy of Doug’s book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to www.dougcrouse.com.

This is one of my favorite episodes. Dr. James Young and I talked talked about what it felt like to experience burnout and how he was able to battle his way back to find the love of medicine. It involves self-discovery, acceptance, pivoting and standing up for yourself. I hope you enjoy the episode as much as I did!

In this compelling episode of the "Life Well Lived, A Physician's Guide to Wealth" podcast, host James Nutter delves into the intricacies of managing family finances with his comprehensive guide on how to run successful family board meetings. Reflecting on personal experiences and professional insights, James shares valuable strategies to enhance financial wellness and reduce money-related stress within familiesJames discusses the critical importance of scheduling dedicated meeting times for financial discussions and emphasizes setting ground rules to maintain civility and focus during these conversations. The episode illuminates the idea of creating a digital cloud vault for important financial documents, fostering a collaborative atmosphere, and setting actionable goals. James also touches on the psychological aspects, such as the "law of familiarity," which can often impede progress in spousal financial planning.

Key Takeaways: * Scheduled Financial Discussions: Setting aside regular times to talk about finances can significantly reduce stress and promote better money management within the family. * Creating Ground Rules: Establishing ground rules for financial discussions helps maintain a respectful and productive dialogue. * Building a Digital Cloud Vault: Organizing important financial documents in a secure, digital space can streamline information sharing and decision-making. * Understanding the Law of Familiarity: Recognizing that familiarity can make us undervalue advice from those closest to us and finding ways to mitigate this. * Incorporating Professional Advisors: Regular consultations with financial advisors and other experts can reinforce and validate family financial strategies.

Timestamp

Summary

0:03

Four Steps to Running a Successful Family Board Meeting

3:33

The Financial Stress and Burnout Crisis Among Physicians

6:15

Four Steps to Running a Successful Family Board Meeting

8:53

Organizing Family Finances with Digital Tools and Scheduled Meetings

13:41

Navigating Money Dynamics in Relationships

15:40

Effective Communication and Financial Planning in Relationships

23:24

From Chubby Kid to College Football and Gym Trainer

24:13

The Law of Familiarity and Its Impact on Relationships

27:02

Effective Financial Meetings for Couples

30:55

Comprehensive Financial Planning and Key Projects for Families

33:19

Effective Quarterly Financial Planning and Goal Setting for Families

36:30

Effective Financial Planning Through Regular Advisor Meetings

Resources

Register for our upcoming PSLF Hacks masterclass here

PSLF Hacks Checklist

Follow James Nutter

Book a free financial wellness diagnostic with James here

Instagram

Follow IM Wealth

Gain FREE immediate access to all of IM Wealth’s exclusive physician financial wellness resources here

www.imwealth.com

Youtube

Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

In this session, Jon from Contract Diagnostics discusses the nuances of supervising nurse practitioners (NPs) and physician assistants (PAs). He covers essential aspects such as the impact on your role, the need for clear supervision agreements, compensation considerations, and the importance of understanding contract terms related to staff supervision.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

Join Jon from Contract Diagnostics as he navigates the job search process for physicians during interview season. He covers essential topics including when to start looking for positions, evaluating multiple offers, site visit tips, and understanding employment contracts. Get insights on how to effectively assess job opportunities and negotiate terms to ensure a successful career transition.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

In this episode of "The Life Well Lived, A Physician's Guide to Wealth" podcast, host James Nutter delves deep into the concept of living a fulfilled life by mastering your finances. As he approaches the end of his Financial Wellness 101 series that began on June 28, he emphasizes the importance of aligning financial decisions with personal values and meaningful goals. He unpacks the complexities of understanding financial vitals, managing cash flows, and setting actionable goals that resonate with one's core values.

James Nutter outlines a powerful financial wellness journey, touching upon vital topics such as defining free cash flows, understanding family values, and identifying meaningful, goal-driven financial strategies. Whether it's aiming to pay off student loans, planning for a dream house, or funding children’s future education, James offers practical guidance to help listeners develop a comprehensive financial roadmap. Leveraging tools like ChatGPT for financial calculations and optimizing free cash flows for future security are some of the key aspects discussed.

Key Takeaways: * Clarity and Purpose in Financial Planning: The importance of aligning your financial strategy with personal values and meaningful goals to achieve true fulfillment. * Understanding Free Cash Flows: How to calculate and utilize free cash flows to support both current lifestyle desires and long-term goals. * Prioritizing Goals: The necessity of identifying and organizing goals to ensure they align with core values and financial capabilities. * Using Technology: Employing tools like ChatGPT for financial projections and goal planning to ensure precise and actionable outcomes. * Taking Action: The emphasis on continuous action and adjustment to stay aligned with financial goals and maintaining a well-rounded, fulfilling life.

Notable Quotes:

"You need to be able to understand your financial vitals, your values as a family, and how to make decisions in alignment with your values."
"Don't end up being the richest person in the graveyard. Do the work."
"Imagine your best life and build a career plan around it. Think about what your most meaningful and rewarding life looks like."
"Can your free cash flows support the lifestyle that you just envisioned, both in the present and in the future?"
"If your free cash flows are enough to hit all of your future goals and targets, and it could also fund your current lifestyle, then you are truly in a place of financial nirvana."

Register for our upcoming PSLF Hacks masterclass here

Resources

PSLF Hacks Checklist

Follow James Nutter

Book a free financial wellness diagnostic with James here

Instagram

Follow IM Wealth

Gain FREE immediate access to all of IM Wealth’s exclusive physician financial wellness resources here

www.imwealth.com

Youtube

Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Discover how BMO Bank's exclusive rate modification feature can help you save on loan costs, with the flexibility to relock your rate if market conditions improve, all while avoiding high refinancing fees.

Plus, don’t forget to reach out for a free copy of Doug’s book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to www.dougcrouse.com.

Dr. Jordan Grumet is the podcast host of Earn and Invest and author of "Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth and Living a Regret-Free Life."

He reflects on his hospice patients and own experiences, which taught him the importance of finding those things that fill your cup and bring you joy. We talk about finding the balance between building our finances and living life intentionally.

He shares his philosophy on the Art of Subtraction, Joy of Addition and Need for Substitution when navigating through life. You can learn more about Jordan or listen to his podcast by going to www.JordanGrumet.com.

Today, Jon from Contract Diagnostics speaks on recent news that has brought a major change: the FTC's nationwide ban on non-competes has been overturned. This means the regulation that aimed to eliminate non-compete agreements for all workers, including physicians, is no longer in effect. While some states have adjusted their rules, the nationwide ban is suspended, and current non-compete agreements remain valid until altered by your employer or contract.

In light of this, we've put together a checklist to help you navigate the essentials of your non-compete agreement. This includes understanding the time and geographic restrictions, potential buyout options, and negotiation tips. If you need guidance on how these changes affect you or help with your contract, feel free to reach out for a consultation. Stay tuned for more updates and checklists!

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

In this episode of Mortgage Minute with Doug Crouse from BMO Bank, discusses the importance of planning ahead if you can't attend your closing in person. Learn about the necessity of arranging mobile notary services or using a power of attorney well before your closing date. Discover why most lenders require wet signatures and the need for advance notice to ensure a smooth signing process.

Plus, don’t forget to reach out for a free copy of Doug’s book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to www.DougCrouse.com.

In this episode of Mortgage Minute, host Doug Crouse from BMO Bank discusses potential future changes that may impact mortgage availability, especially for out-of-footprint states on the East Coast. He suggests that opening a free checking account with BMO could help preserve your banking options if such changes occur.

Plus, don’t forget to reach out for a free copy of Doug’s book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to www.DougCrouse.com.

In this episode of "A Life Well Lived: A Physician’s Guide to Wealth Masterclass," host James Nutter welcomes Darlene Dresch, a prominent real estate expert, for an in-depth discussion on the 2024 real estate trends for physicians. They explore critical financial aspects and market dynamics that physicians need to know when securing their dream homes. As part of this masterclass, Darlene shares her expert insights on real estate strategies, addressing the unique needs and challenges physician families face.

Listeners will gain valuable knowledge on crucial topics such as the current state of the real estate market, how the new NAR settlement impacts consumers, and various financing options tailored for physicians. Darlene emphasizes the importance of surrounding oneself with a capable team, leveraging strategy in real estate transactions, and understanding the expectations and processes involved. The episode also delves into how real estate can be a strategic part of one's financial portfolio, offering practical advice and real-life success stories to illustrate key points.

Key Takeaways: * Understanding Market Dynamics: Insight into the current real estate market, the impact of the NAR settlement, and differentiating between buyer’s and seller’s markets. * Financing Options: Detailed overview of physician loans vs. conventional loans, including zero down payment and no PMI options. * Building a Capable Team: Importance of collaborating with knowledgeable real estate agents, lenders, and financial advisors who understand physicians' unique needs. * Strategic Buying and Selling: Effective strategies for negotiating offers, understanding terms, and making financially sound real estate decisions. * Real Estate Portfolio: Use of real estate as a strategic part of your investment portfolio, including buying rental properties and leveraging equity.

Darlene Dresch is a seasoned real estate expert specializing in working with physicians and the medical community in Ann Arbor, Michigan, for the past eight years. She is the co-owner of D&R Realtors, a purpose-driven business that not only focuses on real estate but also contributes significantly to local charities and organizations like the Charles Woodson Foundation and Ronald McDonald House. Darlene partners with U of M Health, assisting numerous physician clients to find ideal homes and investments.

Resources:

Email Darlene with any real estate questions Dardresch@gmail.com

PSLF Hacks Checklist

Follow James Nutter

Book a free financial wellness diagnostic with James here

Instagram

Follow IM Wealth

Gain FREE immediate access to all of IM Wealth’s exclusive physician financial wellness resources here

www.imwealth.com

Youtube

Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

In this episode of "A Life Well Lived: A Physician's Guide to Wealth," James Nutter provides a comprehensive checklist for pursuing Public Service Loan Forgiveness (PSLF) for physicians. He breaks down the steps to understanding the requirements, confirming if PSLF is right for you, getting organized and doing it consistently, building a contingency plan, and what to expect when you reach 120 payments. With insights from a client who had over $200,000 in loans forgiven, James offers valuable tips and resources to help physicians navigate the PSLF process successfully.

Timestamp

Summary

1:06

Essential PSLF Tips for Physicians Seeking Loan Forgiveness

6:30

Determining Employer Eligibility for Public Service Loan Forgiveness

11:23

Evaluating Public Service Loan Forgiveness Suitability and Strategies

16:48

Strategic Income Reporting for Lower Loan Repayments

19:40

Strategies for Timely Student Loan IDR Recertification

25:53

Mastering PSLF Through Organized Documentation and Regular Submissions

28:51

Identifying an Authorized Official for Employment Verification

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Dr. Niki Kennedy started out as a biomedical engineer, but then became a vascular surgeon. Her passion is bringing people together to advance medical technology and make healthcare better. She founded Arbor Hive, which is a network of physicians, allied health professionals, business owners, investors, engineers and others who come together to make this happen. Joining the group is free and can help you make contacts with others.

Whether you are an innovator looking for guidance on getting something through FDA approval or learning about investors who might make your dream possible or perhaps you would like to consult with start-ups who need your professional input, Arbor Hive may be of interest to you. Arbor Hive is having an online meeting 9/23/24 with a national speaker from the Angel Capital Association. If you are interested in learning more you can go to www.ArborHive.com or find them on LinkedIn.

Welcome to this episode of Mortgage Minute with Doug Crouse! Today, we dive into BMO's Rate Modification Program, a cost-effective alternative to traditional refinancing. Learn how you can save money by modifying your loan rate without incurring the high costs of a new appraisal, title work, and lender fees.

Discover the benefits of a flat fee structure and how this program can help you bypass the need for refinancing while maintaining your current loan term. Tune in to understand why BMO's rate modification might be the perfect solution for you and how it compares to other refinancing options.

Plus, don’t forget to reach out for a free copy of Doug’s book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to www.DougCrouse.com.

In this episode of the Mortgage Minute, host Doug Crouse from BMO Bank discusses the potential upcoming rate cuts by the Fed and the impact on refinancing decisions.

Doug warns against hasty refinancing based on lender hype and emphasizes the importance of evaluating if refinancing truly benefits you. He advises considering factors like loan size, closing costs, and breakeven periods before making a decision.

Doug also highlights BMO's rate modification program and offers to provide honest, competitive assessments to help you make informed financial choices.

Plus, don’t forget to reach out for a free copy of Doug’s book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to www.DougCrouse.com.

Join us for a comprehensive Q&A session at Contract Diagnostics, where we address crucial questions about hiring PAs and nurse practitioners, navigating private practice contracts, and negotiating terms during transitions. Discover expert advice on salaries, benefits, and making informed decisions about your medical career.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

In this insightful episode of "The Life Well Lived: A Physician's Guide to Financial Wellness," host James Nutter continues his compelling Financial Wellness 101 series. Designed to help physicians take control of their finances and, by extension, their lives, this episode dives into the significance of setting a clear, value-driven vision for financial goals. James emphasizes the crucial role of vision in financial planning and discusses various strategies for aligning financial goals with personal values and long-term aspirations.

In the first half of the episode, James Nutter outlines an effective seven-part framework for meaningful goal setting, emphasizing its importance in navigating the often monotonous and challenging journey of a financial transformation. He goes on to discuss how to set specific, measurable, attainable, and realistic goals with deadlines, thereby providing a roadmap for audience members to follow. James stresses the importance of revisiting these goals regularly to stay committed and persistent, even when initial excitement wanes.

The latter part of the episode delves deeper into practical steps for financial goal setting. James discusses the importance of identifying top financial priorities, visualizing success, and setting both short-term and long-term targets. He offers advice on prioritizing goals like retirement, debt repayment, and lifestyle upgrades, all while maintaining a balanced approach towards financial growth and personal fulfillment. The episode also touches on the necessity of building early wins and the benefits of a consistent, disciplined approach to achieving financial goals.

Key Takeaways: * Seven-Part Framework for Goal Setting: James emphasizes the importance of identifying goals, writing them down, facing challenges, setting deadlines, prioritizing, visualizing, and persisting in pursuit of financial wellness. * SMART Goals: Highlighted the need for specific, measurable, attainable, realistic, and time-sensitive financial goals. * Balancing Financial Priorities: Stressed on the importance of prioritizing financial goals to avoid spreading oneself too thin and ensuring that the most critical goals take precedence. * Creating a Vision for the Future: Discussed the significance of having a clear, well-defined vision to navigate financial planning and to stay motivated during the journey. * Early Wins and Consistency: Encouraged setting up early wins to build momentum and the importance of consistent effort in financial planning.

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In this episode of "The Life Well Lived, a Physician's Guide to Wealth," host James Nutter dives into the final stages of the Financial Wellness 101 series. Over the summer, James has guided listeners through numerous areas of financial wellness, addressing key aspects such as financial vitals, free cash flows, values workshops, and time audits. Now, as the series draws to a close, James focuses on the importance of vision and goal-setting. By casting a clear vision and setting meaningful goals, listeners can align their financial strategies with their most cherished values and long-term objectives.

James introduces a seven-part meaningful goal-setting framework that aligns personal and financial goals. He explains the importance of having a plan, using quotes from notable figures like Dwight D. Eisenhower and Laird Hamilton to underline his points. This episode emphasizes the necessity of identifying goals, sharing them for accountability, preparing for potential challenges, setting deadlines, prioritizing goals, visualizing success, and being persistent. The next episodes in the series will delve deeper into SMART goals and how to use free cash flows effectively to actualize financial dreams. James provides actionable steps and encourages listeners to engage in reflective practices that align with their financial and personal well-being.

Key Takeaways: * Seven-Part Framework: James outlines a seven-part goal-setting process that includes identifying goals, sharing them for accountability, preparing for challenges, setting deadlines, prioritizing, visualizing, and staying persistent. * Quotes for Motivation: Inspirational quotes from Dwight D. Eisenhower and Laird Hamilton are used to highlight the importance of planning and imaginative goal-setting. * Balancing Present and Future: Emphasizes the importance of balancing long-term financial planning with enjoying the present, and the dangers of the "live like a resident" mindset. * Visualization Techniques: Discusses the effectiveness of visualization in achieving goals, citing examples from Olympian Michael Phelps. * Practical Assignments: Encourages listeners to take actionable steps by identifying current desires and investments, such as booking a massage or planning a trip, to live more fully in the present.

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Physician philosopher, author, anesthesiologist and host of Money Meets Medicine podcast Dr. Jimmy Turner joins us today to talk about how enjoying the journey can help a physician maintain and achieve happiness both personally and professionally. Although it is important to plan for the future, it is also important to live in the present.

Being intentional about life and money can be the key to living your best life. You can learn more about Dr. Jimmy Turner at www.MoneyMeetsMedicine.com where you can also listen to his podcast, download his book or read about his coaching opportunities.

Financial Wellness 101 series, James helps listeners understand the monetary value of their time and how it directly influences their financial success and overall well-being.

James begins by highlighting the importance of recognizing time as the most valuable resource. He encourages listeners to evaluate where their time is being spent and to consider the opportunity costs associated with everyday activities. He shares impactful quotes to emphasize the significance of mindful time investment and offers strategic questions to guide listeners in reassessing their time allocation for maximum ROI—be it financial, relational, or health-related.

James moves on to a practical exercise, helping physicians quantify their hourly and minute rate, thus putting their economic worth into perspective. This calculation serves to underscore the value of focusing on high-leverage tasks and delegating or eliminating lower-value activities. This episode is rich with actionable advice and encourages physicians to have meaningful discussions with their leadership or explore freelance support to optimize their time and efforts.

Recognize time as your most valuable asset and assess where it is being spent.
Calculate your hourly and minute rate to understand your economic value.
Focus on high-leverage tasks that align with your strengths and delegate lower-value activities.
Engage in reflective practices to identify areas of life that need more or less attention.
Schedule time for rest and recovery and treat it with the importance it deserves.

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Financial planners James Nutter and Jeff McPherson, alongside CPA Matt Barczak, dive deep into crucial tax deduction strategies for 1099 physicians. They explore vehicle deductions, employing family members, and maximizing retirement plan contributions. The session offers essential insights into effective financial planning, including the Augusta rule and optimizing Roth IRAs. Real-life scenarios and listener questions enhance the learning experience, making it a must-listen for physicians seeking to optimize their tax situation and financial health. Tune in for actionable advice and expert guidance tailored to the unique financial needs of medical professionals.

Timestamp

Summary

0:07

Physician Financial Wellness and 1099 Deduction Hacks

12:55

Maximizing Tax Deductions for 1099 Physicians

21:01

Implementing Tax Deductions and Financial Planning Strategies

25:02

Tax Deductions for Vehicles and Commuting Expenses

29:24

Tax Strategies for Business and Personal Vehicle Leasing

32:26

Tax Benefits and Strategies for Employing Family Members

39:56

Creative Ways to Justify Family Payments in Business

42:41

Optimizing Dual-Income Family Retirement and Tax Strategies

47:04

Maximizing 1099 Income Through Solo 401K and SEP Accounts

55:40

Navigating Complex Retirement Account Strategies and Tax Implications

1:07:13

Tax Benefits of Renting Your Home for Business Meetings

1:09:22

Effective Strategies for Year-End Tax Deductions and Entity Structuring

Resources

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Meaningful Journeys Scholarship

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In this episode, we dive into the most pressing questions from our audience about medical compensation trends, including regional comparisons between anesthesiologists and CRNAs, the impact of inflation on RVUs, and the benefits of including annual salary increases. Join us as we provide concise answers and insights into how various medical specialties are navigating these challenges.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

Join Doug Crouse on the Mortgage Minute as he discusses how he can connect you with the right resources for business loans, car loans, and home equity lines of credit. While not directly related to mortgage services, Doug is here to point you to the experts at BMO who can help with your financial needs. Plus, get details on how to receive a free copy of his book, "The Hippocratic House.

Plus, don’t forget to reach out for a free copy of Doug’s book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to www.DougCrouse.com.

In this episode of Mortgage Minute, Doug from BMO Bank clarifies common misconceptions about doctor loans, including the possibility of having multiple loans, equity requirements, and how different banks, like BMO, handle these loans for physicians. He also addresses rules for buying second homes and investment properties with doctor loans.

Plus, don’t forget to reach out for a free copy of Doug’s book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to www.DougCrouse.com.

Many physicians are now using AI medical scribes to take notes during appointments. It allows doctors to truly interact with their patients while at the same time making them more efficient and notes more detailed. Freed founder Erez Druk and his wife Dr. Gabi Meckler join us today to talk about the inspiration for Freed, how it works, the cost for using the technology and new innovations currently being developed for future iterations of the software. If you are interested in trying Freed, you can do a free trial and if you like it you can get a discount of $50 for the first month just for being a Financial Residency podcast listener by using the code FR2024. Go to www.Freed.ai to learn more.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

This week on Mortgage Minute, Doug Crouse from BMO Bank explains the difference between par, premium, and discount mortgage rates. Learn how paying discount points can affect your interest rate, the benefits of lender credits, and tips for deciding which option is best for you. Tune in for expert advice on navigating your mortgage rate choices!

Plus, don’t forget to reach out for a free copy of Doug’s book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to www.DougCrouse.com.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Jon discusses how to maximize vacation time and navigate employer leave policies. He covers the nuances of paid and unpaid leave, the impact of burnout, and how to handle PTO rollover, accrual, and payout.

Jon emphasizes the importance of understanding your employer's vacation policies and negotiating for the best terms in your physician contract.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of "A Life Well Lived: A Physician's Guide to Wealth," James Nutter emphasizes the importance of time and how it is the most valuable resource we have. He shares an exercise he does every year to audit his time and evaluate how he spent it.

By categorizing things to leave behind, people to leave behind, things to bring forward, and the best moments and people of the previous year, he is able to prioritize joy and fulfillment in his life. Nutter encourages listeners to schedule time to do this exercise and experience the rewards of intentional time management.

Time is the most valuable asset we have, and unlike money, it cannot be replenished once it's gone.
An annual time audit can significantly enhance awareness of how time is spent and assist in making intentional decisions for future joy and productivity.
Categorizing experiences into areas to continue or discontinue can lead to progressively more fulfilling years.
The exercise includes a review of photos, calendars, and even financial statements to evaluate past activities and expenditures.
Scheduling time and space to conduct such an audit is essential for gaining the most from the exercise.

Click here to access your free financial wellness 101 playbook

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Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

James Nutter from IM Wealth navigates the "Life Well Lived" series, focusing on aligning your financial decisions with core values. Discover reflective exercises to imagine a fulfilling life, understand your identity beyond your profession, and set goals that truly resonate with who you are.

Nutter delves into thought-provoking questions to help physicians build life plans supported by their careers. Reflect on purpose, impact, and ideal lifestyles to ensure your money and time are spent in harmony with your deepest values.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Welcome back to the Mortgage Minute with Doug Crouse from BMO Bank! In this episode, Doug shares essential tips on comparing lender offers effectively. He explains how to accurately compare interest rates and closing costs by either matching rates or costs between lenders.

Doug also advises getting quotes on the same day to ensure accurate comparisons, as rates can fluctuate. Plus, don’t forget to reach out for a free copy of Doug’s book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to www.DougCrouse.com.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Alexis Gallati is the owner of Cerebral Tax Advisors and author of Advanced Tax Strategies for Medical Professionals. She works with physicians to legally shelter money from taxes.

She shares several ideas with us today that independent contractors, business owners and those with side gigs can utilize to not only lower their tax burden but also potentially add to their retirement plan. You can learn more about Alexis and her Cerebral Wealth Academy at www.CerebralTaxAdvisors.com.

James Nutter continues the Financial Wellness 101 series on "Life Well Lived." This episode focuses on aligning financial decisions with personal values rather than following generic advice. Nutter shares a decision-making framework inspired by Jeff Bezos and Darren Hardy, emphasizing the importance of speed, gut intuition, and classifying decisions into reversible and irreversible types.

He integrates insights from Oprah Winfrey, Steve Jobs, and Richard Branson to illustrate the significance of trusting one's intuition. Tune in to learn how to leverage core values and unique strengths for making impactful financial choices.

Key Takeaways: * Follow Your Gut: Trusting your intuition can lead to better decision-making and greater personal fulfillment. * Values-Based Decisions: Financial and life decisions should align with your core values and unique strengths to prevent long-term dissatisfaction. * Decision Classification: Differentiate between reversible (type two) and irreversible (type one) decisions to make faster, more confident choices. * Expert Counsel: Seek advice from proven experts but ultimately make decisions based on your own analysis and alignment with your core values. * Regret Minimization Framework: Consider future regrets and align decisions with what your 80-year-old self would appreciate.

Timestamp

Summary

0:01

Making Financial Decisions Aligned With Your Core Values

2:48

Trusting Your Gut Over Cookie-Cutter Financial Advice

6:50

Decision-Making Frameworks and the Importance of Following Your Gut

11:16

Aligning Financial Decisions with Core Values and Unique Strengths

14:42

Framework for Making Tough Decisions Using Gut Instinct and Expert Advice

Register for our upcoming physician homebuying masterclass here

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Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of Mortgage Minute, Doug Crouse of BMO Bank shares essential tips on handling purchase contracts. Learn what to avoid when asking for closing cost concessions, how to manage seller contributions effectively, and the importance of accurate contract terms to avoid complications with underwriters.

Doug emphasizes the need for thorough planning and lender consultation to ensure a smooth home-buying process. To learn more about Doug, go to www.DougCrouse.com.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of the Mortgage Minute, host Doug Crouse from BMO Bank revisits the critical comparison between APR and interest rates. Doug explains that while APR reflects the total cost of borrowing including fees, the interest rate is the basic cost of the loan itself.

He highlights the importance of comparing these figures to evaluate mortgage offers and warns that the lowest interest rate may not always be the best deal if you’re planning to refinance soon. Tune in for insights on how to make informed mortgage decisions and understand the nuances of APR versus interest rates. To learn more about Doug, go to www.DougCrouse.com.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

DisCover how to align your financial decisions with your personal and family core values in today's episode with James Nutter. Navigate life’s choices by identifying the three values that resonate most with you.

Learn from the examples of admired figures and understand the importance of making aligned decisions to avoid burnout and achieve fulfillment.

James shares his own values of growth, impact, and experiences, and guides you through a process to find yours. Use your newfound values as guideposts for a life well lived. Listen in for a transformative journey to Epiphany City.

Click here to discover your core values

Click here to access your free financial wellness 101 playbook

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This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Join Jon as he delves into the complexities of compensation structures, highlighting why understanding your contract is crucial. From salary versus bonuses to RVU calculations and proration, Jon explains how different compensation models—whether salary, shift rates, or collections—can impact your earnings.

Discover the importance of clear contract terms, the role of data sets in fair market value, and how benefits like vacation and retirement plans can affect your overall compensation. Tune in for essential insights to navigate and negotiate your compensation effectively.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. John Dameron, financial planner with Spaugh Dameron Tenny, joins Dr. Tammy to share insights on how residents and new attendings can set themselves up for financial success by determining early on what is important. Setting short, mid and long-term goals is vital to a physician's success. John explains "Money Dysmorphia" and how to avoid it. He talks about various factors in financial planning, such as asset protection, debt management and investing. You can learn more about John at www.SDTplanning.com.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

James Nutter hosts Dr. Amelia Bueche, an osteopathic physician, yoga instructor, and wellness coach, in a conversation about holistic health, physician burnout, and financial well-being.

Exploring the integration of mind, body, and spirit, Dr. Bueche shares insights from her specialty in neuromusculoskeletal and osteopathic manipulative medicine.

They discuss the importance of balance, identity outside of medicine, and practical tips for managing burnout and finances. Tune in for actionable advice and a unique perspective on living a fulfilling life amidst the demands of a medical career.

Timestamp

Summary

0:02

Integrating Health and Finance for Physician Well-Being

4:34

From Osteopathic Medicine to Coaching During the Pandemic

8:44

Balancing Rational Thought and Emotions in Medical Coaching

11:55

A Journey from Veterinary Aspirations to Osteopathic Medicine

15:56

Integrating Fitness and Medicine for Holistic Health

21:49

Balancing Professional Identity and Personal Fulfillment for Physicians

27:10

Addressing Physician Burnout Through Individual Autonomy and Systemic Change

29:52

The Activation Process: Overcoming Burnout and Finding Clarity

38:25

Distinguishing Facts from Stories in Medical Assessments

39:47

The Power of Clarity and Controlling What You Can

43:51

Understanding Physicians' Money Mindset and Financial Coaching

52:42

Unifying Body, Mind, and Spirit for Holistic Success

Resources

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Book a free financial wellness diagnostic with James here

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Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of 'Mortgage Minute,' Doug Crouse from BMO Bank discusses how to protect yourself from mortgage and real estate fraud. Learn about recent incidents of wire fraud, how email hacking can affect your closing process, and why it's crucial to verify wire instructions with your title company and lender to ensure a secure transaction. To learn more about Doug, go to www.DougCrouse.com.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Today, Jon dives into the often misunderstood concept of fair market value (FMV) in physician contracts. He discusses how employers determine FMV using various data sets and internal metrics, emphasizing the importance of transparency in these calculations.

Jon also explores how physicians can negotiate compensation based on their workload and additional responsibilities, and why understanding FMV is crucial in contract negotiations.

Tune in to learn more about how to ensure you're fairly compensated and what to consider when reviewing your contract's terms and FMV assessments.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode, Jon delves into the importance of precise language in contracts. Drawing from over 13 years of experience and reviewing thousands of contracts, he explains how subtle differences in wording—such as "guarantee" versus "draw" or "minimum hours" versus "maximum hours"—can have significant implications on employment terms. Whether it's about salary, bonuses, termination, or other contract terms, understanding these nuances is crucial.

Jon emphasizes that every word matters and encourages listeners to carefully review their contracts to ensure clarity and fairness.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Curtis May with Practical Wealth Solutions joins us today to talk about his 6 Principles of Investing. He also offers a free report on the Value of Liquidity if you text BETHEBANK to 55444. You can learn more about Curtis at www.PracticalWealth.net.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Preston Crouse joins us today to talk about his experience buying a home and to give tips to those who are getting ready to do the same.

He explains the process of getting preapproved, documents you will need to get a mortgage, how banks determine how much house you can afford and how much money you can expect to need at closing.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

You have a couple options if you cannot be present at the scheduled time for closing. Doug talks about ways to accomplish this and explains why you must plan ahead to utilize your options of using a power or attorney or getting a remote notary. To learn more about Doug, go to www.DougCrouse.com.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

James Nutter delves into the personal side of financial decision-making by exploring "money love languages" from the Gottman Institute, emphasizing the importance of understanding what money means to you and your partner. Drawing from his own experiences with security, freedom, and success, James highlights how childhood influences shape our monetary behaviors.

Listeners are encouraged to identify their top money love languages and consider how these can guide their financial decisions. Whether you're single or in a relationship, this episode provides valuable insights into aligning your finances with your personal values. Special mention to James' fiancée, Steph.

Click here to access your free financial wellness 101 playbook

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

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Book a free financial wellness diagnostic with James here

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Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

James Nutter dives into four essential financial habits for new physicians transitioning to attending status. Drawing from client success stories, James emphasizes the importance of a well-structured financial plan, setting personal life goals, and understanding cash flows.

Listeners receive practical advice on scheduling "money talks," creating a life plan, managing new income, and developing an action plan for free cash flows. Learn how to balance enjoying life now with future financial security during this pivotal career shift. Tune in for actionable steps tailored for medical professionals aiming to live a meaningful, financially confident life.

Timestamp

Summary

0:03

Four Critical Habits for Physicians Transitioning to Attending Hood

4:26

Debunking Financial Myths and Their Impact on Relationships

6:42

Effective Strategies for Scheduling and Discussing Financial Matters

11:22

Building Your Life Plan Before Your Career

16:23

Understanding Cash Flows for Financial Planning

19:13

Financial Planning for New Medical Attendees

22:10

Seven-Part Goal Setting for Financial Priorities and Investments

24:49

Financial Wellness Tips for Physicians Transitioning to Attending

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Doug explains the goal and use of an impound/escrow account. Basically it builds a cushion for the bank to make payments on your behalf for taxes and insurance.

He also highlights why your loan estimate may differ from your closing disclosure regarding this account. To learn more about Doug, go to www.DougCrouse.com.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Dr. Lisha Taylor, podcast host of WealthMindedMD, joins us to talk about 5 important things to review either when taking a new job or annually when signing up for new benefits.

We talk about protecting yourself, reviewing benefits, maximizing retirement accounts, being strategic about time off and making sure you understand your schedule and expectations.

You can learn more about Lisha or listen to her podcast at www.WealthMindedMD.com.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Doug explains how a declining market might impact getting a mortgage on a new property. We have seen a rapid rise in home prices over the past few years, but several markets throughout the US are pulling back and appraisals are coming in short.

When this happens, a bank may not lend you the full offer price you initially made. To learn more about Doug, go to www.DougCrouse.com.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Explore essential strategies for achieving financial wellness with James Nutter in another insightful episode of "Life Well Lived, a Physician's Guide to Wealth." This episode dives into critical financial planning steps — from cash reserves and life insurance to disability planning and estate management.

Whether assessing your current position or making significant strides toward financial goals, learn how to evaluate and enhance your financial health with practical, customizable advice. Perfect for physicians looking to secure their financial future and live a balanced, meaningful life.

Click here to access your free financial wellness 101 playbook

Resources

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Follow James Nutter

Book a free financial wellness diagnostic with James here

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Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Join James Nutter of I Am Wealth as he guides physicians through mastering their finances in the latest episode of "The Life Well Lived." James dives into cash flows and emergency reserves, providing insight into understanding money in and out, determining free cash flows, and setting up a peace of mind fund.

He offers practical tools like the circulatory cash flow system and the Rocket Money app to help achieve financial freedom. Discover how to balance present and future financial goals and sleep soundly knowing you're on track.

Simply click here to access the free video training for the circulatory system and click here to download the circulatory system guide.

Timestamp

Summary

0:02

Mastering Financial Vitals for Physicians

4:58

Achieving Financial Freedom Through Cash Flow Awareness

10:11

Strategies for Managing Household Cash Flow and Financial Goals

15:16

Building a Peace of Mind Fund for Financial Security

19:16

Mastering Cash Flow Management for Financial Freedom

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Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Jon from Contract Diagnostics addresses a physician’s query about the implications of their employer losing a hospital contract, detailing how to prepare and what to expect during such transitions in hospital-based employment.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode, Doug Crouse discusses a rare but costly mistake made by a borrower with high credit and 100% financing, emphasizing the importance of maintaining credit utilization and avoiding new charges during the mortgage process.

For more details, reach out to me at www.dougcrouse.com or www.dougcrousephysicianloans.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Darick Hensel with Wintrust Mortgage has been helping people get into homes for 20 years. He talked with us today about strategies for home buying, building savings and improving credit scores. He has a special love for educating physicians as he is married to one.

He encourages everyone to learn as much as they can before starting the homebuying process. You can learn more and reach him at www.DarickHensel.com.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Today, Jon from Contract Diagnostics explains the process of transitioning to a new job or taking your first job. Key steps include defining your desired opportunity, assessing your current situation (like non-compete clauses and insurance costs), and understanding termination notices and benefits.

He emphasizes the importance of setting parameters with your family, proactively seeking opportunities, and leveraging recruiters. Once you receive offers, he advises conducting multiple interviews, site visits, and negotiating terms before signing contracts.

Finally, he highlights the importance of understanding the credentialing process, potential delays, and the impact of employer contracts with hospitals. For personalized assistance, visit Contract Diagnostics.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

How would you like to be more financially organized than you’ve ever been before? Would you worry less? Would you sleep better than ever? Today host James Nutter walks you through his get it together forever process that he uses with every new client member at IM Wealth.

Click here to access your free financial wellness 101 playbook

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

As part of the financial wellnenss 101 series, James wanted to re-air an episode that him & Tammy Crouse recorded this winter. Have you ever argued with a loved one about money?

This is something we all have experienced and something that absolutely must be addressed in taking control of your money. You can have all the money in the world, but if you and your A-Team that surrounds you aren’t on the same page, you’ll never truly create a life well lived for yourself. Tune in now to the 7 Critical Steps to Argue Less About money.

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Today, Jon Appino talks about two stories from clients to illustrate this.

First, a physician didn't review her current contract before accepting a new job. She thought she had everything covered but overlooked a policy that cost her nearly $100,000 in bonus pay. This highlights the need to review all contracts thoroughly.

Second, another physician accepted a job offer with a risky salary agreement. Despite our warnings, he signed the contract and now finds himself unhappy and potentially owing a substantial repayment.

These stories emphasize the importance of understanding every detail of your contract, both when leaving a current job and accepting a new one. Contracts are complex, and thorough review can prevent costly mistakes.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

This week with Doug Crouse, we're discussing common mistakes people make when buying a house, especially their first one. The biggest mistake is shopping for homes without securing financing. Getting a pre-approval is crucial as it gives sellers confidence in your offer. It’s not a quick process, so plan ahead.

Another common error is neglecting to thoroughly research the neighborhood. Location is vital; a great house in a bad area can lead to regret. Also, remember that no house is perfect. Focus on finding a home that meets most of your needs, and be open to making improvements over time.

Lastly, when viewing multiple houses, use a process of elimination to narrow down your choices. Compare each new house to your favorite so far, making it easier to decide.

For more details, reach out to me at www.dougcrouse.com or www.dougcrousephysicianloans.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Infidelity of any kind can wreck a relationship. Behavioral financial planner Shane Tenny talks about financial infidelity, which is more a betrayal and breach of trust than a conflict about the money itself.

He explains what it is, how to spot it, how to avoid it and how to recover from it. You can also read his blog on this topic at https://www.sdtplanning.com/blog/financial-infidelity-its-not-about-the-money-its-about-trust.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of the Physician’s Guide to Wealth Podcast, James continues his financial wellness 101 series. in this episode, we explore the essential financial indicators for physicians. James provides actionable insights to help you thrive on your unique medical journey by understanding and leveraging your financial vital signs. Whether you’re a seasoned practitioner or just starting out, these vital signs will guide your financial decisions.

Tune in and discover the keys to financial health.

Click here to access your free financial wellness 101 playbook

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this inaugural episode of the financial wellness 101 series, James takes you on a journey to “get it together forever” financially. Imagine stepping into the shoes of a brand-new IM Wealth client, guided by James himself. No more cookie-cutter solutions from internet gurus—this path is tailored to your terms.

As technology and AI reshape our world, James warns the importance of understanding your motivation. Why take control of your money? Beyond fleeting enthusiasm, discover what sustains you when the initial spark fades. Motivation wanes and just how the gyms fill in January and empty in February every year… You must discover what will keep you going after that initial motivation wanes. This IMPACT primer helps you unearth your deeper purpose, empowering you to master your financial vital signs.

Tune in and embark on a transformative financial journey—one that aligns with your unique aspirations.

Click here to access your free financial wellness 101 playbook

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of Contract Diagnostics, Jon discusses the importance of regularly reviewing compensation data with a case study involving a physician named David. David, who annually reviews his compensation using Contract Diagnostics' tools, faced a challenge this year when his employer refused to increase his compensation despite data suggesting he deserved an 8% raise. The employer cited a different data set, leading to a standstill.

Jon emphasizes the need for transparency and routine discussions between employers and employees about compensation reports. He advises asking for detailed reports to understand discrepancies and considering the broader context of compensation, including factors like call duty, case volume, and administrative tasks.

Jon also highlights the value of having competing job offers as leverage in negotiations. If faced with resistance, Jon recommends persisting in requesting transparency and utilizing resources like Contract Diagnostics for support.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Today's episode is a special edition featuring a guest from the industry. Join me in welcoming Cole Griggs from Regions Bank. Cole and I often collaborate to find the best mortgage solutions for our clients, and today, he'll share insights on what makes Regions Bank unique.

We'll dive into the states Cole covers, including many in the South and Midwest, and explore Regions' professional loan program for various medical and professional fields. Cole will also provide his contact information and discuss how his programs differ from ours at BMO, particularly for clients with lower credit scores or unique financing needs.

Tune in for an in-depth discussion on finding the right mortgage fit and learn more about our industry’s collaborative approach to serving you best. Don't miss out on this informative episode!

You can reach Cole here: (317)446-0904

Email - cole.griggs@regions.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode, Doug Crouse delves into the specifics of adjustable rate mortgages (ARMs). I'll explain what a 10/6 ARM is, how these loans are amortized over 30 years, and the importance of the margin and index in determining future rates. We'll also cover the significance of rate caps and how they protect you from drastic interest rate changes.

For more details, reach out to me at www.dougcrouse.com or www.dougcrousephysicianloans.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Elizabeth Landry founded The Med Commons to help physician spouses and partners navigate life in the world of medicine. It can be lonely and isolating at times. Nonmedical friends may not understand the burdens placed on the partner who is trying to hold the family together when the physician partner is working 80 hours per week. They may think the physician family is so lucky when really they are saddled with $350,000 in debt and are juggling money to pay bills during residency.

Elizabeth is trying to bring physician families together so they have community. She is working with residency programs to incorporate physician spouse/partner programs into their wellness programs as family happiness equates to physician happiness, which can help with overall satisfaction, recruiting and retention.

She even has a friending app to help people find others within 50 miles who may understand and be navigating a similar pathway so they can connect. You can learn more at www.TheMedCommons.com. You can also find them on Instagram.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

We all know it's important to save for our future, but what about today? It is equally important to live our lives in the here and now. As physicians, our time is precious.

This episode is to remind you that it is OK to buy back some time so you can enjoy those people you love, recover from a hard week at work or whatever it is that brings you joy.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Join Doug Crouse as he discusses the intricacies of rate locks. Most lenders don't offer a lock and shop, meaning your pre-approval comes with a floating interest rate placeholder. The first opportunity to lock your rate is when you provide a purchase contract with a close date.

Exceeding this rate lock can become costly, so it's crucial to consider the duration carefully. Particularly in new construction, where delays are common, padding your rate lock can save you money.

Rate locks are a two-way commitment between you and the lender, so understanding the balance between interest rates and closing costs is essential. Join me as we explore these topics and help you make informed decisions about locking your mortgage rate.

If you have questions, Doug is available at DougCrouse.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

James Nutter dives into whether you need a financial advisor by introducing a four-step "value equation" inspired by Alex Hermozi. James emphasizes the importance of assessing your dream financial outcomes, your confidence in achieving them alone, the efforts and sacrifices required, and the time it might take. By reflecting on these aspects, you'll gain clarity on whether professional financial help is right for you.

The episode also touches on the benefits of having specialized coaches for various aspects of life such as fitness and nutrition, comparing self-managed approaches to professional guidance.

If you have any feedback or topics you would like covered, please email James at james@iamwealth.com

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Join Jon as he dives into the nuances of employer compensation structures and the importance of understanding when and how these changes occur. Learn how to proactively engage in compensation discussions, leverage the latest MGMA data, and craft a compelling case for your value.

Whether you’re negotiating a new contract or preparing for an upcoming review, this episode provides essential insights for maximizing your compensation package.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of the Mortgage Minute, host Doug Crouse discusses crucial aspects of real estate contracts that can jeopardize your down payment, with a focus on earnest money. Learn why earnest money isn't always refundable and the risks involved in waiving loan contingencies.

Doug provides essential tips to protect your earnest money and navigate the home-buying process more securely. Tune in to ensure you're making informed decisions when buying a home.

If you have questions, Doug is available at DougCrouse.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Many physicians are interested in diversifying their portfolio with passive real estate investing. Charles Clinton joins us to talk about the risks and benefits of alternative investments with a crowdfunding platform as both the real estate owner and lender.

We explore how current interest rates are affecting investments, tax benefits of real estate and how fractional real estate ROI is distributed. You can learn more and sign up for free education at www.EquityMultiple.com.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Hey everybody, it's Jon again with Contract Diagnostics. Today, we're diving into the topic of physician burnout and how it's impacting contracts. Employers are now implementing various strategies to combat burnout, such as increased vacation time, support programs for physicians and their families, and more structured work hours. It's crucial to have thorough discussions about your work schedule and support options with your employer.

For any contract-related advice, reach out to us at Contract Diagnostics.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

if you didn’t already, tune into the 3 Simple Summer Money Hacks Episode

James Nutter breaks down a game-changing framework to help physicians achieve their financial goals, adding a powerful fourth step to his previous three summer money habits. James introduces the meaningful goal-setting model, personalized for each physician's unique journey.

He navigates through goal identification, setting smart deadlines, prioritization, and the importance of visualization and accountability. Dive in to discover how to stay financially on track, avoid burnout, and live a fulfilling, present life while aiming for future financial success. Listen for actionable insights and practical advice.

7 Part Meaningful Goal Setting Framework.

identify your goals - things you want in life.
1. Places you want to go
2. Things you want to do
3. Things I want to have
4. next 12 months
5. next 3 years
6. next 5 years
7. write them down and share them with others - how much would it cost? vision board.. what am I staring at in the face every day?
8. Identify what challenges could come up
9. set deadlines - if there’s no deadline it’s just a dream
10. prioritize your goals - items of wants and needs in a logical order
11. visualize your goals - picture yourself accomplishing the goal.
12. be persistent

With your new commitment to financial wellness and investing back into yourself what kinds of things do you want more of?

What new lifestyle things will you want?

Investments

Real Estate Kids College Funds

Retirement planning

Experiences

Loans

Travel

Car

House

Luxuries

Country Club

Training / Events

New Healthy Lifestyle choices - join x gym

What does a meaningful life mean to you?

Cost to create your new meaningful life.

A. Cost to live per month - complete circulatory cash flow system training (use rocket money $8/mo to help you or budget tool in emoney)

B. Current take home monthly income.

C. Difference Between A & B. You either have a surplus or shortage.

D. Monthly Cost to accomplish the goals you wrote above (I.e. $1,000/mo in additional vacation, $600/mo car payment, etc.).

E. Add C&D. Your current need (or deficit) + Your vision.

F. What is your projected future monthly income?

H. Projected Surplus (or shortage). Subtract F minus E.

I. What else would you like to do with your surplus? If you have a shortage, what else can you do to make more money and reach your goals?

Now visualize your meaningful journey. What will life be like at the new level?

Current lifestyle - what does your current life afford you.

Investments

Loans

Retirement funds

Kids college

Real Estae

Car

house

bills

luxuries

vacations

country club

self care

gym

NEW LIFESTYLE - what my life will look like at this level

what will I improve.. what will I do different

Investments

Loans

Retirement funds

Kids college

Real Estate

Car

house

bills

luxuries

vacations

country club

Self care

gym

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of "A Life Well Lived: A Physician's Guide to Wealth," James Nutter discusses the importance of hiring a financial planner and the different standards that financial advisors are held to.

He emphasizes the fiduciary standard, which requires advisors to act in the best interests of their clients, and contrasts it with the suitability standard, which allows advisors to prioritize their own interests.

Nutter also explains the key licenses and certifications that fiduciary financial advisors should hold. Tune in to learn how to choose the right financial advisor for your needs.

Timestamp

Summary

0:07

Unveiling Financial Advisors' Confidential Earnings and Practices

1:16

How to Decide Whether to be a DIY or Hire a Financial Planner

4:37

Understanding Fiduciary Standards in Financial Planning

10:57

Comparing Fiduciary and Suitability Standards in Advice

12:25

Verifying Financial Advisors' Credentials Through BrokerCheck

13:48

Understanding Fiduciary Financial Advisor Licenses and Certifications

19:43

Choosing the Right Financial Advisory Path

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

This week Doug Crouse discusses the importance of managing your funds for closing. It's vital to avoid consolidating money right before closing due to potential bank holds. If you do need to consolidate funds, do it well in advance. Avoid moving large sums into a new bank account without transaction history, as this can appear suspicious and cause delays. Ensure the funds are in an account with established history to prevent issues. Thanks for listening, and we'll talk to you next time.

If you have questions, Doug is available at DougCrouse.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Jon from Contract Diagnostics provides an update on the FTC's non-compete rulings as of June 5th. The FTC recently voted to eliminate non-competes in the United States, though the decision faces legal challenges. While this affects around 30 million Americans, only about 500,000 to 600,000 are healthcare providers.

Jon outlines key dates and timelines for ongoing legal proceedings and emphasizes the importance of renegotiating contracts proactively. He advises physicians to understand their current agreements and prepare for potential changes, while employers should focus on retaining top talent. For more information and assistance, Jon encourages reaching out to Contract Diagnostics.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Where do you start when trying to build wealth? Do you pay off the mountains of debt accumulated through medical school? Do you invest for retirement? What about saving to put the kids through school?

Brian Preston, podcast host of The Money Guy Show, joins us today to talk about his Financial Order of Operations. He recommends systematically working through these 9 steps to secure your financial future.

Brian also talks about his new book called "Millionaire Mission" that just came out on 5/28/24. You can get more free resources for wealth management and learn more about his book at www.MoneyGuy.com.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

“Know thyself” – a timeless maxim etched onto the ancient Temple of Apollo in Greece. But what does it truly mean? Join us on a journey of self-discovery as we explore the depths of this profound saying.

There’s a reason why nearly one third of lottery winners go broke within their first 3-5 years.* They were handed millions of dollars vs. growing into someone worthy of becoming a millionaire. There’s a difference. As doctors, your path is unique.

You spent your 20s mastering medicine, not finance or why you are the way you are as a human being. And remember, before influencing others, we must understand ourselves. Reflect on our own money triggers, strengths, and weaknesses. How does your upbringing color your views?

Source: https://www.usatoday.com/story/news/nation/2023/07/19/powerball-mega-millions-winners-instant-billionaire-regrets/70430571007/#:~:text=Nearly%20one%2Dthird%20of%20lottery,Financial%20Planner%20Board%20of%20Standards.

Trying to qualify for PSLF and unsure if you’re on track? Get James’s 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more.

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

As summer approaches, reevaluating our financial habits becomes essential, especially for physicians who seek to manage their wealth efficiently. The sunny season often brings with it increased expenses—weddings, travel, and outdoor activities—that can derail budgetary progress.

It's critical to hone in on certain financial habits to ensure that you can enjoy the warmth without the burn of financial stress. In this article, we dissect key financial themes that James Nutter addresses in his podcast, offering actionable insights into mastering money management during the summer months.

Simply click here to access the free video training for the circulatory system and click here to download the circulatory system guide

Timestamp

Summary

1:51

Mastering Summer Money Habits Amid Seasonal Challenges

2:56

Mastering Cash Flows for Financial Freedom

6:52

Couples' Financial Awareness Through Manual Tracking

7:23

Maximizing Financial Health with the Rocket Money App

9:20

Strategizing Financial Goals With Free Cash Flows

11:53

Strategies for Managing Your Peace of Mind Fund

13:30

Strategies for Efficient Financial Planning and Saving

15:15

Mastering Summer Money Habits for Financial Wellness

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode, Jon from Contract Diagnostics addresses a physician's question about employment contracts with contracting entities. The discussion centers on hospitalists, specifically nocturnists, and the implications if a contracting entity's agreement with a hospital ends.

Jon emphasizes the importance of understanding contract details, including the duration of contracts, non-compete clauses, tail insurance, and potential transitions to new employers. He highlights the need for thorough contract reviews and asking the right questions to ensure stability and clarity in employment situations.

Jon reassures listeners that Contract Diagnostics is available to help with any contract-related concerns and provides resources for further inquiries.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Hey everyone, Jon Appino from Contract Diagnostics has a quick message on transitioning between full-time and part-time work. We assist many physicians in navigating job shares and shifts from a typical 40-hour week to reduced hours. It's crucial to understand how these agreements differ, especially in terms of allocated clinical and admin hours, which should be clearly documented and prorated in your contract.

Additionally, consider how your call schedule, compensation, and benefits might change with part-time work. Ensure your quality bonuses and other incentives are appropriately adjusted, and be aware of any changes to your health insurance, retirement plans, and CME allowances. Always have your contract professionally reviewed to cover all bases.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Today on the podcast cast Doug Crouse clarifies the concept of loan contingency when writing offers. Many people mistakenly think that having a loan commitment means having a clear to close. However, loan contingency is met when you have a contingent conditional loan approval after underwriting.

This means your credit, income, and assets have been reviewed and are satisfactory, but there may still be some outstanding items to address. Typically, it takes about 10 days to meet loan contingency, though it can be faster with pre-approval. Remember, loan contingency is about conditional approval, not clear to close.

If you have questions, Doug is available at DougCrouse.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Investing for your future is important, but getting out from under a mountain of student loan debt requires an equal amount of planning. Will Koster is a CFP with Spaugh Dameron Tenny who specializes in student loan planning for physicians.

He helps to explain the confusing world of income driven repayment plans, consolidation vs refinancing, and Public Service Loan Forgiveness programs. He also offers a free 30-minute consultation for physicians to discuss student loan repayment strategies. To learn more, go to www.SDTplanning.com.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of Contract Diagnostics, Jon breaks down the latest MGMA data set for 2024. Join us as we explore the initial findings and what they mean for healthcare providers. With 211,000 respondents, the data offers insights into compensation trends for primary care, surgical specialists, and non-surgical specialists.

Jon discusses the implications of these trends in relation to inflation, workload, and staffing challenges. Learn how to interpret and apply this data to your own situation, and discover the importance of a custom analysis for accurate insights. Tune in to stay informed and make the most of the new MGMA data.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Are you getting the most out of the podcasts you listen to? Awareness is the first step to positive change, however positive action in the direction of your goals and mission must follow.

On the very first episode of the A Life Well Lived A Physicians Guide to Wealth podcast, IM Wealth Partner and Financial Advisor, James Nutter provides you with the 101 on how to get the most out of his new podcast collaboration with Financial Residency.

Discover how to directly apply each episode to your life so that you may use your money to create a more meaningful life.

Trying to qualify for PSLF and unsure if you’re on track? Get James’s 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more.

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of Contract Diagnostics, Jon delves into the critical topic of conflicts of interest, especially relevant in physician employment contracts. Learn why it's essential to be aware of potential conflicts, from financial disclosures to external activities, and how they can impact your career and personal information.

Jon shares insights on the importance of transparency, the risks of data misuse, and tips on how to identify and navigate conflicts of interest. Tune in to ensure you’re making informed decisions and safeguarding your professional integrity.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of "The Life Well Lived: A Physician's Guide to Wealth," James Nutter continues his mini-series on exposing financial advisors. He shares 15 crucial questions every physician should ask when hiring a financial advisor, emphasizing the importance of finding a fiduciary advisor who acts in your best interest.

Nutter also highlights the need for advisors who understand the unique financial challenges faced by physicians. With these questions in hand, physicians can confidently hire their dream advisor without wasting time or making costly mistakes.

Timestamp

Summary

0:51

Choosing the Right Financial Advisor for Physicians

4:01

Financial Licensing Exams Versus Medical Board Certification

5:17

Choosing the Right Financial Advisor: Trust Your Gut

6:12

Essential Questions to Ask Your Financial Advisor

8:08

Navigating Financial Licenses and Commission Structures

10:29

Advisor Availability and Client Support Explained

13:16

Choosing Financial Advisors: Questions and Accessibility

15:21

Exploring Levels of Service: DIY to Full Assistance

16:04

Understanding Financial Advisor Fees and Conflicts of Interest

17:51

Challenge Your Financial Advisor with Informed Questions

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

This week, Doug clarifies the often misunderstood concept of loan contingency in real estate offers. Learn the difference between a loan commitment and a clear to close, and why understanding this distinction is crucial when writing offers.

Doug explains what it means to meet your loan contingency and what realtors should expect during the process. Tune in to gain valuable insights into navigating loan approvals and ensuring a smooth path to closing.

If you have questions, Doug is available at DougCrouse.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

The FTC issued it's final rule on noncompetes, but multiple lawsuits and challenges have been filed. Jon Appino with Contract Diagnostics talks about how this may affect physicians, but acknowledges that many things may change before it makes its way to implementation.

We also talk about how noncompetes may or may not affect compensation and nonmonetary aspects of contract negotiations. And finally, Jon talks more about fair market value and puts to bed the myth that there is a magic number that employers must use when putting forth contracts to their physicians.

You can get a free 15-minute consultation with Contract Diagnostics for yourself or a 30-minute consultation for your group. Go to www.ContractDiagnostics.com to learn more.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of "A Life Well Lived: A Physician's Guide to Wealth," James Nutter provides a comprehensive checklist for pursuing Public Service Loan Forgiveness (PSLF) for physicians. He breaks down the steps to understanding the requirements, confirming if PSLF is right for you, getting organized and doing it consistently, building a contingency plan, and what to expect when you reach 120 payments. With insights from a client who had over $200,000 in loans forgiven, James offers valuable tips and resources to help physicians navigate the PSLF process successfully.

Timestamp

Summary

1:06

Essential PSLF Tips for Physicians Seeking Loan Forgiveness

6:30

Determining Employer Eligibility for Public Service Loan Forgiveness

11:23

Evaluating Public Service Loan Forgiveness Suitability and Strategies

16:48

Strategic Income Reporting for Lower Loan Repayments

19:40

Strategies for Timely Student Loan IDR Recertification

25:53

Mastering PSLF Through Organized Documentation and Regular Submissions

28:51

Identifying an Authorized Official for Employment Verification

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of "The Life Well Lived: A Physician's Guide to Wealth" podcast, host James Nutter delves into the lack of transparency surrounding how financial advisors get paid. He highlights the absence of financial education for physicians and the potential conflicts of interest that arise when working with advisors who may not have their clients' best interests at heart.

Nutter breaks down the different ways financial advisors are compensated, including robo-advisors, commission-based products, assets under management models, flat fee-based fiduciary financial planning, and flat fee-only fiduciary financial planning. He emphasizes the importance of finding a fiduciary advisor and provides insights into his own fee-only approach.

Timestamp

Summary

2:39

Fiduciary vs Suitable Financial Advisors Explained

5:09

Exposing Financial Advisor Secrets and Ensuring Fiduciary Transparency

6:51-

Robo Advisors Versus Human Financial Guidance

9:21

Navigating the Pitfalls of Commission-Based Financial Advising

10:54

Insurance Products Disguised as Investments

11:23

Captive Advisors and Their Impact on Young Physicians

12:21

High Turnover and Sales Quotas in Finance Careers

13:08

Understanding Commission-Based Products

13:42

Unveiling Hidden Investment Fees and Conflicts of Interest

17:08

Understanding Conflicts in Asset Management Fees

19:26

Understanding Flat Fee-Based Fiduciary Financial Planning

21:12

Transitioning to Transparent Fee-Only Financial Planning

25:58

Choosing a Fiduciary Financial Advisor Is Crucial

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Jon from Contract Diagnostics dives deep into the concept of fair market value (FMV) and why it matters for physicians. He unpacks the complexities of FMV, how it's determined, and why there's no one-size-fits-all answer.

Learn about the different factors that influence FMV, from regional data to specific job duties, and discover how hospitals and employers might define it differently. Jon also discusses the importance of questioning and understanding these valuations to ensure you're getting a fair deal.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Hi everyone, it's Jon with Contract Diagnostics, providing a quick update on non-competes, a hot topic lately. We're in a waiting period for the new FTC rule, anticipated around early July. While it's not official yet, now is the perfect time to discuss non-competes with your employer.

With potential changes on the horizon, it's crucial to renegotiate terms to ensure fair compensation and optimal working conditions. Engage in conversations about staffing, efficiency, and compensation to stay ahead.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Today Doug Crouse dives into debt-to-income calculations. For those with a straightforward employment contract and a base income, it's fairly simple. However, sign-on and quarterly bonuses typically don't count unless you have a two-year history.

For 1099 income, if you have a set hourly rate, it's easy to calculate, similar to W-2 borrowers. But if your 1099 income is variable, a two-year history is required. Most lenders cap debt-to-income ratios at 43-45%, and for doctor loans, mine is set at 45%. This ratio is based on gross income minus items on your credit report, such as car payments, student loan payments, and credit card minimums, but excludes health insurance, daycare, and utilities.

For example, with a $20,000 monthly income, 45% is $9,000. Subtract $1,000 for debt payments, leaving $8,000 for your maximum mortgage payment.

For complex income situations, it's crucial to consult with an underwriter for an accurate assessment. Even with my 25 years of experience, only an underwriter's evaluation counts. So, always get a full loan pre-approval before house hunting, especially if your income isn't straightforward.

If you have questions, Doug is available at DougCrouse.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Dr. Stephanie Pearson once practiced as an OB-GYN, but an injury during a delivery changed the trajectory of her career. She now is a disability insurance broker who counsels other physicians in the best ways to protect themselves and their income. She shares her experiences and knowledge with us today and takes some of the mystery out of shopping for the best disability policy. Work with Stephanie and her team: http://pearsonravitz.com

Cindy Brown, an expert in transforming medical practices, shares valuable insights on optimizing revenue streams, personalized tax strategies, and achieving business success. She emphasizes the importance of having a strategic plan and understanding the business side of medicine. Cindy highlights common mistakes made by physicians, offers advice on surrounding yourself with a capable team, making hard decisions early, and being proactive in financial planning. Additionally, she discusses the importance of hiring professionals who are experts in their field and shares valuable tips for new physicians opening a private practice or those looking to sell their practices.

Cindy Brown is the co-founder of Brown Welch Mehta, a company that excels in transforming specialty medical and dental practices. With over 35 years of experience in corporate finance, operations, and management, she boasts an impressive background working with global 1000 healthcare, consumer products, and entertainment industries. Her track record shines with her previous roles as a senior executive at renowned organizations such as Blockbuster, Cadbury, Schweppes, Dr. Pepper, Coca-Cola, and the James River Paper Company, making her an expert in financial strategies and business optimization for medical practitioners.

Timestamp

Summary

2:25

Transitioning from Medicine to Business Ownership

8:19

Maximizing Profits in Medical Practices

12:26

Crisis Management Following Healthcare Cyberattack

18:57

Strategies for Business Cash Reserves and Credit Lines

24:02

Cultivating Excellence and Leadership in Business

28:34

Understanding Cash Flow Versus Profit in Medical Practices

35:53

Strategies for Maximizing Small Business Tax Credits

40:50

Tax Strategies for Renting Property and Employing Children

43:02

Incorporating Family into Business Payroll Strategies

45:53

Strategizing Business with Advisory Boards and Tax Deductions

50:12

Maximizing Home Office Deductions for Business Owners

51:43

Strategizing Tax Compliance for Business Owners

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Physician families who succeed with their finances in both good and bad times follow four key steps. First, they unsubscribe from generic financial rules and instead focus on their unique circumstances. Second, they define their values and use them as a guide for financial decisions. Third, they have a clear vision and mission for their family's future.

Finally, they are coachable and seek guidance from experts to achieve their goals. By following these steps, physician families can take control of their money and live a meaningful life. Join James Nutter as he explores these steps in this episode of "A Life Well Lived: A Physician's Guide to Wealth."

Timestamp

Summary

0:03

Four Steps for Physicians to Win With Money

4:35

Aligning Life Choices with Personal and Family Values

6:11

Balancing Present Joys and Future Financial Goals

7:47

Embracing Coachability and Overcoming Ego in Pursuit of Success

9:12

Phil Jackson's Impact on Basketball Legends

10:40

Embracing Coachability and Building a Life Well Lived

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Welcome to another insightful episode at Contract Diagnostics, where Jon dives into the complex world of physician contracts and the common pitfalls they face.

Today, Jon reflects on a recent conversation with a physician who misunderstood crucial elements of his contract, leading to significant financial loss. He highlights the risks of outdated electronic health record systems and the impact on physicians' efficiency and reimbursement.

Jon emphasizes the importance of clear, informed contract negotiations and proactive communication with employers to rectify issues and optimize working conditions.

If you're a physician facing contract uncertainties or system inefficiencies, tune in for expert advice and support at Contract Diagnostics.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode Jon delves into the significant ransomware attack on Ascension, affecting its system and 35,000 affiliated providers. We explore the repercussions for healthcare providers, from reverting to paper notes to potential impacts on scheduling and income.

The FBI and authorities are actively investigating the cause and next steps. Amidst uncertainty, we discuss the importance for physicians to understand their employer's policies and the implications for compensation, especially during system outages.

At Contract Diagnostics, we're here to assist with navigating these challenges, offering insights and support through our free 15-minute web inquiries. Stay informed and prepared with us as we monitor the situation.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Welcome back to the Mortgage Minute with your host, Doug Crouse from BMO Bank. In this episode, we dive into the intricacies of interest rate locks. Learn the optimal timing to lock your rate post-preapproval and how this affects your mortgage application.

Doug explains why securing your rate is crucial no later than 10 days before closing to ensure your loan gets finalized, emphasizing the importance of coordinating this with your insurance. Tune in to understand how to navigate rate locks efficiently and avoid the pitfalls of fluctuating market rates.

If you have questions, Doug is available at DougCrouse.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Kyle Claussen with Resolve joins us today to talk about contracts. In his experience, even non-negotiable contracts can usually be modified to some extent to give the physician better terms of employment.

We touch briefly on the new FTC ruling about noncompete terminology in our contracts and how that may impact existing and new contracts after all the legal proceedings play out. To learn more about contract negotiation, go to www.Resolve.com.

Jon from Contract Diagnostics emphasizes the critical importance of proactively managing one's financial future, especially for physicians. He highlights the significance of maintaining a strong income as the cornerstone for achieving financial independence, early retirement, and the ability to support charitable causes.

Jon provides insights on the necessity of regular compensation reviews to ensure fair pay and discusses strategies for negotiating better terms in employment contracts. His advice extends beyond mere salary discussions, urging physicians to consider all aspects of their contracts to enhance their financial stability and overall job satisfaction.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

Jon from Contract Diagnostics discusses the potential impacts of a new regulation banning non-compete agreements, particularly focusing on physicians and Wall Street professionals.

He delves into the broader implications for 30 million U.S. employees currently bound by non-competes, emphasizing the opportunity for physicians to renegotiate their contracts. The conversation covers the urgent need for financial firms to restructure contracts, the unique challenges for low-income workers, and strategic advice for physicians to proactively address their contract terms in anticipation of changes.

Jon encourages a comprehensive review of contract details beyond just compensation, advising on negotiation tactics and the importance of understanding contract renewal terms and malpractice insurance obligations.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

Real estate expert Darlene Dresch provides valuable insights on the home buying process for physicians. She emphasizes the importance of finding the right realtor and getting pre-approved quickly. Darlene debunks common myths and offers advice on physician loans, debt-to-income ratios, and building wealth through real estate.

She highlights the significance of choosing the right community and understanding the local market. Listeners are encouraged to interview multiple real estate agents, ask about their experience with physician relocations, and inquire about their communication style. Darlene provides a comprehensive guide to help physicians navigate the home buying process successfully.

Timestamp

Summary

0:01:02

Common mistakes physicians make in the home buying process

0:04:21

Importance of getting pre-approved before falling in love with a house

0:09:35

Find a real estate agent who is fiduciary to protect your best interests.

0:11:17

Factors to consider when choosing a neighborhood include walkability, school district, and amenities.

0:19:48

Paying off student loans first may not always be the best option.

0:20:18

Having no debt can be a disadvantage when applying for a mortgage.

0:23:53

Start building credit early by putting small expenses in your child's name.

0:28:57

Ideal step-by-step process for buying a house as a physician

0:35:14

Steps to follow: avoiding debt, talking to lender, interviewing realtor

0:38:49

The importance of choosing a lender and realtor carefully

0:40:10

Questions to ask when interviewing real estate agents

0:49:00

How realtors negotiate commission and credits from sellers.

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

In this episode of "A Life Well Lived: A Physician's Guide to Wealth," James Nutter emphasizes the importance of time and how it is the most valuable resource we have. He shares an exercise he does every year to audit his time and evaluate how he spent it.

By categorizing things to leave behind, people to leave behind, things to bring forward, and the best moments and people of the previous year, he is able to prioritize joy and fulfillment in his life. Nutter encourages listeners to schedule time to do this exercise and experience the rewards of intentional time management.

Timestamp

Summary

0:00:03

Introduction: The value of time

0:00:32

Importance of using money to create more time

0:01:37

Annual exercise: Auditing your time

0:03:39

How to conduct the exercise

0:08:49

Scheduling time for the exercise

0:09:54

Personal growth through the exercise

0:10:37

Conclusion: Taking control of your life

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Welcome back to the Mortgage Minute with your host Doug Crouse from BMO Bank. In this episode, Doug demystifies interest rate quotes, explaining the basics of how rates are quoted, the concept of discount points, and how rates are typically broken down into eighths of a point.

He uses practical examples to illustrate the difference between paying for a lower rate and receiving rebates for a slightly higher rate, helping listeners make informed decisions in the current economic environment. Tune in for clear, actionable insights on navigating your mortgage options.

If you have questions, Doug is available at DougKraus.com.

Zoe Cangas is the founder of Moving Medicine Partners, which is a network of realtors who specialize in physician properties and who are also married to physicians. They understand the special needs that physicians face because they are part of physician families themselves.

Zoe talks to us about finding the right realtor, how legislation may affect buying/selling in the future, and the advantages of having rental properties to offset high physician incomes.

You can learn more about Zoe or find a realtor who works with physicians at www.MovingMedicinePartners.com.

In this heartfelt episode of "The Life Well Lived, the Physicians Guide to Wealth" podcast, host James Nutter invites Todd Spencer, a devoted husband to surgeon Amy Spencer, to share his deeply personal experiences and learnings from life as part of a medical family. Todd's engaging storytelling provides an intimate glimpse into the life of a physician's spouse, highlighting the joys, challenges, and profound lessons learned along the way.

Todd Spencer delves into the importance of being intentional with time, the practice of grace within the relationship, and the nuances of navigating schedules and responsibilities with a partner who is deeply immersed in the medical field. His candid discussions about adapting to the role of a stay-at-home dad, the critical nature of self-care for the well-being of the entire family, and managing finances in a high-demand household are punctuated with wisdom and transparency. For any individual or family connected to the medical profession, this episode offers a treasure trove of relatable anecdotes and actionable advice, all while underscoring the value of cohesive partnership throughout the journey

Timestamp

Summary

0:02:44

Todd and Amy's medical journey together

0:06:11

Challenges of being in a relationship with a physician

0:09:03

Balancing work and family life during residency

0:10:20

The challenges of breastfeeding and being a female surgeon

0:12:20

Importance of being intentional and thoughtful in a medical family

0:13:53

Being selfless and putting oneself in the other person's shoes

0:19:24

Todd's experience as a stay-at-home dad for six and a half years

0:24:01

Mental games and managing expectations as a stay-at-home dad

0:27:37

Importance of sleep, food, and self-care for executing the mission

0:29:21

Recognizing and diagnosing stress and burnout

0:37:26

Managing time and resources as a busy family

0:39:04

Managing conflicts in time and money resources

0:43:35

Setting aside dedicated time for financial discussions

0:51:36

Advice for young Todd and Amy: Recognize and manage stress and burnout

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Discover your economic worth as a physician in this episode of "The Life Well Lived: A Physician's Guide to Wealth" podcast. Host James Nutter breaks down the concept of your hourly rate as a physician and challenges you to consider the opportunity cost of spending time on tasks you're not a professional in.

Learn how prioritizing rest, recovery, and leveraging your strengths can increase your worth and bring more joy to your life. Don't miss this insightful episode that will help you take control of your time and live a more meaningful life.

Timestamp

Summary

0:01:06

Calculating the ROI on medical school investment

0:02:21

Determining your hourly rate as a physician

0:03:47

Importance of understanding and negotiating contractual duties

0:05:01

Shifting mindset to prioritize rest and recovery

0:06:29

Opportunity cost of DIY financial planning

0:08:16

Recommended time commitment for managing finances

0:10:44

Importance of surrounding yourself with a capable team

0:11:13

Increasing hourly rate by focusing on professional skills

0:12:14

Prioritizing rest, family time, and pursuing joy.

0:12:41

The opportunity cost of spending time on non-professional areas.

0:13:13

Reflection on strengths, weaknesses, and finding help.

0:14:17

How to spend time wisely and do what brings joy.

Trying to qualify for PSLF and unsure if you’re on track? Get James’s 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more.

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Jon from Contract Diagnostics emphasizes the effectiveness of group negotiations among physicians and announces the launch of the Group Negotiation Division. He shares a success story of a group of surgeons renegotiating their compensation and highlights the complexities involved in the process.

Jon encourages physicians to seek assistance in navigating group negotiations to ensure fair market value for their services.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

Jon from Contract Diagnostics provides an update on non-compete agreements following a recent FTC vote. While the vote leaned towards a national ban on non-competes, challenges and lawsuits are expected. Jon advises physicians to stay informed and review their contracts.

He suggests utilizing this time to renegotiate contracts and discuss compensation with employers. Contract Diagnostics is available to assist physicians in navigating these changes.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

Doug Crouse from BMO Bank introduces the Rate Modification Option, a convenient program for borrowers. This option allows borrowers to relock their closed loan to the current market rate without the need for refinancing, saving time and money for both parties.

Doug explains the flat fee structure and highlights the differences between rate modification and refinancing. He emphasizes the benefits of the program, such as the opportunity to adjust rates based on changes in loan-to-value ratios. Doug invites listeners to reach out for more information or assistance with loan estimates.

If you have questions, Doug is available at DougKraus.com.

Many of us are told that our employer has one contract for a group of physicians and it is nonnegotiable. But what if the entire group collectively negotiated for changes? Groups can negotiate for salary, of course, but they can also request improvements to staffing, equipment, time off or other things. Jon Appino with Contract Diagnostics talks about the impactfulness and success of collective negotiations. He has started an entire division to focus on this type of bargaining and has even hired folks who previously represented "the other side" to increase physicians' chances of success in negotiations. To learn more about Jon and his team, go to www.ContractDiagnostics.com. You can also listen to his podcast Coffee and Contracts right here on Financial Residency.

Doug Kraus from BMO Harris Bank shares insights on the evolving mortgage market. With significant shifts in interest rates, he advises listeners to research their mortgage options thoroughly.

Doug highlights potential challenges in the industry and encourages caution when selecting lenders or brokers. He emphasizes the importance of working with established professionals to navigate the changing landscape.

If you have questions, Doug is available to assist and offers a free book on HippocraticHouse.com or DougKraus.com.

On today’s episode of A Life Well Lived James Nutter is joined by his mentor, great friend, business partner, and founder of his company Jeff McPherson, CFP®. There’s a difference between taking action with your money and fully taking control of your money. In today’s episode James and Jeff talk from a high-level overview of common mistakes they see physicians make with their money.

How to unsubscribe from rules of thumb like live like a resident. Student loan tips and tricks and Jeff’s personal experience having his wife Michaela in Medical School from the perspective of a financial planner. Today they only scratch the surface of what will be many podcasts to come.

Please email podcast@financialresidency.com if you have a topic you would like James and Jeff to explore AMA (ask me anything) style.

IM Wealth currently works for 86 families and 70+ Physicians.

To learn more about IM Wealth please visit www.imwealth.com

To schedule a 100% free financial wellness diagnostic with James or Jeff visit www.imwealth.com and click join.

To be the first to get notified for IM Wealth’s free physician financial wellness masterclasses and other free resources visit https://www.imwealth.com/im-nest-signup

In this episode, James Nutter explores the concept of time versus money and how it relates to physicians' lives. He discusses the common belief that time is money and how physicians often equate more time worked with more money earned.

However, he also highlights the negative consequences of this mindset, such as burnout and a lack of work-life balance. James encourages physicians to reflect on how they are spending their time and to consider whether they can delegate tasks that don't bring them joy or hire a capable team to help them complete their mission in life.

He emphasizes the importance of valuing time as the most precious resource and using money to buy back time and create a more fulfilling life.

Timestamp

Summary

0:00:04

Introduction and Will Smith quote

0:01:13

The correlation between time, money, and burnout

0:02:34

The surplus of time and money as an attending physician

0:03:48

The value of time and conducting a calendar audit

0:05:37

Investing resources for high leverage on time

0:07:01

The art of delegation and buying back time

0:08:49

Examples of areas to delegate and hire help

0:10:52

Self-assessment questions and fear of delegation

0:11:44

Evaluating income requirements and working hours

0:12:13

Conclusion and closing remarks

Jon from Contract Diagnostics discusses the disparity in contract offers for physicians within the same organization but different divisions.

He emphasizes the importance of clarifying decision-making processes and reasons behind rejections when negotiating compensation. Jon advises physicians to seek multiple offers, understand policies, and persist in negotiations to achieve favorable outcomes.

He highlights Contract Diagnostics' role in providing data-driven guidance and support throughout the negotiation process.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

Jon from Contract Diagnostics discusses the FDA's evolving role in regulating AI in healthcare. As AI-powered medical devices become more prevalent, the FDA must adapt its processes to ensure safety and efficacy.

Jon highlights the potential impact of AI on physician workflows and suggests that employers will need to update policies accordingly. He emphasizes the importance of staying informed about AI advancements and encourages annual policy reviews.

Jon is optimistic about AI's potential to enhance productivity in healthcare and invites further discussion on the topic.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

Dr. Bernard has literally written the book on physician wellness and shares her insights to help us find our love of medicine again while maintaining our own happiness and well-being. She advocates for physicians to have autonomy and control the things they can in their practice.

She offers simple tips for running an efficient practice and setting limits on the time you allocate for work so that you have more time for yourself. She also promotes motivational interviewing to help patients become true partners in decision making and goal setting, which leads to more successful outcomes.

You can learn more about Dr. Bernard, listen to her podcast or discover the books she has written at www.RebekahBernard.com.

In this episode of the "Life Well Lived: A Physician's Guide to Wealth" podcast, host James Nutter discusses the importance of taking extreme ownership and full responsibility for one's life. He shares his personal journey of blaming others for his circumstances and how he learned to take control and liberate himself. James emphasizes that blaming external factors such as the government, the economy, or other people only hinders personal growth and financial success. He encourages listeners to reflect on their own lives and assess whether they are taking full responsibility for their outcomes. James provides examples of individuals who have overcome adversity and achieved great success by taking ownership of their lives. He also introduces the formula "e + r = o" (experience + reaction = outcome) to illustrate the power of choosing how to respond to life's challenges. By taking responsibility and responding positively, individuals can create the outcomes they desire.

Timestamp

Summary

0:00:03

Introduction and the importance of taking full responsibility

0:01:04

How taking responsibility relates to money and personal circumstances

0:03:21

The importance of choosing how to respond to unforeseen events

0:04:13

Personal examples of successful individuals who took responsibility

0:07:21

Formula for taking responsibility: experience + reaction = outcome

0:09:22

The speaker's personal journey and the importance of taking control

0:10:49

Action item: self-assessment questions to promote positive change

Do you take full 100% responsibility for all your outcomes in life? At the end of the day, taking control of our lives is perhaps the most important choice we can make. The result? Full freedom and liberation to know that all of your outcomes, where you are, and most importantly where you choose to go now are 100% your responsibility

Trying to qualify for PSLF and unsure if you’re on track? Get James’s 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more.

Have you ever taken time to review your contract and negotiate terms that are favorable to both you and the team? Just like a pro athlete negotiates for the most favorable contract, you as a superstar physician can to. Every time you renew your contract, you have a chance to get a better deal, especially your 2nd contract as an attending after you’ve proven yourself as an invaluable asset to the team. In today’s episode, we are joined by Health Law Attorney Spencer Licktieg. You deserve to have the right tools and skills to get an equitable contract that aligns with your lifestyle, and indispensable contributions. Tune in to learn how.

To connect with Spencer for a free consult, visit https://shrr.com/our-people/spencer-k-lickteig/

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This recording is for the exclusive use by Financial Residency Podcast and used solely as an educational tool for the limited podcast interview by Spencer Lickteig on April 19, 2024 and any recorded replays of that presentation. This commentary was not provided with any intent for actual use by individuals or entities and does not reflect the legal opinions or advisement of Spencer Lickteig or Smith, Haughey, Rice, and Roegge. The information presented in this podcast itself does not, and is not intended to, constitute legal advice. Instead, all information and content are for the limited informational purposes only. The receipt or listening of this information does not create an attorney-client relationship, nor does it represent any intention of seeking or providing legal counsel. No user or listener should act or refrain from acting based on the information provided in this document or presentation without first seeking legal or professional advice from counsel in the relevant jurisdiction. This presentation does not represent the practice of law pursuant to state licensing authorities. This interview audio shall not be reproduced by any parties without the express consent of Spencer Lickteig and Smith, Haughey, Rice, and Roegge.

Jon from Contract Diagnostics discusses the impact of hospital and clinic closures on employees, comparing the situation to retail franchise closures like Kmart or Bed Bath & Beyond.

He highlights potential outcomes for physicians, such as reassignment or termination, based on the terms of employment contracts. Jon emphasizes the importance of understanding contract stipulations regarding termination pay, benefits, notice periods, non-compete clauses, and tail insurance.

He advises healthcare professionals to be fully aware of their contract details at signing to prepare for possible closures, terminations, or relocations, ensuring they know their options and risks.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

Jon from Contract Diagnostics recently attended the American College of Cardiology's annual convention in Atlanta, a large and engaging event where he provided talks on contract renegotiation and changes in compensation structures post-pandemic, specifically for cardiologists. Amid the pleasant setting of Atlanta, Jon, joined by colleagues Anu, Jennifer, and Selena, enjoyed interacting with many cardiologists at their booth and during presentations.

They addressed various concerns related to fair compensation, leveraging their experiences to offer tailored advice for renegotiating contracts and understanding compensation dynamics. Jon emphasized the difference between earning a high income and being fairly compensated, citing an analogy with football player Patrick Mahomes to highlight the point.

Contract Diagnostics aims to educate and assist physicians in navigating their careers and contracts effectively, offering free educational resources and personalized consultations to help physicians achieve fair compensation and job satisfaction.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

Appraisals are completed by an independent third-party provider so neither your realtor nor loan officer have any input over the value.

They typically take 5-7 days once ordered by the bank, but Doug recommends putting in a 10 day appraisal contingency when writing your contract to purchase your home. You can only use comparable houses (comps) for those that closed before your home was inspected.

You can reach Doug at Doug.Crouse@BMO.com or go to www.DougCrouse.com.

Budgeting can be a difficult task for physician families, especially when one spouse is a stickler for budgets and the other isn't. But Nate Reineke, CFP with Physician Family Financial Advisors, explains how couples can develop budgets in a nonconfrontational way by discussing their short and long term goals.

He encourages families to pay off debt while saving for kids' college and/or retirement. And most importantly, he doesn't want physicians to miss out on enjoying their lives because they are so focused on saving for retirement. With a little forethought, there can be a happy balance between work and the rest of your life.

You can learn more about Nate or hear his podcast at www.PhysicianFamily.com.

Ever felt overwhelmed about not knowing what you don’t know as it relates to money?

Perhaps even a bit frustrated that of the hundreds of thousands of dollars you spent and countless hours in training, there was little to no real-world training about money? I have great news, if you’re reading this now, you’re here for a reason. And though your medical school or training program is unlikely to do anything about, we here at Financial Residency are here to help you make sense of your cents. Take the first step by tuning into this episode!

Trying to qualify for PSLF and unsure if you’re on track? Get James’s 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

Warning: don’t be the richest one in the graveyard. A wise investor named Warren Buffet once quoted “Investing in yourself is the most important investment you’ll ever make in your life. There’s no financial investment that’ll ever match it, because if you develop more skill, more ability, more insight, more capacity, that’s what’s going to really provide economic freedom. It’s those skill sets that really make that happen.” - Warren Buffet, Billionaire American Investor. You’ve already invested hundreds of thousands of dollars into your superpower skillsets as a clinician, what are you doing to invest into yourself now?

Trying to qualify for PSLF and unsure if you’re on track? Get James’s 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more.

Source 2 https://www.cnbc.com/2017/04/07/tony-robbins-and-warren-buffett-recommend-thisinvestment

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Jon from Contract Diagnostics highlights the risks associated with physician employment contracts, particularly emphasizing a case with a stark imbalance in termination notice periods and the risks during a probationary period. Physicians face unfair termination clauses, such as needing to provide 120 days' notice to leave, while employers can terminate with only 30 days' notice. Additionally, during a six-month probationary period, employers can terminate immediately without cause.

Jon advocates for mutual termination notice periods and suggests that contracts should offer safeguards like severance packages or compensation for unworked notice periods to mitigate the physician's risks. He underscores the importance of reviewing employment contracts carefully to avoid costly nuances and ensure they meet industry standards.

Contract Diagnostics offers thorough reviews and educational resources to help physicians navigate these complex agreements.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

Some banks, including BMO, offer rate modifications for physician loans. What this means is that you can close a loan today with the current market rate, but can later "modify" your loan to a lower rate if rates go down.

This option is cheaper than refinancing your loan and does not involve the hassle of getting a new appraisal or providing all the documents to get a new loan.

You can reach Doug at Doug.Crouse@BMO.com or go to www.DougCrouse.com.

Today Jon provides insights into contract breaches, advising caution and adherence to contractual obligations. It outlines potential consequences, including termination, financial liabilities, and legal action, underscoring the importance of seeking legal counsel. Emphasizing the need for understanding contract terms, it encourages individuals to consult Contract Diagnostics for guidance on interpretation and negotiation strategies.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

You may know Dr. Lisha Taylor from Money Meets Medicine or her new podcast Wealth Minded MD. She joins us today to share her Top 5 Financial Tasks to help new attendings get out of debt, protect themselves and build wealth.

For more information on Dr. Lisha or to sign up for one of her financial wellness workshops, go to www.WealthMindedMD.com.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

“Know thyself” – a timeless maxim etched onto the ancient Temple of Apollo in Greece. But what does it truly mean? Join us on a journey of self-discovery as we explore the depths of this profound saying.

There’s a reason why nearly one third of lottery winners go broke within their first 3-5 years.* They were handed millions of dollars vs. growing into someone worthy of becoming a millionaire. There’s a difference. As doctors, your path is unique.

You spent your 20s mastering medicine, not finance or why you are the way you are as a human being. And remember, before influencing others, we must understand ourselves. Reflect on our own money triggers, strengths, and weaknesses. How does your upbringing color your views?

Source: https://www.usatoday.com/story/news/nation/2023/07/19/powerball-mega-millions-winners-instant-billionaire-regrets/70430571007/#:~:text=Nearly%20one%2Dthird%20of%20lottery,Financial%20Planner%20Board%20of%20Standards.

Trying to qualify for PSLF and unsure if you’re on track? Get James’s 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more.

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

Are you getting the most out of the podcasts you listen to? Awareness is the first step to positive change, however positive action in the direction of your goals and mission must follow.

On the very first episode of the A Life Well Lived A Physicians Guide to Wealth podcast, IM Wealth Partner and Financial Advisor, James Nutter provides you with the 101 on how to get the most out of his new podcast collaboration with Financial Residency. Discover how to directly apply each episode to your life so that you may use your money to create a more meaningful life.

Trying to qualify for PSLF and unsure if you’re on track? Get James’s 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more.

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

The MGMA (Medical Group Management Association) data is often considered the gold standard for physician compensation analysis, but it has several limitations. Firstly, the data is delayed, with current data based on previous years' figures. Secondly, the sample size, though large, may not fully represent the physician population.

Additionally, there's selection bias as certain physicians may not report their salaries. The data doesn't differentiate between full-time and part-time roles or consider variations in hourly or shift-based work. It also doesn't accurately represent value-based pay, conversion factors, or tiered structures for compensation.

Despite its popularity, MGMA data alone may not provide a comprehensive picture of fair market value for individual physicians, as each situation is unique. While valuable, it's important to consider the individual story and context when determining compensation.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

In this episode, Jon from Contract Diagnostics addresses the importance of early financial management for physicians, residents, and fellows. He emphasizes the significance of maximizing compensation, understanding taxes, and balancing savings with enjoying life experiences.

While Contract Diagnostics doesn't provide financial or tax advice, Jon offers valuable insights and encourages listeners to seek professional guidance for tax planning and financial management.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

This is a very busy time of year for loan officers who specialize in physician loans as there is a big influx of home buyers with all the new residents and new attendings hitting the market at once. Please reach out early to a loan officer to get a prequalification or preapproval letter so you will be equipped to make an offer on a house when you find your dream home.

You can reach Doug at Doug.Crouse@BMO.com or go to www.DougCrouse.com.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

James Nutter with IM Wealth joins Dr. Tammy to discuss his 7 Critical Steps to Argue Less with Your Significant Other About Money. He helps physician families learn how to understand themselves so they can communicate more effectively as couples, discover what their "love language" is when it comes to money, and develop a plan as a team to accomplish their financial goals.

You can learn more about James at www.IMwealth.com or turn into his new podcast on Financial Residency called "A Life Well Lived: A Physician's Guide to Wealth" debuting this week.

One size planning does not fit all. To learn more about James, you can go to www.IMWealth.com. To download a free PSLF checklist, you can go to https://info.imwealth.com/pslf. You can also email James at James@IMWealth.com.

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

Sometimes, it takes an unexpected wake-up call to remind you to take care of yourself, family, and finances. You never know when it could be your last day, and tomorrow is not guaranteed.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about a recent personal medical experience and what went through his mind at the time. You don’t know what the future holds. Make sure that your financial planning is in place before it’s too late.

Topics Discussed: Optic Disc Edema: Minor eye issue, nothing serious turns into something major • No Joke: Physicians change their tone, confirm serious situation, and trip to ER • Thought #1: Is my family going to be okay financially if I am not around? • Thought #2: Have I been a good steward of my money? • Thought #3: Have I led a meaningful life and taught my values? • Thought #4: Is the business going to be okay if I am not around? • Consider the following: Am I covered financially and independent? • Legal Logistics: How everything gets sorted out and settled • Financial Organizer: Save time and effort with access and passwords • God is first, others second, I am third - culture pushes it the other direction

Links:

www.WrenneFinancial.com

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

When you run across something weird or strange, how do you avoid major mistakes and minimize errors? Get a second opinion, especially when it comes to the good, the bad, and the ugly of financial planning for physicians.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a Certified Financial Planner (CFP®), about stories and experiences with physician families. Sometimes, the best and juiciest ones are difficult to change substantive facts enough to preserve client confidentiality.

Topics Discussed: Good: Immense value from financial advisors who understand physician finances • Bad: Save documents and keep records on servicer when third-part is paying • Ugly: Ultra high-risk investment activities—bordering on gambling • Understand the Deal: Perform due diligence and review contracts for red flags • Compensation: What money are you leaving on table based on how you’re paid? • Accurate Alignment: Involve spouse for honest answers about financial security • Life Lessons: Follow money, understand incentive/stakes, deal w/ consequences • Moral of the Story: Sometimes, it’s worthwhile to pay a fair fee for a CPA

Links:

https://apm-wealth.com/

www.WrenneFinancial.com

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

Jon from Contract Diagnostics shared the successful renegotiation of a family practice sports physician's contract, extending it for four years with improved terms.

Through thorough analysis and communication with the employer, they reached a mutually beneficial agreement, addressing compensation, retention bonuses, RVU rates, staffing issues, time away, reporting problems, and equipment needs. Despite some delays, both parties were satisfied with the outcome.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

In a recent discussion, Jon from Contract Diagnostics highlighted the growing concern of physician burnout and the increasing interest among physicians in exploring careers outside of patient care.

He outlined various alternative career paths for doctors, including roles in education, academia, healthcare administration, and pharmaceutical, biotech, or medical device companies.

Other options mentioned were medical writing, informatics, corporate wellness, forensics, and legal consultation. Jon emphasized that physicians possess valuable skills such as critical thinking, problem-solving, and adaptability, making them attractive candidates for diverse non-patient care roles.

With the advent of artificial intelligence, opportunities in non-patient care fields are expected to expand further, offering physicians new avenues for professional growth and fulfillment.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

There are several misconceptions surrounding credit, which could hurt your score if you don’t have the correct information. Doug explores several of those today. He also gives some tips to help you improve your credit score.

For more information about Doug, go to www.DougCrouse.com.

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

Many primary care physicians have moved to a direct patient care model where the physician works for him/herself and does not accept insurance. It helps eliminate many of the burdens that lead to burnout amongst doctors. But can specialists do it as well?

Dr. Lara Kenney is a hematologist-oncologist who says yes you can! She moved to this model in 2019 and talks about her practice. She also is the co-founder of Direct Specialty Care Alliance, which is an organization that is trying to help other specialists who are interested in changing their practice model as well as helping patients/physicians find resources for those who need referrals/resources.

You can learn more about direct specialty care at DSCalliance.org or join the Facebook group Specialists for Direct Care.

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

Who wants to reduce their taxes? The first step requires educating yourself on the basics.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to David Glenn, a Certified Public Accountant (CPA) and founder of Glenn Advisory and the basics of how income taxes work. They also chat about some of the most common tax savings strategies that begin to appear when you start to understand how this all works.

Topics Discussed: • Baseline Knowledge: ◦ How does the federal tax return work? ◦ What are progressive taxes? ◦ How does income flow through the tax return? ◦ What are itemized deductions and credits? ◦ How do tax withholdings, deductions and credits affect tax refund or payment? • Form 1040: Main section of your income tax return where everything comes together • Why compensation doesn’t always equal federal taxable wages • Qualified dividends are preferred over nonqualified dividends • What to look for to avoid back-door Roth IRA taxation mistakes • Social Security: Can be taxed up to 85% • Capital Gains/Losses: Recognize sale of stocks, real estate, other capital assets • Adjusted Gross Income (AGI) Adjustments: HSA, self-employment, and others • Tax Deductions: Itemized or standard deduction(s) based on filing status • Use taxable income and tax tables to determine total tax due • Tax Credits are great because they directly offset tax due dollar for dollar

LINKS:

www.WrenneFinancial.com

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

Have you ever worked with a financial planner? Do you have enough money saved for a financial planner to help? When are you ready to hire a financial planner? Depends on the situation or preference. If you want help, the sooner the better.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about when to hire a financial planner.

Topics Discussed: • Use Cases: When to start working with a financial planner • Human Capital Habits: How do you accumulate your wealth? Income • Life Transitions: Get finances right in the beginning by planning for the future • Finances and Investments: What are your options? Inefficiencies? • Backdoor Roth IRA: Involves all different facets of financial planner tasks • Reasons to Hire a Financial Planner: ◦ Don’t have time to handle your finances. ◦ Unsure if things are getting done correctly. ◦ Complexity of your finances is intimidating. ◦ Struggling to keep finances organized. • Ways to Engage a Financial Planner: ◦ 95% of the industry has a sales/commission component. ◦ Verify terminology given by business to know if it is misleading. ◦ Pay for financial planner’s advice. ◦ You’re not locked in to work with the same financial planner forever. • When to Seek Help from a Financial Planner: ◦ Educate yourself to make the best decision. ◦ Know the pros and cons of finding a financial planner. ◦ Figure out if now is the right time or not.

LINKS:

www.WrenneFinancial.com

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

In 2024, physicians face a mixed bag of news. On the positive side, there have been changes in non-compete regulations in several states, potentially impacting physicians' contractual freedoms. Additionally, CMS has implemented improvements to prior authorization processes and witnessed a reduction in pay gaps between male and female physicians in various specialties. However, there are concerning trends as well.

CMS has continued to cut rates, affecting some specialties more than others. Physician ownership of practices is declining, with many practices being acquired by private equity firms, potentially reducing physicians' control over their careers and patient care.

Burnout rates among physicians remain high, with a significant portion considering leaving their positions or reducing their hours. Despite discussions on addressing burnout, concrete actions from organizations are lacking, raising concerns given the impending physician shortage.

While there are challenges ahead, Contract Diagnostics remains committed to supporting physicians through their various needs and challenges.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

LINK to article:

https://www.beckersasc.com/leadership/good-news-bad-news-for-physicians-in-2024.html

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

In this Mortgage Minute, Doug Crouse from BMO Bank highlights the importance of diligence and caution during the closing process to prevent falling victim to fraud. He shares an incident where hackers compromised a realtor's email and attempted to divert funds by providing false wire instructions.

Doug advises homebuyers to verify any requests for money by directly contacting their lender or title company, especially if the instructions seem suspicious.

He emphasizes the significance of confirming details before wiring large sums to ensure security and prevent potential losses.

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

Private equity acquisitions in healthcare, particularly of physician practices, are increasing significantly, with private equity firms buying up practices at a rapid pace. This trend has significant implications for physicians, as it can impact their partnership opportunities, practice autonomy, and patient care. Private equity firms typically aim for a short-term exit strategy, which may not align with physicians' long-term goals.

Furthermore, government officials are starting to scrutinize these acquisitions due to concerns about market consolidation and its effects on patient choice and pricing.

Whether you're considering joining a practice, negotiating employment terms, or contemplating selling your practice to private equity, it's essential to understand the implications and seek professional advice if needed.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

Links:

https://www.modernhealthcare.com/mergers-acquisitions/private-equity-acquire-physician-groups-study-ftc?utm_source=modern-healthcare-alert&utm_medium=email&utm_campaign=20240305&utm_content=hero-headline

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

Dr. Ramon Lizardo trained as an ER physician, but has pivoted to a career as a successful entrepreneur in the tech field. His background in medicine led to some of his million dollar ideas.

His passion for knowledge and willingness to make contacts and learn new skills brought those million dollar ideas to fruition.

He talks about his successes and failures, but also shares helpful insights about how you can take your dream and turn it into a reality.

You can connect with Ramon R. Lizardo, MD via LinkedIn or via email at Lizardo@tele911.com.

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

College costs money, and it continues to increase. The actual price that you pay is difficult to understand because it has become progressively more expensive for those that have more financial resources—especially physicians who have or plan to have children in the future.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Joe Messinger about how college costs work and how to start planning sooner than later. Joe is a Certified Financial Planner, CFP®, and Founder of Capstone Wealth Partners and College Aid Pro.

Topics Discussed: • Tuition Costs: Different levels for in- versus out-of-state students • 3X or Greater: How college costs have changed in the past 20 years • Why? Supply and demand led to out-of-control costs for college • Inflation: State colleges level off, but private colleges continue to increase costs • Price Transparency: Private colleges equate value to higher or discounted costs • Analogy: College cost is similar to medical bills because it’s different for everybody • College Funding Philosophy: Best way to pay for college is to save for college • 3 Key Financial Aid Components: ◦ Family’s finances ◦ Student’s academics ◦ School’s business model • High-income Hurdle: Family finances impact student’s ability to get financial aid • Sticker Price Shock: Some schools give money for merit, not just for need • Budget: Use school’s money first, then federal aid, and set limitations • Rule of Thumb: Save for one-third, pay for a third, and take out a third in loans • College Aid Pro: Changing the way America shops smart for college

LINKS:

www.WrenneFinancial.com

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

When you’re miserable or not satisfied with your traditional primary care position at a major hospital, it’s time for a big change to live your best life and values. Focus on your future goals and dreams.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Drs. Cady and Ryan Brown, who started their own concierge medical practice, Downtown Drs. Brown, located in Lexington, Kentucky.

Topics Discussed: • Cady and Ryan’s concierge medical practice and career progression • Primary Care Patient Load: From honeymoon period to fast track to burning out • PTO Requirements: Physicians not valued as people, professionals in practice • Reassurance and Education: Patients need to know if things are okay or not • How and why Cady and Ryan created concierge medical practice from scratch • Tradeoff: More security, less setup work for autonomy, independence, finances • Competition: Not many concierge medical practices, but demand definitely exists • Pressures/Stressors: Different now, feels better being in control of own destiny

LINKS:

www.WrenneFinancial.com

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

Congratulations to all those med students who will be matching this week and to those getting ready to graduate and become attendings. We appreciate you and your sacrifice. If you have questions about a mortgage, you can reach out to Doug Crouse at www.DougCrouse.com or text 816-728-3631.

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

The right time to move negotiations along is as soon as possible. Delaying discussions with employers can result in missed opportunities for salary increases or beneficial contract changes. Employers may be hesitant to make updates, hoping the issue will be forgotten.

Seeking assistance from a third party or maintaining regular communication can help ensure progress and avoid unnecessary delays. It's essential to stay proactive and persistent in negotiating employment terms to achieve desired outcomes.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

In early Q1 of 2024, physicians often receive updates or changes to their compensation, typically in the form of addendums to their contracts. These changes may be related to fiscal budgets, CMS regulations, or simply the timing of the year. It's crucial not to hastily sign any addendum without fully understanding its implications.

Take time to evaluate fairness and consider negotiating with your employer, especially if the changes are significant or affect multiple physicians. Ensure that you have ample time to review, discuss with colleagues, and potentially seek professional advice before making any decisions.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

Going on a medical mission trip is a noble thing that many physicians and other health professionals do each year, but many people don't realize that going on those trips is usually an out-of-pocket expense to the physician for thousands of dollars. It also means time away from work and family.

So Jon at Contract Diagnostics is raising money to help Dr. Kathryn Sarnoski, his national director of education, defray expenses. She goes on at least one medical mission trip per year. If he is able to raise enough money, then he is hoping to send more than one physician on this trip and make it an annual program.

If you would like to contribute to this noble cause, you can contact Jon Appino at Jon@ContractDiagnostics.com. He will match every dollar donated so even a small gift will go a long way to helping those in need.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts.

Do you love to save on your taxes? One of the most overlooked or common mistakes is the failure to maximize tax breaks that are available to physicians.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five of the most overlooked tax breaks for doctors. Personal finance is about avoiding errors or when it comes to filing income taxes with the Internal Revenue Service (IRS).

Topics Discussed: • 5 of the Most Overlooked Tax Breaks for Doctors: ◦ Health Savings Account (HSA): Build wealth and avoid income tax ◦ Tax Loss Harvesting: Capital gains and losses are taxable investments ◦ Backdoor Roth IRA: Indirectly fund Roth IRA if income is above threshold ◦ Business Expenses: For side-hustle or self-employed with 1099 income ◦ Work Retirement Plans: Max out 401(k), 403(b), 457(b), and pensions

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts.

Go with eyes wide open or be in for a major financial surprise when your children start college.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about you or your children funding their education.

Topics Discussed: • Who should pay for college? You, your children, student loans, or scholarships • What has changed? Tuition costs, direct student loan cap, and responsibility • Little to No Financial Aid: Based on physician’s above-average income • Other Options: 529 Plan, investments/cash accounts, income, student loans

LINKS:

www.WrenneFinancial.com

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

Jon from Contract Diagnostics discusses the lowest paying specialties in medicine based on 2023 data. He highlights public health and preventive medicine, pediatrics, family medicine, infectious disease, and endocrinology as the lowest five, with salaries ranging from $249,000 to $267,000 annually.

Jon emphasizes the importance of regular salary evaluations and negotiations for physicians in these specialties, noting that many individuals have successfully negotiated higher salaries. He encourages physicians to understand their compensation structures and engage in discussions with their employers to ensure fair compensation.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

Link: https://www.beckersasc.com/

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

Jon from Contract Diagnostics discusses signing bonuses in healthcare, citing an article revealing average bonuses across various professions. While physicians top the list with an average of $47,993, other roles like pharmacists and optometrists also receive significant bonuses.

Jon emphasizes the importance of understanding the terms of signing bonuses, including clawback provisions and tax implications. He encourages physicians to leverage their negotiating power and offers guidance on navigating contract complexities.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

Link: https://www.beckershospitalreview.com/

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

Today on the Mortgage Minute, Doug Crouse from BMO Bank warns about mortgage scams targeting recent homebuyers. He cautions against overpriced services offering copies of deed records and emphasizes that such documents can be obtained independently.

Additionally, he highlights the prevalence of deceptive emails from "bottom feeder" lenders posing as the borrower's actual lender. Crouse advises vigilance and encourages borrowers to scrutinize communication for disclaimers indicating non-affiliation with their original lender. He concludes by offering his contact information for further inquiries or assistance.

Links:

usmortgagebanker.bmo.com/fl/marco-island/dc-363861/

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

Match & Graduation Season is almost here, which means we will have many doctors looking for a new home.

Doug Crouse with BMO Bank joins us today to explain what makes a physician loan different from other types of loans, discuss the importance of choosing a lender and realtor, caution about putting appropriate contingencies into your contract so you don't put your earnest money at risk, avoid common mistakes made by home buyers and offer suggestions on how to improve your credit score.

He defines several acronyms and terms used by lenders to help you understand their jargon.

He also offers to mail listeners a free copy of his book, "The Hippocratic House: Do No Harm When Purchasing Your First Physician Home." You can email him at Doug.Crouse@BMO.com, text him at 816-728-3631 or go to www.DougCrouse.com to get more information.

The article discusses the unionization of 1300 medical residents and fellows at Northwestern University, reflecting a growing trend in collective action within the medical field.

Jon from Contract Diagnostics shares insights on the importance of group negotiation and reevaluating compensation structures. While acknowledging the benefits of unions, he emphasizes that collective action can be pursued independently or with professional assistance.

Contract Diagnostics aims to empower physicians to advocate for fair compensation and address concerns within their organizations. Ultimately, Jon encourages individuals to explore their options and take proactive steps toward achieving their professional goals.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

Link: https://www.modernhealthcare.com/

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

What’s your perspective on money? Do you view it as a tool? Do you know how to use that tool? Is it like a hammer that you use to build a house, murder somebody, or that sits on the shelf and collects dust?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about using money as a tool and what happens when people don't view money as a tool.

Topics Discussed: • Money Spectrum: Some people go to extremes, but most are in the middle • Temptation: What is more important—more money or more time with family? • Money is a tool that does not buy happiness but helps you attain happiness • 3 Ways to Recognize Money as a Tool: ◦ A tool for what? What are you building? ◦ Learn to use the tool. Are you using money to build your ideal life? ◦ Maintain awareness about the outcome. Are you using money effectively? • Key Takeaway: Money should not be the end goal—you can't take it with you

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

If you are employed and work for a hospital system or plan to work for one in the future, do you have access to a 401(k), 403(b), and/or 457(b) retirement plans?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how different retirement plans interact collectively. Can you max out both your 403(b) and 457(b) plans?

Topics Discussed: Tax shelter limits for 401(k), 403(b), and 457(b) retirement plans • Maximum for Employees: ◦ 401(k)/403(b) is $20,500 combined per year ◦ 457(b) is $20,500 separate limit • Retirement plans with mandatory and required contributions • 457(b): Governmental or non-governmental plan, which is better and why?

LINKS:

www.WrenneFinancial.com

Jon from Contract Diagnostics highlights the 2024 Medicare fee schedule, revealing a 1.5% decline in overall reimbursements due to a 3.4% cut in the conversion factor from CMS.

The impact varies based on contract structure, employer policies, patient demographics, and payment models. Despite limited influence, understanding these changes is crucial for physicians and hospitals striving to maintain patient care standards amidst increasing challenges.

Contract Diagnostics offers support in navigating contract amendments related to Medicare adjustments, recognizing the importance of fair compensation alignment.

They encourage reaching out for personalized assistance and anticipate further updates on specialty-specific implications.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

Links: https://www.modernhealthcare.com/

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

Today Doug Crouse of BMO Bank discusses the differences between buying a new build and a resale home. While the processes are similar, new builds come with uncertainties such as fluctuating completion dates and potential rate lock issues.

Crouse advises adding a 30-day buffer to rate locks for new builds to avoid expensive extensions if completion is delayed. He also emphasizes coordinating changes with appraisals to prevent unexpected costs.

Ultimately, careful planning is crucial when choosing between a resale and a new build to avoid disappointments and expenses.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

Dr. Dominick Corrigan founded Physicians Anonymous to help physicians who are somewhere along the spectrum between burnout and depression all the way to suicidal. His organization provides free, anonymous peer support.

He joined Dr. Tammy to share his journey that led to starting Physicians Anonymous, discussing the unique pressures that physicians face ranging from microtraumas caused by administration to the major traumas of facing death & dying on a daily basis, and the culture that keeps physicians from seeking the help they need to stay healthy.

He talks about the "Burn Out Vaccine" training program his organization has created, which includes providing peer support, teaching physicians to say no and dealing with imposter syndrome.

To learn more, please go to www.PhysiciansAnonymous.org.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

Are you looking for another job, or are recruiters seeking you out for opportunities? If you were offered a different job, would you think about taking it? Why, or why not? There’s a lot to consider.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about whether to accept another job. It can be difficult to make a decision and navigate your priorities as an in-practice physician.

Topics Discussed: • Temptations: Financial aspect—try to not first look at the money/compensation • Values and Goals: What’s most important? Family, work/life balance, pay? • Coworkers: Who will you work with and for? What kind of lives do they live? • Position: Is it a job you enjoy? Are the pay/benefits decent? What are the hours? • Student Aid: Confirm if the employer is Public Service Loan Forgiveness qualified • Insurance Coverage: Are malpractice insurance and tail coverage provided? • Employment Law: Hire a consultant or employment attorney to review contracts

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

Are you struggling with the temptation related to student loan perks? What are the intended consequences of student loans and associated COVID forbearance programs?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about saving money to avoid the COVID-19 forbearance lifestyle creep.

Topics Discussed: • COVID Forbearance: No payments, no interest on student loans until Aug. 31

• Good news? Yes, for PSLF, but what are people doing with the money?

• Average American Person: Temptation is to spend all or more money in pocket

• Consumption Effect and Awareness: Student loan payments will begin again

LINKS:

www.WrenneFinancial.com

In the article titled "The Race to Acquire Physicians," Jon from Contract Diagnostics discusses the implications of the growing demand for physicians and the challenges surrounding their employment. He highlights the ongoing mismatch between physician supply and patient care needs, noting the increasing consolidation of healthcare organizations and the potential legal ramifications of monopolizing the physician marketplace.

Jon explores the complexities faced by physicians in choosing between employment with large entities, joining private practices, or pursuing independent contractor opportunities. He emphasizes the importance of considering individual preferences, long-term goals, and compensation packages when evaluating employment options.

While Jon acknowledges the uncertainty surrounding the future of physician employment and the potential impact of lawsuits and regulatory scrutiny, he encourages physicians to explore diverse opportunities and exercise negotiating power in contract discussions. Ultimately, Jon emphasizes the need for thorough due diligence and contract review to ensure alignment with personal and professional objectives.

As the healthcare landscape continues to evolve, Contract Diagnostics remains committed to supporting physicians in navigating employment decisions and advocating for their best interests.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visitwww.ContractDiagnostics.com

Article :

https://www.beckersasc.com/asc-news/the-race-to-acquire-physicians.html

The Wall Street Journal article discusses the potential of chatbots for medical advice, highlighting their benefits such as aiding in initial assessments of x-rays, pathology reports, and lab values.

However, it emphasizes the necessity for human oversight to ensure accuracy and to avoid overlooking critical details. While chatbots hold promise for streamlining administrative tasks and improving efficiency in healthcare settings, they may lack the personalized approach and nuanced understanding required for complex medical decisions.

Contract Diagnostics, represented by Jon, stresses the importance of considering individual patient and physician stories, asserting that while AI can enhance productivity, it should not replace human judgment in medical care.

Looking ahead to 2024 and 2025, the article anticipates significant advancements in the integration of artificial intelligence in healthcare while maintaining the essential role of human expertise and empathy in patient care.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

In this segment of "The Mortgage Minute" with Doug Crouse from BMO Bank, the focus is on the importance of selecting the right real estate agent when purchasing a home.

Doug emphasizes that while securing a favorable mortgage rate is crucial, the choice of agent can significantly impact the overall cost of buying a home. He cautions against hastily choosing an agent based on referrals alone and highlights how a skilled agent can save buyers more money than simply securing the best interest rate.

Doug warns against emotional decisions in home buying, stressing the importance of ensuring that the chosen house is worth its market value and that buyers have the necessary funds to cover any discrepancies.

He anticipates a highly competitive buying season ahead and underscores the long-term impact of selecting the right agent, as opposed to the temporary commitment of a mortgage interest rate.

Doug encourages thorough research, seeking feedback from previous clients, and advises on how to contact him for further assistance.

You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS).

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

Many physicians are interested in contracting independently versus continuing as an employed physician, but don't know where to start.

Dr. Corinne Rao and Dr. Holly Shen share information about the Flex Med Staff 2024 Physician Summit April 7-10 in Las Vegas where there will be 20 CME about locums strategies, direct contracting, creative income options, business and tax planning, and more.

You can also go to www.FlexMedStaff.com for online resources to help you navigate information and opportunities to be successful as an independent contractor.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

Are you a physician tired of getting ripped off and wanting a fair shake on Wall Street? Rather than getting mad, understand how the financial services industry works. Do the right thing by knowing when and why to hire or fire your financial advisor.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Jim Dahle, a practicing emergency room physician and founder of The White Coat Investor, and Alan Moore, co-founder and CEO of the XY Planning Network about DIY financial planning versus hiring a financial advisor to help.

Topics Discussed:

• Making and Managing Money: Decide to hire help or do-it-yourself (DIY)?

• Seeking financial advice: Stigma, status symbol, or too busy

• Should a good advisor be saving you time and money? Good advice at fair price

• Getting stuff done: Do you struggle to get those not so fun financial tasks done?

• Mental energy: Are you fried and dreading financial chores?

• Therapy and Financial Advice: Why financial planning often intertwines the two

• Best and Worst Advisors: Compensation, commission, fee, CFP®, fiduciary?

• Are you working with a broker or insurance agent posing as a “financial advisor”?

• Conflict of Interest: Get a second opinion when pitched permanent life insurance

• Financial Advice Future: Financial planning as a profession

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

How do you plan for a child who has a disability? Overcome the initial fear and concern for the unknown and focus on the positive blessing they are to your family. Learn to live a fuller and richer life by turning lemons into lemonade.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Laura Yost, who is married to an internal medicine physician. They have four children. The youngest, Scarlett, has Down’s Syndrome.

Topics Discussed: • Lemonade Stand: Where teamwork and kind people give back to the community • Blessing or cross to bear? Biggest challenge is lack of support, misconceptions • Step in the right direction? Only willing to go where Scarlett’s welcomed, wanted • Before and After: Reality of what it means to have a child with Down syndrome • Guilty: Parents blame themselves for allowing their child to have Down syndrome • Healthwise: 50% of babies with Down syndrome have a heart defect, not Scarlett • Learn to Exist: What do I do and how do I do it to help my child live their best life • The Lucky Few: Scarlett is a gift, treat her that way and not as a burden • Growth Mindset: No pressure to be perfect; learn to do your best, make progress • Money doesn’t buy happiness, but makes life better and easier up to a point • Inclusion: Best education for kids with disabilities and their same-age peers

LINKS:

www.WrenneFinancial.com

In this segment, Jon from Contract Diagnostics reflects on a significant error regarding disability insurance and emphasizes the importance of seeking professional advice. He clarifies misunderstandings about disability policies and acknowledges the necessity of expert guidance.

Jon then discusses a case involving an Indianapolis-based health system that faced a $345 million settlement due to compensation mistakes for physicians.

He underscores the seriousness of fair market value and compliance with regulations in physician contracts, urging physicians to ensure clarity and fairness in their agreements.

Jon encourages professionals to consult Contract Diagnostics for expert analysis and negotiation support regarding compensation structures and contract terms.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

In this discussion, Jon from Contract Diagnostics explores the current landscape of salaries for nurse practitioners (NPs), physician assistants (PAs), and registered nurses (RNs).

He highlights the growing wage trends and the differences in compensation among these roles, citing average annual salaries and hourly rates. Jon emphasizes the negotiating capital that NPs, PAs, and physicians possess in their employment contracts compared to RNs.

He also touches on the variation in salaries across different states and encourages individuals engaged in contract discussions to leverage Contract Diagnostics' expertise for maximizing compensation packages and understanding the contracting process.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

In this episode Doug Crouse urges listeners to check their free credit reports regularly. He highlights a case where a borrower with assumed 800 credit scores discovered issues, emphasizing the importance of monitoring credit for errors or fraudulent activity. Doug encourages listeners to utilize free credit reports to safeguard against identity theft and ensure financial well-being.

You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS).

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

In this episode, host Tammy introduces Doug Crouse, a seasoned physician mortgage lender, on navigating the competitive housing market for first-time physician homebuyers.

They discuss the importance of securing the right loan and introduce their book, "Hippocratic House," aimed at assisting physicians in home buying. Doug offers insights on the current housing market, emphasizing the need for careful consideration before making offers, especially in competitive situations.

He also highlights the significance of pre-approval in the homebuying process and shares tips for finding the right realtor.

You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS).

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

Nobody’s perfect. Everyone needs to take care of their mental health, including physicians. Perfectionism in medicine can spill over into physicians’ personal finances.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Michael Myers about physician perfectionism. Michael is professor of clinical psychiatry at SUNY-Downstate Medical Center and author of eight books covering everything from physician suicide and mental health to physician marriages.

Topics Discussed: • Tyranny of Perfectionism: Extreme perfection can affect productivity • Good Enough: Strive for excellence, but find and accept balanced portion • Human Humor: Welcome to medical school, you’re (not) the best and brightest • Imposter Syndrome: Message of perfectionism leads to inferiority • Survive and Thrive: Perfectionism is expected, to err is human • Demographics and Diagnoses: Diverse physician and patient population • Signs: Worry too much, stay too late, struggle with competence and confidence? • House of Medicine Stigma: Should doctors ask for or need help? • Physician Personalities and Psychiatry: Self-resolve or seek help with triggers • Money Management: Most physicians are not gifted in economics/business • Marriage and Money: Keeping up with the Joneses linked to perfectionism • Privilege or Poverty: Physician’s upbringing is pressure to maintain or do better • Married to Doctors: Say and do something in a loving manner; listen and get help • Co-parenting: Compliment and cut back on child’s activities; time is not unlimited

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

Even with your own home, have you noticed that real estate prices have been a bit hectic? How do you build wealth with real estate? Not with your primary residence.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about real estate as an investment outside of your primary residence. You are building wealth with your home, but it is hard to realize that wealth.

Topics Discussed:

• Real Estate Market Prices: Massive increases in short periods of time

• Crazy Market: What are the reasons? Nobody really knows underlying causes

• Supply and Demand: Low supply and high demand drives up real estate prices

• Why is demand high? People still want to buy or invest in real estate

• Why is supply low? Cautious builders, lumber costs, lack of skilled labor, rules

• Real Estate Investing - Alternative approaches to make money:

◦ Appreciation: Own property that increases in value

◦ Rent: Own property that is rented out to others to generate income

◦ Loan: Charge interest on money loaned for real estate deals

• Ways to Own Real Estate: Short- or long-term rentals, flips, multi-units, raw land

• Real Estate Responsibilities: Do you want to be an investor or more involved?

• Why people write/talk about real estate: Hype, interest, and money to be made

• Big Benefits: Diversify, passive income, tax shelters, and better returns

• Downsides: Time, dealing with people, risks, returns, complexity, and alternatives

• Purpose: Why do you want to invest in real estate and build a portfolio?

Links:

https://www.reit.com/

https://www.vrbo.com/

https://financeforphysicians.co/

In this message, Jon from Contract Diagnostics emphasizes the company's commitment to physician education. He highlights the lack of formal training for physicians in contract evaluation, negotiation, and other crucial aspects of professional development.

Jon invites individuals and organizations to reach out for educational opportunities, including training programs, free talks, and webinars. He introduces Dr. Catherine Sarnowski as the National Director of Physician Education, emphasizing her role in providing non-branded educational content tailored to physicians' needs.

Jon encourages listeners to consider hosting educational discussions within their programs or associations and invites them to connect with Contract Diagnostics for assistance.

He concludes by expressing gratitude and reiterating the company's dedication to supporting physicians' career advancement.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

In this episode of the Mortgage Minute, host Doug Crouse discusses recent fluctuations in mortgage rates driven by economic reports such as the jobs and manufacturing data. He advises listeners to consider locking in their rates within 60 days to secure the best possible rate amid uncertainty.

Doug warns against waiting to lock rates as unexpected market changes can lead to higher rates, emphasizing the importance of staying informed through resources like Mortgage News Daily. He concludes by offering his contact information for further inquiries.

You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS).

In California, a healthcare system faced a staffing crisis during the pandemic and resorted to costly temporary nurses. To tackle this, the CEO and team offered $100,000 signing bonuses for new RNs and retention bonuses for existing ones over three years.

This innovative approach succeeded in retaining staff and reducing reliance on expensive locums. The case underscores the importance of investing in staff and considering retention bonuses as a cost-effective strategy.

As such, healthcare professionals negotiating contracts should explore such options for fair treatment and long-term organizational benefits.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

Dr. Steve Suh is a co-founder of Left Field Investors and author of "Avoiding Rookie Errors as a Left Field Investor." He shares his successes and mistakes with us today about syndication and real estate investing.

He encourages everyone to educate themselves before investing to avoid unnecessary losses.

He also talks about the benefit of having a network of investors around you to learn more about your interests. You can learn more about syndications and real estate investing at www.LeftFieldInvestors.com.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

Does the medical profession make you feel like you got to have everything together because everyone around you is perfect? Everything and everyone has flaws, including physicians who are far from perfect but pretend everything is all good all the time.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Christine Runyan, co-founder of Tend Health, which brings a team of clinicians to the intersection of clinical care, health professions, and technology. Christine understands and views clinician well-being through the lens of a psychologist.

Topics Discussed: • How perfectionism negatively affects physicians’ mental health • Ways for physicians to address perfectionism proactively • Physicians’ Mental Health: Getting to the point of it’s ok to not be ok • Tend Health: All work done via video telehealth platform and care for physicians • Barriers: Licensing and credentialing process asks about mental health history • Stigma and Culture: Amplifies sense of self-determination to get through anything • Be Human First: Maximize privacy, confidentiality, access to mental health care • Physician Stereotype: Paradox that they need help, but too often suffer in silence • What’s expected? Know the right answer, be curious/authentic, ask questions • Financial Aspects: Average resident/fellow has six-figure student loan balance • Coping Strategies: Self-awareness is super power to being honest with yourself

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

If you already have or plan to set up or start a health savings account (HSA), how do you make sure it is efficient to build wealth and possibly invest?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to best manage HSAs.

Topics Discussed:

• HSA: Best tax shelter that exists as a vehicle to put your money into

• HSA vs. Flex Spending Account (FSA): What’s the difference?

• HSA Strategy:

◦ Rule #1: It’s best not to spend out of your HSA

◦ Rule #2: If using HSA to build wealth, make sure to invest cash

◦ Rule #3: As you have healthcare expenses, save the receipts

• When to start using your HSA? Balance equals future expected healthcare costs

• HSA Beneficiaries: Make sure to identify spouse or dependents

• When is the best time to fund HSA? Max out sooner than later

• Cafeteria Plan: Better to funnel money through employer HSA for matching funds

• Switching Providers: Keep up with transfers and minimize number of HSAs

LINK:

www.WrenneFinancial.com

Today, Jon from Contract Diagnostics discusses the unsettling statistic that one in five physicians may become disabled during their career. While Jon admits to lacking expertise in disability insurance specifics, he underscores the importance of understanding one's coverage.

He points out that employer-provided disability policies often have limitations that may not adequately support physicians and their families in the event of disability. Jon encourages physicians to explore supplemental disability insurance options to ensure sufficient coverage.

Although Contract Diagnostics doesn't offer disability insurance, Jon emphasizes the critical role of understanding benefits and negotiating contract terms related to insurance.

He concludes by inviting physicians to reach out for contract reviews, compensation analyses, and benefit evaluations provided by Contract Diagnostics.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

In this episode, Jon from Contract Diagnostics discusses the notion of the best-paying job in healthcare based on an article he read. While traditional high-paying roles like executive positions and CEOs are acknowledged, Jon focuses on the surprising revelation from an anesthesia journal that anesthesiology is deemed the best-paying job in healthcare.

He scrutinizes the data presented in the study, highlighting discrepancies and questioning its validity. Jon contemplates various factors beyond monetary compensation that define the best-paying job, including stress levels, work-life balance, and vacation time.

He invites listeners to share their perspectives and emphasizes Contract Diagnostics' commitment to helping physicians secure contracts that align with their individual needs and circumstances.

Jon concludes by encouraging physicians to reach out for guidance in navigating contract negotiations and ensuring they receive optimal compensation packages.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

It's almost Match Season and Graduation Time for med students, residents and fellows. That means that thousands of doctors will be looking to move and get a mortgage at the same time.

This year is different in that many banks have pulled out of the Physician Mortgage space over the past year, which means there will be fewer loan officers to handle the influx of doctors needing assistance. So plan ahead.

Make contact with banks, get the information you need and questions answered, apply for preapproval early so when you find the house of your dreams you can move fast and make an offer.

You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS).

Brett Riggins is the owner of Physician Wealth Systems and podcast host of Real Estate Mogul MD. He talks to us today about the BURRR method of investing (Buy, Renovate, Rent, Refinance, Repeat) and stackable returns of residential real estate. We briefly explore the tax benefits of developing a real estate portfolio to offset active income from W2 employment. To learn more about Brett at www.PhysicianWealthSystems.com.

Insurance agents posing as advisors is more common than you may realize and can create conflicts of interest. The key is having better awareness. Don’t get fooled again!

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five ways to identify whether you are working with an insurance person who is posing as a financial advisor.

Topics Discussed:

• Sign #1: Aggressive posers seek you out after making contact or via referrals

• Sign #2: Posers offer you free or low-cost financial “advice”

• Sign #3: Posers act as trusted advisors; don’t refer to themselves as salespeople

• Sign #4: Advice and product solutions offered by posers are similar across clients

• Sign #5: Agents posing as advisors make it difficult to leave them/their products

LINK:

www.WrenneFinancial.com

It’s that time of year again where many of you are considering giving generously to help others. What are some of the best tax strategies for giving?

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a fellow Certified Financial Planner (CFP®) and founder of Anesthesia Success—a planning firm and podcast dedicated to helping anesthesia and pain physicians make successful career and financial decisions.

Topics Discussed:

• Charitably inclined? Uncle Sam encourages contributions to help everyone

• Science of Giving: Feels good when faith shapes financial plan/philosophy

• Giving Forms: Generously invest time, money, emotion for observable impact

• Is giving important? When? Giving imperfectly is better than not giving at all

• Standard vs. Itemized Deduction(s): Cultivate desire and mechanics of giving

• Charitable Contributions: Change from above- to below-the-line tax deduction

• Appreciated Securities: Giving a security that has unrealized taxable gains

• Taxable Accounts: Investment account type that has no inherent tax advantage

• Donor Advised Fund: Pros and cons of using the DAF strategy for giving

• Batched Giving: Strategically think about timing of gift based on tax situation

• Internal vs. External Factors: How will tax situations, brackets, policies change?

• Tax Impact: Qualified Charitable Distribution vs. Required Minimum Distribution

• Private Foundations: Give more meaningfully charitably to express generosity

LINKS:

www.WrenneFinancial.com

In this episode, Jon from Contract Diagnostics explores the trends in hospital mergers and acquisitions, highlighting recent examples and contemplating whether this trend will continue.

He mentions the increasing number of deals and the involvement of non-traditional players like Microsoft, Amazon Health, and Walmart in healthcare partnerships. Jon anticipates more technology-driven collaborations and partnerships, emphasizing the potential impact on physicians.

While immediate effects on physicians may be minimal, Jon suggests that downstream changes could include alterations to benefits, electronic health systems, and potentially compensation. He sees potential benefits for physicians in terms of better negotiating capital, improved technology, and streamlined operations.

Jon concludes by emphasizing the importance of staying informed and seeking guidance, particularly when facing contract amendments or changes in compensation schedules due to organizational consolidations. Physicians are encouraged to reach out to Contract Diagnostics for assistance in navigating such changes.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

In this brief episode, Jon from Contract Diagnostics discusses the significant expenses associated with electronic health record (EHR) systems for healthcare facilities.

Using examples from a published article, he highlights the substantial costs, such as a Cleveland-based hospital expecting its EHR installation to cost $400 million. Jon emphasizes that these costs are typically covered by employers, and physicians need not worry about directly paying for EHR systems.

However, he suggests that physicians inquire about the type of EHR system their potential employer uses during interviews or site visits. Jon also encourages physicians to be adaptable to different systems and leverage their knowledge of various EHRs as a negotiating point for compensation.

He stresses the importance of understanding the employer's perspective while negotiating, acknowledging their investment in technologies that should ideally enhance efficiency and billing.

Jon concludes by reminding physicians to engage in open and effective communication with their employers regarding compensation and contract details, offering Contract Diagnostics' assistance in maximizing compensation.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Match Season and Graduation Season for residents and fellows brings an influx of new home buyers. Over the past year, there have been several banks that have gotten out of the physician mortgage business so there will be fewer loan officers to handle the thousands of physicians who are looking for a loan at the same time.

If you think you might be buying a house in the next 6 months, Doug recommends that you start reaching out to banks now to start getting prequalified and approved for a home. With physician mortgages, you can generally purchase your new home and get moved in before you start your residency or new attending job.

To learn more about Doug or to get a copy of his free book "The Hippocratic House: Do No Harm When Purchasing Your First Physician Home," go to www.DougCrouse.com. You can also schedule a free call with him on this website.

Employers refer to Fair Market Value in conversations and contracts when negotiating fair compensation, but who determines FMV and how is it calculated?

Jon Appino with Contract Diagnostics tries to shed light on FMV and talks about how you can get third-party information to ensure you agree with the FMV calculation being used to determine your compensation.

To learn more or get a Compensation Review for yourself or your group with Jon's team, go to www.ContractDiagnostics.com.

Have you been paying attention to the financial news? Most of it is covering all the craziness around stocks. GameStop, AMC, and others went way up only to go way back down. These days, everyone has a Robinhood account and is trading stocks on margin. Plus, the COVID pandemic has added all sorts of volatility to the stock market.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to David Blanchett about investing during the craziness of a wild market. David is the Head of Retirement Research for Morningstar’s Investment Management Group and an Adjunct Professor of Wealth Management at The American College.

Topics Discussed: COVID: How the pandemic and being isolated at home has affected investing • Day Trading: For better or worse, people want to invest in, buy individual stocks • Today’s Market: Everyone wants to buy and trade to make money, not possible • False Confidence: How long until the bubble bursts because it will, eventually • Winners and Losers: Problem with day traders is they report one, not the other • Can you beat the stock market? First, learn from mistakes made from investing • Smarter than...? Good investing is boring, advisors don’t and can’t time market • Utility Grievance: How much do you like something and quantify preferences? • Weigh Outcomes: Downside of doing it yourself is much worse than upside • Short Selling: Put on your blinders and don’t follow what everybody else does

LINKS:

www.WrenneFinancial.com

For some physicians, achieving financial independence is the end-all-be-all to living the good life. Pursuing it can be fantastic when well-balanced and a key factor to reducing burnout.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks too Donovan Sanchez, a Certified Financial Planner (CFP) and founder of Sky view Financial Planning, about the pursuit of financial independence.

Topics Discussed: • What is financial independence? Financially set for life

• Pursuit of Financial Independence: Be reflective, thoughtful, and understanding

• Does financial independence buy happiness and solve life’s problems?

• Physician’s Perspective: Achieve financial independence sooner than later

• Field of Medicine: Doctor’s motivation is to help people, make money, escape

• I.R.E. Movement: Pressure to payoff student loans in extraordinary timeframe

• Time and Money: What’s more important? Do you trade dollars for time?

• On Living a Rich Life: What would make your life really rich?

• Busy Work: Sacrifices need to be made from time to time - no regrets

• Vision Document: What do you want your life to be like?

• On track or not? Ask someone you love and trust to provide honest feedback

LINKS:

www.WrenneFinancial.com

Today, Jon from Contract Diagnostics addresses the common objection physicians encounter during contract negotiations – being told that everyone at the facility is paid the same.

Jon advises physicians not to immediately accept this claim but to engage in due diligence by asking questions about the evaluation process, the data used, and how long it has been since the last assessment.

If the offered compensation is below market value, Jon suggests that physicians consider collective negotiation strategies within their group, emphasizing the power of a united front when discussing compensation concerns with the administration.

Jon also explores alternative negotiation approaches, such as seeking additional benefits or exploring creative solutions.

He encourages physicians to reach out to Contract Diagnostics for assistance with contract and compensation-related matters.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

In this Coffee and Contracts episode with Jon from Contract Diagnostics, the focus is on negotiating based on data and determining fair value.

The discussion emphasizes the importance of considering various data inputs beyond standard industry metrics, such as MGMA data. Jon highlights the significance of understanding the context, including factors like the duration a position has been open, location, and facility staffing.

The episode stresses the need to interpret data accurately and tailor compensation evaluations to individual circumstances, accounting for variables like vacation time and benefits.

Jon also emphasizes Contract Diagnostics' personalized approach to consulting, ensuring clients understand the nuances of their contracts.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Doug gives his recommendations on the steps you should take in purchasing a new home. First, you should get preapproved (versus prequalified) with your bank and set a budget.

Think about your "must haves" when choosing your home, such as location, commute to work, schools, amenities, safety, etc. Now choose your realtor.

Find one who will give you good advice and negotiate well on your behalf. Contracting with the right realtor can potentially save you thousands of dollars and prevent you from buying a lemon.

To learn more about Doug or to get a copy of his free book "The Hippocratic House: Do No Harm When Purchasing Your First Physician Home," go to www.DougCrouse.com. You can also schedule a free call with him on this website.

We all went into medicine to care for patients, but for some more of our time is spent on the EMR than with our patients. Erez Druk invented AI software that listens to your appointments and generates a SOAP note for you.

It learns your style over time so less edits are necessary with each interaction. It's like a scribe that will never quit on you, not to mention more affordable. It may save you 10+ hours per week in administrative tasks.

You can learn more at www.Freed.AI. You can try the software for free and don't need to purchase any equipment. If you decide you want to subscribe to the service, you can get 50% off the first month by using code FR50.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Are you on auto-pilot and susceptible to routines and the rest of the world’s values? What’s most important to you in your life? There are solid steps or ways that you can take to clarify (or re-clarify) your true values.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about three specific exercises to help you clarify and align your values.

Topics Discussed:

• What are values? Undercurrent or true driver to measuring happiness

• Values Awareness: Day-to-day actions in alignment with what’s most important

• Results: Better decisions, confidence, happier, and feeling more purpose-driven

• Symptoms: Feeling lost, lack of confidence in decision making, and stress

• Value of Values: Believe in, maintain, and reinforce awareness of your values

• Exercise #1: Values Clarification (highlight/prioritize/summarize what’s important)

• Exercise #2: Life Map (Reflect on past; visually pointing out life’s ups and downs)

• Exercise #3: 80th Birthday: Focus on future and purpose (who/what’s important)

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Physicians seeking independent financial planning advice at a fair price should find financial advisors who mitigate conflicts of interest that cause more harm than good.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Donovan Sanchez, a Certified Financial Planner (CFP) and founder of Skyview Financial Planning. Donovan covers different conflicts of interest that most people are unaware of and the importance of disclosure requirements to find a quality financial advisor.

Topics Discussed:

• Financial Advisor Types: Anybody working in the financial services industry

• Compensation Models: Pay for services via commission, fee-only, or fee-based

• Challenging Conflict: Provide advice in advisor’s and client’s best interest

• Teaching/Training: How to make sales and do financial planning to offer advice

• Major Manufacturers: Research proprietary products, means of distribution to sell

• Learn Language: Talk like a financial advisor to focus on quality or make sales

• Clients and Referrals: How many to make sales and create custom plan/advice

• Disclosure: Put client’s interests first and disclose/manage conflicts of interest

• Space and Stability: Become a good financial advisor before giving advice

• Find Financial Advisor: Reach out to identify training, guidance, and get paid

• Future of Financial Advice: Take step forward to regulate financial advisor title

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Jon from Contract Diagnostics discusses the structure and payment of medical directorship roles. The structure depends on factors like facility and specialty, with compensation typically being hourly or a flat fee.

Medical directors may have a separate contract, and compensation can range from $100 to $400 per hour, often capped monthly or paid annually. The importance of tracking hours and negotiating duties is emphasized to ensure fair compensation.

Jon advises physicians to clarify terms, understand exit options, and seek assistance in navigating complex medical director contracts.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Jon from Contract Diagnostics addresses the increasing trend of employers providing addendums or changes to physicians' compensation structures.

He emphasizes the importance of promptly seeking professional assistance, like Contract Diagnostics, when receiving such addendums, especially since they often come with short timeframes for review and acceptance.

Jon advises physicians to thoroughly understand the proposed changes, not just focusing on apparent benefits but considering the broader impact on various aspects of compensation. He highlights potential pitfalls, such as alterations to RVU conversion factors or changes in stipend structures, and urges physicians to rally colleagues to collectively negotiate and seek clarification from the employer.

Jon stresses the significance of asking comprehensive questions, understanding if the proposed changes apply uniformly across the division, and considering the implications for future hires. He encourages physicians not to feel rushed, request extensions for thorough reviews, and assures viewers that Contract Diagnostics is available for timely assistance.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! As a physician, you have many options when it comes to getting a mortgage for your new home. One option is choosing between an adjustable rate versus a fixed rate. Doug talks today about why you might want one over the other and factors to consider. To learn more about Doug or to get a copy of his free book "The Hippocratic House: Do No Harm When Purchasing Your First Physician Home," go to www.DougCrouse.com. You can also schedule a free call with him on this website.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

James Nutter is a financial planner with IM Wealth. He talks with us in depth today about student loan repayment strategies with a strong focus on PSLF.

His firm specializes in approaching financial planning from a behavioral perspective. Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. One size planning does not fit all. To learn more about James, you can go to www.IMWealth.com. To download a free PSLF checklist, you can go to https://info.imwealth.com/pslf. You can also email James at James@IMWealth.com.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

You can have all the money in the world and be completely unhappy. Everybody wants to move closer toward living out their version of an ideal life. Yet, the daily grind we all face tends to push us away from this.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks with his colleague Jeff Wenger, about how physicians can better align time and money management with their values.

Topics Discussed: Where to begin? Start with a plan to align financial actions with values

• Two Mindsets: Auto-pilot thinking versus deliberate thinking

• Awareness: Start with gaining awareness of your actions

• Time and Money Management Exercise: Find ways to track what you’ve done

• Awkward Conversations/Characteristics: Plan for success, write your obituary

• Life Planning: Kinder’s 3 questions about living out your ideal life

• New Day-to-Day Decisions: Say ‘no’ to things that don’t align with your values

• Ideal Calendar: Prioritize values by making time and space on your calendar

• Should you stay on auto-pilot? No, do something, take action to help your wealth

Link:

www.WrenneFinancial.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Should you pay off debt or invest? It’s a straightforward question. Yet, the answer is often not so straightforward and really depends on your situation.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger about the proper way to think through this question so that you can begin making more educated decisions about debt and investing.

Topics Discussed:

• Assumptions and Assessment Factors:

◦ What’s more important right now—financial independence or flexibility?

◦ Are you saving enough or have enough to invest or pay off debt?

◦ Mitigate Risks: Why consider return rates, interest rates, taxes, cash flow?

• Mortgage Myths: Pre-payments can actually create loss of flexibility with funds

• Be strategic: Consider refinancing debts to change the variables in your favor

• Financial Stress: What makes you happy versus what makes you worry?

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Jon from Contract Diagnostics discusses creative negotiation strategies for physician contracts. Using a hypothetical scenario where the base salary is $300, and the physician desires $325, Jon explores various creative approaches to negotiation.

He suggests considering alternatives such as negotiating for future years, additional benefits like extra vacation or flexible start dates, modifying non-compete clauses, proposing buyout clauses, and exploring creative compensation structures, like tiered RVU rates or unique scheduling arrangements.

Jon emphasizes the importance of thinking creatively and finding a fair compromise that benefits both parties. He encourages viewers to reach out to Contract Diagnostics for assistance in navigating and negotiating physician contracts.

LINKS:

www.ContractDiagnostics.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Jon from Contract Diagnostics shared a recent case where a physician faced unexpected changes in employment due to a third-party vendor terminating their contract with a hospital.

Despite the physician's stellar performance, the vendor wanted out of the specialty, prompting negotiations between the hospital, vendor, and physician.

The hospital, unaware of the original contract terms, offered a new deal. However, the physician found disparities in benefits, vacation, 401k, and bonus structures. Jon emphasized the importance of understanding your contract, especially in vendor relationships, where unexpected changes can impact compensation and work conditions.

Contract Diagnostics aims to assist physicians navigating such situations and offers guidance during contract transitions.

LINKS:

www.ContractDiagnostics.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Rates came down in the last quarter of 2023. Should you refinance? Do you have a rate modification option for your loan? Will rates go down further? Doug talks through a few of these issues on today's podcast.

If you would like a free copy of Doug's book, Hippocratic House: Do No Harm When Purchasing Your First Physician Home, go to www.DougCrouse.com to request a copy.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Scott Royal Smith is an asset protection attorney. His firm specializes in tax deductions, shelters, depreciation analysis and real estate planning.

Today we explore protecting yourself through a combination of anonymity trusts and LLCs, establishing private foundations to create a tax shelter, investing in oil and gas to gain beneficial depreciation to offset W2 income and becoming a real estate professional to boost investment return and depreciation against taxes.

To learn more about Scott Royal Smith and his firm, go to www.RoyalLegalSolutions.com.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Join Daniel Wrenne and Jeff Wenger on an enlightening episode of "Finance for Physicians," where they explore the dynamic world of student loans, financial planning, and more. In this engaging conversation, Daniel and Jeff discuss recent updates and developments in the field, offering valuable insights and strategies to empower physicians in managing their financial futures.

Discover essential tips, uncover emerging trends, and gain a deeper understanding of the financial intricacies that impact medical professionals. Whether you're a medical resident starting your career or an experienced practitioner looking to optimize your financial strategy, this episode is packed with valuable information to help you make informed decisions and secure your financial well-being.

Tune in to "Finance for Physicians" and stay ahead in your financial planning journey as a physician, gaining the knowledge and expertise you need to thrive in your financial life.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links: Show digging into the most recent round of changes Show going over other big changes that happened during COVID Blog Post on most common student loan mistakes (pre-COVID) Connect with me on my LinkedIn Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Today, Daniel addresses concerns about product-based financial advisors, distinguishing them from investment-focused advisors. He explains that product-based advisors primarily aim to sell financial products such as disability or life insurance, earning commissions from manufacturers.

Daniel emphasizes the inherent conflicts of interest in this model, as advisors are incentivized to sell more products. He warns against the common practice of pressuring clients to buy and highlights the potential lack of objective advice in such setups.

Additionally, Daniel cautions against combined product and investment-focused advisors, labeling them as problematic due to compounded conflicts of interest. He encourages awareness and careful consideration when working with financial advisors.

Links:

Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Today on the podcast, Jon from Contract Diagnostics discusses a 2024 healthcare prediction article, emphasizing the rise of AI regulation in healthcare.

He anticipates increased scrutiny and guidelines for the use of artificial intelligence in various healthcare roles. Jon believes that AI will revolutionize healthcare, offering applications that save physicians time and improve patient engagement.

He mentions the potential impact on hospital margins and suggests that physicians may have increased negotiation power amid shifting post-pandemic dynamics.

Jon encourages contacting Contract Diagnostics for assistance with compensation, contract negotiations, and related inquiries.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Today, Jon from Contract Diagnostics discusses a recent article by Moody's projecting a surge in hospital margins and cash flows in 2024. He highlights key points from the article, indicating that median operating cash flow is expected to increase by 10 to 20 percent, with operating cash flow margins reaching 7%, a 1 percent increase from the previous year.

The video suggests that nonprofit hospitals may turn positive in 2024, providing potential opportunities for physicians to negotiate better deals.

Jon emphasizes the impact of labor costs on hospital expenses and encourages physicians to leverage the positive projections when renegotiating contracts in the coming year.

He invites healthcare professionals to reach out to Contract Diagnostics for assistance with contract and compensation-related matters.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

The fun part is looking for the house, but doing the legwork beforehand to know how much house you can afford (especially with interest rates being so high) can save you a lot of heartache.

Talking to your lender first can solidify how much house you will qualify to purchase and allow you to get a preapproval letter, which will make your offer stronger and more likely to be accepted by a seller.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Leslie Tayne is an experienced financial attorney who helps individuals and businesses that find themselves overwhelmed with debt.

She discusses working with creditors to find manageable payoff strategies, explores when bankruptcy might be the right option and explains that as a consumer you do have rights when it comes to debt collectors.

She talks about changing your mindset to avoid financial pitfalls in the future and reassures us that debt is not a death sentence.

You can learn more about Leslie at www.TayneLaw.com. You can also follow her on X, LinkedIn, Facebook or Instagram.

On this episode, Daniel addresses common questions from potential and new clients regarding financial advisors, focusing on the AUM (Assets Under Management) model. He explains that AUM advisors charge a percentage (typically 1%) of the assets they manage, highlighting the potential impact on fees as clients' balances grow.

Daniel discusses issues related to low attention for small accounts, minimum account size requirements, and potential conflicts of interest, such as the disincentive to recommend reducing balances or advising against additional savings.

He emphasizes the importance of understanding the fee structure, potential conflicts, and the character of the advisor when considering the AUM model.

Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Today, Daniel discusses the importance of scrutinizing financial advisors, especially for individuals with aging parents who may be vulnerable to potential exploitation. He shares a case involving a couple, Josh and Mary, whose advisor raised concerns due to inefficient investment strategies.

The advisor held a substantial amount of cash in an IRA, with questionable high fees and poor interest rates. Additionally, the couple invested in high-cost mutual funds and expensive annuities, resulting in substantial extra expenses.

Daniel emphasizes the need for second opinions and encourages viewers to be vigilant, particularly when their parents are experiencing cognitive decline or health issues.

He advises against blind trust in advisors and suggests looking out for warning signs such as complexity, high fees, and excessive cash balances.

LINKS:

Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Jon discusses the increasing trend of hospitals dropping Medicare Advantage plans, emphasizing the importance of understanding how healthcare providers get paid.

Jon from Contract Diagnostics, highlights the potential impact on clinics and providers, as Medicare Advantage covers a significant portion of seniors.

The article quotes Scripps Health, stating that hospitals are adopting a strategy of "delay, deny, and not pay" for Medicare Advantage. Jon urges healthcare providers to be aware of the potential consequences on patient volumes, income, and compensation schedules, emphasizing the uncertainty of the situation.

Contract Diagnostics, a consulting service, offers assistance in navigating such challenges and promises ongoing support for healthcare professionals. Jon also mentions the relevance of this issue in an election year and encourages staying informed about future developments.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Today, Jon from Contract Diagnostics, discusses the changing landscape of healthcare with major players like Amazon, Google, Apple, and Berkshire Hathaway entering the field. He anticipates the impact of artificial intelligence on healthcare in 2024 but notes the challenges faced by these companies in executing their plans.

Jon believes that while technology may play a role, the personal relationship between patients and physicians will endure, especially in private practices. He suggests that despite advancements, the traditional model of healthcare, with a focus on personal service, will persist.

Jon concludes by promoting Contract Diagnostics' personalized approach to physician contract care and compensation analysis.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Applying for a mortgage does involve pulling credit. Many are worried about their credit score going down after pulling credit, but it is usually a minimal and temporary impact to your credit score. He also cautions against making any big purchases while in the process of getting a mortgage.

He explains how secure portals work for uploading your supporting documents and goes into details about which documents may be requested.

For more information about Doug Crouse, go to www.DougCrouse.com.

Clint Harris is a partner with Nomad Capital and podcast host of Truly Passive Income. He explains how "independence of purpose" can mean more than just financial freedom. We also explore active versus passive income.

Any good investment requires time, experience and money, but the purpose of passive investments is to "buy" someone else's time and experience to increase your return on investment.

We talk in depth about syndications and how they can not only boost your retirement, but can also unlock your golden handcuffs to allow you more freedom throughout your career as well.

To learn more about Clint Harris, go to www.NomadCapital.us or listen to his podcast Truly Passive Income.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

In this discussion, Daniel addresses a common question from individuals entering a new stage in life or transitioning into a new job with a higher income. The main concern is how to navigate the overwhelming array of decisions that come with these changes, such as managing finances, paying off debt, saving for the future, and balancing personal life.

Daniel emphasizes the importance of taking it easy on oneself and not succumbing to the pressure of making all decisions hastily. He advises against giving in to various temptations, such as taking on excessive work, buying a forever home, or succumbing to lifestyle inflation. Instead, he encourages individuals to reflect on their values and priorities before making significant decisions, particularly in terms of family, personal fulfillment, and long-term goals.

By aligning major decisions with core values, Daniel suggests a more thoughtful and intentional approach to navigating this transitional phase. He warns against the potential pitfalls of succumbing to societal pressures and encourages individuals to focus on what truly brings fulfillment in the long run.

LINKS:

Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

In this message, the speaker discusses the importance of aligning one's wealth and values for a more fulfilling life. Recording in mid-December, the speaker suggests that, before setting goals, it is crucial to reflect on personal values. Drawing from philosophical perspectives, the speaker explores the idea of a fulfilling life, emphasizing virtues and selfless development.

The speaker contrasts cultural values, such as efficiency, wealth, and individualism, with a more profound, value-driven approach. Anecdotes are shared, underscoring the potential pitfalls of pursuing success without aligning with personal values.

The role of money in influencing life choices is discussed, with the speaker urging listeners to prioritize values over financial success. The speaker emphasizes the need for self-awareness, highlighting the potential pitfalls of centering one's life on money, pleasure, or ambition.

Using personal examples, the speaker encourages listeners to define their values and envision their ideal selves, contemplating changes required for progress. Practical steps for self-reflection and value clarification are provided, stressing the importance of prioritizing values over external pressures.

In conclusion, the message advocates for a deliberate approach to life planning, with values serving as a guiding compass for setting and achieving meaningful goals, ultimately leading to a more fulfilling life.

LINKS:

Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

In this brief message, Jon emphasizes the importance of understanding the individuals you communicate with during contract reviews. He encourages users to explore the profiles of Contract Diagnostics' experienced team members when signing up for their services. Jon highlights the extensive backgrounds of the team, each with 10 to 30 years of experience in reviewing physician contracts.

He stresses the personalized approach of Contract Diagnostics, ensuring clients have the option to choose a specific reviewer. Jon also mentions ongoing recruitment and the development of an ambassador program.

He contrasts his team's personalized approach with other companies that may outsource contract reviews or attempt to sell additional services like insurance.

Jon concludes by inviting inquiries and expressing the team's dedication to helping with contract-related concerns.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

In this podcast episode, Jon from Contract Diagnostics discusses the growing use of artificial intelligence (AI) in the workplace, particularly in the field of contract reviews. He highlights the challenges employers face in establishing policies around AI, especially in healthcare settings where physicians use it to analyze patient data.

Employers are grappling with questions about trust in the system, potential pitfalls of inaccurate information, and the need for clear policies.

Jon expresses excitement about the positive impacts of AI on efficiency and patient care but also acknowledges concerns. He encourages listeners to share their organizations' approaches to

AI and emphasizes the importance of keeping abreast of evolving policies in this rapidly advancing technological landscape.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Doug talks today about how banks decide how much money they will loan you. He explains debt-to-income ratio. He also cautions about buying too much house, which could make you "house poor."

If you would like a free copy of Doug's book, Hippocratic House: Do No Harm When Purchasing Your First Physician Home, go to www.DougCrouse.com to request a copy.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Dr. Pouneh Alizadeh came out of residency and lived a traditional employed physician life, but found that over time the demands were too much and she was missing out on life with her family.

She decided to venture out on her own and live a purposeful life where she could separate her time at work, be with her family more and be present for each.

She talks about her journey, the logistics of achieving/maintaining FIRE, while simultaneously taking care of herself in the process.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Join Daniel Wrenne as he sits down with Dr. Marcelo Hochman, the founder of South Carolina's esteemed Facial Surgery Center, double Board-certified facial plastic and reconstructive surgeon, and President of Independent Doctors of South Carolina (IndeDocs).

In this engaging episode, they delve into the intricate landscape of medical careers, exploring the choices between private practice and employment, and the critical role of financial planning.

Dr. Hochman, also Past President of the Charleston County Medical Society and a provider of pro-bono care to children with vascular anomalies, shares profound insights on challenges faced during medical training, the importance of exposure to diverse career paths, and the impact of financial considerations on career choices.

The conversation extends to satisfaction levels among independent practice physicians versus employed physicians, with age-related variations adding an intriguing dimension.

Discover valuable advice, personal experiences, and resources for medical students, residents, and practicing professionals seeking to make informed decisions about their careers. Explore the mission of IndieDocs and the importance of preparing the medical pipeline for the future.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links: You can find Dr. Hochman here: The Facial Surgery Center LinkedIn Facebook YouTube Connect with me on my LinkedIn Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Daniel discusses an article titled "Why a Roth IRA is a Bad Idea," where the author claims to have lost nearly $400,000 to a Roth IRA and suggests that most people are losing money with this investment.

Daniel critiques the article, pointing out misleading aspects, unclear calculations, and a lack of consideration for individual situations. He emphasizes that for physicians, especially those maxing out work retirement plans, the Roth IRA can be a valuable tax-sheltered option, and decisions should be based on personalized circumstances and future projections of marginal tax rates.

Daniel also highlights the importance of distinguishing between average and marginal tax rates when comparing Roth and traditional IRA options.

Links:

Contact Finance for Physicians Finance for Physicians

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

In this brief message, Jon from Contract Diagnostics advises physicians to reach out to their firm early in the job search or contract negotiation process. He stresses the importance of early engagement, mentioning instances where physicians have sought assistance for contracts as far out as 2026.

Jon suggests contacting Contract Diagnostics three months before site visits or upon receiving a letter of intent or contract. He highlights the benefits of obtaining compensation data and leveraging the firm's resources during the job search, including free inquiry calls, interview guides, and educational webinars.

Jon emphasizes that reaching out early is preferable to avoid potential pitfalls and optimize negotiation strategies.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

In this brief message, Jon from Contract Diagnostics discusses the current trend of people looking for jobs well in advance, with some contracts extending into 2026.

He emphasizes the importance of understanding how to assess job postings, pointing out key factors like salary, benefits, role details, and potential partnerships. Jon acknowledges that recruiters may not always provide clear information about job locations to secure their commissions.

He encourages individuals to consider multiple options, gather information from various sources, and maintain due diligence throughout the job search process.

Additionally, Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Fannie Mae and Freddie Mac are raising their lending limits for conforming loans in 2024. This may affect borrowers in different ways depending on the lender they are using for their loan. Find out if this may affect you.

To learn more about Doug Crouse or to get a free copy of his book, go to www.DougCrouse.com.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Veena Jetti has been very successful in investing in multifamily properties for more than a decade. Her company Vive Funds has transacted over $1 billion in real estate. She shares how she got started, finds investors and chooses properties.

She also talks about surviving in the real estate market despite higher acquisition costs and interest rates that have doubled. She offers sound advice for choosing a real estate syndication for those looking to invest.

To learn more about Veena, go to www.ViveFunds.com or you can join her FaceBook group Mastering Multifamily with Veena Jetti.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Physicians feel the pressure to be perfect, and sometimes hide or fail to address their own mental wellness. Medicine’s intense focus on the quality of patient care is generally a good thing, but in some cases has unintended negative consequences. It takes courage for a physician to be vulnerable.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. John Budin, an accomplished physician, speaker, and blogger. John discusses why he chose to practice medicine and what he describes as the mental health closet.

Topics Discussed: • John’s Case: Pressure to hide mental health flaws that make physicians human • Mental Health Closet: Why John finally publicly shared bipolar disorder diagnosis • Culture of Medicine: Vulnerability is opposite of professionalism and success • Caregivers vs. Receivers: Difficult for doctors to acknowledge need, ask for help • License at Risk: Career consequences, repercussions for revealing mental health • Stigma Solution: Support and care for colleagues struggling with mental health • Community: Increased mental health awareness with doctors, residents, students • Physician’s Financial Path: Scary, uncertain aspects of being destabilized in life • First Step: Get treatment publicly or behind closed doors to remain confidential • Accept Humanness: Ways to become who you are, authentic, and vulnerable

Links: Physician Living with Bipolar Disorder Poll: Workplace Stigma, Fear of Professional Consequences Prevent Emergency Physicians from Seeking Mental Health Care International Society for Bipolar Disorders American Psychological Association (APA) Contact Finance for Physicians Finance for Physicians

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Why are so many female physicians dropping out of the profession? It’s extremely challenging to achieve balance as a physician mom. Not only are you a mom who is raising your own children, but a physician taking care of patients—besides having to deal with gender discrimination issues and the global pandemic. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Bonnie Koo, founder of Wealthy Mom MD. Her business is dedicated to helping physician moms have it all without giving it all. Bonnie empowers physician moms by providing financial literacy through her podcast, coaching, and courses. Also, Bonnie is a board-certified dermatologist, certified life coach, mother, step-mother, and fiancée. Topics Discussed: • Wealthy Mom MD: Teaches female physicians financial strategies to overcome • Taboos: Don’t talk about money to handle and deal with anxiety, stress, and guilt • Perfectionism and Money: Female physicians are afraid to fail and lose • Promise Land? Money doesn’t mean physicians live happily ever after • Purpose of Money: Helps you live the life you want and do good in the world • Compensation: Females navigating and negotiating in patriarchal society • COVID and Corporate Medicine: Magnified cracks to figure out money, stability • Financial Independence, Retire Early (FIRE): Money is resource to buy back time • Coaching: Download new software updates to your brain when behind financially • Thought Loops: You are what you think—being on auto-pilot vs. becoming aware Links: Wealthy Mom MD Weathy Mom MD’s Podcast on Negotiation Guest Post on Miss Bonnie MD: A Woman’s Guide to Becoming Financially Independent How Perfectionism In Medicine Spills Over Into Your Personal Finances Finance For Physicians

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Many people wonder if it is a good thing to pay a lump sum to pay down their loan. If you do that, your bank may allow you to do two things. You can simply continue to make the previously determined monthly payments, which will allow you to pay off your loan early. Or you can ask the bank to recalculate based on the new owed balance and give you a lower monthly payment for the duration of your loan. To request a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your Physician Home, go to www.HippocraticHouse.com.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

In this podcast segment, Jon discusses the recent announcements from CMS (Centers for Medicare & Medicaid Services) regarding new guidelines for 2024. He highlights a global reduction of 1.25 in overall payment rates, affecting various medical specialties.

Despite the decrease, there are significant increases for primary care and direct patient care services.

Jon emphasizes the importance of staying informed about CMS changes, as they can impact compensation structures and contract terms for healthcare professionals.

He encourages listeners to reach out to Contract Diagnostics for assistance in understanding and navigating these shifts, ensuring that physicians have a voice in negotiations and are fully aware of the implications for their practice.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Today, Jon from Contract Diagnostics discusses the shortage of primary care physicians in the United States and attributes it to lower compensation compared to specialists. He emphasizes the need to pay primary care physicians more to attract and retain talent.

Jon mentions the recent CMS rule for 2024, noting a decrease in the Medicare reimbursement rate for some services. He also encourages primary care physicians to negotiate with their employers and offers assistance in compensation analysis and contract reviews at Contract Diagnostics.

Ultimately, the goal is to address the shortage in primary care physicians, improve access to care, and ensure fair compensation.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Daniel Wrenne talks about planning for retirement and how your mindset and goals for retirement can affect your investments and depletion of assets. The main takeaway from today's episode is: Make a plan, make a plan, make a plan!

If you are in need of a financial advisor, you can learn more about Daniel Wrenne at www.WrenneFinancial.com or email him at Daniel@WrenneFinancial.com You can also listen to his podcast Financial Vitals on the Financial Residency network.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Life Insurance: How does it work and do you really need it? Are you worth more or less alive or dead? What you need to know to protect yourself and your loved ones.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about what type of life insurance you should own. When you are young and healthy, cover your life or earning potential because the risk of untimely death happening is extremely low, but the costs of income loss are extremely high.

Topics Discussed:

• Life Insurance Recommendations: Understand conflicts, know what to look for

• Why get it? Tomorrow isn’t guaranteed, avoid leaving family in a financial pinch

• When to get it? Before you urgently need it, when everything is good

• How much does it cost? Depends on health and age

• How much will you need? Enough, but always told to buy more

• How long will you need it? Longer the lock-in period, the more expensive

• Insurance Industry: Agents receive a high percentage of premiums for policies

• Advisor vs. Agent: What are the differences? Incentives? Disincentives?

• Coverage Calculations: Identify the correct amount of death benefits based on goals

• Types of Life Insurance Coverage:

◦ Human Life Value: Wrongful death determines lost earnings

◦ Financial Need Analysis: Maintain specific lifestyle, goals, assets, liabilities

◦ Term Life: Temporary death benefits for a set time period

◦ Permanent: Combines cost of term plus investment component

◦ Conditional: Secure coverage immediately before underwriting

Links: Contact Finance For Physicians Finance For Physicians

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Money isn’t always the key to happiness. What are the key financial planning processes for using your money to live a better life?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks with his colleague, Jennifer Quire, a fellow Certified Financial Planner CFP®. As financial planners, Daniel and Jennifer’s goal is to help physicians use their money to live better lives. This starts with working through the financial planning process. Listen in to find out what this looks like.

Topics Discussed:

• What is a financial plan? Roadmap of where you are and want to be

• How to create a financial plan?

◦ Organize financial affairs

◦ Clarify values and goals

◦ Analyze options

◦ Decide best path forward

◦ Execute next steps

• What’s most important to you? Money isn’t always the answer

• Life Planning Questions: If financially independent…

◦ I want you to imagine that you are financially secure, that you have enough money to take care of your needs, now and in the future. The question is, how would you live your life? What would you do with the money? Would you change anything? Let yourself go. Don’t hold back your dreams. Describe a life that is complete, that is richly yours.

◦ This time, you visit your doctor who tells you that you have five to ten years left to live. The good part is that you won’t ever feel sick. The bad news is that you will have no notice of the moment of your death. What will you do in the time you have remaining to live? Will you change your life, and how will you do it?

◦ This time, your doctor shocks you with the news that you have only one day left to live. Notice what feelings arise as you confront your very real mortality. Ask yourself: What dreams will be left unfulfilled? What do I wish I had finished or had been? What do I wish I had done? [Did I miss anything]?

• Analysis Paralysis: Focus on one thing at a time to make progress

• Deadlines: Time gets in the way and people don’t like change, ask for help

• A financial plan becomes worthless if you never execute on it

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

In the 2024 Medicare payment rule, the CMS has announced a 1.25 percent reduction in overall payment rates. However, there are notable increases in payment rates for primary care and direct patient care services.

The changes aim to balance healthcare quantity and access, and further analysis of the impact on various specialties will be provided by Contract Diagnostics in upcoming content.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Jon from Contract Diagnostics discusses the increasing role of artificial intelligence (AI) in the workplace, particularly in the context of contract reviews and healthcare.

He highlights the challenges employers face in establishing policies for AI usage and the concerns surrounding trust and accuracy. Jon expresses excitement about the potential benefits of AI, such as improving efficiency in tasks like analyzing patient charts.

He encourages listeners to share how their organizations are navigating AI integration and underscores the importance of staying informed about evolving policies.

Despite acknowledging the uncertainties and potential drawbacks, Jon emphasizes the inevitability of AI's presence and the need for embracing its advancements.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Confused on when you can or should lock your rate for a new mortgage?

When you turn in a contract for a home purchase, you can lock the rate at that point or you may choose to "float the rate" if you think rates might go down before your loan closes.

Also, should you spend points to get a lower rate? Maybe. You need to understand how long it would take to "break even" for the money you spend up front to get the lower rate.

If rates go down and you modify or refinance your loan, then you may never break even. Doug explains how to calculate this and reasons you may or may not choose to pay points.

To get a free copy of Doug's free book on physician mortgages, go to www.DougCrouse.com.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Physicians tend to be Type A personalities who need everything to be "just so." We are often people-pleasers who have a hard time saying no. Now throw in the propensity to undervalue our training and knowledge when coding and you end up with an underpaid, burned out doctor.

Dr. Megan Melo works with physicians to help them recognize these habits that contribute to exhaustion and dissatisfaction so they can find that healthy work-life balance we all crave.

You can learn more about Dr. Melo at www.HealthierForGood.com or listen to her podcast "Ending Physician Overwhelm."

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

If you drive a car and/or rent or own a home, do you know how to purchase and save money on home and auto insurance while maintaining adequate coverage?

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Andrew Wethall, an independent home and auto insurance agent for Energy Insurance Company. Andrew lives in Louisville, Kentucky, but works with customers all over the country. He makes clients’ insurance experiences easier all while maintaining adequate coverage at a fair price.

Topics Discussed:

• Most Common Pitfalls: Re-evaluate insurance every 3 years after residency

• Cheapest Option: Understanding the bones policy with state minimum coverage

• Basic Auto Policy: Physical damage, comprehensive and collision, liability limits

• Agent/Client Relationship: Pay attention to policy and continue to grow

• Risks: Insurance works great for high cost and very unlikely risks

• Umbrella Policy: Additional liability insurance to cover your assets

• No-Fault States: Who's at fault for the accident or damage?

• Car Rentals: What should you do when they’re pushing the insurance add on?

• Insurance Pricing: Depends on credit, driving record, claims history, act of God

• Structure: Differences between homeowner’s and renter’s insurance?

• Out-of-Control Catastrophes: Earthquakes and floods are not usually covered

• Attractive Nuisance: Umbrella policy for fun things—from pools to trampolines

• Denied! Seek multiple opinions and work with an agent to get claims paid

Links: Energy Insurance Company Andrew Wethall’s Phone: 859-797-4384 Andrew Wethall on LinkedIn Finance For Physicians

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

In this episode of "Coffee and Contracts," Jon from Contract Diagnostics discusses various aspects of signing bonuses, relocation amounts, and other upfront cash offered by employers to physicians.

He highlights the wide variation in these amounts and emphasizes the importance of understanding the repayment provisions associated with such bonuses. Jon explains that most contracts include clauses requiring repayment if the physician doesn't fulfill the agreed-upon employment term.

He details considerations such as the timing of bonus payments, repayment terms, interest, and forgiveness conditions. Jon encourages physicians to thoroughly understand the terms of such incentives to avoid potential complications and discusses how Contract Diagnostics can assist in contract review.

The episode is made possible by Financial Residency, and Jon invites viewers to reach out for further assistance.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

If you avoid talking about money with your children, then who pays for it later in life? Whether you know it or not, you’re teaching your children about money every day. Teach them what works and what doesn’t when it comes to finances.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. David Weisenhorn about money and parenting. David is a Senior Extension Specialist for Parenting and Child Adolescence Education at the University of Kentucky.

Topics Discussed:

• What is a family scientist? Mixes psychology and sociology focused on families

• Taboo Topic: Money isn’t up for conversation; vulnerabilities around values

• Lack of Education: Discussing finances in not covered in traditional curriculum

• Effects: Educate children to avoid risk of not using and handling money properly

• Mistakes: Avoiding subject of money doesn’t mean kids won’t use/experience it

• Proactive Parenting: Daily practice of teaching children how to deal with money

• Financial Literacy: Learn jargon and teach simple concepts via currency games

• Money Personalities: Habits and attitudes toward spending and saving

• Sink or Swim? Worth it to learn value of dollar early on to gain knowledge

• Allowances/Chores: Required versus going above and beyond to earn money

• Intrinsic/Extrinsic Motivators: Monetary incentives and sustainability of actions

• Zone of Proximal Development: Allow children to make and learn from mistakes

• Goals and Expectations: Smart small, don’t overpay, earn money from hard work

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Today, Jon from Contract Diagnostics discusses the delicate issue of whether physicians should share information about their compensation with colleagues. He emphasizes the importance of understanding the confidentiality clauses in employment contracts, which often prohibit discussions about compensation terms with colleagues.

The speaker acknowledges that despite these restrictions, physicians tend to share such information anyway. The discussion explores the potential benefits of asking colleagues about compensation when considering a job but highlights the legal constraints.

Jon concludes with an invitation for physicians to contact Contract Diagnostics for assistance in negotiating compensation and understanding industry benchmarks through their CompensationRx tool.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Doug talks about special circumstances that may come up at closing. If you are aware of these things and plan ahead, it can save you many headaches in the days leading up to the closing on your new home.

For example, if you know you will be out of town, you can either designate someone to sign on your behalf or have the lender arrange for a remote notary to meet you where you are.

To obtain a free copy of Doug's book "Hippocratic House: Do No Harm When Purchasing Your First Physician Home" go to www.DougCrouse.com.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Troy Eckard has been investing and working in the oil and natural commodities industry since 1985. He talks to us today about the potential for investing directly in this industry. He shares the history, current state of the market and projections for the future.

He explains how oil and gas is tied directly to inflation and real estate, which makes it a favorable investment in the current state of our economy.

To learn more about this industry and to determine whether it might be a good fit for your portfolio, go to www.EckardEnterprises.com.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Does permanent life insurance make sense or not? Is it the right or wrong short-term investment? In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about what you should look for and avoid to navigate the purchase of permanent life insurance. Topics Discussed: • Permanent Life Insurance Components: Cash value and death benefit • How does buying permanent life insurance compare to term life insurance? • Agents: People who push, play with permanent life insurance costs/commission • Worst Case Scenario: Buying permanent life insurance for one year • Best Case Scenario: Worst year for investment alternative to break even • Buy term, invest the difference for credit card debt and emergency reserves • Buy permanent life insurance when long-term tax savings outweigh cost and time • Key Takeaway: Get a second opinion to understand complexity, conflict of interest Links: Dave Ramsey TIAA-Cref Tax Shelter Contact Finance For Physicians Finance For Physicians

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Today I'm excited to talk with Doug about some of this craziness that's going on with the mortgage industry in mortgage rates in particular in the past few months, if you hadn't been paying attention rates have been skyrocketing.

We're gonna talk a little bit about what's going on there and what you might expect in the future. We're also gonna get into primarily talking about the pros and cons of a physician loan.

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Jon from Contract Diagnostics discusses a report from AMN, the parent company of Merritt Hawkins, focusing on the increasing demand and salaries for nurse practitioners (NPs) and physician assistants (PAs).

He highlights the importance of physicians understanding clauses in their contracts related to supervising NPs and PAs, emphasizing factors such as the number of assigned practitioners, compensation, and the nature of the physician's role.

Jon encourages physicians to be aware of these details and offers Contract Diagnostics' expertise in contract reviews and compensation analysis for physicians, PAs, and NPs.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Jon from Contract Diagnostics highlights the financial impact of physician turnover on organizations and emphasizes the importance of proactive discussions about compensation and other job-related factors.

He advises physicians to be vocal, aware, and well-prepared during contract renewals to ensure their needs are addressed.

Contract Diagnostics offers assistance in evaluating contracts and providing talking points for negotiations, recognizing the significant cost organizations incur when losing valuable healthcare professionals.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Doug offers a tip to help you get a better interest rate or save on fees when getting quotes from different lenders.

To learn more about Doug Crouse or to get a free copy of his book, go to www.DougCrouse.com.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Dr. Holly Shen is an OB/GYN doc who decided to forego being employed and venture out as an independent contractor. She started a group on Facebook to help educate and empower other OB docs who are thinking of doing the same.

She shares her experiences in finding jobs, securing insurance (both malpractice and health), getting licensed in multiple states, transferring DEA licenses, and talking with other doctors to ensure she is always paid fair market value when taking a new job.

This episode is not just limited to OBs who are thinking of making the switch.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Are you buying or renting? What are the perks of being a homeowner? Think through and focus on both financial and non-financial reasons.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about the rules of thumb when deciding whether to buy or rent a home.

Topics Discussed:

• Why buy? Live in it 3-5 years to break even and recoup upfront transaction costs

• Why rent? The best option if you plan to live there only a couple of months or years

• Numbers: Mortgage closing, realtor commissions, improvement costs, and ROI

• Taxes: Deduct ownership expenses; can’t deduct property/mortgage insurance

• Insurance: Renter’s insurance is less expensive than homeowner’s insurance

• Homeowners’ Association (HOA) Fees: Added costs for homeownership

• Uncertainty and Overestimation: Bias of living in a home longer than expected

• Lifestyle Creep: Living beyond your means and not analyzing home prices

• Headache Factor: Rent-not your problem; buy-home ownership increases issues

• The joy of Ownership: Cultural and cool factors to owning your own home

• Renting: Gets old not being able to do what you want with your place

• Rent vs. Buy Examples:

◦ 2362 Heather Way, Lexington, KY

◦ 8704 Grand Ferry Dr., Austin, TX

Links: Real Estate Home Price Indexes Price To Rent Ratio Austin Rental Example Lexington Rental Example Research on Renting vs Buying Finance For Physicians

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

How was the U.S. economy before the war between Russia and Ukraine started? How have things changed and what will they look like in the future? Expect a ripple effect!

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how the Russian and Ukraine War will affect financial planning and economic adjustments in the United States and other countries.

Topics Discussed:

• 9% Inflation Rate: Changes associated with war do not play a role, yet

• Work: Inflation should not be too big of a deal for those with a job/income

• 8% Unemployment Rate: Extremely low—people are working, plenty of jobs

• Interest Rates: Will continue to be increased to keep inflation under control

• Vanguard Total Stock Market: Index fund gauge indicates modest downturn

• Supply and Demand: War sanctions and restrictions result in prices increasing

• Economic Seasons: Difficult to predict what’s going to happen in the future

• Reverse Globalization: Economic impact due to isolated sections and countries

• Actions to Consider: Diversify portfolio, stay the course, take protective measures

Links: Contact Finance for Physicians Finance for Physicians

www.WrenneFinancial.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

In this message, Jon from Contract Diagnostics highlights the importance of contract reviews for physicians. He discusses various aspects of contract reviews, such as the percentage of non-negotiable contracts and the need for changes in physician contracts.

Jon emphasizes the differences between contract review firms, including their services and pricing structures. He points out that Contract Diagnostics offers nationwide services focusing on compensation and benefits, with the ability to pay over time and no hidden fees.

They do not sell client data and provide personal, detailed assistance from a professional with extensive experience.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Jon from Contract Diagnostics is addressing the question of how often one should expect an increase in pay. He explains that pay increases can vary depending on the employer and the terms outlined in the employment agreement. Some employers offer annual pay increases, while others may base it on factors such as MGMA data or blended survey data.

Jon emphasizes that if an employer does not proactively offer pay increases, it may be necessary for the employee to raise the topic themselves.

He encourages individuals on auto-renewing contracts to reach out to Contract Diagnostics for assistance in evaluating their compensation and determining if adjustments can be made.

Jon highlights the importance of understanding one's income potential and ensuring fair compensation. He mentions that transparent access to relevant information like RVU numbers, collections, and efficiency rankings is crucial for evaluating one's compensation.

Contract Diagnostics offers coaching and guidance for having discussions about compensation with employers.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Doug explains how points are calculated. Sometimes you can pay points to buy down your interest rate, but should you?

Doug talks about how to determine how long it would take to "break even" by paying money up front to get a lower rate. He then talks about forecasts in the mortgage industry about whether rates will go down.

To learn more about Doug Crouse or to get a free copy of his book, go to www.DougCrouse.com.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

This is a reboot to talk about the general principles of asset protection for physicians. It means more than getting an adequate medical malpractice policy.

It involves managing risks to hold on to the wealth we have accumulated. A good asset attorney will look at their clients holistically to anticipate areas where they may be at risk over and above being a physician, such as being a business owner, a board member, a spouse, an investor, etc.

Ike Devji has written hundreds of articles about asset protection and spoken at national conferences.

He works with clients across the country. He has links on his website with valuable free information about ways to protect yourself.

You can learn more at www.ProAssetProtection.com

Everyone has suffered from lifestyle creep to some extent. Somewhere along the way, you go from eating ramen noodles to the finer things in life. You become used to spending your entire salary. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about how to avoid lifestyle creep. What is it? How does it happen? How do you prevent it? Topics Discussed: Tricky Transitions: Going from little income to being paid the big bucks • Keep up with the Joneses: When you make more money, you tend to splurge • Lifestyle Creep: Taking on obligations and a million tiny spending decisions • Hedonic Adaptation: Making progress and adding little pleasures leads to pain • ‘Drug’ of Choice: Easier to add comfortable things, than to take them away • Why is lifestyle creep so dangerous? Lack of awareness creates conflict • Symptoms: What you want, not what you need; how disposable income is spent • Risk Factors: Are you a spender? Listen to others and seek expert guidance • ‘B’ Word: Be intentional and aware of budget by checking your cash balances • Team Effort: Resist temptation, finger pointing; be accountable about spending • Lifestyle Creep Challenges: ◦ Acknowledge underlying financial issues ◦ Be intentional before spending ◦ Identify highest priorities to align finances • Alternatives: Time, dedication, and intentionality to find free options Links: Monitor Spending in 10 Minutes Per Month Jeff Wenger on LinkedIn Cash Flow Tracking Excel Templates What Is Financial Therapy Wrenne Financial Planning Finance For Physicians

What are pros and cons of physician mortgage loans? What do you need to know before taking one out, especially during a crazy market and changing rates causing sticker shock? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Doug Crouse, mortgage lender that specializes in physician loans and author of Hippocratic House: Do No Harm When Purchasing Your First Physician Home. Topics Discussed: • Advantages: Low down payments, lack of PMI, and new job qualifications • House Poor HENRY? Don’t go into major debt to keep up with the Joneses • Hippocratic House: What to ask/expect as a first-time physician home buyer • Disadvantages: Some lenders price their physician loans higher due to upsides • Due Diligence: What to consider with lenders—service, rate, and closing costs • Doug’s Predictions: Rates will continue to climb but not at same pace • ARM: Makes sense if you don’t stay in the house and you make enough money Links: Historical 30-Year Mortgage Rates Doug Crouse - Physician Loans at BMO Harris Bank Hippocratic House: Do No Harm When Purchasing Your First Physician Home by Doug Crouse (Amazon) Hippocratic House: Do No Harm When Purchasing Your First Physician Home (Free Copy) The Big Short Movie Contact Finance for Physicians Finance for Physicians

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Jon from Contract Diagnostics encourages everyone to utilize data in their everyday life to improve outcomes, much like he does with his Abbott Libre 2 glucose monitor and Fitbit.

Moreover, he emphasizes the importance of understanding and using data to make informed decisions about their compensation or total cash compensation (TCC) in their jobs, especially for physicians.

He notes that utilizing available data sets online and understanding your specific circumstances can help you make precise decisions. At Contract Diagnostics, they help physicians analyze compensation details based on their specific situations and data sets.

Jon encourages physicians to approach their employers and have meaningful conversations about their compensation based on analyzed data.

Contract Diagnostics offers assistance in this process through consultation services, visit www.ContractDiagnostics.com

Join Daniel Wrenne and his guest Jon Appino as they delve into the complex world of physician contracts, with a specific focus on disability considerations. In this informative and engaging show, they discuss the intricacies of negotiating physician contracts while addressing the importance of disability provisions.

Key Takeaways: - Customize contracts to align with your unique story, considering disability-related factors. - Leverage high demand in the physician field for better negotiating power, with a focus on disability provisions. - Maximize financial benefits by utilizing bonuses, while understanding how disability-related clauses can impact compensation. - Embrace flexibility in contracts to adapt to life's uncertainties, including potential disability-related challenges. - Seek expert guidance to navigate the complexities of physician contract negotiations, with a specific emphasis on disability provisions.

Join us for insightful discussions, practical advice, and real-world examples that will equip you with the knowledge and tools to make informed decisions regarding your physician contracts, including considerations for disability-related matters.

Don't miss out on the opportunity to gain a deeper understanding of this crucial aspect of your career, ensuring you have the necessary safeguards in place.

Links What happens when ChatGPT reviews a contract?

Compensation Rx Service from Contract Diagnostics

Schedule a free consult with Contract Diagnostics

Physician Employment Contracts and Compensation with Jon Appino

Contracts and Disability: Understanding Your Rights and Protections as a Physician with Jon Appino

Connect with me on my LinkedIn: https://www.linkedin.com/in/danielwrenne/

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Choosing the best lender often means more than just getting the best rate. Doug talks about comparing interest rates, lender credits, PMI, etc. It never hurts to talk to more than one lender to see what is available to you. To learn more about Doug Crouse or to get a free copy of his book, go to www.DougCrouse.com.

Ike Devji is an asset protection attorney who has spoken at national physician conferences and is a prolific author on the subject.

Today he talks about 4 specific ways to protect your estate, including prenuptial agreements https://www.physicianspractice.com/view/valentines-day-starts-prenup-season, avoiding tax scams that result in illegal tax evasion vs the legal tax avoidance, the IRS Dirty Dozen https://www.irs.gov/newsroom/irs-wraps-up-2023-dirty-dozen-list-reminds-taxpayers-and-tax-pros-to-be-wary-of-scams-and-schemes-even-after-tax-season, and a new reporting requirement for anyone who owns an LLC/S-corp/C-corp/etc.

That has heavy fines if you don't comply timely https://www.fincen.gov/boi-faqs.

He wrote an article in Physicians Practice about this which you can view at https://www.physicianspractice.com/view/new-mandatory-reporting-requirements-for-business-and-practice-owners.

To learn more about Ike Devji or to see his many articles on asset protection or other podcasts, go to www.ProAssetProtection.com.

Jon discusses the difference between W-2 and 1099 employment statuses and answers common questions related to pay differences and converting from one status to another.

He explains that 1099 independent contractors do not receive benefits and typically have to file taxes on a quarterly basis, resulting in higher taxes. As a general rule, 1099 contractors are paid 10 to 15 percent higher than their W-2 counterparts to account for these additional costs. J

on also mentions that it is possible to switch between the two statuses but emphasizes the importance of understanding the rules and regulations set by employers and the government.

He suggests consulting with a tax advisor and Contract Diagnostics for further guidance on contract negotiations and employment decisions.

LINKS:

www.ContractDiagnostics.com

Join Daniel Wrenne and Jeffrey Wenger as they navigate the complex landscape of student loan repayment strategies in this episode!

With a focus on helping physicians, particularly those working with Public Service Loan Forgiveness (PSLF) in mind, Daniel and Jeff take you on a journey through the recent changes in student loan policies. They explore the historical approaches to student loans and delve into how the transition to the new SAVE Plan (Saving on a Valuable Education Plan) can impact your financial future.

Discover the intricacies of student loan management and gain insights into crafting a tailored repayment strategy that suits your unique circumstances. Daniel and Jeff bring their expertise to the table, making the complex world of student loans more understandable and helping you make informed decisions.

Whether you're a recent graduate, a seasoned borrower, or just interested in the world of student loans, this episode provides valuable insights into the ever-changing student loan landscape.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links:

Connect with me on my LinkedIn: https://www.linkedin.com/in/danielwrenne/

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Jon from Contract Diagnostics discusses the allocation of time in academic job contracts. He explains that academic contracts often include percentages to outline the distribution of time between clinical work, research, administrative tasks, and education.

Jon recommends that the contract should clearly define the percentages and provide detailed information about what each percentage entails. For example, if 75% of the time is allocated for clinical work, it should be specified whether this refers to a certain number of days or sessions per week.

Similarly, if 25% is for research or administrative tasks, it is important to clarify the nature of the work and any specific requirements or commitments. Jon advises job seekers to thoroughly understand the compensation structure and incentive plans as well.

He suggests asking relevant questions to the employer to ensure clarity and align expectations. Jon invites viewers to reach out to Contract Diagnostics for further assistance or information. If you have questions or need assistance, Contract Diagnostics can help analyze your situation and provide guidance.

LINKS:

www.ContractDiagnostics.com

The Fed will meet again at the beginning of November. Are rates expected to go down? Are we entering a recession?

Doug gives his thoughts on rates in the near future and through next year. He talks about making big purchases and making sure you don't overextend yourself.

To learn more about Doug Crouse or to get a free copy of his book, go to www.DougCrouse.com.

Dr. Sunana Sohi shares her very unique passion that helps her relax when outside of the GI suite.

It helped her through Covid and binds her family together through this special type of play.

You can see her perform by following her on Instagram @SunanaSohi.MD.

This summary discusses the Collections Compensation Model, commonly used in private practice medical settings to determine physician remuneration.

In this model, rather than being paid upon production (like in the RVU model), physicians are compensated based on when the service is reimbursed to the practice.

There can be many variations to this model, such as a base salary with a percentage of net collections beyond a threshold or simply receiving a percentage of all net collections. Another variation involves taking home the collections after overhead costs have been settled.

It's crucial to negotiate effectively under this model and understand opportunities for increasing collections or decreasing overhead costs.

The system encourages practice efficiency, but one must also consider situations when collections are generated when the physician isn't present.

LINKS:

www.ContractDiagnostics.com

The article discusses how hospitals are dropping Medicare Advantage due to delays in government payments. Scripps, a major player in California, has already dropped a significant portion of Medicare Advantage, resulting in 30,000 seniors losing their coverage.

This can create challenges for employers in maximizing staff and maintaining profitability. Physicians who work with Medicare Advantage should communicate with their employers to understand how it might impact their practice.

If you have questions or need assistance, Contract Diagnostics can help analyze your situation and provide guidance.

LINKS:

www.ContractDiagnostics.com

Welcome to "Finance For Physicians," the podcast that helps doctors live their lives on their own terms. In this episode, we dive into the world of orthopedics with Dr. Daniel Paull, the founder of Easy Orthopedics in Colorado Springs.

Dr. Paull's unique practice challenges the status quo and positively disrupts the traditional healthcare system.

Join us as we uncover the distinct features of Dr. Paull's practice, delve into his journey of building an innovative model, and discover how it benefits both physicians and patients. We'll explore his emphasis on honesty, patient care, and transparent pricing, which sets his practice apart.

You'll walk away with these takeaways:

The power of challenging the status quo
Prioritizing patient care
Transparent pricing and relationship-based care
The impact of a modest lifestyle on entrepreneurship
The direct care model's advantages

Tune in to this inspiring conversation with Dr. Daniel Paull as we dive into his disruptive approach to orthopedics and gain insights that can motivate and inform listeners who are passionate about challenging the healthcare system. Don't miss out on this opportunity to explore how one doctor was able to break away from the system and practice medicine the way he knew to be correct.

Links

Connect with Dr. Paull on his LinkedIn: https://www.linkedin.com/in/easyorthopedics/

Easy Orthopedics

Connect with me on my LinkedIn: https://www.linkedin.com/in/danielwrenne/

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Contract Diagnostics is a company that works with physicians who serve underserved areas, particularly in rural hospitals. The company understands that rural hospitals may not be the most profitable for larger healthcare systems, leading to cutbacks and operational changes.

Contract Diagnostics aims to help physicians navigate these changes by reviewing their contracts and providing assistance. They offer free 15-minute inquiry calls to understand each individual's situation and provide support.

They are committed to being a trustworthy resource and providing guidance during challenging times in the ever-changing healthcare landscape.

LINKS:

www.ContractDiagnostics.com

Doug talks today about some changes Fannie Mae is making soon regarding loan limits for conforming loans.

Fannie Mae is also making some positive changes for buyers who want a multi-family property (duplex, triplex or four-plex) in which they also plan to live.

If you would like to get a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your First Physician Home, go to www.HippocraticHouse.com.

Dr. Mitch Li is an emergency room physician who started www.TakeMedicineBack.org to help physicians fight against the corporatization of medicine.

His group is working with physicians, attorneys, medical societies, and lawmakers to enforce laws already on the books to prohibit the corporate ownership of medical practices, thereby giving physicians the autonomy to work in the best interest of their patients.

Today Jon discusses the impact of artificial intelligence (AI) on various industries, including healthcare. He mentions using AI for tasks like generating ideas and conducting travel research.

In healthcare, AI is expected to play a significant role in areas like radiology and pathology, where it can improve efficiency and accuracy. The speaker believes that AI will bring changes to how medical professionals diagnose and treat patients, as well as how research is conducted and medications are approved. However, he emphasizes the importance of human involvement and personal care in healthcare and contract analysis.

He encourages professionals to embrace technology while recognizing the value they bring to their respective fields.

LINKS:

www.ContractDiagnostics.com

values conflict as a major issue for physicians in the healthcare system. This conflict arises when the system's requirements and expectations clash with a physician's personal or professional values. For example, a doctor may believe that spending more time with patients is essential for quality care, but the system limits their time with each patient. This conflict can lead to burnout and moral injury, as the physician feels they are unable to provide the care they believe is necessary. The values conflict also extends to the balance between professional and personal life, with doctors often feeling pressure to prioritize work over family or personal responsibilities.

Addressing this values conflict is crucial for improving the healthcare system and reducing burnout among physicians. By supporting and empowering physicians to align their practice with their values, the system can improve satisfaction and patient care. This can be achieved through changes in the system, such as allowing more flexibility in scheduling or implementing models like direct primary care that give doctors more control over their practice. Additionally, financial independence can provide doctors with the freedom to make choices that align with their values without fear of economic repercussions.

Overall, having a system that respects and supports physicians' values.

Links Connect with me on my LinkedIn Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Contract Diagnostics is reaching out to chief residents and fellows, offering guidance and support in navigating contracts and compensation.

They provide free customized educational webinars for different specialties, tailored to specific programs and trends in the field. With a wealth of unbranded educational content and experience working with renowned organizations, Contract Diagnostics aims to promote education and help physicians in leadership roles enhance their departments and teams.

Their passionate team, including a physician director of education, is dedicated to providing valuable insights and assistance to residents and fellows in need.

LINKS:

www.ContractDiagnostics.com

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start.

https://locumstory.com/

Join Daniel Wrenne and Jeffrey Wenger as they navigate the complex landscape of student loan repayment strategies in this episode!

With a focus on helping physicians, particularly those working with Public Service Loan Forgiveness (PSLF) in mind, Daniel and Jeff take you on a journey through the recent changes in student loan policies. They explore the historical approaches to student loans and delve into how the transition to the new SAVE Plan (Saving on a Valuable Education Plan) can impact your financial future.

Discover the intricacies of student loan management and gain insights into crafting a tailored repayment strategy that suits your unique circumstances. Daniel and Jeff bring their expertise to the table, making the complex world of student loans more understandable and helping you make informed decisions.

Whether you're a recent graduate, a seasoned borrower, or just interested in the world of student loans, this episode provides valuable insights into the ever-changing student loan landscape.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links Connect with me on my LinkedIn Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start.

https://locumstory.com/

In tonight's episode, host Doug Crause discusses the topic of refinancing and its importance in making purchase loan decisions. He shares his personal opinion on the current market environment and offers insights on when to consider refinancing or opting for an adjustable rate mortgage.

Additionally, he suggests asking lenders about rate modifications and low or no cost refinancing options.

Doug is a physician lender with BMO Bank. To learn more about him or to request a free copy of his book, go to www.DougCrouse.com.

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start.

https://locumstory.com/

Being an employed physician who accepts insurance can be overwhelming with all of the administrative tasks we must go through to get paid. Have you ever thought of opening a clinic where you didn't take insurance?

What would that look like?

Dr. Rebekah Bernard joins us to talk about her experience as a Direct Primary Care physician. She also states other specialties are starting to follow suit and open practices around the US.

We explore how she got started, how she helps her patients get the tests and procedures they need, how she documents, the financial side of DPC and more.

Dr. Bernard is an advocate for physician wellness, physician-led care and preventing/treating physician burnout. She is an author and podcast host.

You can learn more about her at www.RebekahBernard.com.

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start.

https://locumstory.com/

In this episode, Daniel and Jeff dive into the intricacies of the new Student Loan Affordability and Value for Education (SAVE) Plan, shedding light on emerging strategies for student loan borrowers. The SAVE Plan is making waves in the world of student loan repayment, offering exciting opportunities for those seeking to manage their debt effectively.

The hosts explore the advantages and considerations of the SAVE Plan compared to other repayment options, such as PAYE and IBR, and discuss the crucial factor of filing taxes jointly or separately when optimizing student loan payments. They also touch upon the implications of the SAVE Plan for Public Service Loan Forgiveness (PSLF) and examine how it influences long-term loan forgiveness.

But that's not all; Daniel and Jeff also tease an intriguing topic for their next episode: the possibility of buying back credit on PSLF. Tune in to stay informed about the latest developments in student loan management, discover new strategies, and navigate the ever-evolving landscape of student debt.

Whether you're a recent graduate, a seasoned borrower, or just interested in the world of student loans, this episode provides valuable insights into the ever-changing student loan landscape.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links My Aid Data - https://studentaid.gov/ Connect with me on my LinkedIn Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

In this episode, Jon from Contract Diagnostics addresses the topic of work-life balance, which has been a common concern among physicians. Burnout and the need for balance are frequently discussed in the medical field, and Jon emphasizes the importance of addressing these issues upfront when negotiating contracts.

He shares examples of physicians he has worked with who prioritize time off or flexibility in their schedules, and advises physicians to clearly communicate their expectations to potential employers.

Jon stresses the need to document work-life balance arrangements in contracts to avoid any misunderstandings or disappointment in the future.

He also highlights the changing perspective of newer physicians who value a better work-life balance, and offers assistance to physicians who need help navigating contract negotiations.

LINKS:

www.ContractDiagnostics.com

Join Daniel Wrenne and Jeff Wenger on an enlightening episode of "Finance for Physicians," where they explore the dynamic world of student loans, financial planning, and more. In this engaging conversation, Daniel and Jeff discuss recent updates and developments in the field, offering valuable insights and strategies to empower physicians in managing their financial futures.

Discover essential tips, uncover emerging trends, and gain a deeper understanding of the financial intricacies that impact medical professionals. Whether you're a medical resident starting your career or an experienced practitioner looking to optimize your financial strategy, this episode is packed with valuable information to help you make informed decisions and secure your financial well-being.

Tune in to "Finance for Physicians" and stay ahead in your financial planning journey as a physician, gaining the knowledge and expertise you need to thrive in your financial life.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links: Show digging into the most recent round of changes Show going over other big changes that happened during COVID Blog Post on most common student loan mistakes (pre-COVID) Connect with me on my LinkedIn Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Jon from Contract Diagnostics discusses the transition from employment to partnership in a private practice. He emphasizes the importance of reviewing the initial associate agreement and understanding the metrics that determine eligibility for partnership.

Jon also addresses the financial considerations involved in buying into partnership and highlights the need to understand the potential risks and benefits. He advises viewers to focus on the near-term aspects of their employment and partnership prospects while also considering the future possibilities.

Contract Diagnostics specializes in reviewing contracts for partners and employees, and Jon encourages viewers to reach out for assistance.

LINKS:

www.ContractDiagnostics.com

Have you ever applied for a loan or a new credit card then received 200 unwanted calls from people soliciting your business?

The credit bureaus unfortunately do sell their information after someone's credit has been checked.

However you can avoid these calls by going to www.OptOutPrescreen.com or www.DoNotCall.gov.

A truly inspirational story of a woman who overcame severe childhood trauma and homelessness to become a physician and advocate who helps other people who don't have a voice.

You can hear her story here or read her book Hindsight: Coming of Age on the Streets of Hollywood. You can learn more about her at www.SherylRecinosMD.com.

How can special needs planning positively change your family’s life when you have a child or children with a disability? It really depends on their needs, so map out the plan for them.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the basics of special needs planning and available tools.

Topics Discussed: • Worst Case Scenario: Unexpected death or disability

• FAQs:

◦ Who is going to take care of my child or adult with a disability?

◦ How will they know how to take care of my child with a disability?

◦ Will my child have enough financial support for lifetime care?

◦ How do I save for my child with a disability?

• Tools:

◦ Will is a legal document that names a guardian and outlines care needs

◦ Letter of Intent (LOI): Document that outlines key components of care

◦ Special Needs Trust: Direct funds to child’s care; get government benefits

◦ Change beneficiary designations to reflect the special needs plan

◦ Communicate plan with identified and designated beneficiaries

◦ Create ABLE account to save for qualified expenses for disabled children

Links: Letter of Intent (LOI) Template Contact Finance for Physicians Finance for Physicians

Do you remember the late Notorious B.I.G.’s song, Mo Money Mo Problems? Physicians can probably relate to it. On the flip side, some people believe that having more money makes you benefit from fewer problems.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about how making more money often leads to more problems.

Topics Discussed:

• Does money make you happy? Depends on how you define problems

• $1 or $1 Million: More money makes simple things complex choices, decisions

• More assets means more checking, savings, credit card accounts go unclaimed

• Temptation: Easy to add something, but more painful to take something away

• What happens to your money? Be responsible and organized; not out of control

• Perceived Target: Doctors are rich, even residents with $400,000 in student loans

• Moral of the Story: Use money to improve and have less problems, happier life

• Slippery Slopes: Choose wisely between buying nice things or being generous

• Time: More money can buy time to prioritize and outsource tasks, responsibilities

Links: Jeff Wenger on LinkedIn Wrenne Financial Planning Finance For Physicians

In this informative message, Jon from Contract Diagnostics discusses the topic of inflation and its impact on salary. He emphasizes the importance of understanding compensation not only in the present but also how it may change in the future.

While contracts typically do not include automatic adjustments for inflation, Jon suggests that negotiating for annual raises or cost-of-living adjustments could be beneficial. He further highlights the significance of considering the employer's needs and the market dynamics when discussing compensation.

Jon encourages individuals to reach out to Contract Diagnostics for assistance with contract and compensation-related matters.

LINKS:

www.ContractDiagnostics.com

In this message, Jon from Contract Diagnostics discusses the total compensation data from the MGMA survey, which is considered the gold standard for physician compensation.

The MGMA survey gathers data from a large number of physicians and their employers each year, but participation is relatively low, so the accuracy of the inputs is uncertain. The data includes various types of compensation such as salary, bonus, incentives, stipends, and distributions of profits, but excludes expense reimbursements and employer contributions to benefits like retirement plans and insurance.

Jon emphasizes the complexity of interpreting the data, as it does not account for factors like call stipends, signing bonuses, or variations in workload.

Despite its shortcomings, Contract Diagnostics can help physicians make sense of the MGMA data and consider it alongside their individual situations.

LINKS:

www.ContractDiagnostics.com

The term can mean different things in different markets. It can also be used to describe an account versus the stage you are in when buying a house. Doug explains the differences and when it can be waived by the buyer.

He also talks about why people sometimes want to waive escrow and whether it benefits them or not.

To request a free copy of Doug's free book "Hippocratic House: Do No Harm When Purchasing Your First Physician Home" go to www.HippocraticHouse.com.

Dr. Kristine Scruggs shares her journey as a novelist turned screenwriter. Exploring her creative side has helped her overcome and avoid burnout as a hospitalist physician.

She is able to use her medical knowledge to help write scenes and themes in her works.

She talks about conferences and competitions that have been beneficial to her in getting her work noticed and making contacts in the industry.

You can learn more about her and her work at www.KVScruggs.com.

Jon from Contract Diagnostics discusses the topic of inflation and its impact on physicians' contracts. He emphasizes the importance of proactively addressing the issue of rising costs and suggests several strategies for physicians to consider.

One strategy is to negotiate for periodic raises built into the contract, either as fixed amounts or tied to an inflationary index. Another option is to negotiate for a cost-of-living increase, which could be tied to a specific metric or capped at a certain percentage.

Jon also mentions the possibility of negotiating for shorter contract terms with the opportunity to renegotiate at the end. He highlights the need to take into account factors such as inflation, CMS changes, production, and profitability when seeking future compensation increases.

Jon invites physicians to reach out to Contract Diagnostics for assistance here is the link www.ContractDiagnostics.com

In this discussion, we will be exploring the topic of social security and its importance in financial planning. There are often misconceptions surrounding social security, leading to negative perceptions about its funding and benefits. However, it is crucial to consider the potential advantages and whether it should be included in one's planning.

For individuals with above-average incomes, such as physicians, it is likely that a significant amount will be contributed towards social security throughout their careers. Currently, the income threshold for contributions is set at $160,200 in 2023. Both employees and employers are required to contribute 6.2% each, totaling 12.4% of income. Self-employed individuals also contribute the full 12.4%.

Given these contribution levels, it is essential to understand the potential benefits of social security. At present, the maximum benefit at full retirement age is $3,627 per month, with variations depending on birth year. The maximum benefit can reach $4,555 per month at age 70. It is plausible that individuals with full careers and maximum social security contributions would receive these benefits.

Considering the substantial lifetime payments and the potential return on investment, social security might not be as unfavorable as some may believe. However, it is crucial to analyze and project the future implications. While it may be satisfactory to receive benefits at current levels or during the later stages of one's life, the question arises regarding the future sustainability of social security and potential tax implications.

By discussing these aspects, we aim to provide a comprehensive understanding of social security, how it operates, and its potential application in financial planning. Whether it is a worthwhile benefit to consider for the future depends on individual circumstances, and we will explore these further to provide a clearer perspective on the matter.

Links: Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Sometimes buyers make the decision to waive appraisal contingency in a competitive market. Basically that means you will buy the house even if it doesn't appraise for what you offered. But what does that mean when it comes to getting a loan? Does that put you or your earnest money at risk? Learn more about this on today's episode. Doug is a physician lender with BMO Bank. To learn more about him or to request a free copy of his book, go to www.DougCrouse.com.

Today, John Appino from Contract Diagnostics provides insights into medical directorships. He discusses the compensation structure of medical directorships, which varies based on the amount of work and scope required.

Typically, medical directors are compensated per hour and there may be monthly or annual caps on compensation. The dollar amount usually ranges from $120 to $200+ per hour.

John emphasizes the importance of understanding the requirements and expectations of the medical directorship, as it may involve uncompensated time and additional hours beyond the cap.

Keeping track of hours is crucial to ensure accurate payment. For specific data and guidance on medical directorships, Contract Diagnostics is available to assist.

LINKS:

www.ContractDiagnostics.com

Dr. Latifat is a physician, a mother, a financial educator, and a recovering burnt-out professional who's helping other physicians reach their financial freedom dreams through her website, moneyfitmd.com

In this episode of Finance for Physicians, we'll talk about Dr. Latifat's story of financial success and how she did it by following her values and ignoring the path society had in store for her.

If you feel like you're living someone else's life or living in the way most people think you should...
If you've ever felt you're not acting true to your professional and personal values...

Our interview with Dr. Latifat is for you!

Enjoy, and thank you for listening to the Finance For Physicians Podcast!

Links:
MoneyFITMD
Contact Finance for Physicians
Finance for Physicians
To schedule a call with one of our awesome planners, book HERE.

Dr. Corinne Rao is a vocal proponent of taking medicine back. While that can mean many different things to different people, her focus is to educate yourself and know your worth.

Don't settle. Advocate for yourself.

Find jobs that value your time, your education and pay you accordingly.

Discover what is important to you in your career and then find the job that supports that.

In this message, John from Contract Diagnostics discusses the issue of credentialing delays in the employment of physicians.

He mentions receiving emails from physicians who are experiencing delays in starting their jobs due to credentialing issues. John believes that if physicians have fulfilled all their obligations and met the initial requirements for credentialing, they should not be harmed by delays caused by their employer.

He recommends including language in contracts that ensures payment to physicians on their agreed-upon start date, as long as they have fulfilled their credentialing requirements.

John also mentions that some employers may offer alternative arrangements, such as partial credentialing packages or proctoring programs, while the credentialing process is underway.

He encourages physicians facing these delays to reach out to Contract Diagnostics for assistance and reminds them that Contract Diagnostics can also provide help with contract analysis and compensation analysis.

LINK:

www.ContractDiagnostics.com

It's difficult to work in oncology and teach at the same time about it.

It's also hard to run a non-profit in a conservative industry that usually puts profit above all else.

However, some people manage to do it. And it's those professionals we want on our show.Such is the case with Dr. Shikha Jain.

Besides being a practicing oncologist & professor at the University of Illinois, Shikha is also...

The founder of the Women in Medicine Summit
The CEO of the Covid-19 non-profit IMPACT.
The president of the non-profit Women in Medicine.
A TEDx speaker.

Her work has also been featured in some of the most respected magazines in the world, such as TIME, Scientific American & The New York Times.

To top it all, Dr. Shikha doesn't struggle with burnout and is happy to go to work every day.

How can she juggle so many things at once? How does she avoid burnout? And more importantly, how does she balance the work of entrepreneurship with medicine?

To learn all that, listen to our full interview with her!

Enjoy!

Links: Dr. Shikha Jain's website IMPACT4HC Women in Medicine Summit Women in Medicine

Twitter accounts: @ShikhaJainMD @WIMSummit @IMPACT4HC @WomeninOnc

Contact Finance for Physicians Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Welcome to another episode of Finance For Physicians, where we dive deep into the financial matters that matter most to physicians.

In this episode, your host, Daniel Wrenne, takes the stage solo to unravel the complexities surrounding the 457B plan – a topic that's crucial for physicians managing their finances independently.

In this concise yet insightful episode, Daniel breaks down the fundamental aspects of the 457B plan. He sheds light on the key distinctions between the two primary flavors of this retirement plan: the governmental and non-governmental 457B plans. Daniel explains why having access to a governmental 457B plan can be a game-changer for your financial future, resembling the familiar terrain of 401(k)s and 403(b)s.

But, as with any financial choice, there are nuances and potential pitfalls to be aware of. Daniel delves into the crucial details, including distribution options and the unique challenges that come with non-governmental 457B plans. By the end of this episode, you'll have a clear understanding of which 457B plan aligns with your financial goals and why making the right choice matters.

Don't miss this chance to arm yourself with knowledge that can shape your financial future. If you have questions or want us to cover specific topics in future episodes, email Daniel at Daniel@financeforphysicians.com

Your financial well-being is our top priority, and we're here to provide you with valuable insights every step of the way! Access our exclusive free resources for physicians and conquer financial stress. Access here. Links

Connect with me on my LinkedIn

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

John discusses the topic of letter of intents and their negotiation. He explains that a letter of intent is typically received before a formal contract and often includes details such as salary, signing bonus, relocation amounts, and student loans.

He emphasizes the importance of negotiating these terms at the letter of intent stage rather than waiting for the formal contract. John warns against assuming that a letter of intent is non-binding and urges physicians to consult with Contract Diagnostics to ensure they are aware of all the terms and conditions before signing anything.

He assures listeners that Contract Diagnostics is available to provide guidance and assistance in negotiating letter of intents and contracts.

LINKS:

www.ContractDiagnostics.com

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

It depends. If you have a guaranteed amount of shifts at a certain rate, it may be very similar depending on the bank. This would be the case for someone who works as a contractor for a company like Team Health or a per diem employee with a guaranteed amount of shifts. If you are truly a business owner without a guaranteed income, then you will likely need a 1-2 year history with this type of income to prove you have a stable income. Be sure to talk to your lender early so you know early whether you are likely to encounter problems when trying to get a mortgage. To request a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your Physician Home, go to www.HippocraticHouse.com. Links: Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

Jon Appino with Contract Diagnostics talks about a free educational webinar open to all Financial Residency listeners on 9/7/23 at 7 pm CST. He will talk about trends in compensation, the importance of doing a periodic check up on your existing contract to ensure you are being paid fairly and answer all questions from attendees. On today’s episode, we also talk briefly about check ups. You need them for not only your physical health, but also your financial wellbeing. To sign up for the webinar, go to https://contractdiagnostics.com/cdx-educational-lecture/.

In this message, John from Contract Diagnostics discusses the issue of credentialing delays in the employment of physicians.

He mentions receiving emails from physicians who are experiencing delays in starting their jobs due to credentialing issues. John believes that if physicians have fulfilled all their obligations and met the initial requirements for credentialing, they should not be harmed by delays caused by their employer.

He recommends including language in contracts that ensures payment to physicians on their agreed-upon start date, as long as they have fulfilled their credentialing requirements.

John also mentions that some employers may offer alternative arrangements, such as partial credentialing packages or proctoring programs, while the credentialing process is underway.

He encourages physicians facing these delays to reach out to Contract Diagnostics for assistance and reminds them that Contract Diagnostics can also provide help with contract analysis and compensation analysis.

LINK:

www.ContractDiagnostics.com

To sign up for the webinar, go to https://contractdiagnostics.com/cdx-educational-lecture/.

Christine Zharova is an attorney that has defended physicians' work rights and practices for the last 15 years.

Her work specializes in malpractice lawsuits, and unfortunately, she's been pretty busy lately - big malpractice lawsuits are far more common in the healthcare world than people think.

Even more alarming is the percentage of chance a physician can get sued in such a case - it's usually 50%+ for both high-risk and low-risk specialties.

If you're a physician curious about the legal workings of healthcare lawsuits and the legal system behind them, our conversation with Attorney Christine will keep you hooked. Enjoy!

Links:

Attorney Christine Zharova Attorney Christine Zharova LinkedIn MedMal Game

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

In this message, John from Contract Diagnostics shares a situation where a physician has relocated for a job that promised a minimum of 14 shifts per month.

However, the employer is now only scheduling the physician for seven to eight shifts per month, causing a significant decrease in their expected income.

John emphasizes that it is important for physicians to hold employers accountable for the terms stated in their contracts. He advises the physician to communicate with the employer, presenting the contract that guarantees a minimum number of shifts and addressing the discrepancy.

John also offers assistance and referral to a local attorney if necessary, reaffirming the commitment of Contract Diagnostics to guide physicians in contract-related matters. He encourages physicians not to remain passive and to assert their rights in such situations.

LINK:

www.ContractDiagnostics.com

The short answer is no except for sod or weather-related items such as sprinklers.

Sometimes realtors will write a contract that states you want to escrow for a roof that needs repaired or the counter tops haven't been installed yet, but the banks no longer allow for this. The bank is writing a loan for a "completed house."

They don't allow you to escrow for future items to be completed. If you want to learn more about Doug Crouse or get a free copy of his book, check out www.DougCrouse.com.

Interest rates are up and buying a home can seem daunting. Doug Crouse with BMO Bank talks about ways to plan now for the future if rates should go down. Is it worth paying points to get a lower rate? What is a loan modification? He also talks about some shake-ups in the physician mortgage space with several banks pulling out of the market or cutting back dramatically.

If you have questions for Doug, you can find him at www.DougCrouse.com. You can also get a free copy of his book: Hippocratic House: Do No Harm When Purchasing Your First Physician Home.

Today we discuss contracts with Jon Appino as he launches his new segment called Coffee and Contracts. Jon talks about the benefits of automatically renewing your contract.

LINK:

www.ContractDiagnostics.com

Welcome to "Finance For Physicians," the podcast dedicated to equipping medical professionals with the knowledge they need to navigate the world of personal finance.

In this episode, Daniel Wrenne is joined by Jeff Wenger to tackle the ever-changing landscape of student loans, providing valuable insights into the latest updates that impact physicians. Dive into the intricacies of repayment strategies, loan forgiveness options, and the range of programs designed to assist medical professionals in managing their student debt. Whether you're a seasoned physician, a resident, or a recent graduate, this episode offers a comprehensive understanding of the recent changes that affect your financial journey.

Join us on "Finance For Physicians" as we help you master the latest student loan changes and empower you to make informed financial decisions.

Links:
Connect with Jeffrey on LinkedIn
Connect with me on my LinkedIn
Contact Finance for Physicians
Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

In this episode of Finance For Physicians, hosted by financial advisor Daniel Wrenne, we demystify the often daunting question: "How do you know when you have enough to retire?" Tailored to physicians, this insightful discussion delves into the widely used 4% rule—a simple yet powerful tool for gauging retirement readiness. Daniel expertly breaks down the mechanics of the 4% rule, providing practical examples and insights into its application. Beyond the calculations, he explores the real-world implications for physicians, considering factors like lifestyle changes, investment strategies, and future earnings growth. Discover how to personalize the rule to your unique circumstances. Whether you're a seasoned medical professional approaching retirement or a young physician planning ahead, this episode offers actionable advice to align your financial goals with your aspirations. Tune in to Finance For Physicians to confidently navigate retirement planning, leverage the 4% rule, and pave the way for a secure financial future. Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links
Connect with me on my LinkedIn
Contact Finance for Physicians
Finance for Physicians
To schedule a call with one of our awesome planners, book HERE.

Depending on the bank, likely yes but with caveats. Most banks require that you have equity (20%+) in the first home or money down on the second home.

They cannot be used as investment property loans. You also cannot have three homes financed at one time to qualify for the second physician mortgage.

Each bank has its own rules, but these are fairly common amongst banks that allow two physician loans.

If you want to learn more about Doug Crouse or get a free copy of his book, check out www.DougCrouse.com.

Dr. Signorelli is a pathologist, healthcare executive for a major corporation and owner of National Revenue Consulting.

Her company helps other physicians and practice owners maximize billing & coding, minimize denial rates, reduce days in accounts receivable and increase net collections.

She talks today about some of the common metrics practices should be implementing to increase their bottom line and mistakes to avoid.

If you want to learn more about Dr. Signorelli, you can go to www.NationalRevenueConsulting.com or listen to her podcast RevMD.

Are you a medical professional seeking financial advice to design your ideal life? In this episode, we dive into the world of direct specialty care and its immense potential for transforming healthcare.

Our special guest, Dr. Diana Girnita, a trailblazing rheumatologist, shares her inspiring journey from the traditional healthcare system to launching her successful direct specialty care practice, Rheumatologist on Call.

Here are the key takeaways you can expect from this episode:
- Unveiling the Direct Specialty Care Mode
- Overcoming Fears and Navigating Change
- The Impact on Patient Care
- Building a Thriving Direct Specialty Care Practice
- Resources for Exploring Direct Specialty Care
- Many more!

Ready to unlock the potential of direct specialty care and enhance your financial well-being as a physician?

Don't miss this enlightening episode of Finance For Physicians with Dr. Diana Girnita. Gain valuable insights, inspiration, and practical tips for incorporating direct specialty care into your own medical practice.

Listen now to this game-changing conversation and start your journey toward a fulfilling and financially empowering medical career

Remember, the power to shape your financial future is in your hands. Join us on this enlightening episode and let's empower ourselves to use money as a tool to live our best lives as physicians!

Links:
Dr. Diana's practice DSC Alliance Website Direct Specialty Care Alliance Facebook Group Diana's article on Direct Care vs Concierge Medicine Direct Specialty Care Alliance Stories & Resources on YouTube Channel Diana's article on understanding direct specialty care

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Buying a home is a big decision. It’s one of the biggest purchases that you are ever going to make in your life, and it’s the #1 error or issue that causes financial challenges for people. Everyone is susceptible, including physicians. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to his colleague, Jennifer DeLorbe Quire, a Certified Financial Planner CFP®, about home-buying decisions. Topics Discussed: • Do’s and Don’ts: How to make sure you stay on the right side of the tracks • Wrong Path: Approaching decision without big-picture plan in place • Right Way: Prioritize, plan, and identify purpose of what’s most important • Timeline: Don’t be pressured or rushed into buying a house; there’s other options • Proceed with Caution: How one decision affects absolutely everything else • Need vs. Want: Justifying emotions with logic - spending more than you should • Cash Flow: Home costs add up, calculate budget, and build in a margin • How much should you spend on a house? Plan for what needs to be saved, what’s most important, and what’s left over Links: How Much Should Physicians Spend on Their Home? The Complete Guide To Physician Mortgage Loans All-In Home Costs Calculator The Key Process Behind Using Money To Live Better Lives with Jennifer Quire Hire or Fire Your Financial Advisor with Dr. Jim Dahle and Alan Moore The White Coat Investor - Should I Sell My House to Pay Off My Student Loans? Jennifer Quire on LinkedIn Contact Finance for Physicians Finance for Physicians https://www.reddit.com/r/whitecoatinvestor/comments/15i7i44/10kmo_mortgage_california_regrets/

In this episode, John from Contract Diagnostics answers a question about the commonality of severance packages in physician contracts. He explains that severance packages are not typically found in standard physician contracts. However, termination clauses are common, allowing either party to terminate the contract without cause, given a certain notice period.

If a physician gives a 90-day notice but the employer asks them to stop working after 5 days, the contract may stipulate that the physician should still be paid for the full 90 days. The specifics of how and what they are paid can vary and depend on the contract terms, including aspects like benefits, bonuses, and repayment of any upfront costs like relocation or student loans.

John also mentions that severance packages are more likely to be seen in administrative roles that blend clinical and executive duties, but not typically in a purely clinical physician role. In cases of partnership, there may be other forms of compensation related to accounts receivable or payables based on the partnership setup, but these are not necessarily severance packages.

Finally, John suggests that while it might be rare, it is possible to request a severance package in certain situations, such as a private equity transition where you're not allowed to be kept on, or if you were promised partnership but it didn't materialize.

For any further questions, John invites listeners to reach out to Contract Diagnostics through their website to book a free 15 min call at contractdiagnostics.com

Today Jon talks about the importance of negotiating a contract, even if it's for a short-term.

To book a free 15 min call go to contractdiagnostics.com

Many people wonder if it is a good thing to pay a lump sum to pay down their loan. If you do that, your bank may allow you to do two things. You can simply continue to make the previously determined monthly payments, which will allow you to pay off your loan early. Or you can ask the bank to recalculate based on the new owed balance and give you a lower monthly payment for the duration of your loan. To request a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your Physician Home, go to www.HippocraticHouse.com.

Dr. Gelerie Stenbakken started investing in real estate in 2010 and has been able to leverage her cash flow to purchase multiple properties since that time.

Not only has she been able to replace her income as an anesthesiologist, but she has gained significant equity in each of her properties due to appreciation.

She talks about analyzing properties to determine if she wants to add them to her portfolio, managing her STRs from afar and leveraging past purchases for future investments.

You can check out Dr. Stenbakken at Instagram.com/WinningWithREI or view her properties at www.RentGrandLake.com or www.RentSmokyMountains.com.

Jon talks about group contract negotiations.

To book a free 15 min call go to contractdiagnostics.com

Today Jon talks about a question he got on side gigs and if they're permitted.

To book a free 15 min call go to contractdiagnostics.com

It's important to do your due diligence and shop before you apply for a loan. Start early to make sure you don't have surprises when you find the home of your dreams.

Doug also talks about getting a preapproval to make your offer even stronger and ways to ensure your credit doesn't take a dive by doing things you "think" should help your credit.

If you want to learn more about Doug Crouse or get a free copy of his book, check out www.DougCrouse.com.

Move over Michael Crichton, it's Dr. Debra Blaine's time to shine! Debra is a three-time published author and getting ready to publish her fourth novel in September 2023.

She talks about using her knowledge of medicine to weave intricate political and social thrillers that happen both on and off our planet. She learned how to self-publish and now helps other physicians who want to do the same.

You can learn more about Debra, her books and her coaching at www.DebraBlaine.com or www.AllThingsWriting.com.

Today Jon answers this question from physician in a surgical subspecialty. What are the pros and cons of salary negotiation in the middle of a contract term? And is there a best time to do this?

Stay tuned to find out!

To book a free 15 min call go to contractdiagnostics.com

Today Jon answers a question he got from an orthopedic surgeon. What types of questions should be asked on the private equity deal and what types of things should be in the contract.

To book a free 15 min call go to contractdiagnostics.com

Doug Crouse explains why talking to your lender before you shop for homes can make your offer stronger when you find the perfect house.

Your lender can run your credit and send your application through underwriting before you make your offer to get Loan Preapproval.

This helps to ensure you will not have any hiccups in getting the loan closed. It does require several days though, so planning ahead is key.

You can get a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your First Physician Home at www.DougCrouse.com.

Dr. Jonathan Vitale is the founder of Remote Careers for Physicians on Facebook and a physician transition & career coach. His area of expertise is in Utilization Management, which can be a lucrative career with a lot of flexibility as it can be done remotely.

He talks about what is needed to break into this field and we explore what this type of career looks like day-to-day. We briefly talk about other remote career opportunities available to physicians as well.

If you would like a personal career coach, you can learn more at www.DrJonathan.com or join Remote Careers for Physicians, which is a group of 13,000+ physicians on Facebook.

If you have clarified your values and determined your saving, spending, giving ratio, the final financial vital to measure is your net worth. What is your net worth? What do you track with your net worth? How do you track your net worth? What can you use it for and why is it beneficial?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to calculate, track, and increase your net worth and decrease your debt.

Topics Discussed:
• Net Worth = Total Assets - Total Liabilities
• Adding to assets or subtracting debt increases net worth
• Negative Net Worth: Part of the medical career track for physicians
• Compound Interest: Exponential growth when earning interest on your interest
• Net Worth: Changes over time, track it to monitor inefficiencies and progression
• Debt-to-Income Ratio: How high is your debt relative to your earning potential?
• Values/Goals: Net worth should depend on your plan for what’s most important

Links:
Monthly Net Worth Tracker Template
https://financeforphysicians.co/
https://financeforphysicians.co/contact/

Physicians and their patients know that vitals are measurements of the body’s most important basic functions. Checking and tracking vitals indicate how your health is now and maybe in the future. Vitals are a progress check to prevent potential problems.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about checking your financial vitals. He discusses how medical vitals are similar to financial ones because they tell you how you’re doing and what goals to set to improve your health and well-being.

What is one of the best opportunities you have to take back control of your professional life and avoid burnout from happening? Physician entrepreneurship. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Myrdalis Diaz-Ramirez about how to get started as a physician entrepreneur. Dr. Díaz-Ramírez is a fellowship-trained, board-certified pain medicine physician and anesthesiologist with more than 20 years of experience. One of her passions is to help other physician entrepreneurs and future physicians design their lives to avoid burnout and be happy physicians practicing under their terms. She is the founder of maxAllure Mastermind and host of the Design Your Physician Life Podcast. Topics Discussed: • Physician Entrepreneurship: What is it, and why is it beneficial? • maxAllure Mastermind: Physicians talk, advance, and acquire momentum • Either entrepreneurs or not? Everything can be taught and learned • Happiness = Significance, control, and contribution of what you do in life • Entrepreneurship Opportunities: Investor, inventor, coach, etc., to regain control • Mission/Vision: Treat your life as a business and find/define your ‘what’ and ‘why’ • Plan Priorities: Burnout is unsustainable and makes you unhappy, miserable • Action Items: ◦ Recognize the problem and that change is needed ◦ Surround yourself with those who are successful and willing to help ◦ Join and participate in Facebook physician groups and masterminds ◦ Read/listen to Rich Dad Poor Dad and The Ultimate Jim Rohn Library Links:
Dr. Myrdalis Diaz-Ramirez on LinkedIn
maxAllure
Leverage and Growth Summit for Physicians
White Coat Investor
Rich Dad Poor Dad by Robert Kiyosaki
The Ultimate Jim Rohn Library
Breaking Away From Traditional Primary Care to Start a Concierge Medical Practice
Contact Finance for Physicians
Finance for Physicians

The Ultimate Jim Rohn Library

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

Today Jon talks about, what to consider when comparing and evaluating job offers for a new position.

LINK:

www.ContractDiagnostics.com

Interest rates are twice as high as they were a year ago, but house prices were much higher in most markets then as well. You might actually come out ahead by getting your dream home for a much lower price today, especially if interest rates go down as expected in 1-3 years. Doug Crouse explains the logic in today's episode. You can get a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your First Physician Home at www.DougCrouse.com.

Brian McCook is a CPA with Anders CPA & Advisors. He leads the health care practice side of the firm. He talks today about how you can use 1099 employment to your advantage with tax benefits, write offs and deductions.

He explains how being a 1099 employee can give you more control over your career, but does require some planning to protect yourself and your practice.

He spells out the reporting requirements to the IRS for this type of income.

If you are looking for a CPA, you can reach Brian at BMcCook@anderscpa.com or 314-655-5564.

In this episode, we sit down with Dr. Renee Dua, the Chief Medical Officer of Heal and the visionary behind Renee, a virtual assistant designed to help chronic disease patients achieve better health.

Driven by her belief that great healthcare is a human right, Dr. Dua has dedicated her career to making healthcare more accessible and convenient for everyone.

During the conversation, we learn about Dr. Dua's journey in healthcare, from building a successful nephrology practice to leading the clinical team at Heal and driving innovations like the CES Innovation Award-winning Heal Hub.

We also discuss her advocacy for expanding house calls to all seniors and her efforts to create patient-facing products that prioritize care and convenience.

As an outspoken role model for women in STEM, Dr. Dua shares her insights on the importance of diversity and inclusion in healthcare.

We also get a glimpse into her personal life as a mother of three and how she balances her busy career with her passions for cooking and spending time with her family.

Join us for an inspiring conversation with Dr. Renee Dua as we explore the future of healthcare and the innovative solutions that are making it more accessible and equitable for all!

Links:
Renee
Heal
Dr. Dua's email address: renee@renee.com
Contact Finance for Physicians
Finance for Physicians

Today Jon continues his talk on MGMA data.

LINK:

www.ContractDiagnostics.com

The busy lives that physicians lead rarely allow for side hustles and projects.

But this guest made it work.

Dr. Paula Muto is a 25+ year vascular surgeon veteran with an extensive array of methods of work that put her and her team amongst the best treaters of vein disease in the world.

It'd have been awesome if we stopped at that, but Dr. Paula is also the founder and CEO of UberDoc - an online booking platform that helps patients find the best doctors in their zip code area.

If you're a physician looking to earn extra money by leveraging your already existing expertise - Dr. Paula has paved the way, and we'll spend all of today's episode dissecting her playbook.

Links:
Muto Vein Center UBERDOC For physicians who want to join UberDoc Contact Finance for Physicians Finance for Physicians

Interest rates are very high right now, but most experts expect them to go down in the next 1-3 years. Some banks offer Loan Modifications, which allow you to pay a flat fee when rates go down to lower the rate on your existing loan. This saves you the money and hassle of refinancing your loan.

You do not have to go through underwriting again (i.e. providing all your financial data), new appraisals or pay closing costs.

Doug goes into more detail here and advises you to check with your lender when getting a new mortgage now to save you money in the future.

You can get a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your First Physician Home at www.DougCrouse.com.

Dr. Melissa Leimkuehler and her family started a labor of love many years ago, which is a winery, inn and event space.

She talks to us about how she had to learn about business, obtain loans to renovate their property, juggle the demands of being a physician and business owner, while carefully balancing the personal relationships with her husband & other family members who are involved with the endeavor.

She shares the joy of being able to give back to the community and charities that have supported her over the years.

To learn more about her winery and inn, you can go to www.BelvoirWinery.com.

Thomas Campanella is a healthcare executive focused on educating the wider healthcare community on how the industry really works. Thomas is also a voracious writer, podcaster, and regular webinar host regarding the topic of healthcare economics. If you're a physician just now starting in the industry and want to learn how the healthcare machine works - this is the episode for you and Thomas is the man to talk to! Enjoy! Links: Thomas Bio Articles referenced: ◦ Healthcare Economics 101: https://www.linkedin.com/pulse/health-economics-101-guide-understanding-bigger-well-campanella/ ◦ We need more physician leaders... https://www.linkedin.com/pulse/physicians-where-you-we-need-your-leadership-thomas-campanella/ ◦ About Tom's healthcare journey: https://www.linkedin.com/pulse/my-healthcare-journey-thomas-campanella/ ◦ The importance of primary care physicians: https://www.linkedin.com/pulse/primary-care-physicians-key-providing-value-based-thomas-campanella/ ◦ AAFP pointing out problems with direct primary care model https://www.aafp.org/pubs/fpm/issues/2016/0900/p10.html Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Today Daniel talks about, what your finances say about your options. When it comes to flexibility, security or what you are falling short in.

Links:

www.WrenneFinancial.com

Today Jon is talking about M G M A data. Feel free to reach out to Jon Appino and his team for more a copy of the MGMA data.

Link:

www.ContractDiagnostics.com

Confused by annual percentage rates? They are even more complicated in an adjustable rate mortgage.

Doug Crouse tries to clarify why your APR may look higher on an ARM than your fixed rate loan.

You can get a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your First Physician Home at www.DougCrouse.com.

Colin Carr is the CEO of CARR, which is a company of approximately 150 real estate experts across the country who help physicians and other healthcare providers negotiate purchase and lease contracts for commercial real estate.

He talks about the most common pitfalls when negotiating a contract and describes how these mistakes can cost a physician several hundred thousand dollars over the term of the contract. He goes into some detail about the financial analysis needed before entering a lease or purchase.

Best of all, when using a commercial real estate expert to lease or buy a property, the service is usually provided at no cost to the physician as it is the landlord or seller who pays the commission.

You can learn more about Colin Carr at www.CARR.us.

Today Jon addresses a question he got from a hospitalist. "What if the census is higher than expected"?

Link:

www.ContractDiagnostics.com

In life, many people think they have to choose what they can have.

They should choose happiness over wealth, family over career aspirations, etc.

Today's guest proves that it's possible to have it all!

Andy Hill is the founder and CEO of Marriage, Kids and Money - an online brand dedicated to helping people achieve the pillars of family health and well-being: Happiness and Wealth.

This podcast won't give you all the answers - but it will instead guide you toward the right direction for you and your close ones: Developing the life you've always wanted to live!

Enjoy!

Links:
Marriage, Kids and Money Website
Make My Kid a Millionaire
Contact Finance for Physicians
Finance for Physicians

Today Jon speaks about Indemnification clauses.

Link:

www.ContractDiagnostics.com

Lenders sometimes offer their clients the opportunity to buy down an interest rates by adding on points to the cost of the loan. This means you are paying money up front to get a lower interest rate for the life of the loan. However, it may end up costing you more money if interest rates drop over the next one or two years.

Learn more about how to decide whether you may or may not want to buy down your rate today. Doug Crouse is a physician loan lender with BMO Bank. He has over 20 years experience and has written a book to help you understand the mortgage industry and specifically physician loans.

You can get a free copy of his book at www.DougCrouse.com.

Dr. Nerissa Kreher transitioned from a traditional role as a pediatric endocrinologist to a nonclinical career in the pharma/biotech industry. She has moved up in that world and today is CMO of a biotech company.

She talks about different career paths available to physicians, gives advice to those considering a change, and talks about compensation as it compares to a clinical physician. She also coaches physicians who are contemplating a new career path.

You can learn more about Dr. Kreher and pharmaceutical/biotech careers at www.IndustryMDCoach.com.

What make, model, and year is the car you drive? Thinking about buying a new one? Why? Consider all factors to make the right, not wrong buying decision. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about why he drives an 18-year-old Toyota Avalon. The 2003 vehicle has heated leather seats and a 6-disc CD changer—it’s still in good condition and comfortable to drive. Topics Discussed: • Car Buying: How to make a good, solid, level-headed decision • Practical Perspective: Base decision on purpose, need, safety, reliability • Mechanical Issues: Tend to trigger alternative options for an upgrade • Identity and Psychology: What drives car-buying marketing decisions? • Timeout: Do your priorities align with buying a new car? • Key Purposes: ◦ Get from Point A to Point B ◦ Comfort level ◦ Makes you look better ◦ Economic and environment friendly ◦ Consider alternatives Links: Edmunds: Cost of Car Ownership Tool (5-Year Cost Calculator) Why Drive Old Cars? Finance For Physicians

Even with your own home, have you noticed that real estate prices have been a bit hectic? How do you build wealth with real estate? Not with your primary residence.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about real estate as an investment outside of your primary residence. You are building wealth with your home, but it is hard to realize that wealth.

Topics Discussed:

• Real Estate Market Prices: Massive increases in short periods of time

• Crazy Market: What are the reasons? Nobody really knows underlying causes

• Supply and Demand: Low supply and high demand drives up real estate prices

• Why is demand high? People still want to buy or invest in real estate

• Why is supply low? Cautious builders, lumber costs, lack of skilled labor, rules

• Real Estate Investing - Alternative approaches to make money:

◦ Appreciation: Own property that increases in value

◦ Rent: Own property that is rented out to others to generate income

◦ Loan: Charge interest on money loaned for real estate deals

• Ways to Own Real Estate: Short- or long-term rentals, flips, multi-units, raw land

• Real Estate Responsibilities: Do you want to be an investor or more involved?

• Why people write/talk about real estate: Hype, interest, and money to be made

• Big Benefits: Diversify, passive income, tax shelters, and better returns

• Downsides: Time, dealing with people, risks, returns, complexity, and alternatives

• Purpose: Why do you want to invest in real estate and build a portfolio?

Links:

https://www.reit.com/

https://www.vrbo.com/

https://financeforphysicians.co/

Today Jon continues his discussion on the new MGMA data.

Link:

www.ContractDiagnostics.com

Today Jon talks abut the new MGMA data that just came out. He shares some information for physicians.

Link:

www.ContractDiagnostics.com

Nic McGrue is a transactional attorney who specializes in real estate matters. He is well versed in syndication and financing issues.

He talks about the steps to forming a syndication, finding investors, underwriting the deal, putting together a team and some tax advantages of being the syndicator or investor.

You can learn more about Nic at www.PolymathLegal.com

Have you ever worked with a financial planner? Do you have enough money saved for a financial planner to help? When are you ready to hire a financial planner? Depends on the situation or preference. If you want help, the sooner the better.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about when to hire a financial planner.

Topics Discussed:
• Use Cases: When to start working with a financial planner
• Human Capital Habits: How do you accumulate your wealth? Income
• Life Transitions: Get finances right in the beginning by planning for the future
• Finances and Investments: What are your options? Inefficiencies?
• Backdoor Roth IRA: Involves all different facets of financial planner tasks
• Reasons to Hire a Financial Planner:
◦ Don’t have time to handle your finances.
◦ Unsure if things are getting done correctly.
◦ Complexity of your finances is intimidating.
◦ Struggling to keep finances organized.
• Ways to Engage a Financial Planner:
◦ 95% of the industry has a sales/commission component.
◦ Verify terminology given by business to know if it is misleading.
◦ Pay for financial planner’s advice.
◦ You’re not locked in to work with the same financial planner forever.
• When to Seek Help from a Financial Planner:
◦ Educate yourself to make the best decision.
◦ Know the pros and cons of finding a financial planner.
◦ Figure out if now is the right time or not.

LINKS:

www.WrenneFinancial.com

Today Jon talks about a story involving a surgeon and how her shifts were increasing but she was not being compensated for it.

Link:

www.ContractDiagnostics.com

Today Daniel Wrenne covers flexibility, security, and how your finances can really push you towards that or the opposite of that.

Links:

www.WrenneFinancial.com

Today we're talking about how far to push when it comes to negotiations.

Link:

www.ContractDiagnostics.com

If you are in the process of getting a loan, you typically need to talk to the mortgage loan officer before you make an offer on a house to know if you qualify for the loan.

The quickest way to know if you qualify if you get a Prequalification, which is given by the loan officer based on the information you provide. But sometimes you need to get a Preapproval, which is a loan that has actually been run through underwriting with all of your documentation submitted and reviewed by the bank.

This is especially important if you have a complicated income, live on one of the coasts or are buying in a competitive market.

If you want a free copy of Doug Crouse's book Hippocratic House, you can go to www.DougCrouse.com.

Zoe Cangas is a realtor married to a physician. She has been working with physicians nearly exclusively for 5 years and realized they have unique needs when purchasing a house or moving to a new area.

She created a nationwide network of other physician spouse realtors to help physician families when relocating.

She talks about how her network benefits physician families and how she is still recruiting other physician spouses to join MMP.

You can learn more about Zoe and her network at www.MovingMedicinePartners.com.

Today Jon talks about a hospitalist looking into another hospitalist position. She needed help reviewing the contract for the new position.

Link:

www.ContractDiagnostics.com

Today we continue the talk on what your finances and how there's such a great indicator of how you're doing in living out your ideal life as a person. Link to: Values exercise (attached) Aligning Your Time And Money Management With Your Values -> https://financeforphysicians.co/2020/11/05/aligning-your-time-and-money-management-with-your-values-with-jeff-wenger/

So we've got a quick blurb today on visa physicians and what they need to consider as they look at their employment contract and how they've differ than a traditional W2 physician.

Link:

www.ContractDiagnostics.com

Today Daniel about your finances and marriage. Link to: Managing Finances As A Married Couple (with me and my wife, Alison) -> https://financeforphysicians.co/2022/11/01/managing-finances-as-a-married-couple/

Many times a builder will offer a mortgage with huge incentives to use their lender, but does it make financial sense? Oftentimes no. You may get a huge credit, such as $25,000, but if you look at the fees, interest rate and presence of PMI, it may cost you more than a traditional physician loan.

At the end of the day, it's a good bet that nothing is given for free. It's important to ask for the loan estimate so you can compare credits to fees to see what the true offer is.

To learn more about Doug Crouse or to request a free copy of his book Hippocratic House: Do No Harm When Purchasing Your First Physician Home, go to www.DougCrouse.com.

Dr. Davis is a family medicine physician who made the jump to telemedicine before it became widespread. He also is also a coach and helps other physicians explore and sometimes transition to nontraditional or nonclinical careers.

He is the author of "Telemedicine Confidential" and cofounder of NewScript.app which brings physicians together to find rewarding career paths if the more traditional route is no longer fulfilling.

He explores his thoughts on why more physicians are finding themselves burned out and feeling like a cog in the wheel of corporate America.

Daniel talks about what is an important topic and that is, what do your finances say about you as a person. Link to: Net Worth Tracker -> https://financeforphysicians.co/2020/09/21/monthly-net-worth-tracker/ Cash Flow Tracker -> https://financeforphysicians.co/2021/02/01/monthly-cash-flow-tracker/

Today Jon talks about the different type of pay structures and what you need to know.

LINKS:

www.ContractDiagnostics.com

Can money buy happiness? You can have all the money in the world and be completely unhappy. How can they use money and time to live happier lives. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about the science behind using money and time to attain happiness. In the previous episode, Jeff discussed how physicians can better align time and money management with their values. Topics Discussed: • Psychology and the Good Life: Laurie Santos’s scientific research on happiness • Laurie’s Lesson 1: Our minds are really bad at predicting happiness • Tangible vs. Intangible Things: What brings you the greatest happiness? • Laurie’s Lesson 2: Circumstances don’t play as big a role as people think they do • What drives happiness? 50% genes, 10% circumstances, 40% thoughts, actions, and attitudes • Laurie’s Lesson 3: Time versus money, which do you value more? • Spare Time: Spend money on things that save time for best return on happiness • Trade Offs: Delegate to make time and gain back time that brings happiness Links:
Wrenne Financial Planning
The Science of Happiness and How to Improve Your Happiness (Free Course by Dr. Laurie Santos)
How to Be Happy: A Cheat Sheet
Free Tests to Help Measure Happiness
The Happiness Lab Podcast
The GI Joe Fallacy: knowing is not half the battle
How Much of Your Happiness Is Under Your Control?
The How of Happiness: A New Approach to Getting the Life You Want
High income improves evaluation of life but not emotional well-being by Daniel Kahneman and Angus Deaton
Fire Your Financial Advisor (WCI Online Course)
Finance for Physicians

The How of Happiness: A Scientific Approach to Getting the Life You Want

Jon got a question question from an experienced physician, and their question was, how do I negotiate a higher salary that lines up with my experiences and qualifications? Today Jon answers that question.

LINKS:

www.ContractDiagnostics.com

Doug talks about how the looming debt ceiling and the risk of defaulting on debt affected mortgage rates over the past few weeks.

Now that a new agreement has been reached by the senate and the house, Doug makes some educated guesses about how mortgage rates may adjust.

You can learn more about Doug or get a free copy of his book at www.DougCrouse.com.

Dr. Jeep & Vanessa Naum wrote "What's Forever For - A Physician's Guide for Everlasting Love and Success in Marriage." They also coach physician families to help them have stronger, more intimate relationships.

Jeep & Vanessa open up about their own marriage and talk about how admitting mistakes, being vulnerable to our partners and communication are key.

They also discuss how compartmentalization and decompression are important factors to identify and manage in a marriage.

You can learn more about Dr. Jeep & Vanessa Naum at www.BestFriendsAgain.com.

What does do-it-yourself (DIY) investment management look like? Taking this route isn’t for everyone. It depends on your situation and personal interest. Just because you can do it, doesn’t mean you should do it. If you want to do investment management yourself, learn how to do it right.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Kris Roach, a financial planning client who talks about what it’s like to take this on during his first year of practice. Kris has quickly and accurately implemented high-level investment advice. He’s doing it for the right way for the right reasons.

Topics Discussed: • Investing Knowledge and Experience: ◦ Before: Basic but vague understanding of the stock market ◦ After: Create and execute a financial plan to manage investments • Why follow the DIY vs. professional path? Interest, curiosity, and inherent satisfaction • Getting Started: Commit to learning portfolio process and motivated to achieve • Analysis Paralysis? Plenty of options makes picking perfect funds intimidating • Asset Allocation: Stick with active or passively managed funds, not both • Information Overload: So much, so sort and shortcut through invaluable sources • Time Investment: Takes a few months to set up accounts and select securities • Downturn Temptations: Buy and invest in different stocks? Stick to your plan • Ongoing Tasks: Fund accounts, rebalance, tax law harvesting, invest in the market • Suggestions: If not interested in DIY, find a fiduciary to dedicate time to finances • Fiduciary vs. Financial Advisor: Watch out for wine-and-dine opportunities

Links:

Bogleheads Investing Advice and Info

White Coat Investor

Finance For Physicians

LINKS:

www.WrenneFinancial.com

Today Jon talks about a quick question on how academic contracts are set up differently.

LINKS:

www.ContractDiagnostics.com

For today's edition of the Finance For Physicians podcast, we're bringing Dr. Jimmy Turner.

Jimmy is the host of the Physician Philosopher podcast and Money Meets Medicine podcast. He's also the author of Determined: How Burned Out Doctors Can Thrive in a Broken Medical System.

Jimmy made it early into his career. He built a six-figure business, received numerous awards, and became well-respected among his colleagues. He was practically living the dream many physicians never reach in their lives.

But something was missing. He was more miserable than ever.

Our podcast will illustrate the story of how he escaped that place and found his true passion: coaching other physicians on how to achieve their financial and professional objectives.

Dr. Turner is quickly turning into a legend amongst physician circles, so we're extremely excited to provide you with this interview!

Enjoy!

Links:

The Physician Philosopher Podcast

Money Meets Medicine Podcast

Contact Finance for Physicians

Finance for Physicians

Today, we're talking about negotiations and timing. How long does this whole thing take when you get your physician contract and you start the negotiation process? Join us today to learn more!

LINKS:

www.ContractDiagnostics.com

Dr. Jen Barna is a radiologist and creator of www.DocWorking.com.

She brought together an entire community to support physicians in achieving their financial goals while finding the proper balance between work and life based on each individual's goals.

Most recently, DocWorking introduced a Confidential Care Line to give its members 24/7 access to psychologists and counselors, which can be used for simple things or to even help a physician in crisis.

It is entirely confidential and not tied to a medical record or insurance.

Dr. Barna also has a podcast called Doc Working:

The Whole Physician.

You can learn more about Dr. Barna at www.DocWorking.com.

Today Jon talk about malpractice insurance and how to know that you're fully protected.

LINKS:

www.ContractDiagnostics.com

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

Today Daniel Wrenne talks about the differences when it comes to cash flow. Resources: 3 Exercises To Help You Clarify Your Values https://financeforphysicians.co/2022/06/09/3-exercises-to-help-you-clarify-your-values/ The Most Common Financial Planning Mistakes Physicians Make w/ Daniel Wrenne https://financeforphysicians.co/2023/03/07/the-most-common-financial-planning-mistakes-physicians-make-w-daniel-wrenne/ Monthly Cash Flow Tracker (downloadable spreadsheet template) https://financeforphysicians.co/2021/02/01/monthly-cash-flow-tracker/ Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

Today Jon Appino talks about how to negotiate your contract!

LINKS:

www.ContractDiagnostics.com

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

Earlier this year it was announced that people with good credit were going to have to pay a higher interest rate for a mortgage. Doug talks today about where we are with that proposal.

You can learn more about host Doug Crouse or request a free copy of his book at www.DougCrouse.com.

Links: Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

Dr. Andrew Wilner is a physician, author and podcast host who has spent most of his career working locums and helping other physicians navigate this space. He talks today about how to leverage locums opportunities into a rewarding long-term career. He also talks about how locums can make sense for the new physician, mid-career doc or for the physician looking toward retirement. You can learn more about Dr. Wilner or get a copy of his book at www.AndrewWilner.com. Links: Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

Today I want to talk about my one of my favorite topics, which is charitable giving. Resources: Money Decisions That Create More Happiness https://financeforphysicians.co/2022/05/19/money-decisions-that-create-more-happiness/ Charitable Giving Strategies To Reduce Taxes with Justin Harvey https://financeforphysicians.co/2020/12/17/charitable-giving-strategies-to-reduce-taxes-with-justin-harvey/

Today I just wanna give a quick overview of a little bit of terminology on the lender forms that you're looking at throughout the process. So by that I'm obviously talking about the, fees for when you're shopping lenders.

Link to website:

https://dougcrousephysicianloans.com/

I want to talk about saving for you future on today's episode. Resources: Are You Saving Enough For Retirement https://financeforphysicians.co/2022/02/03/are-you-saving-enough-for-retirement/ Are You Saving Enough For Education https://financeforphysicians.co/2022/01/20/are-you-saving-enough-for-education/

There are a lot of questions about side gigs. Today I want to talk about side gigs and address some questions.

LINKS:

www.ContractDiagnostics.com

Today I want to address a question that came up about an employer not wanting to negotiate a contract.

LINKS:

www.ContractDiagnostics.com

If you are going from residency or fellowship to an attending position, you are about to make some major changes. Dr. Tammy and Jon talk about this transition and what you might expect.

They explore the gap time between the two jobs, disability insurance, home ownership versus renting, assessing your new position and giving yourself some grace when learning your new role.

Jon is the owner of Contract Diagnostics and podcast host of Coffee and Contracts with Jon on the Financial Residency network.

You can learn more about Jon at www.ContractDiagnostics.com.

Today I want to talk about tax planning. Resources: The First Step To Reduce Your Taxes with David Glenn https://financeforphysicians.co/2020/12/10/the-first-step-to-reduce-your-taxes-with-david-glenn/ Maxed Out My 401k, Now What https://financeforphysicians.co/2022/09/08/maxed-out-my-401k-now-what/ Can You Max Out Both Your 403(b) and 457(b) Plans? https://financeforphysicians.co/2022/04/07/can-you-max-out-both-your-403b-and-457b-plans/

Today I want to talk about a contract we reviewed for a physician.

LINKS:

www.ContractDiagnostics.com

Today I want to talk about disability and life insurance.

Resources: What Every Physician Should Know about Long Term Disability Insurance With Lawrence Keller https://financeforphysicians.co/2020/09/22/what-every-physician-should-know-about-long-term-disability-insurance-with-lawrence-keller/ What Type of Life Insurance Should You Own? https://financeforphysicians.co/2021/04/22/what-type-of-life-insurance-should-you-own/ Why is Permanent Life Insurance Such a Terrible Short Term Investment https://financeforphysicians.co/2021/04/29/why-is-permanent-life-insurance-such-a-terrible-short-term-investment/

Today I want to talk about when to start the process for your contract.

LINKS:

www.ContractDiagnostics.com

Before you buy a home, your realtor will likely ask you for a letter from your lender to verify that you are qualified to buy the home. Your lender has two options to provide you - a prequalification or a preauthorization letter.

Doug discusses the difference between the two and why you might want one over the other based on your circumstances.

Many insurers have made changes to their policies in the last month or two, which may affect Guaranteed Standard Issue policies, unisex rates or automatic increases based on inflation. Larry goes through each of the major companies to talk about these changes.

If you have questions about obtaining a disability insurance policy or would like Larry Keller to review what you currently have, you can reach him at LKeller@PhysicianFinancialServices.com or visit his website www.PhysicianFinancialServices.com.

Today I'm gonna be talking about the second big consideration as you transition into practice and that is student loans. Why Federal Student Loans Are A Great Bet For Many Physicians With Travis Hornsby https://financeforphysicians.co/2020/10/15/why-federal-student-loans-are-a-great-bet-for-many-physicians-with-travis-hornsby/ Avoid Leaving Money On The Table With Federal Student Loans https://financeforphysicians.co/2021/02/04/avoid-leaving-money-on-the-table-with-federal-student-loans/ When To Refinance Student Loans https://financeforphysicians.co/2021/09/02/when-to-refinance-student-loans/

Today I want to talk about what some next steps would be for those working on a contract this month.

LINKS:

www.ContractDiagnostics.com

Schedule a No-cost Triage Meeting With WFP https://go.oncehub.com/meetWFP Contracts and Disability: Understanding Your Rights and Protections as a Physician w/ Jon Appino https://financeforphysicians.co/2023/04/18/insurance-policy-for-disabled-physicians-with-jon-appino/ Moving Away From Toxic Work Environments And Into Physician Friendly Practices w/ Dr. Lara Hochman https://financeforphysicians.co/2022/11/08/moving-away-from-toxic-work-environments-and-into-physician-friendly-practices/

Today I wan to talk about artificial intelligence and what that might mean for health care.

LINKS:

www.ContractDiagnostics.com

Many banks are updating their requirements and rules regarding physician loans. Doug talks about changes you may see at various banks around the US. He also offers his free book Hippocratic House: Do No Harm When Purchasing Your First Physician Loan to you at www.DougCrouse.com.

In 2020, Lebanon faced a terrible bombing in Beirut that injured and killed thousands. Drs. Noel and Marc Ayoub had strong family ties to Lebanon and wanted to help.

Not only were they in residency at the time, but it was also at the beginning of Covid, yet they were able to rally hundreds of healthcare providers to provide critical mental health and health care services to those people in need via telemedicine.

They have since expanded to other areas faced with war and natural crises.

To learn more about how you could volunteer to help, go to www.HealBeirut.com or www.HealRemote.com.

Today I talk about using AI to review a contract.

LINKS:

www.ContractDiagnostics.com

Today's episode is a tough one. We will tackle two of the most important topics in a person's life: Money and parenting.

In this episode of "Finance for Physicians", Daniel Wrenne interviews Dr. Adam Broussard and Dr. David Weisenhorn, to dive deeper into the family and money matters that physicians often deal with.

Dr. Adam is a practicing pediatric anesthesiologist, husband, father, certified life coach, and host of Dads Before Doctors, a podcast for physicians and other high-achieving fathers.

Dr. David is a returning guest on our show and a good friend of our co-hosts. He's been working hard in the field of parenting research at the University Of Kentucky. He has a background in clinical mental health counseling - working with families over some of the most challenging problems in their lives.

Topics of discussion include:

How money and parenting creatively can help enhance your work as a physician and family life
Why it is important to discuss money with your kids
What to look for when beginning the process of improving your finances as a physician

Today's episode will be incredible; you won't want to miss it!

Links:

Die With Zero: Getting All You Can from Your Money and Your Life Mindset: The New Psychology of Success The Family Board Meeting: You Have 18 Summers to Create Lasting Connection with Your Children

Find Adam: www.Adambroussardmd.com www.Dadsbeforedoctors.com

About David: https://hes.ca.uky.edu/person/david-weisenhorn

Mentioned: https://frontrowdads.com/ https://www.gobundance.com/ Contact Finance for Physicians Finance for Physicians

The Family Board Meeting: You Have 18 Summers to Create Lasting Connection with Your Children

Mindset: The New Psychology of Success

Die With Zero: Getting All You Can from Your Money and Your Life

Entrepreneurship is a liberating concept.

Outside of the promises of wealth and prestige, being an entrepreneur or cultivating the QUALITIES of an entrepreneur is a blueprint on how to solve problems better and solve better problems.

Our guest today is the perfect example of that.

Ernesto Gutierrez, MD is a practicing physician/entrepreneur with an extensive track record of success behind his back:

• Grew a stem cell therapy practice to 7+ figures in revenue.

• Helped develop regenerative medicine treatment protocols for conditions such as autism, multiple sclerosis, Parkinson's, and other neurodegenerative disorders.

• Started his own online business by risking it all... and made it. Ernesto has successfully made the transition from a practicing researcher and physician to an online entrepreneur. A feat that we're quite curious to discuss on today's episode!

And more importantly... we'd like to discuss how you, the listener, can do the same.

Links:

Dr. Ernesto Gutierrez Website Breaking Away From Traditional Primary Care to Start a Concierge Medical Practice w/ Dr. Cady and Ryan Brown Using Money As A Tool To Live Regret-Free Lives w/ Dr. Jordan Grumet Jim Rohn's Free Audiobooks Contact Finance for Physicians Finance for Physicians

Today Jon talks about a contract he recently helped a physician with, on renegotiating her terms.

LINKS:

www.ContractDiagnostics.com

Doug talks about putting down earnest money. Can you get that money back at closing? Can you apply it to fees associated with your loan, such as paying for taxes, insurance or an appraisal? What if I have gift money from family or a credit from the seller?

Be sure to listen to today's episode to find out! For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.

Rhea Watson joins us to talk about the 5 easy steps to finding scholarship money. She helps individuals and families through this journey from "womb to tomb." She is the author of "The Scholarship Doctor is In! 5 Easy Steps to a Free Degree."

You can find more about her at www.MyScholarshipSolutions.com.

As physicians, it's easy to feel like there are too many people to help with not enough time. On top of that, most physicians have other responsibilities at home, plus passions they pursue to fill their own buckets.

But just because you're extremely busy, doesn't mean you need to sacrifice your joy or risk burning out.

That's why we're bringing on a physician with multiple businesses and hobbies that is an expert in avoiding burnout, Dr. Diana Londoño.

Dr. Londoño is a female urologist, a speaker, a certified life coach, a writer, and a podcaster. On top of all that, she runs a successful business that helps physicians deal with two of their biggest risks: burnout and stress overload.

In this episode of the Finance For Physicians Podcast, with guest Dr. Diana Londoño, we're going to cover:

What inspired Dr. Londoño to become passionate about physician burnout, and the journey that made her an expert.
How to deal with information overload and burnout in a way few of us in the industry are aware of.
Why your mindset affects burnout, and how underestimating its importance leads to underperformance in day-to-day life.

This will be a fascinating conversation between Daniel Wrenne and Dr. Diana Londoño full of practical tips to help you get the most out of your career, enjoy your time off, and be happier at home.

Don't miss a chance to get personal advice unique to your situation.

Links: Dr. Londoño's Website Free Support Services For Physicians Contact Finance for Physicians Finance for Physicians

Today I want to talk about who you should have review your contract.

LINKS:

www.ContractDiagnostics.com

Today I want to talk about common questions around, how you should be reviewing your tax return.

Link:

www.WrenneFinancial.com

As you know, interest rates are higher now than they have been in years. If your mortgage has a loan modification option, you may be able to go back to your bank and ask for a lower interest rate without going through the hassle and cost of refinancing the loan. Doug tells you more about this option and how it might benefit you.

For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.

Dr. Latifat Akintade from The MoneyFitMD podcast shares her philosophy on "living your life with both butt cheeks." Not only does she help others with money and finance, but teaches us how internal and external wealth can help us be our authentic selves, which may actually be a key way to overcome burnout.

Her new book "Done with Broke" will be available 5/2/23. You can get more information about Dr. Akintade and her book at www.MoneyFitMD.com.

Today I want to talk about what it means to get a contract reviewed.

LINKS:

www.ContractDiagnostics.com

With interest rates on the rise, I want to talk about buying a house or upgrading to a bigger one.

Links referenced: * https://financeforphysicians.co/2023/03/07/the-most-common-financial-planning-mistakes-physicians-make-w-daniel-wrenne/ * https://financeforphysicians.co/2022/04/14/renting-your-home-is-the-key-to-building-wealth/ * https://financeforphysicians.co/2021/05/06/throw-out-the-rent-versus-buy-rules-of-thumb/ * https://financeforphysicians.co/2022/08/04/physician-mortgage-loan-pros-and-cons/

Today I want to talk about compensation data and answer some questions I have been asked.

LINKS:

www.ContractDiagnostics.com

As you know, interest rates are higher now than they have been in years. If your mortgage has a loan modification option, you may be able to go back to your bank and ask for a lower interest rate without going through the hassle and cost of refinancing the loan.

Doug tells you more about this option and how it might benefit you. For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.

Drs. Cherisa and Alex Sandrow help coach other physicians to be able to transition from a traditional clinical career to one in virtual medicine.

Cherisa was able to double her income in half the hours. They have a new cohort of physicians who will learn more about virtual medicine careers over a 10-week course starting on 4/23/23.

You can learn more at www.SandrowConsulting.com. Alex and Cherisa will also be part of the NewScript Nonclinical Career Summit online from 4/11/23-4/13/23. To be part of this free online lecture series you can get more information at www.NonclinicalPhysicians.com/Summit2023.

Today I want to talk about the banks that have recently failed. I will talk about some questions I have gotten about that. Links referenced: * https://financeforphysicians.co/2022/09/01/investing-behaviors-that-will-wreck-your-financial-plan/ * https://financeforphysicians.co/2022/08/25/how-market-downturns-look-and-feel/ * https://financeforphysicians.co/2022/08/18/what-to-do-when-your-investments-start-tanking/ * https://financeforphysicians.co/2021/02/25/investing-during-wild-markets-with-david-blanchett/ * https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/

Today I am talking about what I see in many contracts about repayment provisions.

LINKS:

www.ContractDiagnostics.com

Today I want to talk about some common questions about real estate for physicians. Links referenced: * https://financeforphysicians.co/2021/04/15/how-to-use-real-estate-to-build-wealth/ * https://investor.vanguard.com/investment-products/etfs/profile/vti#portfolio-composition * https://investor.vanguard.com/investment-products/etfs/profile/vnq#portfolio-composition

Today I want to talk about the equation of time and money on a contact.

LINKS:

www.ContractDiagnostics.com

APR is the annual cost of your loan including any fees, which can include mortgage insurance, closing costs, points or loan origination fees.

An interest rate is only what the loan is costing you. Some banks may list a very low interest rate but charge you huge fees to get that rate. Other banks may offer you a higher interest rate but with little or no extra fees.

In order to compare all of your offers, you should be able to compare the APR to see which is actually the better offer.

For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.

Dr. John Jurica, podcast host of Physician Nonclinical Careers, joins us today to talk about all the different types of careers available to doctors who are looking to do something outside of the traditional clinic.

He and his partner Dr. Tom Davis will be hosting a free, live Virtual Summit on 4/11/13-4/13/23 from 7p-11p CST each evening in which you can hear from 12 different speakers about nonclinical or nontraditional medical careers.

To get more information, go to www.nonclinicalphysicians.com/Summit2023

What is a health savings account (HSA), and why are so few people utilizing it? The HSA is one of the best tax shelters that exists to build wealth.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about how the HSA works, how to decide if it is a good fit for you, and ways to manage an HSA to maximize its efficiency.

Topics Discussed:

• Two Groups of People:

◦ Those who don’t use HSA at all

◦ Those who do, but don’t maximize its efficiency

• What is the HSA? Access to an account via a qualified health insurance plan

• What is a qualified health insurance plan? Separate part of plan to use HSA

• Why is the HSA a great way to build wealth?

◦ Rollover balance

◦ Invest those dollars

◦ Offers tax benefits

• Decision-making Factors:

◦ Low utilization of healthcare insurance

◦ Higher expected upcoming healthcare costs

◦ Out-of-pocket costs

◦ Matching HSA funds

◦ Incorporate tax benefits

• Open Enrollment: Run the numbers before you choose an option

LINK:

www.WrenneFinancial.com

Today let's talk about what your contract says when you need to take time off.

LINKS:

www.ContractDiagnostics.com

In order to get accurate rate quotes, you need to provide the lender with the purchase price vs the loan amount and your credit score.

Doug talks about how banks price their loans, specifically their doctor loans as compared to conventional loans.

For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.

Today I want to talk about physician burnout and what changes are being made to help prevent physician burnout.

LINKS:

www.ContractDiagnostics.com

Dr. Tammy and Jon talk today about contract term lengths and how they might affect bonuses, tail coverage, termination of your employment and other aspects of your contracts.

They also talk briefly about noncompete agreements and how the credentialing process can sometimes delay your start date.

You can get more free education about contracts and negotiations at www.ContractDiagnostics.com.

In previous episodes, we established the importance of providing your kids good financial education as early as possible.

In this episode, we'll talk about how to make it as enjoyable as possible for your children!

Our guest today is Will Rainey.

Will's story is remarkable because it ties back right into the topic of today's show - he went from working in the big corporate world, advising billion-dollar companies to kickstart Blue Tree, a reputable financial blog teaching parents how to pass on financial knowledge to their kids.

Will is also the author of Grandpa's Fortune Fables, a best-selling book dedicated to teaching children the wisdom of markets through interactive fables.

Links:

www.WrenneFinancial.com

Today I talk more on non-competes and answer some more questions I have gotten about it.

LINKS:

www.ContractDiagnostics.com

In life, many people think they have to choose what they can have.

They should choose happiness over wealth, family over career aspirations, etc.

Today's guest proves that it's possible to have it all!

Andy Hill is the founder and CEO of Marriage, Kids and Money - an online brand dedicated to helping people achieve the pillars of family health and well-being: Happiness and Wealth.

This podcast won't give you all the answers - but it will instead guide you toward the right direction for you and your close ones: Developing the life you've always wanted to live! Enjoy!

Links:

www.WrenneFinancial.com

What is a lease back and can you do it with a doctor loan? When you buy a home but let the previous owner stay in the property you are doing a "lease back." While it might be an option through your bank, it may not be an option with your home owner's policy. Listen to today's episode to hear more about lease backs. For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.

Today I want to give an update on non-competes for 2023.

LINKS:

www.ContractDiagnostics.com

Dr. Nicholas Comninellis has lived a life of service dedicated to education and international medicine. He talks about his inspiration, his travels and his mission to help other physicians rekindle their passion for medicine through global health care and serving forgotten populations.

He is the founder of the Institute for International Medicine (INMED), which offers CME all the way up to a Masters in International Health. It also pairs people with international sites where they can apply their medical skills to help vulnerable populations.

He is the author of Shanghai Doctor and Where Do I Go From Here? You can learn more at www.inmed.us.

It's rare to encounter a physician as good in finances as they are in the work world.

And for a good reason.

Medical jobs have the highest rates of burnout of all professions.

Physicians just don't have time to care about investing, retiring early, wealth, etc.

But today's guest - Dr. Elisa Chiang - did. And the results speak for themselves.

Elisa is a board-certified ophthalmologist and fellowship-trained oculoplastic surgeon who, in her words, "Has worked both in private practice as well as for a bureaucratic hospital system."

After experiencing burnout, she decided to go all in investing to achieve early retirement and escape the medical industry.

Fast forward to today, she's a wealthy life coach that helps other people like her (physicians just like you) to make better life choices with their finances that serves their needs.

The work of people like Elisa gets us excited about the future of personal finance in the physician work world.

If you're a medical professional that: • Struggles with burnout. • Experiences second thoughts about their medical career • Are confronted with big decisions like marriage, investments, retirement, moving, etc.

You'll find this episode quite helpful!

Links:

www.WrenneFinancial.com

Be sure to let Dr. Jon Jurica know that you came from Financial Residency if opting into his program. We'd love to know who you are. This way we can shout you out!

Today I focus on compensation data and explain what to do with the numbers.

LINKS:

www.ContractDiagnostics.com

Be sure to let Dr. Jon Jurica know that you came from Financial Residency if opting into his program. We'd love to know who you are. This way we can shout you out!

Physicians are doing important work - they are saving lives every day.

But physicians are also taking a pushback - the industry is harsh.

Burnout runs rampant and the lack of good financial education leaves many professionals struggling with money all their professional lives.

We're not all-knowing on this show, but we've identified a few key problems we encounter with physician finances repeatedly.

On today's show, we're going to address these issues, how to solve them, and how to prevent them.

If you're a physician struggling with their finances at the moment - we'd recommend you give this episode a shot.

Thank you and enjoy!

Be sure to let Dr. Jon Jurica know that you came from Financial Residency if opting into his program. We'd love to know who you are. This way we can shout you out!

Would you believe some people never read the contract they sign when they are buying a house? Even when it's a 7-figure offer??? Doug talks about the reasons why it is so important that you understand what you are signing BEFORE you sign it. For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.

Be sure to let Dr. Jon Jurica know that you came from Financial Residency if opting into his program. We'd love to know who you are. This way we can shout you out!

Today I want to speak on a topic I have been seeing come up a lot lately. Physician burnout!

LINKS:

www.ContractDiagnostics.com

Be sure to let Dr. Jon Jurica know that you came from Financial Residency if opting into his program. We'd love to know who you are. This way we can shout you out!

Dr. Carol Clinton joined the show to talk about her journey in medicine. She talked about how she had to change jobs and eventually her practice all together when private equity and MBAs started to control how she interacted with her patients.

She was one of the first physicians to utilize social media to promote her practice. She then suffered adversity when she was diagnosed with ovarian cancer. She now helps others through their cancer diagnoses as she continues to battle her own.

Lets talk about when it is the right time to finance a big purchase.

Links:

www.WrenneFinancial.com

Today I want to talk about, should you buy a car. I get this question quite often and I want to address it.

Links:

www.WrenneFinancial.com

What goes into calculating credit scores? Not only does it matter that you pay your bills on time, but you don't want to over-utilize your credit either.

Doug goes into more details on how these scores are calculated and how that might affect the APR quoted to you for obtaining a loan. For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.

Today I want to continue talking about non-competes.

LINKS:

www.ContractDiagnostics.com

Dr. James Young shares his journey, insights and perspective on experiencing burnout and rediscovering his love of medicine. He is open and honest about the darkness he experienced and how he was able to find his own humanity and that of his patients, which led him back to a sustainable career that he enjoys again.

Today I want to talk about you wanting to buy a boat.

Links:

www.WrenneFinancial.com

Today I want to talk about what you should be doing to prepare fpr taxes.

Links:

www.WrenneFinancial.com

Ever wondered what goes into a mortgage payment? Doug talks about the 7 things that make up the payment, including principle, interest, taxes, insurance, escrow, PMI and HOA/condo fees. As a physician borrower, you should not be paying PMI!

If you have specific questions, Doug is always happy to answer them if you call/text 816-728-3631 or email Doug.Crouse@BMO.com. You can also get his free 200-page book to learn more about physician loans at www.DougCrouse.com.

Today I will address some things I have seen on the news about non-compete. I will also break down what a non-compete is.

LINKS:

www.ContractDiagnostics.com

Today I am talking about retirement accounts and what to look out for.

LINKS:

www.ContractDiagnostics.com

Have you ever felt stuck in medicine because you went to medical school and are saddled with debt? Today I talked to Dr. Chelsea Turgeon who realized being a practicing physician was not the life she wanted.

She left residency and found her authentic self. Now she helps others recover from burnout and find their own fulfilling career, whether that be in medicine or beyond. She is the podcast host of The Life After Medicine and bestselling author of Residency Drop Out. You can find her at www.CoachChelsMD.com.

Today I am talking about a question I got not to long ago. Compensation and the best region!

LINKS:

www.ContractDiagnostics.com

In previous episodes, we established the importance of providing your kids good financial education as early as possible.

In this episode, we'll talk about how to make it as enjoyable as possible for your children!

Our guest today is Will Rainey.

Will's story is remarkable because it ties back right into the topic of today's show - he went from working in the big corporate world, advising billion-dollar companies to kickstart Blue Tree, a reputable financial blog teaching parents how to pass on financial knowledge to their kids.

Will is also the author of Grandpa's Fortune Fables, a best-selling book dedicated to teaching children the wisdom of markets through interactive fables.

Links:

www.WrenneFinancial.com

Competent handling of finances is not easy, especially for doctors working 24/7 on the clock.

But the truth is that we all have to get good at it. Whether because we have a debt to pay, a family to feed, or to survive the incoming recessions.

Our guest today, Dr. Caroline Clerisme specializes in just that with her company Doctors Out Of Debt - helping doctors take a hold of their existing debt and live financially stable lives.

But that's not all. Caroline is also the author of "Lily and the Talking Piggybank" a children's book about money.

According to her, we shouldn't leave the children out of the picture when talking about finances and educate them on the matter as early as possible.

On today's episode, we'll cover: - How "Lily and the Talking Piggybank" was created. - How to instill positive finance habits in your children. - How to help them NOT repeat your mistakes. - And much more content that we don't want to spoil you!

It's Match Season! New med students are becoming residents...residents are becoming attendings...and many of these people are looking for a new home.

Doug offers some words of advice about applying for a mortgage, getting preapproved versus prequalified for a loan, how to find a realtor if you're moving to a new area, and options for what to put on your qualification letter that will go out to the seller when you make an offer.

If you have specific questions, Doug is always happy to answer them if you call/text 816-728-3631 or email Doug.Crouse@BMO.com. You can also get his free 200-page book to learn more about physician loans at www.DougCrouse.com.

Today I want to discuss questions you should be asking a firm that you want to review a contract.

LINKS:

www.ContractDiagnostics.com

It's that time of year when senior residents and fellows are busy interviewing and signing contracts for their first attending position. Jon Appino talks with Dr. Tammy about how to compare and contrast more than one job offer. It goes beyond just looking at the compensation. www.ContractDiagnostics.com

Today I discuss what is a reasonable amount of time to have a contract reviewed and signed. I point out some red flags too!

LINKS:

www.ContractDiagnostics.com

Competent handling of finances is not easy, especially for doctors working 24/7 on the clock.

But the truth is that we all have to get good at it. Whether because we have a debt to pay, a family to feed, or to survive the incoming recessions.

Our guest today, Dr. Caroline Clerisme specializes in just that with her company Doctors Out Of Debt - helping doctors take a hold of their existing debt and live financially stable lives.

But that's not all. Caroline is also the author of "Lily and the Talking Piggybank" a children's book about money.

According to her, we shouldn't leave the children out of the picture when talking about finances and educate them on the matter as early as possible.

On today's episode, we'll cover: - How "Lily and the Talking Piggybank" was created. - How to instill positive finance habits in your children. - How to help them NOT repeat your mistakes. - And much more content that we don't want to spoil you!

Links:

www.WrenneFinancial.com

If you're a medical professional that is struggling financially or trying to pay off student debt, this episode of "Finance for Physicians" is for you!

Our guest is Dr. Disha Spath: A first-generation immigrant success story, Disha found herself alongside her husband in a precarious financial situation with a huge debt to pay out after medical school.

After living on the fence for a while, Disha and her husband finally managed to pay out the $750,000+ debt that was piled up and then went on to create a financial platform to help other physicians escape their situation

Her secret? A shift in the mindset - Conscious Frugality.

Now, we know what you're thinking: Nobody likes frugality.

It's a tricky muscle to exercise and can often be hard to execute as a doctor. After all, you didn't go to medical school for years to live off ramen and Dollar Tree specials.

We, alongside Dr. Disha, are here to say that this type of frugality mindset is not true!

Frugality is a key financial budgeting skill that, if used correctly, is not about depriving yourself, but about making smarter financial decisions.

Our host, Daniel Wrenne, and Dr. Disha talk us through the following:

How to pay off medical student loan debt.
When to get that dream house.
Why you can still have a comfortable life and save money.
Tips for raising a family on a budget

Tis the season again when senior residents and fellows will be taking new attending jobs. Doug talks today about using a one-page offer letter versus a full contract to secure your mortgage. It may eliminate some questions and stipulations an underwriter might otherwise come up with when going through your entire contract.

If you have specific questions, Doug is always happy to answer them if you call/text 816-728-3631 or email Doug.Crouse@BMO.com. You can also get his free 200-page book to learn more about physician loans at www.DougCrouse.com.

Today I am talking about medical directorships. We get a lot of those questions, so today I answer some questions.

LINKS:

www.ContractDiagnostics.com

What is it like to practice medicine in California? Dr. Besim Uzgil talks about some of the challenges such as the high cost of living and homeless population, but also highlights the positives like being able to be on the beach in Monterrey or skiing in the mountains at Lake Tahoe over a single Christmas break.

Today I'm talking about non-competes. President Biden recently gave his State of the Union where he mentioned non-compete agreements as well. Join me as I talk about non-compete.

LINKS:

www.ContractDiagnostics.com

If you're in medicine, chances are you have experienced toxic work environments.

Toxic work environments are a big problem in any industry, but it's even worse in medicine.

Very often, it's the work culture, not the work itself that burns you out. Or at least that was the case with Dr. Lara Hochman.

Lara is a family physician who found herself burnt out and out of a job after a stint at an unhealthy work environment but managed to pull herself by her bootstraps and build a business around helping physicians ESCAPE that same environment.

We don't want to exaggerate, but how badass is that?

On today's show, we're going to cover: - How Lara built her business. - The solution to toxic work culture in medicine. - What unhealthy and healthy environments look like. Ready to learn something new? Think you might be in a toxic environment? Tune in for our interview with Dr. Lara and let's figure it out together!

Doug talks about how student loan debt affects qualifying for a home loan. Not every bank counts the student loans in the same manner, which may impact your debt-to-income ratio when determining how much loan you can obtain. Link to website:

https://dougcrousephysicianloans.com/

Today I answer a question that has come up on nonnegotiable restrictive covenants.

LINKS:

www.ContractDiagnostics.com

Dr. Tammy welcomes back Dr. Devon Gimbel to talk about leveraging everyday expenses into credit card points that you can use for amazing travel. She talks about the cost-benefit analysis of taking credit cards that charge fees.

She also discusses how to determine whether it is worth it to use a credit card for large expenses even when you have to pay a fee to do so. You can follow Dr. Gimbel on Facebook at Point Me to First Class, either for women physicians or for other business professionals.

Today I talk about a question I have seen come up. I get asked about the common signing bonuses for radiology.

LINKS:

www.ContractDiagnostics.com

Burnout is tough, especially for physicians. But you don't have to be a victim of it. There are ways to combat burnout.

It's not this unfixable or unmanageable thing. There are steps you can take. This is why, for this episode, we're interviewing Dr. Sapna Shah-Haque!

Dr. Sapna Shah-Haque is a primary care physician who's had numerous battles with burnout, even losing a friend to it, which is part of the reason she started her own podcast and started talking more about it!

In this episode, we're going to cover:

How Dr. Sapna Shah-Haque overcame her numerous fights with burnout - Why she feels her lowest moments were a result of her extreme levels of stress as a physician. - What actionable steps you can implement to manage and beat burnout. We're so excited to present to you this conversation and can't wait to explore the important topic of burnout in the medical industry even further!

Links:

www.WrenneFinancial.com

Doug talks about how student loan debt affects qualifying for a home loan. Not every bank counts the student loans in the same manner, which may impact your debt-to-income ratio when determining how much loan you can obtain. Link to website:

https://dougcrousephysicianloans.com/

Today I go over a question I have been asked in a past talk. Join us today to find out the question and response.

LINKS:

www.ContractDiagnostics.com

Physicians frequently feel helpless when they get a bad review online. Ryan Miller, CEO of Etna Interactive, talks today about how you can manage your online reputation and even offers valuable advice on how you can respond to your reviews. His company helps physicians and institutions manage and improve their online brand in various ways. www.EtnaInteractive.com

Physicians are often associated with burnout.

And there's a reason why.

There are arguably few professions that rival the stress a physician has to endure throughout their career.

But the stress isn't always at the hospital or the private practice. Financial matters can cause distress for physicians, but they can also be the solution.

On this episode of the Finance for Physicians podcast, we're going to talk about:

The sneaky nature of burnout. - How medical professionals are prone to burnout from college. - Upward mobility in medical professions and how this addicts the physician to a more stressful lifestyle. - How to not miss out on family experiences as an ambitious professional - And so much more!

Links:

www.WrenneFinancial.com

Today I want to talk about the letter of intent for academic job.

LINKS:

www.ContractDiagnostics.com

Today I gonna talk about another end of year and beginning of the year tax and planning strategy to think about.

Links:

www.WrenneFinancial.com

What happens when appraisals come in too low? Just because you offer a certain amount for a house doesn't mean the appraiser will agree it's worth that price. Does that affect the amount of money a bank will lend? Can you renegotiate with the seller to get a better price? Link to website:

https://dougcrousephysicianloans.com/

Are you a practice owner or dream of opening your own practice? Today we talk with Christin Trujillo who is a Fractional CFO with Maven Financial Partners. She works with physicians to help them understand their financials, build budgets, plan for growth, bring on new partners, and design a blueprint for the future of their business. You can learn more at www.MavenFP.com.

Today I wanted to give a little nugget on giving stock instead of just giving cash.

Links:

www.WrenneFinancial.com

today, I wanted to talk about a question I've been asked. Its about letter of intent for academic jobs.

LINKS:

www.ContractDiagnostics.com

Today I wanted to talk about today is charitable giving strategies.

Links:

www.WrenneFinancial.com

Many physicians want their parents to live close so they can help provide care. You don't necessarily need an expensive "investment loan" to accomplish this. What are the requirements for getting a traditional Fannie/Freddie loan in your name so your parents can live close by?

Link to website:

https://dougcrousephysicianloans.com/

As mentioned two weeks ago, Financial Residency is starting a new Speaker's Bureau to bring qualified professionals to your residency program, office or hospital to cover topics that matter most to you. Jon Appino has volunteered his expertise in contract review and negotiations and is available to schedule at no cost with your group. He talks about multiple topics on which he or one of his team can address.

LINKS:

www.ContractDiagnostics.com

Today I want to talk on saving for healthcare expenses.

Links:

www.WrenneFinancial.com

Today I answer a question about the compensation model when negotiating a contract.

LINKS:

www.ContractDiagnostics.com

Today we are going to be talking about consideration around end of the year tax time. Hopefully help you save on or minimize taxation.

Links:

www.WrenneFinancial.com

Doug is frequently asked if physicians can have more than one doctor loan when purchasing a new home. He explores the topic on today's Mortgage Minute.

Link to website:

https://dougcrousephysicianloans.com/

Financial Residency is excited to announce its new partnership with Grant Sabatier. You may know Grant from Millennial Money, CNBC or a variety of websites that feature his expertise. He will be joining the Financial Residency family to focus on helping physicians reach financial independence.

Today I talk about Roth conversions.

Links:

www.WrenneFinancial.com

Today I want to go over some more questions I get in webinars.

LINKS:

www.ContractDiagnostics.com

Today we're gonna talk about maxing out all of your work retirement plans. Join me while I give a nugget on maxing out your 457 and 403 for end of year.

Links:

www.WrenneFinancial.com

As we all know, mortgage rates have been climbing and many will want to refinance when rates drop. But is there an option for lowering your rate without all the expense of refinancing? Doug talks about modification options.

Link to website:

https://dougcrousephysicianloans.com/

Financial Residency is making some exciting changes in 2023. One such change is adding a speakers bureau to speak to residencies, fellowships and offices.

Today we speak with Doug Crouse who will be available at no cost to speak about signing a contract on your first “doctor home.” It’s important to know what’s available to you so you can make the best financial decision regarding what may be the biggest purchase of your life.

To schedule a speaker at no cost for your residency or fellowship, you can reach out to Dr Tammy Crouse at 816-244-7068 or Tammy@FinancialResidency.com

Today we're gonna talk about funding backdoor Roth IRAs and HSAs.

Links:

www.WrenneFinancial.com

Today I want to go over some questions we get asked at our webinars.

LINKS:

www.ContractDiagnostics.com

If you have been watching the markets lately, like I have, it's gotten a little dicey. It's been a while since we've had volatile down markets. What should you do when your investments get shaky?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about what to do when your investments start tanking. Markets do go up and down. If you've been investing long enough, you realize that’s just the way it goes.

Topics Discussed: • Downturns: People make big mistakes and lose a lot of ground—and money • What to do? There are some things you should do and some things to avoid • What is shaky market territory? People get emotional when it gets more volatile • What are natural reactions? These feelings are normal: ◦ This time it’s different, but is it, really? ◦ Are you tempted to find winners and get rid of losers? ◦ Historically, people work through it and recover nicely • What’s not normal? Things get completely backward sometimes: ◦ Past: Inflation was high, cash paid nothing, and mortgage rates were low ◦ Present: Cash pays nothing, inflation is very high, mortgage rates are up • What are action items? ◦ Remember to refer to your financial and investment plans ◦ Give yourself a little space between the feeling and the action ◦ Educate yourself on how markets work ◦ Recognize that the market is out of your control for the most part ◦ Create awareness around human investing behaviors/behavioral finance ◦ Rebalance investments and benefit from tax-loss harvesting ◦ Change your pre-tax IRA or 401(k) to a Roth conversion ◦ If you have extra dollars, put them to good use and start investing • What are questions to ask yourself: ◦ What is the underlying concern? ◦ What is the money that I'm concerned about? What's its purpose? ◦ When are you ultimately going to use it? What's it going to be for?

Links:

www.WrenneFinancial.com

What is important when deciding where to get your loan? Doug talks about rates, fees and service.

Link to website:

https://dougcrousephysicianloans.com/

Tis the season of giving. Today we talked with Rachelle Motsinger who has gone on countless medical missions. She shares several stories about her experiences and talks about how giving back recharged her as she was feeling burnt out in her career.

What are some of the behavioral tendencies we all can run into that affect our decision-making, and ultimately cause some big mistakes? What do big areas or behavioral tendencies look like?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about investing behaviors that will wreck your financial plan. Knowledge and awareness are needed to avoid behavioral finance mistakes.

Topics Discussed: • What is behavioral finance? When people make errors, mistakes, and biases • Why? People are not rational or self-controlled and don’t identify tendencies • Overconfidence: Common idea that you know more than you actually do • Self-serving Bias: Attribute good things/outcomes to skill, bad outcomes to luck • Hindsight Bias: You know more or knew more than you really did in the past • Confirmation Bias: Focus on what confirms beliefs, ignore what contradicts them • Recency Bias: Hone in on short-term and overemphasizes that importance • Refer to your financial plan and remind yourself of your financial goals • Anchoring Bias: Relying and latching onto too much pre-existing info • Loss Aversion: Overly fearful of losses and pull to avoid losses • Herd Mentality: Suffer from fear of missing out (FOMO)?

What do market downturns look like? Understanding what they look like or what they have looked like historically is helpful. We can't predict the future, but we do know what happened in the past in order to navigate better if and when history is repeated.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how market downturns look and feel based on market history and market factors.

Topics Discussed: • Long View: Have a financial plan that ties your goals to your actions • Timing: What if it's not the right time? Maybe it’s the worst possible time to invest • Franklin Templeton: People recover fast, the scariest time may be when to invest • Financial Information: Where to get it and who to trust • FOMO: Fear of missing out on what everybody else is doing with investments • I Bonds: When inflation is high, investments are terrible, they look appealing • Reminder: What is the purpose of the money and what's the goal? • Alternatives: You're potentially moving away from the best route for your goals

Links:

www.WrenneFinancial.com

Today I talk about a client we helped renegotiate his contact 5 months into starting at a new job.

LINKS:

www.ContractDiagnostics.com

Match season is almost here. Doug addresses physician loans for incoming residents. When can medical students close on a physician loan?

Link to website:

https://dougcrousephysicianloans.com/

Investing in real estate as a side gig is a hot topic for physicians.

Today we have Dr. Sendhil Krishnan who is an interventional cardiologist and owner of MD Senior Living on the show to talk about residential senior living facilities.

Link:

www.MDSeniorLivingAcademy.com

When people talk about marriage and finances, they tend to only focus on the positive and optimistic side of the conversation.

However, we have found that studying the potential pitfalls can be just as valuable as narrowing down and focusing on the positive side effects of sharing finances with your significant other.

On today's episode of the "Finance For Physicians" podcast, Daniel is joined by his wife Alison Wrenne to chat more about:

What the ups and downs of financial management are as a family - How to work better as a team when it comes to communicating financial decisions/struggles - Why discussing finances can often cause significant hardship and heartache to many loving couples

We're so excited to present to you this episode and explore the important topic of family finances!

Links:

www.WrenneFinancial.com

Today what we want to talk about is breaking contracts.

LINKS:

www.ContractDiagnostics.com

Jumbo limits will be going up January 1. Doug talks about how that may affect physician and conforming (Fanny & Freddie) loans.

Link to website:

https://dougcrousephysicianloans.com/

We've talked about purchasing a disability policy to protect you if you can no longer practice medicine, but there are things you should know before you file the claim. Please listen as we talk to Evan Schwartz who is an attorney who specializes in insurance recovery and litigation. www.SCHlawpc.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Being a perfectionist or analytical type of person works out well in some areas of life. However, when it comes to financial aspects, especially budgeting, life can become problematic, not predictable.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the power of building in margin with your personal finances. Don’t set yourself up for failure or disappointment because things change and life happens.

Topics Discussed: • Budgeting: ◦ What are you doing with your money? ◦ What are your day-to-day financial decisions? • Building in Margin: ◦ What is it? ◦ How much should it be? ◦ What are underlying root causes? ◦ What can you afford? ◦ How can it negatively affect your situation? ◦ How to avoid it if possible? • Simple Solution: Shift to mindset that nothing is perfect, build in bigger margin

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Today I want to talk about partnership agreements and what you should know.

LINKS:

www.ContractDiagnostics.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Doug explores what interest rates might do in 2023 and 2024 based on moves made by the government to control inflation.

Link to website:

https://dougcrousephysicianloans.com/

When you’re married, should you combine your finances with your spouse? How you navigate money will either pull you together or push you apart.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about managing finances for married couples. Consider the pros and cons of couples combining (or not) their finances.

Topics Discussed: • Good and bad reasons to separate finances: ◦ To keep some stuff private from spouse (i.e., gift giving) ◦ To spend without scrutiny or criticism from spouse (no finger pointing) ◦ Unequal spending habits and/or unequal income causes discomfort ◦ Let the more responsible spouse manage all the money/finances ◦ To hide spending that a spouse does not want the other to know about • In most cases, operate as one and pull everything together. Why? ◦ Consult and follow advice from the Bible ◦ Personal experience transitioning from being single to married ◦ Clients experience better outcomes when finances combined completely ◦ Sheds light on major problematic issues that need to be addressed • Keys to a Good Marriage: ◦ Open communication about issues ◦ Transparency builds and breeds trust ◦ Accountability aspect of sharing everything in a loving way ◦ 50/50: Combining finances helps to establish equality ◦ Compromise when operating as one with combined finances • Action Items - Before Combining Finances: ◦ Talk through and resolve big issues ◦ Get rid of individual accounts and combine them into one joint account ◦ Ongoing, regular conversations about finances to be on same page ◦ Give spouse opportunity to speak and listen to what they have to say ◦ Compromise more often than you have in the past

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Are you well covered for medical malpractice? Are your risks properly managed? Please join us with Brian Kern to explore topics related to risk mitigation in your practice. www.Acadia.pro

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Today, I am talking about part time vs full time and how the language differs for physicians on contracts.

LINKS:

www.ContractDiagnostics.com

You deserve what you want right now, especially when it comes to building or buying your dream home. Immediate gratification - that’s the American way. How do you decide if that makes sense and how do you make it happen financially?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to finance big or small home projects. There’s always something to do. How do you fund your home projects, renovations, additions, and improvements?

Topics Discussed:
• Typical Thought Process: Be aware to avoid cultural pulls and temptations
• Reasons for Financing: Low interest rates, good investment, emotional drivers
• Catalyst: When a reasonable small home project turns into an illogical big one
• Solution: Create/consult financial plan, priorities, values, goals to be objective
• Financing Factors:
◦ What’s your cash flow situation?
◦ How much equity is in your house?
◦ What is your debt-to-income ratio?
• Ways to Finance Home Projects:
◦ Hardest: Save up or invest cash
◦ Easier: Home equity line of credit or construction loan
◦ Easiest: Home equity loan, cash out refinance, personal loan, credit cards

Are you on track for retirement? Where are you at, what’s most important, and where do you want to go? Are you saving enough income at this point in time to become financially independent?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to know if you are saving enough money for retirement. Check your financial vitals against your financial plan. Run the numbers!

Topics Discussed:
• Retirement Rules: Follow percentages of income or gross income before taxes?
• False Assumptions: Everyone has same tax brackets, goals, values, priorities
• Starting Line: Create, consult financial plan for values, goals, resources, priorities
• Ways to calculate and run the numbers:
◦ Rules of thumb
◦ Linear return projections
◦ Monte Carlo analysis
• When? Run the numbers today and adjust over time to accommodate changes
• Improve Efficiency: Maximize tax shelters, backdoor Roth IRAs, financial plan

Links:

www.WrenneFinancial.com

Did you ever wonder why the mortgage interest rate you were given doesn't always match up to the annual percentage rate (APR)? Doug explains the difference between the two on this week's episode of the Mortgage Minute.

Link to website:

https://dougcrousephysicianloans.com/

Ever contemplated entering into a business contract with a private equity firm or starting a side gig? Dr. Tammy talked to Michael Schaff who is a healthcare and corporate attorney with Wilentz, Goldman & Spitzer to learn more about the legal side of the equation. You can find more about Michael and his firm at www.wilentz.com.

Today we are doing a Q&A by answering questions from our Facebook group. I have on Hugh Baker to help answer some questions.

Links:

www.WrenneFinancial.com

Today we're gonna talk about negotiations and who you're negotiating with.

LINKS:

www.ContractDiagnostics.com

Today I want to go over loan estimates again and just briefly touch on closing disclosures.

Link to website:

https://dougcrousephysicianloans.com/

Please join us with Brendan Chao who is an employment litigation attorney to talk about what to do if you are the victim of harassment, bullying or discrimination.

Link:

www.BChaoLaw.com

Today we will be another answering questions that have been big in the Facebook group to talk about.

Links:

www.WrenneFinancial.com

What is your relationship like with money? Are you always trying to keep up with the Joneses? Would you and your partner benefit from financial therapy? Don’t judge, because everybody can benefit from therapy.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Ed Coambs, a licensed marriage and family therapist, certified financial planner (CFP), and founder of Charlotte Couples Counseling. Ed shares practical tips to improve your financial behaviors and relationship with money.

Topics Discussed:
• Couples Around Money: Mix of emotion, experiences, and desire to connect
• Why financial therapy? Financial stress due to thoughts, emotions, behaviors
• Pain Points: Spending versus saving is challenging and problematic for couples
• Power Control: What does money mean and represent? What is valued most?
• Equal Partnership? Understand social meaning of professional identity
• Converted Skeptic: Everybody can benefit from therapy with ability to heal
• Male Psyche: Character defect or discomfort doesn’t make a narcissist
• Financial Flashpoints: Partner’s experiences and expectations around money
• Money Management: Yours, mine, or our money in separate or joint accounts
• Money Egg Exercise: Is your relationship with money positive or negative?

Links:

www.WrenneFinancial.com

Today I want to talk about inflation.

LINKS:

www.ContractDiagnostics.com

Today I wanna talk a little bit about why the Fed raises rates.

Link to website:

https://dougcrousephysicianloans.com/

Today I have on Ike Devji. He's an attorney who's been working with affluent individuals across the US to protect personal assets. He's worked with thousands of physicians to provide risk management and wealth preservation planning. He's also been a contributing author to three books and published over 300 articles on the topic throughout the last decade.

Link:

www.proassetprotection.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Sometimes, it takes an unexpected wake-up call to remind you to take care of yourself, family, and finances. You never know when it could be your last day, and tomorrow is not guaranteed.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about a recent personal medical experience and what went through his mind at the time. You don’t know what the future holds. Make sure that your financial planning is in place before it’s too late.

Topics Discussed:
Optic Disc Edema: Minor eye issue, nothing serious turns into something major
• No Joke: Physicians change their tone, confirm serious situation, and trip to ER
• Thought #1: Is my family going to be okay financially if I am not around?
• Thought #2: Have I been a good steward of my money?
• Thought #3: Have I led a meaningful life and taught my values?
• Thought #4: Is the business going to be okay if I am not around?
• Consider the following: Am I covered financially and independent?
• Legal Logistics: How everything gets sorted out and settled
• Financial Organizer: Save time and effort with access and passwords
• God is first, others second, I am third - culture pushes it the other direction

Links:

www.WrenneFinancial.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Why are so many female physicians dropping out of the profession? It’s extremely challenging to achieve balance as a physician mom. Not only are you a mom who is raising your own children, but a physician taking care of patients—besides having to deal with gender discrimination issues and the global pandemic.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Bonnie Koo, founder of Wealthy Mom MD. Her business is dedicated to helping physician moms have it all without giving it all. Bonnie empowers physician moms by providing financial literacy through her podcast, coaching, and courses. Also, Bonnie is a board-certified dermatologist, certified life coach, mother, step-mother, and fiancée.

Topics Discussed:
• Wealthy Mom MD: Teaches female physicians financial strategies to overcome
• Taboos: Don’t talk about money to handle and deal with anxiety, stress, and guilt
• Perfectionism and Money: Female physicians are afraid to fail and lose
• Promise Land? Money doesn’t mean physicians live happily ever after
• Purpose of Money: Helps you live the life you want and do good in the world
• Compensation: Females navigating and negotiating in patriarchal society
• COVID and Corporate Medicine: Magnified cracks to figure out money, stability
• Financial Independence, Retire Early (FIRE): Money is resource to buy back time
• Coaching: Download new software updates to your brain when behind financially
• Thought Loops: You are what you think—being on auto-pilot vs. becoming aware

Links:

www.WrenneFinancial.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Today I want to talk about adjustable rates becoming quite popular with current rate environment.

Link to website:

https://dougcrousephysicianloans.com/

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Today we are talking about stipend agreements because we see physicians sign stipend agreements all the time.

LINKS:

www.ContractDiagnostics.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

I think our guests story resonates with everyone coming outta residency with this crushing debt, they've lived this horrible resident lifestyle and they're ready to go live the doctor lifestyle.

Link:

www.TheFrugalPhysician.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

When you run across something weird or strange, how do you avoid major mistakes and minimize errors? Get a second opinion, especially when it comes to the good, the bad, and the ugly of financial planning for physicians.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a Certified Financial Planner (CFP®), about stories and experiences with physician families. Sometimes, the best and juiciest ones are difficult to change substantive facts enough to preserve client confidentiality.

Topics Discussed:
Good: Immense value from financial advisors who understand physician finances
• Bad: Save documents and keep records on servicer when third-part is paying
• Ugly: Ultra high-risk investment activities—bordering on gambling
• Understand the Deal: Perform due diligence and review contracts for red flags
• Compensation: What money are you leaving on table based on how you’re paid?
• Accurate Alignment: Involve spouse for honest answers about financial security
• Life Lessons: Follow money, understand incentive/stakes, deal w/ consequences
• Moral of the Story: Sometimes, it’s worthwhile to pay a fair fee for a CPA

Links:

https://apm-wealth.com/

www.WrenneFinancial.com

Today we're gonna talk about side gigs, how to protect your side gig or how to start a side gig.

LINKS:

www.ContractDiagnostics.com

Who wants to reduce their taxes? The first step requires educating yourself on the basics.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to David Glenn, a Certified Public Accountant (CPA) and founder of Glenn Advisory and the basics of how income taxes work. They also chat about some of the most common tax savings strategies that begin to appear when you start to understand how this all works.

Topics Discussed:
• Baseline Knowledge:
◦ How does the federal tax return work?
◦ What are progressive taxes?
◦ How does income flow through the tax return?
◦ What are itemized deductions and credits?
◦ How do tax withholdings, deductions and credits affect tax refund or payment?
• Form 1040: Main section of your income tax return where everything comes together
• Why compensation doesn’t always equal federal taxable wages
• Qualified dividends are preferred over nonqualified dividends
• What to look for to avoid back-door Roth IRA taxation mistakes
• Social Security: Can be taxed up to 85%
• Capital Gains/Losses: Recognize sale of stocks, real estate, other capital assets
• Adjusted Gross Income (AGI) Adjustments: HSA, self-employment, and others
• Tax Deductions: Itemized or standard deduction(s) based on filing status
• Use taxable income and tax tables to determine total tax due
• Tax Credits are great because they directly offset tax due dollar for dollar

LINKS:

www.WrenneFinancial.com

Gonna cover a few quick topics today like PMI, Cash, Bogus Lender Offers.

Link to website:

https://dougcrousephysicianloans.com/

Today our guests story resonates with everyone coming outta residency with this crushing debt, they have lived this horrible resident lifestyle and they're ready to go live the doctor lifestyle. Maybe that's not always the right answer. Join us to find out why!

Link:

www.TheFrugalPhysician.com

What does do-it-yourself (DIY) investment management look like? Taking this route isn’t for everyone. It depends on your situation and personal interest. Just because you can do it, doesn’t mean you should do it. If you want to do investment management yourself, learn how to do it right.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Kris Roach, a financial planning client who talks about what it’s like to take this on during his first year of practice. Kris has quickly and accurately implemented high-level investment advice. He’s doing it for the right way for the right reasons.

Topics Discussed:
• Investing Knowledge and Experience:
◦ Before: Basic but vague understanding of the stock market
◦ After: Create and execute a financial plan to manage investments
• Why follow the DIY vs. professional path? Interest, curiosity, and inherent satisfaction
• Getting Started: Commit to learning portfolio process and motivated to achieve
• Analysis Paralysis? Plenty of options makes picking perfect funds intimidating
• Asset Allocation: Stick with active or passively managed funds, not both
• Information Overload: So much, so sort and shortcut through invaluable sources
• Time Investment: Takes a few months to set up accounts and select securities
• Downturn Temptations: Buy and invest in different stocks? Stick to your plan
• Ongoing Tasks: Fund accounts, rebalance, tax law harvesting, invest in the market
• Suggestions: If not interested in DIY, find a fiduciary to dedicate time to finances
• Fiduciary vs. Financial Advisor: Watch out for wine-and-dine opportunities

LINKS:

www.WrenneFinancial.com

Today we're talking about verbal promises.

LINKS:

www.ContractDiagnostics.com

Have you ever worked with a financial planner? Do you have enough money saved for a financial planner to help? When are you ready to hire a financial planner? Depends on the situation or preference. If you want help, the sooner the better.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about when to hire a financial planner.

Topics Discussed:
• Use Cases: When to start working with a financial planner
• Human Capital Habits: How do you accumulate your wealth? Income
• Life Transitions: Get finances right in the beginning by planning for the future
• Finances and Investments: What are your options? Inefficiencies?
• Backdoor Roth IRA: Involves all different facets of financial planner tasks
• Reasons to Hire a Financial Planner:
◦ Don’t have time to handle your finances.
◦ Unsure if things are getting done correctly.
◦ Complexity of your finances is intimidating.
◦ Struggling to keep finances organized.
• Ways to Engage a Financial Planner:
◦ 95% of the industry has a sales/commission component.
◦ Verify terminology given by business to know if it is misleading.
◦ Pay for financial planner’s advice.
◦ You’re not locked in to work with the same financial planner forever.
• When to Seek Help from a Financial Planner:
◦ Educate yourself to make the best decision.
◦ Know the pros and cons of finding a financial planner.
◦ Figure out if now is the right time or not.

LINKS:

www.WrenneFinancial.com

Today we talk about interest rates and how they are slowing down and not going down.

Link to website:

https://dougcrousephysicianloans.com/

Today I have invited Daniel Wrenne back to kind of give us some guidance on whether our investment techniques or habits, should change as we possibly move towards a recession.

LINKS:

www.WrenneFinancial.com

https://us02web.zoom.us/webinar/register/WN_Z7CuDhFYSVaoKm8Pa29rAA

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Are you on track for retirement? Where are you at, what’s most important, and where do you want to go? Are you saving enough income at this point in time to become financially independent?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to know if you are saving enough money for retirement. Check your financial vitals against your financial plan. Run the numbers!

Topics Discussed:
• Retirement Rules: Follow percentages of income or gross income before taxes?
• False Assumptions: Everyone has same tax brackets, goals, values, priorities
• Starting Line: Create, consult financial plan for values, goals, resources, priorities
• Ways to calculate and run the numbers:
◦ Rules of thumb
◦ Linear return projections
◦ Monte Carlo analysis
• When? Run the numbers today and adjust over time to accommodate changes
• Improve Efficiency: Maximize tax shelters, backdoor Roth IRAs, financial plan

LINKS:

www.WrenneFinancial.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Today we're talking about something that's not fantastic. It's getting terminated at your position!

LINKS:

www.ContractDiagnostics.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

College costs money, and it continues to increase. The actual price that you pay is difficult to understand because it has become progressively more expensive for those that have more financial resources—especially physicians who have or plan to have children in the future.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Joe Messinger about how college costs work and how to start planning sooner than later. Joe is a Certified Financial Planner, CFP®, and Founder of Capstone Wealth Partners and College Aid Pro.

Topics Discussed:
• Tuition Costs: Different levels for in- versus out-of-state students
• 3X or Greater: How college costs have changed in the past 20 years
• Why? Supply and demand led to out-of-control costs for college
• Inflation: State colleges level off, but private colleges continue to increase costs
• Price Transparency: Private colleges equate value to higher or discounted costs
• Analogy: College cost is similar to medical bills because it’s different for everybody
• College Funding Philosophy: Best way to pay for college is to save for college
• 3 Key Financial Aid Components:
◦ Family’s finances
◦ Student’s academics
◦ School’s business model
• High-income Hurdle: Family finances impact student’s ability to get financial aid
• Sticker Price Shock: Some schools give money for merit, not just for need
• Budget: Use school’s money first, then federal aid, and set limitations
• Rule of Thumb: Save for one-third, pay for a third, and take out a third in loans
• College Aid Pro: Changing the way America shops smart for college

LINKS:

www.WrenneFinancial.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Today I wanna talk more in depth about appraisals.

Link to website:

https://dougcrousephysicianloans.com/

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Today I've got Larry Keller with us and we were gonna talk about disability insurance.

Link:

www.PhysicianFinancialServices.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

When you’re miserable or not satisfied with your traditional primary care position at a major hospital, it’s time for a big change to live your best life and values. Focus on your future goals and dreams.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Drs. Cady and Ryan Brown, who started their own concierge medical practice, Downtown Drs. Brown, located in Lexington, Kentucky.

Topics Discussed:
• Cady and Ryan’s concierge medical practice and career progression
• Primary Care Patient Load: From honeymoon period to fast track to burning out
• PTO Requirements: Physicians not valued as people, professionals in practice
• Reassurance and Education: Patients need to know if things are okay or not
• How and why Cady and Ryan created concierge medical practice from scratch
• Tradeoff: More security, less setup work for autonomy, independence, finances
• Competition: Not many concierge medical practices, but demand definitely exists
• Pressures/Stressors: Different now, feels better being in control of own destiny

LINKS:

www.WrenneFinancial.com

Today we're talking about evergreen contracts or what some might call an auto-renewing agreement.

LINKS:

www.ContractDiagnostics.com

Do you love to save on your taxes? One of the most overlooked or common mistakes is the failure to maximize tax breaks that are available to physicians.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five of the most overlooked tax breaks for doctors. Personal finance is about avoiding errors or when it comes to filing income taxes with the Internal Revenue Service (IRS).

Topics Discussed:
• 5 of the Most Overlooked Tax Breaks for Doctors:
◦ Health Savings Account (HSA): Build wealth and avoid income tax
◦ Tax Loss Harvesting: Capital gains and losses are taxable investments
◦ Backdoor Roth IRA: Indirectly fund Roth IRA if income is above threshold
◦ Business Expenses: For side-hustle or self-employed with 1099 income
◦ Work Retirement Plans: Max out 401(k), 403(b), 457(b), and pensions

LINKS:

www.WrenneFinancial.com

Today I just wanna focus a little bit on some of the common mistakes I see people make.

Link to website:

https://dougcrousephysicianloans.com/

Today we are talking about credit card points and credit card travel.

LINKS:

www.ContractDiagnostics.com

Today we're talking about covid jobs.

LINKS:

www.ContractDiagnostics.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Go with eyes wide open or be in for a major financial surprise when your children start college.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about you or your children funding their education.

Topics Discussed:
• Who should pay for college? You, your children, student loans, or scholarships
• What has changed? Tuition costs, direct student loan cap, and responsibility
• Little to No Financial Aid: Based on physician’s above-average income
• Other Options: 529 Plan, investments/cash accounts, income, student loans

LINKS:

www.WrenneFinancial.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Today I want to talk about education. I want to focus around education of physicians.

LINKS:

www.ContractDiagnostics.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Today I want to talk about how affordability.

Link to website:

https://dougcrousephysicianloans.com/

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

What’s your perspective on money? Do you view it as a tool? Do you know how to use that tool? Is it like a hammer that you use to build a house, murder somebody, or that sits on the shelf and collects dust?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about using money as a tool and what happens when people don't view money as a tool.

Topics Discussed:
• Money Spectrum: Some people go to extremes, but most are in the middle
• Temptation: What is more important—more money or more time with family?
• Money is a tool that does not buy happiness but helps you attain happiness
• 3 Ways to Recognize Money as a Tool:
◦ A tool for what? What are you building?
◦ Learn to use the tool. Are you using money to build your ideal life?
◦ Maintain awareness about the outcome. Are you using money effectively?
• Key Takeaway: Money should not be the end goal—you can't take it with you

LINKS:

www.WrenneFinancial.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Today, I have Jon Appino on the show to talk about how mergers, consolidations and private equity takeovers have affected physicians.

LINKS:

www.ContractDiagnostics.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

If you are employed and work for a hospital system or plan to work for one in the future, do you have access to a 401(k), 403(b), and/or 457(b) retirement plans?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how different retirement plans interact collectively. Can you max out both your 403(b) and 457(b) plans?

Topics Discussed:
Tax shelter limits for 401(k), 403(b), and 457(b) retirement plans
• Maximum for Employees:
◦ 401(k)/403(b) is $20,500 combined per year
◦ 457(b) is $20,500 separate limit
• Retirement plans with mandatory and required contributions
• 457(b): Governmental or non-governmental plan, which is better and why?

LINKS:

www.WrenneFinancial.com

Are you looking for another job, or are recruiters seeking you out for opportunities? If you were offered a different job, would you think about taking it? Why, or why not? There’s a lot to consider.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about whether to accept another job. It can be difficult to make a decision and navigate your priorities as an in-practice physician.

Topics Discussed:
• Temptations: Financial aspect—try to not first look at the money/compensation
• Values and Goals: What’s most important? Family, work/life balance, pay?
• Coworkers: Who will you work with and for? What kind of lives do they live?
• Position: Is it a job you enjoy? Are the pay/benefits decent? What are the hours?
• Student Aid: Confirm if the employer is Public Service Loan Forgiveness qualified
• Insurance Coverage: Are malpractice insurance and tail coverage provided?
• Employment Law: Hire a consultant or employment attorney to review contracts

LINKS:

www.WrenneFinancial.com

Today we're talking about balancing risk.

LINKS:

www.ContractDiagnostics.com

Today we're talking about trends we've been at this for 12 years helping physicians navigate job contract due diligence phase in signing or negotiating their employment contract.

LINKS:

www.ContractDiagnostics.com

Today I want to talk about how the times are definitely different than they were six months ago.

Link to website:

https://dougcrousephysicianloans.com/

Credit is important for helping us build our financial portfolio and drive us toward financial independence. Today I invited Doug back to give us an update on the importance of credit and how to build credit.

Link to website:

https://dougcrousephysicianloans.com/

The pandemic in America is starting to look like a memory of hard days gone by, but the effects can still be felt throughout our country. That reason is, probably, why the Biden Administration has decided to extend their Covid 19 Forberances to the end of this year.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne will go into detail with Jeff Wenger about the situation surrounding Covid Forbearances while also taking a look at the currently shifting loan-giving and forgiving policy of the Biden Administration.

Topics Discussed:
• How to financially plan in accordance with the extended forbearance period if you have mortgage payments on the way.
• Student loan forgiveness: Are you eligible? Is it useful at all?
• The Federal Pell Grant. How it works and how to know if you’re eligible.

LINKS:

www.WrenneFinancial.com

Today i wanted to follow up on interest rates and where we may be headed.

Link to website:

https://dougcrousephysicianloans.com/

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Today we're talking about when to walk away from a position.

LINKS:

www.ContractDiagnostics.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Have you been paying attention to the financial news? Most of it is covering all the craziness around stocks. GameStop, AMC, and others went way up only to go way back down. These days, everyone has a Robinhood account and is trading stocks on margin. Plus, the COVID pandemic has added all sorts of volatility to the stock market.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to David Blanchett about investing during the craziness of a wild market. David is the Head of Retirement Research for Morningstar’s Investment Management Group and an Adjunct Professor of Wealth Management at The American College.

Topics Discussed:
COVID: How the pandemic and being isolated at home has affected investing
• Day Trading: For better or worse, people want to invest in, buy individual stocks
• Today’s Market: Everyone wants to buy and trade to make money, not possible
• False Confidence: How long until the bubble bursts because it will, eventually
• Winners and Losers: Problem with day traders is they report one, not the other
• Can you beat the stock market? First, learn from mistakes made from investing
• Smarter than...? Good investing is boring, advisors don’t and can’t time market
• Utility Grievance: How much do you like something and quantify preferences?
• Weigh Outcomes: Downside of doing it yourself is much worse than upside
• Short Selling: Put on your blinders and don’t follow what everybody else does

LINKS:

www.WrenneFinancial.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Today we are talking about levers.

LINKS:

www.ContractDiagnostics.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

I wanted to talk to you a little bit about estate planning, building wealth and achieving financial independence is more than just planning for your own future in retirement, but it also involves protecting what you have and securing your family's future.

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Today we're talking about data. How to negotiate based on data, how to determine your fair value based on data.

LINKS:

www.ContractDiagnostics.com

For some physicians, achieving financial independence is the end-all-be-all to living the good life. Pursuing it can be fantastic when well-balanced and a key factor to reducing burnout.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks too Donovan Sanchez, a Certified Financial Planner (CFP) and founder of Sky view Financial Planning, about the pursuit of financial independence.

Topics Discussed:
• What is financial independence? Financially set for life

• Pursuit of Financial Independence: Be reflective, thoughtful, and understanding

• Does financial independence buy happiness and solve life’s problems?

• Physician’s Perspective: Achieve financial independence sooner than later

• Field of Medicine: Doctor’s motivation is to help people, make money, escape

• I.R.E. Movement: Pressure to payoff student loans in extraordinary timeframe

• Time and Money: What’s more important? Do you trade dollars for time?

• On Living a Rich Life: What would make your life really rich?

• Busy Work: Sacrifices need to be made from time to time - no regrets

• Vision Document: What do you want your life to be like?

• On track or not? Ask someone you love and trust to provide honest feedback

LINKS:

www.WrenneFinancial.com

What is the behavioral component and psychology of money? How do you deal with it tactically and practically? Your relationship with money is a big deal and makes a significant impact on your day-to-day decisions.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Danielle Seurkamp, Certified Financial Planner (CFP®) and founder of Well Spent Wealth Planning. Danielle focuses on the behavioral side of financial planning and personal finance and helps individuals and families to effectively achieve their financial goals.

Topics Discussed:

• Financial Literacy: Ability to use knowledge, skills to manage financial resources

• Mental and Emotional Errors: Get in the way of ability to use knowledge/skills

• Financial Flashpoints/Money Scripts: Experiences shape relationship w/ money

• Financial Memories: Think about your past to identify your own money beliefs

• Financial Half-truths: Problems and promises can be positive or negative

• Financial Fears: Money is how you provide yourself food, shelter, and stay alive

• Financial Patterns: Be aware of reasons you spend money based on behaviors

• Awareness Exercises:

◦ Intentionally notice, track, and document feelings via journaling

◦ Make a counter-argument to push against your promises and beliefs

◦ Create genogram/chart of your family’s financial history

◦ Take money script inventory quiz

◦ Gain clarity on your values

• Financial Therapy: When to seek out help with money and relationships

LINKS:

www.WrenneFinancial.com

Are you struggling with the temptation related to student loan perks? What are the intended consequences of student loans and associated COVID forbearance programs?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about saving money to avoid the COVID-19 forbearance lifestyle creep.

Topics Discussed:
• COVID Forbearance: No payments, no interest on student loans until Aug. 31

• Good news? Yes, for PSLF, but what are people doing with the money?

• Average American Person: Temptation is to spend all or more money in pocket

• Consumption Effect and Awareness: Student loan payments will begin again

LINKS:

www.WrenneFinancial.com

Today I wanna talk a little bit about interest rates and where they've gone over the last 30 days. I would say about three quarters of a percent.

Link to website:

https://dougcrousephysicianloans.com/

Today I want to talk to you a little bit about student loans and maybe give you some tips on ways to get out of debt a little bit faster.

Today we're talking about negotiations. What makes sense, email or phone?

LINKS:

www.ContractDiagnostics.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Are you on auto-pilot and susceptible to routines and the rest of the world’s values? What’s most important to you in your life? There are solid steps or ways that you can take to clarify (or re-clarify) your true values.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about three specific exercises to help you clarify and align your values.

Topics Discussed:

• What are values? Undercurrent or true driver to measuring happiness

• Values Awareness: Day-to-day actions in alignment with what’s most important

• Results: Better decisions, confidence, happier, and feeling more purpose-driven

• Symptoms: Feeling lost, lack of confidence in decision making, and stress

• Value of Values: Believe in, maintain, and reinforce awareness of your values

• Exercise #1: Values Clarification (highlight/prioritize/summarize what’s important)

• Exercise #2: Life Map (Reflect on past; visually pointing out life’s ups and downs)

• Exercise #3: 80th Birthday: Focus on future and purpose (who/what’s important)

LINKS:

www.WrenneFinancial.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Today is a brief session on forced change.

LINKS:

www.ContractDiagnostics.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Are you a physician tired of getting ripped off and wanting a fair shake on Wall Street? Rather than getting mad, understand how the financial services industry works. Do the right thing by knowing when and why to hire or fire your financial advisor.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Jim Dahle, a practicing emergency room physician and founder of The White Coat Investor, and Alan Moore, co-founder and CEO of the XY Planning Network about DIY financial planning versus hiring a financial advisor to help.

Topics Discussed:

• Making and Managing Money: Decide to hire help or do-it-yourself (DIY)?

• Seeking financial advice: Stigma, status symbol, or too busy

• Should a good advisor be saving you time and money? Good advice at fair price

• Getting stuff done: Do you struggle to get those not so fun financial tasks done?

• Mental energy: Are you fried and dreading financial chores?

• Therapy and Financial Advice: Why financial planning often intertwines the two

• Best and Worst Advisors: Compensation, commission, fee, CFP®, fiduciary?

• Are you working with a broker or insurance agent posing as a “financial advisor”?

• Conflict of Interest: Get a second opinion when pitched permanent life insurance

• Financial Advice Future: Financial planning as a profession

LINKS:

www.WrenneFinancial.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Today I wanna talk about second homes.

Link to website:

https://dougcrousephysicianloans.com/

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Today I have asked Sean Robinson with brush Creek partners to join me, to talk about the exciting world of insurance. It's just as important to play defense and protect the things that you've already accumulated. Join and learn more!

Want to learn more about Sean with Brush Creek Select. Click the link!

Sean@BrushCreekSelect.com

Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support.

https://weatherbyhealthcare.com/

Today we're talking about creative negotiations.

LINKS:

www.ContractDiagnostics.com

Today we're talking about creative negotiations.

LINKS:

www.ContractDiagnostics.com

How do you plan for a child who has a disability? Overcome the initial fear and concern for the unknown and focus on the positive blessing they are to your family. Learn to live a fuller and richer life by turning lemons into lemonade.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Laura Yost, who is married to an internal medicine physician. They have four children. The youngest, Scarlett, has Down’s Syndrome.

Topics Discussed:
• Lemonade Stand: Where teamwork and kind people give back to the community
• Blessing or cross to bear? Biggest challenge is lack of support, misconceptions
• Step in the right direction? Only willing to go where Scarlett’s welcomed, wanted
• Before and After: Reality of what it means to have a child with Down syndrome
• Guilty: Parents blame themselves for allowing their child to have Down syndrome
• Healthwise: 50% of babies with Down syndrome have a heart defect, not Scarlett
• Learn to Exist: What do I do and how do I do it to help my child live their best life
• The Lucky Few: Scarlett is a gift, treat her that way and not as a burden
• Growth Mindset: No pressure to be perfect; learn to do your best, make progress
• Money doesn’t buy happiness, but makes life better and easier up to a point
• Inclusion: Best education for kids with disabilities and their same-age peers

LINKS:

www.WrenneFinancial.com

Today we're talking about algorithms and how to think this way around contracts.

LINKS:

www.ContractDiagnostics.com

Nobody’s perfect. Everyone needs to take care of their mental health, including physicians. Perfectionism in medicine can spill over into physicians’ personal finances.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Michael Myers about physician perfectionism. Michael is professor of clinical psychiatry at SUNY-Downstate Medical Center and author of eight books covering everything from physician suicide and mental health to physician marriages.

Topics Discussed:
• Tyranny of Perfectionism: Extreme perfection can affect productivity
• Good Enough: Strive for excellence, but find and accept balanced portion
• Human Humor: Welcome to medical school, you’re (not) the best and brightest
• Imposter Syndrome: Message of perfectionism leads to inferiority
• Survive and Thrive: Perfectionism is expected, to err is human
• Demographics and Diagnoses: Diverse physician and patient population
• Signs: Worry too much, stay too late, struggle with competence and confidence?
• House of Medicine Stigma: Should doctors ask for or need help?
• Physician Personalities and Psychiatry: Self-resolve or seek help with triggers
• Money Management: Most physicians are not gifted in economics/business
• Marriage and Money: Keeping up with the Joneses linked to perfectionism
• Privilege or Poverty: Physician’s upbringing is pressure to maintain or do better
• Married to Doctors: Say and do something in a loving manner; listen and get help
• Co-parenting: Compliment and cut back on child’s activities; time is not unlimited

LINKS:

www.WrenneFinancial.com

Today I wanna talk to you about appraisal.

Link to website:

https://dougcrousephysicianloans.com/

I was doing some research lately about remote monitoring and I came across a company that really impressed me with their customer friendly platform. Today I have on Dr. Bob Pollock and Sam Romeo to talk about remote monitoring and the benefits from it.

Today, let's talk a little bit about what we've learned over our 12 years of doing physician contract reviews. PTO paid time off, earn time off vacation.

LINKS:

www.ContractDiagnostics.com

Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support.

https://weatherbyhealthcare.com/

Physicians feel the pressure to be perfect, and sometimes hide or fail to address their own mental wellness. Medicine’s intense focus on the quality of patient care is generally a good thing, but in some cases has unintended negative consequences. It takes courage for a physician to be vulnerable.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. John Budin, an accomplished physician, speaker, and blogger. John discusses why he chose to practice medicine and what he describes as the mental health closet.

Topics Discussed:
• John’s Case: Pressure to hide mental health flaws that make physicians human
• Mental Health Closet: Why John finally publicly shared bipolar disorder diagnosis
• Culture of Medicine: Vulnerability is opposite of professionalism and success
• Caregivers vs. Receivers: Difficult for doctors to acknowledge need, ask for help
• License at Risk: Career consequences, repercussions for revealing mental health
• Stigma Solution: Support and care for colleagues struggling with mental health
• Community: Increased mental health awareness with doctors, residents, students
• Physician’s Financial Path: Scary, uncertain aspects of being destabilized in life
• First Step: Get treatment publicly or behind closed doors to remain confidential
• Accept Humanness: Ways to become who you are, authentic, and vulnerable

LINKS:

www.WrenneFinancial.com

Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support.

https://weatherbyhealthcare.com/

Today's show we're talking about when you should walk!

LINKS:

www.ContractDiagnostics.com

Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support.

https://weatherbyhealthcare.com/

Physicians feel the pressure to be perfect, and sometimes hide or fail to address their own mental wellness. Medicine’s intense focus on the quality of patient care is generally a good thing, but in some cases has unintended negative consequences. It takes courage for a physician to be vulnerable.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. John Budin, an accomplished physician, speaker, and blogger. John discusses why he chose to practice medicine and what he describes as the mental health closet.

Topics Discussed:
• John’s Case: Pressure to hide mental health flaws that make physicians human
• Mental Health Closet: Why John finally publicly shared bipolar disorder diagnosis
• Culture of Medicine: Vulnerability is opposite of professionalism and success
• Caregivers vs. Receivers: Difficult for doctors to acknowledge need, ask for help
• License at Risk: Career consequences, repercussions for revealing mental health
• Stigma Solution: Support and care for colleagues struggling with mental health
• Community: Increased mental health awareness with doctors, residents, students
• Physician’s Financial Path: Scary, uncertain aspects of being destabilized in life
• First Step: Get treatment publicly or behind closed doors to remain confidential
• Accept Humanness: Ways to become who you are, authentic, and vulnerable

LINKS:

www.WrenneFinancial.com

Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support.

https://weatherbyhealthcare.com/

Today is about something that you probably wouldn't really think would affect you is layoffs.

Link to website:

https://dougcrousephysicianloans.com/

Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support.

https://weatherbyhealthcare.com/

We had talked awhile back about creatively negotiating. How can we make our contracts better? Come and have a listen as Jon Appino gives some insight on how to negotiate your contract for what you want.

Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support.

https://weatherbyhealthcare.com/

Does the medical profession make you feel like you got to have everything together because everyone around you is perfect? Everything and everyone has flaws, including physicians who are far from perfect but pretend everything is all good all the time.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Christine Runyan, co-founder of Tend Health, which brings a team of clinicians to the intersection of clinical care, health professions, and technology. Christine understands and views clinician well-being through the lens of a psychologist.

Topics Discussed:
• How perfectionism negatively affects physicians’ mental health
• Ways for physicians to address perfectionism proactively
• Physicians’ Mental Health: Getting to the point of it’s ok to not be ok
• Tend Health: All work done via video telehealth platform and care for physicians
• Barriers: Licensing and credentialing process asks about mental health history
• Stigma and Culture: Amplifies sense of self-determination to get through anything
• Be Human First: Maximize privacy, confidentiality, access to mental health care
• Physician Stereotype: Paradox that they need help, but too often suffer in silence
• What’s expected? Know the right answer, be curious/authentic, ask questions
• Financial Aspects: Average resident/fellow has six-figure student loan balance
• Coping Strategies: Self-awareness is super power to being honest with yourself

LINKS:

www.WrenneFinancial.com

Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support.

https://weatherbyhealthcare.com/

Today, we're talking about compensation, but not in a typical fashion about how to evaluate your worth or how to negotiate your particular salary or hourly rate.

LINKS:

www.ContractDiagnostics.com

Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support.

https://weatherbyhealthcare.com/

Have you ever worked with a financial planner? Do you have enough money saved for a financial planner to help? When are you ready to hire a financial planner? Depends on the situation or preference. If you want help, the sooner the better.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about when to hire a financial planner.

Topics Discussed:
• Use Cases: When to start working with a financial planner
• Human Capital Habits: How do you accumulate your wealth? Income
• Life Transitions: Get finances right in the beginning by planning for the future
• Finances and Investments: What are your options? Inefficiencies?
• Backdoor Roth IRA: Involves all different facets of financial planner tasks
• Reasons to Hire a Financial Planner:
◦ Don’t have time to handle your finances.
◦ Unsure if things are getting done correctly.
◦ Complexity of your finances is intimidating.
◦ Struggling to keep finances organized.
• Ways to Engage a Financial Planner:
◦ 95% of the industry has a sales/commission component.
◦ Verify terminology given by business to know if it is misleading.
◦ Pay for financial planner’s advice.
◦ You’re not locked in to work with the same financial planner forever.
• When to Seek Help from a Financial Planner:
◦ Educate yourself to make the best decision.
◦ Know the pros and cons of finding a financial planner.
◦ Figure out if now is the right time or not.

LINKS:

www.WrenneFinancial.com

Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support.

https://weatherbyhealthcare.com/

Today we are talking about intellectual property.

LINKS:

www.ContractDiagnostics.com

Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support.

https://weatherbyhealthcare.com/

Today, I wanted to talk to you just a little bit about new construction and how that differs quite a bit from buying a resale house.

Link to website:

https://dougcrousephysicianloans.com/

Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support.

https://weatherbyhealthcare.com/

Today I have on Kelsey O'Toole and we will talking about title companies, title insurance, and see why we need them.

Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support.

https://weatherbyhealthcare.com/

Today we are talking about APP supervision.

LINK:

www.ContractDiagnostics.com

What is a health savings account (HSA), and why are so few people utilizing it? The HSA is one of the best tax shelters that exists to build wealth.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about how the HSA works, how to decide if it is a good fit for you, and ways to manage an HSA to maximize its efficiency.

Topics Discussed:

• Two Groups of People:

◦ Those who don’t use HSA at all

◦ Those who do, but don’t maximize its efficiency

• What is the HSA? Access to an account via a qualified health insurance plan

• What is a qualified health insurance plan? Separate part of plan to use HSA

• Why is the HSA a great way to build wealth?

◦ Rollover balance

◦ Invest those dollars

◦ Offers tax benefits

• Decision-making Factors:

◦ Low utilization of healthcare insurance

◦ Higher expected upcoming healthcare costs

◦ Out-of-pocket costs

◦ Matching HSA funds

◦ Incorporate tax benefits

• Open Enrollment: Run the numbers before you choose an option

LINK:

www.WrenneFinancial.com

Today on this episode of Coffee and Contracts, We're talking today about disability!

LINK:

www.ContractDiagnostics.com

If you already have or plan to set up or start a health savings account (HSA), how do you make sure it is efficient to build wealth and possibly invest?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to best manage HSAs.

Topics Discussed:

• HSA: Best tax shelter that exists as a vehicle to put your money into

• HSA vs. Flex Spending Account (FSA): What’s the difference?

• HSA Strategy:

◦ Rule #1: It’s best not to spend out of your HSA

◦ Rule #2: If using HSA to build wealth, make sure to invest cash

◦ Rule #3: As you have healthcare expenses, save the receipts

• When to start using your HSA? Balance equals future expected healthcare costs

• HSA Beneficiaries: Make sure to identify spouse or dependents

• When is the best time to fund HSA? Max out sooner than later

• Cafeteria Plan: Better to funnel money through employer HSA for matching funds

• Switching Providers: Keep up with transfers and minimize number of HSAs

Today I just wanna give a quick overview of a little bit of terminology on the lender forms that you're looking at throughout the process. So by that I'm obviously talking about the, fees for when you're shopping lenders.

Link to website:

https://dougcrousephysicianloans.com/

Today we are joined with Dr. Rachel Consoli, who has traveled just the entire globe as an OB GYN provider. Dr. Consoli shares her story working with Locums and her experiences.

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start.

https://locumstory.com/

Today we are answering questions that were sent in. The next one that we're gonna do today, how to negotiate for extra pay to the group to cover shifts instead of paying locums?

LINK:

www.ContractDiagnostics.com

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start.

https://locumstory.com/

Insurance agents posing as advisors is more common than you may realize and can create conflicts of interest. The key is having better awareness. Don’t get fooled again!

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five ways to identify whether you are working with an insurance person who is posing as a financial advisor.

Topics Discussed:

• Sign #1: Aggressive posers seek you out after making contact or via referrals

• Sign #2: Posers offer you free or low-cost financial “advice”

• Sign #3: Posers act as trusted advisors; don’t refer to themselves as salespeople

• Sign #4: Advice and product solutions offered by posers are similar across clients

• Sign #5: Agents posing as advisors make it difficult to leave them/their products

LINK:

www.WrenneFinancial.com

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start.

https://locumstory.com/

Hey, this is John with contract diagnostics. I want to give a quick message on nurse practitioners and PAs. We had a couple of questions that were sent in, and one of them was about compensation for managing mid-level providers. Join me as I answer this question!

LINK:

www.ContractDiagnostics.com

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start.

https://locumstory.com/

Physicians seeking independent financial planning advice at a fair price should find financial advisors who mitigate conflicts of interest that cause more harm than good.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Donovan Sanchez, a Certified Financial Planner (CFP) and founder of Skyview Financial Planning. Donovan covers different conflicts of interest that most people are unaware of and the importance of disclosure requirements to find a quality financial advisor.

Topics Discussed:

• Financial Advisor Types: Anybody working in the financial services industry

• Compensation Models: Pay for services via commission, fee-only, or fee-based

• Challenging Conflict: Provide advice in advisor’s and client’s best interest

• Teaching/Training: How to make sales and do financial planning to offer advice

• Major Manufacturers: Research proprietary products, means of distribution to sell

• Learn Language: Talk like a financial advisor to focus on quality or make sales

• Clients and Referrals: How many to make sales and create custom plan/advice

• Disclosure: Put client’s interests first and disclose/manage conflicts of interest

• Space and Stability: Become a good financial advisor before giving advice

• Find Financial Advisor: Reach out to identify training, guidance, and get paid

• Future of Financial Advice: Take step forward to regulate financial advisor title

LINKS:

www.WrenneFinancial.com

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start.

https://locumstory.com/

Today I wanna talk to you a little bit more about interest rates. Interest rates ended up being a three quarter point move, which was kind of on the low side of what we expected.

Link to website:

https://dougcrousephysicianloans.com/

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start.

https://locumstory.com/

Jon Appino joins us today. He gives some really good insight on national employers and whether or not it's worth having a contract reviewed when you go to work for one of the big boys.

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start.

https://locumstory.com/

Everyone has suffered from lifestyle creep to some extent. Somewhere along the way, you go from eating ramen noodles to the finer things in life. You become used to spending your entire salary.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about how to avoid lifestyle creep. What is it? How does it happen? How do you prevent it?

Topics Discussed:
Tricky Transitions: Going from little income to being paid the big bucks

• Keep up with the Joneses: When you make more money, you tend to splurge

• Lifestyle Creep: Taking on obligations and a million tiny spending decisions

• Hedonic Adaptation: Making progress and adding little pleasures leads to pain

• ‘Drug’ of Choice: Easier to add comfortable things, than to take them away

• Why is lifestyle creep so dangerous? Lack of awareness creates conflict

• Symptoms: What you want, not what you need; how disposable income is spent

• Risk Factors: Are you a spender? Listen to others and seek expert guidance

• ‘B’ Word: Be intentional and aware of budget by checking your cash balances

• Team Effort: Resist temptation, finger pointing; be accountable about spending

• Lifestyle Creep Challenges:

◦ Acknowledge underlying financial issues

◦ Be intentional before spending

◦ Identify highest priorities to align finances

• Alternatives: Time, dedication, and intentionality to find free options

A question that we get asked a lot is when should physicians look for jobs when. What's common, right? What's normal? What's the standard?

LINKS:

www.ContractDiagnostics.com

Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support.

https://weatherbyhealthcare.com/

If you avoid talking about money with your children, then who pays for it later in life? Whether you know it or not, you’re teaching your children about money every day. Teach them what works and what doesn’t when it comes to finances.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. David Weisenhorn about money and parenting. David is a Senior Extension Specialist for Parenting and Child Adolescence Education at the University of Kentucky.

Topics Discussed:

• What is a family scientist? Mixes psychology and sociology focused on families

• Taboo Topic: Money isn’t up for conversation; vulnerabilities around values

• Lack of Education: Discussing finances in not covered in traditional curriculum

• Effects: Educate children to avoid risk of not using and handling money properly

• Mistakes: Avoiding subject of money doesn’t mean kids won’t use/experience it

• Proactive Parenting: Daily practice of teaching children how to deal with money

• Financial Literacy: Learn jargon and teach simple concepts via currency games

• Money Personalities: Habits and attitudes toward spending and saving

• Sink or Swim? Worth it to learn value of dollar early on to gain knowledge

• Allowances/Chores: Required versus going above and beyond to earn money

• Intrinsic/Extrinsic Motivators: Monetary incentives and sustainability of actions

• Zone of Proximal Development: Allow children to make and learn from mistakes

• Goals and Expectations: Smart small, don’t overpay, earn money from hard work

LINKS:

www.WrenneFinancial.com

Today I want to speak on understanding yourself and knowing how you talk and how you negotiate.

Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support.

https://weatherbyhealthcare.com/

LINKS:

www.ContractDiagnostics.com

Today I wanna talk to you just briefly about the new fed meeting coming up.

Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support.

https://weatherbyhealthcare.com/

Every week we get lots of questions about disability insurance, and I am so happy to welcome back Michael Relvas of MR Insurance Consultants to the show! Join us today as I have on a guest that I know and trust to help physicians with disability insurance questions.

One of the things that I thought we could talk about today is the schedule portion of the contract. Oftentimes it's called the duty section, it might be called the services section or sometimes it's called the expectation section sometimes. It's a job description. How detailed should these things be?

LINKS:

www.ContractDiagnostics.com

Life Insurance: How does it work and do you really need it? Are you worth more or less alive or dead? What you need to know to protect yourself and your loved ones.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about what type of life insurance you should own. When you are young and healthy, cover your life or earning potential because the risk of untimely death happening is extremely low, but the costs of income loss are extremely high.

Topics Discussed:

• Life Insurance Recommendations: Understand conflicts, know what to look for

• Why get it? Tomorrow isn’t guaranteed, avoid leaving family in a financial pinch

• When to get it? Before you urgently need it, when everything is good

• How much does it cost? Depends on health and age

• How much will you need? Enough, but always told to buy more

• How long will you need it? Longer the lock-in period, the more expensive

• Insurance Industry: Agents receive a high percentage of premiums for policies

• Advisor vs. Agent: What are the differences? Incentives? Disincentives?

• Coverage Calculations: Identify the correct amount of death benefits based on goals

• Types of Life Insurance Coverage:

◦ Human Life Value: Wrongful death determines lost earnings

◦ Financial Need Analysis: Maintain specific lifestyle, goals, assets, liabilities

◦ Term Life: Temporary death benefits for a set time period

◦ Permanent: Combines cost of term plus investment component

◦ Conditional: Secure coverage immediately before underwriting

LINKS:

www.WrenneFinancial.com

What we're going to talk about today is something that I think every physician eventually will deal with and it's multiple offers. Whether it's your first job and you're interviewing at a lot of places or whether you're shopping around after your first position out of residency or fellowship

LINKS:

www.ContractDiagnostics.com

Does permanent life insurance make sense or not? Is it the right or wrong short-term investment?

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about what you should look for and avoid to navigate the purchase of permanent life insurance.

Topics Discussed:

• Permanent Life Insurance Components: Cash value and death benefit

• How does buying permanent life insurance compare to term life insurance?

• Agents: People who push, play with permanent life insurance costs/commission

• Worst Case Scenario: Buying permanent life insurance for one year

• Best Case Scenario: Worst year for investment alternative to break even

• Buy term, invest the difference for credit card debt and emergency reserves

• Buy permanent life insurance when long-term tax savings outweigh cost and time

• Key Takeaway: Get a second opinion to understand complexity, conflict of interest

LINKS:

www.WrenneFinancial.com

Today I want to talk a little bit about mortgage don'ts. Join me!

Link to website:

https://dougcrousephysicianloans.com/

Today I have one of my very favorite people in the world, Dr. Amber Boros with me, she is my hero. She took medicine, which was kind of how we all feel about medicine these days. And she turned it into her passion.

How can special needs planning positively change your family’s life when you have a child or children with a disability? It really depends on their needs, so map out the plan for them.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the basics of special needs planning and available tools.

Topics Discussed:
• Worst Case Scenario: Unexpected death or disability

• FAQs:

◦ Who is going to take care of my child or adult with a disability?

◦ How will they know how to take care of my child with a disability?

◦ Will my child have enough financial support for lifetime care?

◦ How do I save for my child with a disability?

• Tools:

◦ Will is a legal document that names a guardian and outlines care needs

◦ Letter of Intent (LOI): Document that outlines key components of care

◦ Special Needs Trust: Direct funds to child’s care; get government benefits

◦ Change beneficiary designations to reflect the special needs plan

◦ Communicate plan with identified and designated beneficiaries

◦ Create ABLE account to save for qualified expenses for disabled children

LINKS:

www.WrenneFinancial.com

Today Kathryn Sarnoski going to be talking about the collections model, to end the three part series on compensation models.

LINKS:

www.ContractDiagnostics.com

Do you have enough money in the bank for your rainy day fund? What amount is too low or too much just in case you need it?\

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about setting the cash target. Ideally, you’re not over or under. By knowing what you need to get to, you’re empowered to make better decisions to reduce stress and risks, and increase return on your dollar.

Topics Discussed:

• Before Building Emergency Reserves:

◦ Have at least one month of expenses in checking account

◦ Pay off prior credit card debt and loan balances

• Start Building Up Reserves:

◦ Set the target by saving three to six months of income/expenses

◦ Personalize range based on your situation (1 to 12 months)

• Risk Factors and Reasons for Reserves:

◦ What do you own that has upkeep costs? Houses, cars, and boats

◦ How large is your household? Single, married, and children

◦ What is your insurance deductible? Change if necessary

◦ How much does your household earn and how secure are earnings?

◦ What percentage of income is being spent versus saved?

◦ How diversified are your income sources?

• Ideal Target: Establish emergency reserves and put in a bank savings account

• Common Mistakes:

◦ Commingling rainy day savings with other savings accounts

◦ View as insurance policy, not as a return or way to maximize investment

◦ Don’t use credit card or HELOC debt as alternative to emergency reserves

◦ Revisit and adjust ideal target; don’t set it and forget it

◦ Get some kind of return on your reserves, just don’t get greedy

◦ Use actual, not estimated expenses to calculate your rainy day reserves

LINKS:

www.WrenneFinancial.com

Today I want to talk to you briefly about interest rates. I wanna talk to you a little bit about where interest rates are determined and what affects them.

Link to website:

https://dougcrousephysicianloans.com/

I've had several requests lately to do a podcast on how to live frugally. And that got me thinking, that living frugally can mean so many different things to different people. It made me look back on my own life and forgive me if I share too much information about myself during this podcast.

Today we are doing part 2 or the 3 part series with Kathryn Sarnoski. Kathryn is going to be talking about the RVU model.

LINKS:

www.ContractDiagnostics.com

Today I'm excited to talk with Doug about some of this craziness that's going on with the mortgage industry in mortgage rates in particular in the past few months, if you hadn't been paying attention rates have been skyrocketing.

We're gonna talk a little bit about what's going on there and what you might expect in the future. We're also gonna get into primarily talking about the pros and cons of a physician loan.

LINKS:

www.WrenneFinancial.com

Today we have Kathryn Sarnoski filling in for Jon Appino. Kathryn is doing a 3 part series on more common compensation models that out there.

LINKS:

www.ContractDiagnostics.com

Are you a physician looking to buy a second home? Join us today as I am joined by Doug Crouse and we talk about how physicians can buy a second home.

Link to website:

https://dougcrousephysicianloans.com/

Today I wanted to give you a quick overview of the difference between getting prequalified and preapproved.

Link to website:

https://dougcrousephysicianloans.com/

Join me as I talk about non-competes and understanding the difference between term and after term.

LINKS:

www.ContractDiagnostics.com

Should you pay off debt or invest? It’s a straightforward question. Yet, the answer is often not so straightforward and really depends on your situation.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger about the proper way to think through this question so that you can begin making more educated decisions about debt and investing.

Topics Discussed:

• Assumptions and Assessment Factors:

◦ What’s more important right now—financial independence or flexibility?

◦ Are you saving enough or have enough to invest or pay off debt?

◦ Mitigate Risks: Why consider return rates, interest rates, taxes, cash flow?

• Mortgage Myths: Pre-payments can actually create loss of flexibility with funds

• Be strategic: Consider refinancing debts to change the variables in your favor

• Financial Stress: What makes you happy versus what makes you worry?

LINKS:

www.WrenneFinancial.com

Today we're gonna talk about signing bonuses, relocation, amounts, maybe student loans, stipends, retention and bonuses. Also money that a company or a hospital or a practice would give you to sign a contract and move to work with them.

LINKS:

www.ContractDiagnostics.com

Are you buying or renting? What are the perks of being a homeowner? Think through and focus on both financial and non-financial reasons.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about the rules of thumb when deciding whether to buy or rent a home.

Topics Discussed:

• Why buy? Live in it 3-5 years to break even and recoup upfront transaction costs

• Why rent? The best option if you plan to live there only a couple of months or years

• Numbers: Mortgage closing, realtor commissions, improvement costs, and ROI

• Taxes: Deduct ownership expenses; can’t deduct property/mortgage insurance

• Insurance: Renter’s insurance is less expensive than homeowner’s insurance

• Homeowners’ Association (HOA) Fees: Added costs for homeownership

• Uncertainty and Overestimation: Bias of living in a home longer than expected

• Lifestyle Creep: Living beyond your means and not analyzing home prices

• Headache Factor: Rent-not your problem; buy-home ownership increases issues

• The joy of Ownership: Cultural and cool factors to owning your own home

• Renting: Gets old not being able to do what you want with your place

• Rent vs. Buy Examples:

◦ 2362 Heather Way, Lexington, KY

◦ 8704 Grand Ferry Dr., Austin, TX

LINKS:

www.WrenneFinancial.com

Today I wanted to give you a quick overview of which costs more. I am going to compare for you an $800,000 house and then compare raising rate versus raising prices.

Link to website:

https://dougcrousephysicianloans.com/

Today Jon Appino and I talk about getting that raise you deserve and understanding if you're getting the correct compensation from your employer. We talk about the differences of pay and how to ask for that raise!

Link:

https://www.info@contractdiagnostics.com/

Money isn’t always the key to happiness. What are the key financial planning processes for using your money to live a better life?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks with his colleague, Jennifer Quire, a fellow Certified Financial Planner CFP®. As financial planners, Daniel and Jennifer’s goal is to help physicians use their money to live better lives. This starts with working through the financial planning process. Listen in to find out what this looks like.
Topics Discussed:

• What is a financial plan? Roadmap of where you are and want to be

• How to create a financial plan?

◦ Organize financial affairs

◦ Clarify values and goals

◦ Analyze options

◦ Decide best path forward

◦ Execute next steps

• What’s most important to you? Money isn’t always the answer

• Life Planning Questions: If financially independent…

◦ I want you to imagine that you are financially secure, that you have enough money to take care of your needs, now and in the future. The question is, how would you live your life? What would you do with the money? Would you change anything? Let yourself go. Don’t hold back your dreams. Describe a life that is complete, that is richly yours.

◦ This time, you visit your doctor who tells you that you have five to ten years left to live. The good part is that you won’t ever feel sick. The bad news is that you will have no notice of the moment of your death. What will you do in the time you have remaining to live? Will you change your life, and how will you do it?

◦ This time, your doctor shocks you with the news that you have only one day left to live. Notice what feelings arise as you confront your very real mortality. Ask yourself: What dreams will be left unfulfilled? What do I wish I had finished or had been? What do I wish I had done? [Did I miss anything]?

• Analysis Paralysis: Focus on one thing at a time to make progress

• Deadlines: Time gets in the way and people don’t like change, ask for help

• A financial plan becomes worthless if you never execute on it

Does it matter If you're on a W2 job or a 10 99 independent contractor? Some physicians think one's better than the other. Join me as I discuss the differences between the W2 and 1099.

LINKS:

www.ContractDiagnostics.com

Do you remember the late Notorious B.I.G.’s song, Mo Money Mo Problems? Physicians can probably relate to it. On the flip side, some people believe that having more money makes you benefit from fewer problems.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about how making more money often leads to more problems.

Topics Discussed:

• Does money make you happy? Depends on how you define problems

• $1 or $1 Million: More money makes simple things complex choices, decisions

• More assets means more checking, savings, credit card accounts go unclaimed

• Temptation: Easy to add something, but more painful to take something away

• What happens to your money? Be responsible and organized; not out of control

• Perceived Target: Doctors are rich, even residents with $400,000 in student loans

• Moral of the Story: Use money to improve and have less problems, happier life

• Slippery Slopes: Choose wisely between buying nice things or being generous

• Time: More money can buy time to prioritize and outsource tasks, responsibilities

LINK:

www.WrenneFinancial.com

Join me as I talk about financing a second home. With loan level price adjustments added it has just drastically made pricing, meaning rates or closing costs on second homes, considerably worse.

Link to website:

https://dougcrousephysicianloans.com/

Today we talk about terminating a contact. Jon Appino gives insight on terminating a contract and what to watch out for.

Check out his website and learn more in depth about Jon and his team!

Link:

https://www.info@contractdiagnostics.com/

If you drive a car and/or rent or own a home, do you know how to purchase and save money on home and auto insurance while maintaining adequate coverage?

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Andrew Wethall, an independent home and auto insurance agent for Energy Insurance Company. Andrew lives in Louisville, Kentucky, but works with customers all over the country. He makes clients’ insurance experiences easier all while maintaining adequate coverage at a fair price.

Topics Discussed:

• Most Common Pitfalls: Re-evaluate insurance every 3 years after residency

• Cheapest Option: Understanding the bones policy with state minimum coverage

• Basic Auto Policy: Physical damage, comprehensive and collision, liability limits

• Agent/Client Relationship: Pay attention to policy and continue to grow

• Risks: Insurance works great for high cost and very unlikely risks

• Umbrella Policy: Additional liability insurance to cover your assets

• No-Fault States: Who's at fault for the accident or damage?

• Car Rentals: What should you do when they’re pushing the insurance add on?

• Insurance Pricing: Depends on credit, driving record, claims history, act of God

• Structure: Differences between homeowner’s and renter’s insurance?

• Out-of-Control Catastrophes: Earthquakes and floods are not usually covered

• Attractive Nuisance: Umbrella policy for fun things—from pools to trampolines

• Denied! Seek multiple opinions and work with an agent to get claims paid

LINKS:

www.WrenneFinancial.com

Today we're talking benefits. So as you look at your contract and you're looking at your benefits that may change year to year, First off. Does it say anything in the contract about benefits? We usually don't see too much in there. We might see something that says you'll be offered benefits. Join me as I discuss more on benefits!

LINKS:

www.ContractDiagnostics.com

It’s that time of year again where many of you are considering giving generously to help others. What are some of the best tax strategies for giving?

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a fellow Certified Financial Planner (CFP®) and founder of Anesthesia Success—a planning firm and podcast dedicated to helping anesthesia and pain physicians make successful career and financial decisions.

Topics Discussed:

• Charitably inclined? Uncle Sam encourages contributions to help everyone

• Science of Giving: Feels good when faith shapes financial plan/philosophy

• Giving Forms: Generously invest time, money, emotion for observable impact

• Is giving important? When? Giving imperfectly is better than not giving at all

• Standard vs. Itemized Deduction(s): Cultivate desire and mechanics of giving

• Charitable Contributions: Change from above- to below-the-line tax deduction

• Appreciated Securities: Giving a security that has unrealized taxable gains

• Taxable Accounts: Investment account type that has no inherent tax advantage

• Donor Advised Fund: Pros and cons of using the DAF strategy for giving

• Batched Giving: Strategically think about timing of gift based on tax situation

• Internal vs. External Factors: How will tax situations, brackets, policies change?

• Tax Impact: Qualified Charitable Distribution vs. Required Minimum Distribution

• Private Foundations: Give more meaningfully charitably to express generosity

LINKS:

www.WrenneFinancial.com

So we've got a quick blurb today on visa physicians and what they need to consider as they look at their employment contract and how they've differ than a traditional W2 physician.

Link:

www.ContractDiagnostics.com

Come and join us as Jon Appino talks on physician contracts, when to start the process, if you're getting paid enough and what red flags to be on alert about. Jon Appino and his team have been helping physicians for over a decade and they really know there stuff!

Check out his website and learn more in depth about Jon and his team!

Link:

https://www.info@contractdiagnostics.com/

Can money buy happiness? You can have all the money in the world and be completely unhappy. How can they use money and time to live happier lives.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about the science behind using money and time to attain happiness. In the previous episode, Jeff discussed how physicians can better align time and money management with their values.

Topics Discussed:

Psychology and the Good Life: Laurie Santos’s scientific research on happiness

Laurie’s Lesson 1: Our minds are really bad at predicting happiness

Tangible vs. Intangible Things: What brings you the greatest happiness?

Laurie’s Lesson 2: Circumstances don’t play as big a role as people think they do

What drives happiness? 50% genes, 10% circumstances, 40% thoughts, actions, and attitudes

Laurie’s Lesson 3: Time versus money, which do you value more?

Spare Time: Spend money on things that save time for best return on happiness

Trade Offs: Delegate to make time and gain back time that brings happiness

link:

www.WrenneFinancial.com

Today we discuss contracts with Jon Appino as he launches his new segment called Coffee and Contracts. Jon talks about the benefits of automatically renewing your contract.

LINK:

www.ContractDiagnostics.com

You can have all the money in the world and be completely unhappy. Everybody wants to move closer toward living out their version of an ideal life. Yet, the daily grind we all face tends to push us away from this.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks with his colleague Jeff Wenger, about how physicians can better align time and money management with their values.

Topics Discussed:
Where to begin? Start with a plan to align financial actions with values

• Two Mindsets: Auto-pilot thinking versus deliberate thinking

• Awareness: Start with gaining awareness of your actions

• Time and Money Management Exercise: Find ways to track what you’ve done

• Awkward Conversations/Characteristics: Plan for success, write your obituary

• Life Planning: Kinder’s 3 questions about living out your ideal life

• New Day-to-Day Decisions: Say ‘no’ to things that don’t align with your values

• Ideal Calendar: Prioritize values by making time and space on your calendar

• Should you stay on auto-pilot? No, do something, take action to help your wealth

link:

www.WrenneFinancial.com

Join me as I discuss interest rates and where they could be headed. As an expert in the industry I will tell you where I think interest rates are headed.

Link to website:

https://dougcrousephysicianloans.com/

Where do I go from here?

As a physician have you ever asked yourself that question?

Join us as I discuss this with the ONLY financial planner that works for physicians I trust! Daniel Wrenne discusses the ins and outs and what steps to take.

Check out his website to learn more about him and his team!

www.WrenneFinancial.com

What make, model, and year is the car you drive? Thinking about buying a new one? Why? Consider all factors to make the right, not wrong buying decision.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about why he drives an 18-year-old Toyota Avalon. The 2003 vehicle has heated leather seats and a 6-disc CD changer—it’s still in good condition and comfortable to drive.

Topics Discussed:

• Car Buying: How to make a good, solid, level-headed decision

• Practical Perspective: Base decision on purpose, need, safety, reliability

• Mechanical Issues: Tend to trigger alternative options for an upgrade

• Identity and Psychology: What drives car-buying marketing decisions?

• Timeout: Do your priorities align with buying a new car?

• Key Purposes:

◦ Get from Point A to Point B

◦ Comfort level

◦ Makes you look better

◦ Economic and environment friendly

◦ Consider alternatives

link:

www.WrenneFinancial.com

How was the U.S. economy before the war between Russia and Ukraine started? How have things changed and what will they look like in the future? Expect a ripple effect!

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how the Russian and Ukraine War will affect financial planning and economic adjustments in the United States and other countries.

Topics Discussed:

• 9% Inflation Rate: Changes associated with war do not play a role, yet

• Work: Inflation should not be too big of a deal for those with a job/income

• 8% Unemployment Rate: Extremely low—people are working, plenty of jobs

• Interest Rates: Will continue to be increased to keep inflation under control

• Vanguard Total Stock Market: Index fund gauge indicates modest downturn

• Supply and Demand: War sanctions and restrictions result in prices increasing

• Economic Seasons: Difficult to predict what’s going to happen in the future

• Reverse Globalization: Economic impact due to isolated sections and countries

• Actions to Consider: Diversify portfolio, stay the course, take protective measures

link:

www.WrenneFinancial.com

Have you heard the perks of working locums? Today, I have Danielle Cataxinos, and Kathryn Sarnoski, MD. They discuss the perks that come with working locums.

They will also share what to watch out for and things you should make sure you do, so you get what you want out of locums work.

Today I will tell you what is needed when applying for a mortgage!
I will share some tips on what to watch out for as well as what you will need for the applying process!

Link to website:

https://dougcrousephysicianloans.com/

Even with your own home, have you noticed that real estate prices have been a bit hectic? How do you build wealth with real estate? Not with your primary residence.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about real estate as an investment outside of your primary residence. You are building wealth with your home, but it is hard to realize that wealth.

Topics Discussed:

• Real Estate Market Prices: Massive increases in short periods of time

• Crazy Market: What are the reasons? Nobody really knows underlying causes

• Supply and Demand: Low supply and high demand drives up real estate prices

• Why is demand high? People still want to buy or invest in real estate

• Why is supply low? Cautious builders, lumber costs, lack of skilled labor, rules

• Real Estate Investing - Alternative approaches to make money:

◦ Appreciation: Own property that increases in value

◦ Rent: Own property that is rented out to others to generate income

◦ Loan: Charge interest on money loaned for real estate deals

• Ways to Own Real Estate: Short- or long-term rentals, flips, multi-units, raw land

• Real Estate Responsibilities: Do you want to be an investor or more involved?

• Why people write/talk about real estate: Hype, interest, and money to be made

• Big Benefits: Diversify, passive income, tax shelters, and better returns

• Downsides: Time, dealing with people, risks, returns, complexity, and alternatives

• Purpose: Why do you want to invest in real estate and build a portfolio?

Links:

https://www.reit.com/

https://www.vrbo.com/

https://financeforphysicians.co/

If you don’t do anything or take action by following up on your financial vitals plan, it’s not of any value to you. The purpose is to make progress and improve sooner by staying on track and measuring success.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about steps to move forward by planning, checking, and tracking your financial vitals. Happiness is when your values are in alignment with your actions.

Topics Discussed:
• Goal: Come up with a game plan based on an individual’s vitals and customize it
• Financial Vitals Recap:
◦ Part 1: Clarify values
◦ Part 2: Save, spend, give ratio
◦ Part 3: Net worth
◦ Part 4: Safety net check
◦ Part 5: Investment plan
• Annually or As Needed: How often to check if financial vitals are in alignment
• Other Financial Vitals: Consider education funding and business-related items
• Key Takeaway: Create plan to take action for checking financial vitals

Links:

https://financeforphysicians.co/

https://financeforphysicians.co/2021/08/12/what-you-need-to-know-about-estate-planning/

Ever wonder what the difference is between a broker and a bank?

I will discuss the different options brokers and banks offer. Let me tell you why I think banks have the better doctor loan for you!

Check out my website where you can get a free copy of my book "Hippocratic House". You can also learn more about me and my team.

Come check us out!

https://dougcrousephysicianloans.com/

Have you thought about working for Locums? Do you have questions about working for Locums?

There are many areas that cover about Locums and if it is something you would like to do. Tammy Crouse, MD and Nick Kusnezov, MD discuss how to start working for Locums and what to expect while working for Locums.

Do you have an investment plan in place? You may have more than one fund, such as for retirement or charitable giving. Maybe you want to save or invest money for college or a vacation home.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about having an investment plan (also known as an investment policy statement) that is organized based on a specific purpose or goal.

Topics Discussed:

• What is an investment plan? High-level but simple summary/outline of goal

• What’s the benefit of working with a financial planner vs. doing it yourself?

• What are the key parts of an investment plan?

◦ Purpose and Responsibility

◦ Investment Philosophy

◦ Summary of Review Process

◦ Summary of Accounts/Asset Allocation Target

Links:

https://financeforphysicians.co/

https://financeforphysicians.co/2021/08/12/what-you-need-to-know-about-estate-planning/

https://financeforphysicians.co/contact/

Life doesn’t always go as planned. It’s full of twists, turns, and curveballs. Cover all your bases in the event of a worst-case scenario because it can come out of left field. You never see it coming or know when something could happen.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about performing a safety net check as part of your financial vitals.

Topics Discussed:

• What is a safety net check? Checking coverage for worst-case scenario

• When to plan for unexpected, unplanned events? Now—before it’s too late

• What are the odds? Based on large groups of people, not individuals

• What’s your other financial vitals? Safety net coverage takes more than assets

• Important Info: What to document/track for life, disability, other insurance policies

• Who is covered (insured)? You, your spouse, children, or beneficiaries

• Estate Plan: Who needs it and why? Indicates who handles and gets what

• What are worst-case scenarios? Unexpected death, disability, or emergency

• Is your safety net adequate? If not, increase or decrease coverage, reserves

Links:

https://financeforphysicians.co/

https://financeforphysicians.co/2021/08/12/what-you-need-to-know-about-estate-planning/

https://financeforphysicians.co/contact/

A house is possibly the largest purchase you’ll ever make in your life, and the process is far from straightforward, especially if you’re a first-time homebuyer. Even people who have owned houses before can make mistakes because they don’t know the ins and outs of the industry.

Armed with this book, a complete guide to everything you need to know to buy the best home for you, you’ll be prepared to ask the right questions, find the right professionals to work with, and make decisions confidently using the checklists and worksheets provided.

Determine whether purchasing is the best decision for you at this time

Calculate how much you can afford to spend
Take all necessary expenses into account
Find the right kind of mortgage for your situation
Hire the right Realtor
Choose the right house
Avoid common mistakes that cost you time, money, and stress

Here is a link to the book:

https://www.amazon.com/Hippocratic-House-Purchasing-First-Physician/dp/1612062407

Dealing with burnout?

I would suspect most physicians have felt this at one time right now. There are so many causes that can lead to this feeling of emotional exhaustion, compassion, fatigue, decreased job satisfaction, or even depression.

I think it's important that we talk about this openly. And honestly, as physicians have the highest suicide rate of any group in the United States, we will talk with three physicians who found themselves in this situation. Each of them found a different solution to help find balance in their lives.

Join us as we discuss ways that have helped them deal with physician burnout.

If you have clarified your values and determined your saving, spending, giving ratio, the final financial vital to measure is your net worth. What is your net worth? What do you track with your net worth? How do you track your net worth? What can you use it for and why is it beneficial?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to calculate, track, and increase your net worth and decrease your debt.

Topics Discussed:
• Net Worth = Total Assets - Total Liabilities
• Adding to assets or subtracting debt increases net worth
• Negative Net Worth: Part of the medical career track for physicians
• Compound Interest: Exponential growth when earning interest on your interest
• Net Worth: Changes over time, track it to monitor inefficiencies and progression
• Debt-to-Income Ratio: How high is your debt relative to your earning potential?
• Values/Goals: Net worth should depend on your plan for what’s most important

Links:
Monthly Net Worth Tracker Template
https://financeforphysicians.co/
https://financeforphysicians.co/contact/

Financial ResidencyIn this episode, Doug discusses what adjustable rate mortgages are and if they are right for you. There is a lot to consider when deciding whether to have an Adjustable Rate Mortgage as a physician.

What are the ups? What are the downs? Are they good for a long-term or short term financial outlook? These questions and more are answered in this episode.

Once you clarify your values, financial vitals are used similarly to health vitals to quickly check if you are making progress toward your goals and what’s most important to live a better life.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to measure specific financial vitals based on your values.

Topics Discussed:

• Save, Spend, Give Ratio: Percentage-wise, where is your money going?
• True Spending: Budget is always underestimated; total spending is more realistic
• Strategy: DIY vs. work with financial planners, others to calculate numbers
• Key to Success: Quick financial vitals checks measured against your values

Links:
https://financeforphysicians.co/

https://financeforphysicians.co/contact/

In this episode, Dr. Tammy and Doug Crouse discuss the types of loans available to physicians. Physician loans are different from non-physicians loans in many ways.

What are the expectations? What are the concerns? The key points of both loans are of discussed within the episode. Find out the advantages and challenges of physician loans and more!

Join me, Doug Crouse, an experienced loan originator for physicians, while I discuss inflation in today’s market. I give my overview on some causes of inflation and what to prepare for.

A first time physician home buyer? You're in luck!

Dr. Tammy and her husband, Doug Crouse, an experienced mortgage loan originator, discuss the ins and outs of buying a home while rates continue too rapidly increase.

They'll discuss what's needed for purchasing a home and share a few tips to help you on your journey

Physicians and their patients know that vitals are measurements of the body’s most important basic functions. Checking and tracking vitals indicate how your health is now and maybe in the future. Vitals are a progress check to prevent potential problems.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about checking your financial vitals. He discusses how medical vitals are similar to financial ones because they tell you how you’re doing and what goals to set to improve your health and well-being.

Dr. Kathryn Sarnoski is an OBGYN and the Director of Physician Education for Contract Diagnostics. Reviewing your physician contract is one of the most important tasks of your medical career. What do you do when it’s all on the line for you with one? Dr. Tammy and Dr. Sarnoski discuss what you should know when it comes time to sign!

It’s been a while since you’ve heard Ryan’s voice on the show. While he’s no longer running the podcast, he introduces its new host… or should we say, “hosts”… in this new reboot.

Please come get acquainted with Dr. Tammy Crouse, Doug Crouse, and Daniel Wrenne as they all gear up to share some of the most interesting (and pressing) topics related to a physician’s financial future.

And, then stay tuned every week to for new content! Excited for you to be here!

Eric Gantwerker, MD, MS, MMSc (MedEd), FACS is a pediatric otolaryngologist at Cohen Children's Hospital at Northwell Health/Hofstra, associate professor of otolaryngology at Zucker School of Medicine at Hofstra/Northwell, and vice president, medical director at Level Ex. Level Ex is a medical video game company that utilizes game technology and psychology to create interactive educational experiences for healthcare professionals. As the medical director, he oversees all the medical and educational functions of the company including strategy, design and development, and efficacy studies.
We talk about video games, which is his favorite role-playing game and first-person shooter. OK, not really. We talk about the origin of Level-Ex, how he became a part of it, and the advantages of practicing challenging colonoscopies on your phone.

Dr. Gantwerker holds a Master of Medical Science (MMSc) in medical education with a focus on educational technology, educational research, cognitive science of learning, and curriculum development from Harvard Medical School and a Master of Science in physiology and biophysics from Georgetown University. His clinical focus includes complex aerodigestive disorders, airway reconstruction, children with tracheostomies, persistent obstructive sleep apnea, and quality improvement.

Moshe Safran is the CEO of RSIP Vision U.S. He leads RSIP’s business development for the United States, which represents the company's largest market. Moshe works with the company’s partners to power their products and services by developing AI and computer vision modules. He also oversees customer communication and project management, while providing expert guidance in algorithm development, planning and execution of new projects.
We discuss the role of artificial intelligence in healthcare, like which specialties are being the most affected, where he sees it taking us in the next decade, how they collect the data for machine learning, and how, as always, if something goes wrong, the liability falls solely on our shoulders.

He is an experienced R&D leader in computer vision algorithms, from hands-on research and implementation to project management and business development. Moshe received his BS in physics and a graduate degree in computational neuroscience from the Hebrew University of Jerusalem.

Dr. John Mulder currently serves as the Executive Director for Trillium Institute, Chief Medical Consultant for Hospice and Palliative Care for Holland Home, and the Executive Director of Palliative Services for University of Michigan Health-West in Grand Rapids, MI.

We talk about how he got started in palliative care, well before it was a recognized subspecialty, how the specialty has changed, and he helps to clear up some confusion about who should be referred to palliative care. We also discussed how more palliative care referrals can improve outcomes and decrease the cost of care and what systemic changes can help.

Dr. Mulder has an appointment as Assistant Professor in the Department of Family Medicine at Michigan State University College of Human Medicine where he serves as the Director of the Division of Palliative Medicine, and he is currently the Director of the Mercy Health Grand Rapids Hospice and Palliative Medicine Fellowship Program.

We all have patients who frustrate us and we consider “difficult” because they don’t follow the rule book for good patient behavior. You will never change their behavior but the good news is that you can actually change the way you think about difficult patients.

Dr. Joan Naidorf is a board-certified emergency physician and has practiced for nearly thirty years in the busy emergency departments of Inova Alexandria Hospital and Fort Belvoir Community Hospital in Virginia. She recently published a book entitled Changing How we Think About Difficult Patients: a Guide for Physicians and Healthcare Professionals, so this is what we are discussing. We discuss ways to reframe interactions or change perspectives on patients that cause our blood pressure to elevate before we even walk in the room. Maybe it is a certain diagnosis or complaint that does this to us, or a frequent flier that never seems to get better. Dr. Naidorf gives us some techniques for grounding our thoughts and helping us empathize again.

As an author and speaker, she has been sharing important ideas with students, residents and practicing physicians through various online and direct engagements. Dr. Naidorf trained at the Philadelphia College of Osteopathic Medicine and Einstein Medical Center in Philadelphia. She was recently appointed to the editorial advisory board of The DO magazine.

Melanie Heniff, MD, JD, is Chicago native and obtained her MD from Rush Medical College in Chicago before completing a combined residency program in Emergency Medicine and Pediatrics at Indiana University School of Medicine in Indianapolis. She is triple boarded in Emergency Medicine, General Pediatrics, and Pediatric Emergency Medicine. She recently obtained her JD from Indiana University Robert H. McKinney School of Law and is currently an Associate Professor of Clinical Emergency Medicine at Indiana University School of Medicine and partner in Boone County Emergency Medicine.

Today’s discussion is all about informed consent: how it is defined, documented and dispensed. What actually requires a signed form, what information that signed form should contain and how much information may be too much information? We then get into a conversation about capacity, competence and how to determine capacity.

I’ve been considering investing in real estate, but I’m not really motivated enough or interested enough to move forward. My wife and I put some money in a fund of funds, but with all of the fees, there’s not much money being made. Actually, I don’t think there’s any yet. My wife and I were recently at a vacation destination driving distance from our home and got to thinking… could we get a vacation home here? I got to thinking… could we make money from a vacation home here? I started reading books (listening to books) and listening to podcasts and so I decided to have the queen of short-term rentals on the show to answer our questions. Isn’t it more fun to look at vacation homes than apartment buildings?

Avery Carl was named one of Wall Street Journal’s Top 100 and Newsweek’s Top 500 agents in 2020. She and her team at The Short-Term Shop focus exclusively on Vacation Rental and Short-Term Rental Clients, having closed well over 1 billion dollars in real estate sales. Avery has sold over $300 million in Short Term/Vacation Rentals since 2017. An investor herself, with a portfolio of over 100 Doors, Avery specializes in connecting investors with short term rentals with the highest ROI potential, and then training them to manage their short-term rental from their smart phone from anywhere in the world. Talk about a four-hour work week. She is author of the book Short Term Rental Long Term Wealth and host of the Short-Term Show podcast.

Omolara Thomas Uwemedimo, MD, MPH,is a business development and funding coach for women of color in healthcare and serial entrepreneur, growing 2 companies to multi-six figures in revenue in less than 18 months. During her intrapreneurial career as a pediatrician for over 15 years, researcher & professor for over a decade, she secured $2 million in grant funding and has led inter-professional teams to build and scale healthcare delivery and research programs to achieve health equity for marginalized youth and families. Her work has been defined by a passion for social justice, serving as an advocate and working as a global physician across sub-Saharan Africa, Asia, and the Caribbean. Given her expertise and success as an entrepreneur, Dr. Omolara went on to found Melanin & Medicine, a premier business development & funding coaching company to help support women of color in medicine to secure capital, without incurring debt or diluting equity, to build and grow their own healthcare businesses committed to social impact. To date, Melanin & Medicine has helped over 200 women in medicine across her workshops, courses and programs to pivot into their purpose, re-create their healthcare careers on their own terms, build social impact businesses and live more fulfilled & integrated lives. We talk about how and why she ended up here, why women of color would need to leave medicine, and how she helps physicians build a socially impactful healthcare company that can replace a physician income.

Back for her second appearance is Dr. Stephanie Sogg, a clinical psychologist from the MGH Weight Center where she has treated patients with obesity at the MGH Weight Center since 2003. One our previous episode, we discussed the importance of language when discussing someone’s weight, so on this episode, we talk about when and how to bring it up. We talk about how body acceptance is actually important to sustained weight loss, although on the surface it may seem like a contradiction. We talk about the influence of sleep, mental health, and when it is time to make recommendations, what actually works. As with most things, it is complicated.

Dr. Sogg earned her PhD in clinical psychology from Rutgers University in 1998 and completed a post-doctoral fellowship with Harvard Medical School. In addition to her clinical work, Dr. Sogg conducts research on obesity and bariatric surgery, and the intersection between obesity and addiction, and has published widely on obesity and related topics. She is an author of the Boston Interview for Bariatric Surgery, and of the official ASMBS Recommendations for the Pre-Surgical Psychosocial Evaluation of Bariatric Surgery Patients. She is the director of the Weight Center rotation for Behavioral Medicine psychology interns and is active in national and international scientific obesity and weight loss surgery societies.

Back for her second appearance is Dr. Stephanie Sogg, a clinical psychologist who has been at the MGH Weight Center since 2003. One our previous episode, we discussed the importance of language when discussing someone’s weight, so on this episode, we talk about when and how to bring it up. We talk about how body acceptance is actually important to sustained weight loss, although on the surface it may seem like a contradiction. We talk about the influence of sleep, mental health, and when it is time to make recommendations, what actually works. As with most things, it is complicated.

Dr. Sogg earned her PhD in clinical psychology from Rutgers University in 1998 and completed a post-doctoral fellowship with Harvard Medical School. In addition to her clinical work, Dr. Sogg conducts research on obesity and bariatric surgery, and the intersection between obesity and addiction, and has published widely on obesity and related topics. She is an author of the Boston Interview for Bariatric Surgery, and of the official ASMBS Recommendations for the Pre-Surgical Psychosocial Evaluation of Bariatric Surgery Patients. She is the director of the Weight Center rotation for Behavioral Medicine psychology interns and is active in national and international scientific obesity and weight loss surgery societies.

T. Marc Calvert, J.D. founded Calvert & Associates in 1996. His goal has always been to provide the highest quality of legal service to those who ask for his help. I asked for his help regarding what to say to a patient when you have a complication. Do we apologize? Not apologize? How much information do we disclose? We were introduced by Gita Pensa, an emergency medicine physician at Brown and the creator of the podcast Doctors and Litigation: The L Word. This is essential listening for all physicians. On top of settling the apology issue (kind of), Mr. Calvert says you need to exude competence and caring. We also talked about walking the patient through what happened and giving them a clear and concise plan for what you are going to do next. Since 1987, a primary focus of Mr. Calvert’s practice has been health care liability defense, and over the years he has handled innumerable claims, disputed matters, and lawsuits. Mr. Calvert is board certified by the Texas Board of Legal Specialization in the field of Personal Injury Trial Law Mr. Calvert graduated with a J.D. from the University of Texas School of Law in 1987 and was admitted to the State Bar of Texas later that year. While at UT, he served as a law clerk for the Texas Employment Commission and wrote opinions for the commission appeals department. Mr. Calvert joined Edwards and Associates in August of 1987 after having completed a clerkship during the summer of 1986. The firm of Edwards & Calvert was formed when Mr. Calvert became a named partner in 1991. He became board certified by the Texas Board of Legal Specialization in the field of Personal Injury Trial Law in 1994 and has been re-certified at the indicated intervals ever since. On September 3, 1996, Calvert & Associates was established.

Provident Healthcare Partners is an healthcare specific investment banking firm whose services include mergers and acquisitions, equity and debt financing, and strategic advisory. On today’s show, we have Directors AJ Shekar and Scott Davis. AJ is responsible for business development and deal execution across a range of healthcare services industries. During his tenure, he has advised dozens of companies that are considering strategic alternatives including strategic mergers and private equity recapitalizations. Scott leads transactions across a wide range of healthcare services sectors, focusing on business development, marketing, negotiation of deal terms, and due diligence efforts. This role requires Scott to be in frequent contact with the financial and strategic investor community to ensure transaction processes are positioned correctly.

With the increased rate of purchase of physician practices by private equity, we discuss the why and how. Why should a younger partner consider selling? If you are considering joining a practice that might be selling, what questions should you be asking?

The clear benefits are in economies of scale and better contracts from insurers, but they also point out the benefits of alternative revenue streams and being able to take advantage of value-based care. We also discuss what are the advantages of physician practices coalescing into a larger practice without PE vs. with PE. I know you’ll learn a lot from this and don’t worry, they’ve agreed to come back for a part two in the next month or two.

Deena Kishawi, MD, is a Chicago-based OBGyn resident physician who is particularly interested in health outcomes that are unique to Middle Easterners and North Africans residing in the United States. With her fluency in the Arabic language, her research with Muslim patients in healthcare, and her work with immigrant, refugee, and first-generation communities in Chicago, she is currently conducting research on these populations and is working towards training and educating healthcare providers about the unique challenges these population face.

Dr. Kishawi is Muslim and wears a hijab and keeps her arms covered, so her first experience in the operating room as a medical student was challenging and led to start the blog HijabInTheOR.com her aim is to make the OR a safe and respectful place for hijab wearing healthcare providers. We discuss what her experience has been like treating patients wearing a hijab, both the good and the bad. We also discuss some of the basic tenants of Islam with which we should be familiar to best help our patients and our trainees and some issues in our healthcare system that can undermine Muslim patients and potentially impact their care.

When you are close to retirement private equity may come calling. What does a physician need to do when approached by private equity? What is there to consider? Everyone's situation is different. There are advantages and disadvantages to selling to private equity and the same when keeping a practice private. One of the major draws is that private equity tends to offer a considerable amount of income. However is it worth it? In this episode, private equity is discussed from two perspectives. Dr. Bradley Block invited two physicians who had given eloquent, concise arguments for and against selling onto the show to discuss their reasoning. It made for a very informative conversation. William R. Blythe, MD, is a General Otolaryngologist practicing at East Alabama Ear, Nose, and Throat in Auburn/Opelika, Alabama. He was the past Chief of Staff of East Alabama Health, where he served in almost every medical staff leadership position over the past 24 years. He served as President of the Alabama Society of Otolaryngology for ten years and continued in his role as Annual Meeting Coordinator.

Drew Locandro, MD, is a practicing general otolaryngologist with Northwest ENT and Allergy - Marietta, Georgia. He is president of his 6-physician group with 5 office locations and an ASC. He’s served as chairman of the department of surgery at Wellstar Kennestone Hospital as well as chair of the hospital quality assurance committee for several years.

Today's sponsor is Locumstory. To find out more visit: https://www.doctorpodcastnetwork.com/locumstory

**We make about 10,000 decisions every day! How do we know what decisions are the best ones? There are times that we may jump at the first thought because of excitement. We may think of the immediate outcome instead of the long-term outcome. Are there things we can do to ensure our process for decision-making is a good one? In this episode, Ryan and Paula Pant of Afford Anything discuss what to consider when making decisions regarding financial independence, early retirement, and more.

Today's Sponsor is CompHealth**. You can find out more by visiting: https://www.financialresidency.com/comphealthk

When you are close to retirement private equity may come calling. What does a physician need to do when approached by private equity? What is there to consider? Everyone's situation is different. There are advantages and disadvantages to selling to private equity and the same when keeping a practice private. One of the major draws is that private equity tends to offer a considerable amount of income. However is it worth it? In this episode, private equity is discussed from two perspectives. Dr. Bradley Block invited two physicians who had given eloquent, concise arguments for and against selling onto the show to discuss their reasoning. It made for a very informative conversation. William R. Blythe, MD, is a General Otolaryngologist practicing at East Alabama Ear, Nose, and Throat in Auburn/Opelika, Alabama. He was the past Chief of Staff of East Alabama Health, where he served in almost every medical staff leadership position over the past 24 years. He served as President of the Alabama Society of Otolaryngology for ten years and continued in his role as Annual Meeting Coordinator.

Drew Locandro, MD, is a practicing general otolaryngologist with Northwest ENT and Allergy - Marietta, Georgia. He is president of his 6-physician group with 5 office locations and an ASC. He’s served as chairman of the department of surgery at Wellstar Kennestone Hospital as well as chair of the hospital quality assurance committee for several years.

Today's sponsor is Locumstory. To find out more visit: https://www.doctorpodcastnetwork.com/locumstory

Sometimes we set financial goals that will be great to achieve, but we do not have a good plan of how to reach that goal. The goal may be set too high or be too easy. What is the motivating factor that pushes us forward towards it? In this episode, Ryan and Jimmy discuss the art of making a good achievable goal and how to plan for working towards it. We can have an idea for a goal. Now it is time to get down into the details of getting to the finish line!
Today's Sponsor is Comp Health. Find out more by visiting: https://www.financialresidency.com/comphealth

Navin Goyal, M.D. is a physician and entrepreneur who serves as CEO of LOUD Capital, early-stage venture capital and alternative investment firm leveraging capital, entrepreneurship, and education to grow impactful companies across the globe. Navin strives to make venture capital more purpose-driven, inclusive, and impactful. The beginning of his entrepreneurial journey was co-founding OFFOR Health (formerly SmileMD), a venture-backed mobile healthcare company that expands access to care across the United States with a dedicated focus on lower-income and rural communities. His story, his experience, and what he sees as an opportunity for physicians to have a broader impact on themselves and society is the focus of his book, Physician Underdog. Dr. Bradley Block and Dr, Goyal discuss his journey from the OR to the board room, how the grass is greener after leaving medicine, why they need to start before they’re stagnating or burnt out. Venture capital is not as risky as perceived! Once you know the ins and outs, it can lead to some great opportunities for income.

Today's Sponsor is Locumstory. To find out more visit: https://www.financialresidency.com/locumstory

**Working towards financial freedom as a physician has quite a few moving parts. Where do you need to invest? What do you do when you pay off student loans? What are things to think about as you look at your financial future? There needs to be a balance to reap the benefits of financial freedom. Understanding the long-term mindset and generating enough cash flow to reach the point of financial freedom. In this episode, we talk to Scott Trench about the ins and outs of financial independence.

Today's Sponsor is Comp Health. Find out more by visiting: https://www.financialresidency.com/comphealth**

Lawyers often need some additional help from an expert in a specific field. Medical expert witnesses are often used to prove an argument by the prosecution or defense. Common misconceptions among physicians may prevent them from becoming one. While consulting for personal injury and medical malpractice firms in the Boston area, Dr. Amy G. Fogelman noticed a void in the consulting field, which her consulting firm, MED LAW, seeks to fill. Dr. Bradley Block and Dr. Fogelman discuss common misconceptions, how to get started, the best approach to avoid mistakes, the compensation, and why specializing in only doing defense work can be detrimental.
Today's Sponsor is Locumstory. Find your next Locums assignment here: www.financialresidency.com/locumstory

**It's that time! You are ready to buy or sell a house. It can be your first house or moving into a new home after selling your previous one. Do you need a real estate agent? How do you find a good one? Do they understand your situation? You are about to make a major decision that can affect you for years. As a physician, there are things to consider because of the profession. Avoiding mistakes such as buying a house that you cannot afford can be crucial to your financial future. In this episode, we talk with John Ramey, a real estate agent that is an expert at helping physicians. We discuss all of the questions and tips about what makes a great real estate agent for a physician.

Today's sponsor is CompHealth*. To find out more visit:* https://www.financialresidency.com/comphealth**

Most people have heard of a placebo but what about a nocebo? What are the ways to use nocebo in both a patient-doctor relationship? We talk about the placebo effect and its evil twin, the nocebo effect. A physician can enter dicey ethical territory that comes with recommending an intervention that you know only works if the placebo effect occurs. What is the correct approach for using either?
Today's Sponsor is Locumstory. For more information visit: www.financialresidency.com/locumstory

Student loan debt can pile up quickly! Once you graduate you may have a student loan mountain to take down. That is what happened to Dr. Cathy Carroll. She ended up with $160,000 in student loan debt. What she was bringing in was barely enough to cover all her expenses! Something had to change! She started working for Locums and it has helped her pay them down. In this episode, Dr. Carroll discusses her journey with student loans and how working for Locums has helped her.

Today's Sponsor is CompHealth. Just head to financialresidency.com/comphealth and see what locums can do for you financially.

Carmen Brown, MD, is an author, blogger, practicing OB-GYN, and managing partner and founder of ExpatMD. She currently resides in Melbourne, Australia with her husband and young son. Dr. Bradley Block and Dr. Brown talk about how she ended up practicing down-under, how to make it happen, what some of the differences about practicing down there and focused a bit on the practice of OB-GYN. She dispelled some myths about limitations to practicing abroad and we discussed a little about what it’s like being a black woman in Australia.
She also published ‘ExpatMD: Your Guide to Living and Working in Australia and New Zealand as a Physician.’ She also writes a blog about life as a doctor mom with a child with Autism at www.autismdrmom.blogspot.com
You can follow her on LinkedIn or Instagram @ExpatMD or on Twitter @DoctorCarmenB or @AutismDrMom Today's Sponsor is LocumStory. To find out more visit: Locumstory.com

As a certified life coach, Kate Mangona, M.D. enthusiastically hosts the Medicine, Marriage & Money Podcast where she helps married women physicians with children spend less time arguing with their spouse and more time reigniting the sparks once felt during their honeymoon. Fun, right? We think so!

In this episode, Dr. Bradley Block and Dr. Kate Mangona address the non-financial challenges that are specific to being in a dual-physician couple. They talk about student loan debt x2, talking to your spouse about money, a personal path to real estate investing, and handling 3 kids under 4. Enjoy!!
Looking for your next locum tenens assignment? Go to www.financialresidency.com/locumstory to learn more!

**Working locum tenens assignments has its advantages— one of them, being able to afford your dream home. Our next guest, Doug Crouse, Mortgage Loan Officer at UMB Bank, talks about his experience helping physicians working locums get ready as they embark on the physician mortgage journey!

Today's sponsor is Locumstory*. To find out more visit* https://www.financialresidency.com/locumstory to find out more.**

Dr. Bradley Block of The Physician’s Guide to Doctoring has got something special for our audience up his sleeve! Join us every Friday for a new show and new sound on our podcast for the month of November! Let’s begin episode 2 of 5!

After experiencing paralyzing burnout as a newly-minted primary care physician, Dr. Diane Shannon made the hard decision to leave practice and pursue a career in writing. Her focus for 20 years has been drawing attention to ways to address clinician burnout, system inefficiency, and patient safety problems. She is co-author of Preventing Physician Burnout: Curing the Chaos and Returning Joy to the Practice of Medicine, which was published in 2016.

Her personal experience with burnout and her desire to support clinicians motivated her to become a certified coach three years ago. She now helps clinicians gain clarity on their goals, increase their bandwidth, overcome barriers, and improve their professional and personal lives.

Today's sponsor is LocumStory. For more locum tenens information, www.financialresidency.com/locumstory is your final destination.

Ever thought about working for Locums? What is it like? Today you will hear the ins and out of working Locums! It’s a panel discussion with four experts. Learn about when to start, what to expect, what to look out for, and more. Ryan, Joan, Rip, and Nick answer listener questions. All of them use Locumstory for their Locums assignments. Ryan, Joan, Rip, and Nick give their insight from different perspectives on their experiences working with Locums.

Today's sponsor is LocumStory. For more locum tenens information, www.financialresidency.com/locumstory is your final destination.

Dr. Bradley Block of The Physician's Guide to Doctoring has got something special for our audience up his sleeve! Join us every Friday for a new show and new sound on our podcast for the month of November! Let's begin episode 1 of 5! Talya Miron-Shatz, PhD, is a leader in research at the intersection of medicine and behavioral economics. She is CEO of CureMyWay, an international health consulting firm whose clients include Johnson & Johnson, Pfizer, and Samsung. She wrote the book Your Life Depends on It: What You Can Do to Make Better Choices About Your Health. She wrote it for patients and clinicians alike. We discuss how patients are frequently overwhelmed with the information we give them. How to give it to them in a more digestible way, while still being time efficient, how we can tell if they are understanding us and how to tell if they don’t plan on following our recommendations. She also teaches us how to increase the chances that a patient will choose us as their doctor. Find her at www.talyamironshatz.com

Today's Sponsor is Locumstory. To find out more visit: www.financialresidency.com/locumstory

As a physician, there are things that you may not be aware of that can help make tax preparation easier. Have you started to prepare your taxes... and wonder where is that random receipt? You didn't know you needed it until right then! There are pitfalls, but what can you do to avoid them? There are things you may be missing, but how do you know what they are? Ryan and Jon talk about the things you may not think about when doing taxes as a physician. Today's Sponsor is Locumstory. Go to financialresidency.com/locumstory to find out more.

Have you thought about how you are going to save to pay for your child's college education? College tuition is going up every year. It is imperative to have a plan for paying college expenses. The most common way parents pay for their child's education is a 529. What is a 529? What do you need to know about a 529? Some options can be just as effective as a 529. Today Ryan and Amy Chao, one of the founders of College Backers talk about using a 529 and how College Backers can be another valuable tool.

**Impulse buying can be good in rare situations. Most often, a rushed buying decision ends badly. On top of that, it can lead to many financial issues, such as debt. Good money management is essential and takes a well-thought-out strategy. In this episode, Ryan and Jennifer discuss how someone can unknowingly fall victim to impulsive spending and steps to take that slow down impulsive buying habits.

Today's Sponsor is CompHealth**. Just head to financialresidency.com/comphealth and see what locums can do for you financially.

Have you taken time to think about your future and a financial plan? What do you need to know before building one? If you have never done a financial plan, there are some things you need to consider. In this episode, Ryan and Kasey discuss how to build a financial plan, mistakes to watch out for and what you can do to have the best financial plan possible! Today's sponsor is Deputy. To learn more — and try Deputy out for free — go to doctorpodcastnetwork.com/deputy

Ways to generate passive income is a question many people have. You may be interested in investing in the stock market. Additionally, you may look at real estate as a way to generate passive income. What are the advantages and disadvantages of both? What are the things to know? Is there passive income, or is there a great deal of work required? In this episode, we discuss all of these questions and more. The question was submitted by a listener named Greg.

Today's Sponsor is Locumstory. To find out more about Locumstory go to doctorpodcastnetwork.com/locumstory

Become an empowered, smart, and sophisticated investor this Fall. Go to financialresidency.com/multifamilyfall

It’s no secret that most people avoid estate planning - it’s an uncomfortable topic to discuss! At some level, we’re talking about death planning. But our discussion today is about revocable LIVING trusts - an important estate planning document that can preserve your hard-earned assets and help your loved ones avoid probate, which can be a confusing, expensive, and inconvenient judicial process. In this episode, learn how to utilize revocable living trusts effectively as approachable attorneys, Notesong and Nathan, demystify this magical estate planning tool.

Ready to take the next step in your estate plan? Connect with Notesong and Nathan at www.financialresidency.com/twTo learn more — and try Deputy out for free — go to www.doctorpodcastnetwork.com/deputy

Ever heard of the phrase "Time is Money!"? It means don’t waste time. However, being patient has a lot to do with money than we realize. In this episode, Nick True of Mapped Out Money says that our happiness, success, and our thought-processes revolve around our ability to be patient. When you throw money into the mix, things become more complicated! Just how patient do you need to be?Deputy makes it easy to schedule staff in line with patient demand, communicate schedules with your team, and instantly find replacements when someone calls out sick. To learn more — and try Deputy out for free — go to www.doctorpodcastnetwork.com/deputy

Frankly, it’s easy to make a knee-jerk decision to quit your job… but when it comes down to the fear of the unknown, you might be channeling unaddressed energy that causes you to go down a path that might not be the best suited.

The mindset shift involved in strategic quitting happens when you discover what your ideal life looks like says my guest, Dr. Lynn Marie Morski.

This episode is sponsored by VIVE Funds. Is commercial real estate investing interesting to you? Need a partner? Allow VIVE Funds to show you the way. Reach Veena Jetti and her team at www.doctorpodcastnetwork.com/vivefunds

Reach out to CareCloud for your medical billing needs? We got you. Find them at www.doctorpodcastnetwork.com/carecloud

You've heard your colleagues talk about estate planning or maybe you happened to stumble upon the term in passing. Do you know how critical it is to understand how an estate plan affects your future? You don't need all the bells and whistles for an estate plan. You do need the basics. See what those basics are in this week's episode!

This week's episode is sponsored by a good friend, Dr. Errin Weisman, Founder of Physician Coaching Alliance. If you are coaching curious or a coach yourself, I encourage you to go check out Physician Coaching Alliance at doctorpodcastnetwork.com/PhysicianCoachingAlliance

Don't forget to reach out to last week's sponsor, CareCloud. Need a great medical billing partner? Go to www.doctorpodcastnetwork.com/carecloud

All month long, Ryan tackles the community's most pressing questions and responds to the comments made by others on those threads for clarity. Does savings accounts, investing, and flex spending sound like topics you'd be interested in too? Good! 'Cause Ryan shares what you should know!

Quick shout out to Jessica Briscoe, Kristin Etnier, Diane Cota, and Ali Mae Gardner Johnson for their continued (and very appreciated) engagement in the Physician Finance Facebook Community. Stay tuned next week where we feature 4 more questions. Have a suggestion for which questions go in the show? Shoot desiree@financialresidency.com a note.

This week's sponsor is Advice Media. Don’t delay booking your demo today for a $60 Amazon Gift Card and some awesome insight on how to improve your digital presence, go to doctorpodcastnetwork.com/advicemedia.

Negotiation is awkward and tough. Everyone wants to win, and in the end, some things are non-negotiable. Maybe it's time to get creative with your negotiations. That's why Jon Appino is back to explain why it's important to get over that discomfort and how to negotiate for your needs with prospective employers.

As a physician, you routinely check your patients' health. But when was the last time you checked the financial health of your practice? Request your free revenue cycle assessment and learn more from today's sponsor, CareCloud, at www.doctorpodcastnetwork.com/carecloud

Just when you thought they couldn't talk more about contracts, Ryan brings back Jon Appino to break down contractual risks. The challenge is that risks don't apply to everyone, it requires you to know what you want out of life. Sure, this isn't a sexy topic like investing and real estate, but your livelihood should be just as important to you as what you invest in.

Are you too busy to build the professional digital presence your business needs? Then reach out to Advice Media at www.doctorpodcastnetwork.com/advicemedia

Last week, Ryan talked with Jon Appino about the general trends in contracts, but today they dial in on the trends with physician compensation. Whether you're starting your career, or have been established at your job for a while, it's important to understand how your compensation is structured. If you don't understand your compensation structure, you may end up owing your employers a lot of money when you leave! Are you too busy to build the professional digital presence your business needs? Then reach out to Advice Media at www.doctorpodcastnetwork.com/advicemedia

This month we're talking all about contracts with the amazing Jon Appino. Considering how he's worked with physician contracts for over 10 years, he is the go-to person to notice what's changed with signing contracts. This week, Jon goes deep into some of the contract changes he's noticed due to Covid, for better and worse.

Dr. Errin Weisman is passionate about creating sustainable careers for women and fundamentally changing the toxic culture of healthcare one woman at a time. Check out her podcast Doctor Me First at doctorpodcastnetwork.com/doctormefirst

Ryan is closing out Student Loan month talking about the dreaded term...refinancing! He's brought back Joy to talk about what it means to refinance and why you might need to refinance instead of taking PSLF. Whether you think you need to refinance or not, please make sure you talk with a financial adviser before acting on anything!

Are you burned out or need a change of pace, or looking to supplement your income? Then maybe locum tenens is for you. Reach out to www.doctorpodcastnetwork.com/locumstory to learn more.

Ryan and Joy have talked a lot about ways to manage your public student loan forgiveness. Today, they're discussing what happens when you don't keep a close eye on your forgiveness plan, and how mistakes could cost you hundreds of thousands of dollars! There are so many ways you could lose your forgiveness plan, so it's important to always review your forgiveness plan. Are you burned out or need a change of pace, or looking to supplement your income? Then maybe locum tenens is for you. Reach out to doctorpodcastnetwork.com/locumstory to learn more.

It seems more and more headlines are trying to scare everyone into thinking no one is qualifying for Public Student Loan Forgiveness, or PSLF. That's why Ryan brought back Joy Sorensen Navarre to help put those fears to rest and help navigate how this loan forgiveness process works. Do you need help making a prudent decision about your disability insurance without overcomplicating things? Then reach out to Michael Relvas at www.doctorpodcastnetwork.com/mrinsurance.

Ryan has received a ton of emails and questions about student debt over the past few months. That's why he has brought on the wonderful Joy Sorensen Navarre from Navigate Student loans to talk about what to do when you're just starting to pay back student loans. Whether you're a starting residency or are now a brand new attending, if you're trying to figure out what to do with your student debt, this episode is for you! Are you too busy to build the professional digital presence your business needs? Then reach out to Advice Media at www.doctorpodcastnetwork.com/advicemedia

Ryan has invited the one and only John McCarthy today to run down all the information you need to know about the unsexy side of Real Estate...taxes. So if you're ready to dive head first into real estate after the past couple of episodes, make sure you listen to this episode to make sure you don't get in trouble with the IRS! you want to work with an insurance agent that is well versed in the underwriting of both disability and life insurance policies for physicians? Then contact Larry Keller at www.doctorpodcastnetwork.com/larrykeller

Ryan invited on physician and real estate syndicator Dr Cathy Carroll to do a deep dive in the pros and cons of investing in real estate via syndications. By the end of this show you will know if real estate investing belongs in your portfolio or not. Comment in the community chat www.financialresidency.com/community with your real estate plans!

Reach out to Panacea Financial for your banking needs as a physician. Panacea’s PRN personal loan was designed specifically for physicians and physicians in training. Go to www.panaceafinancial.com and open your new account today. Panacea Financial is a division of Primis, Member FDIC.

Ryan has received a ton of emails in the past couple of months about Real Estate. So he's taking the month of May to do a deep dive on Real Estate for everyone. If you've ever reached out to Ryan with questions about real estate then your question will most likely be answered this month (Unless you asked if it's a good idea to invest in something. I still cannot answer that question for you). Dr. Errin Weisman is passionate about creating sustainable careers for women and fundamentally changing the toxic culture of healthcare one woman at a time. Check out her podcast Doctor Me First at https://www.doctormefirst.com

It's really important to understand how financial advisors are compensated before you decide to work with them. Ryan is a fee-only financial planner, but there are other ways financial planners earn their money. Knowing the difference between payment types like fee-based and fee-only can help make sure you're getting the right kind of support you need. Do you need help overcoming your short-term cash issues and want fair rates from lenders that appreciate a doctor's specific situation? Then reach out to Doc2Doc Lending at www.doctorpodcastnetwork.com/doc2doc.

There are two things you can always guarantee to hear about when listening to Financial Residency: 1) All of this information should not be considered financial advice, and 2) You should understand what you're investing your money in. That's why Ryan wanted to go over the basics of investing. Whether you have been listening to this podcast for a while, or new to the community, there is something new for everyone to learn about investments.

Do you need help understanding and maximizing your contract benefits? Then check out Contract Diagnostics at www.doctorpodcastnetwork.com/contractdiagnostics

If you look at the tactics which are used every day to run successful companies, there are several key lessons we can all use to help us navigate through our personal finances. When you choose to manage personal finances like a business, it helps you focus on developing sound strategies for your money. What's your bottom line lookin' like these days?

Do you need help making a prudent decision about your disability insurance without overcomplicating things? Then reach out to Michael Relvas at www.doctorpodcastnetwork.com/mrinsurance

It's hard to get the real facts about Bitcoin when people either treat it like joining a cult or just dismiss it as a scam. Fortunately, today’s guest, Zac Prince, the founder and CEO of BlockFi, is passionate to help educate everyone on what bitcoin really is and how to make the determination if it belongs in your portfolio. Check out his company at www.financialresidency.com/bf

Do you need help reviewing your employment contract before you sign? Reach out to Resolve at www.doctorpodcastnetwork.com/contractdiagnostics to get your review process started today.

Last week the 1.9 Trillion dollar stimulus package was signed into law. Of course everyone is focused on getting their next stimulus check, but are there other ways that this stimulus helps or hurts you? Ryan has brought on John McCarthy CPA with Physician Tax Advisors to break down the major takeaways of the American Rescue Plan Act, and to remind you to be kind to your CPA during this tumultuous tax season!

Do you want an insurance agent you know you is trustworthy, knowledgeable, and has your interests at heart? Then check out today's sponsor, Larry Keller at www.doctorpodcastnetwork.com/larrykeller.

Do you know where your returns come from when you invest in farmland? If you think your investment will only pay you back in apples, then this episode is for you. Ryan talks with Artem Milinchuk, the CEO of Farm Together, to separate the risks from the benefits of this slow but steady investment that could help make your investing portfolio a bit more recession proof. Are you tired of dealing with headaches like finding and retaining quality billing staff? Get in contact today with MedEvolve today at www.doctorpodcastnetwork.com/medevolve.

Ryan is extremely excited to talk with his guest, Mike Michalowicz, the entrepreneur, speaker, and author of Profit First. These two geek out over why businesses need to stop stealing from their profits and make sure you run your business (and your personal life!) like a well oiled machine. If you’re ready to flip your thinking about how to save money, then this episode is for you!

This is one of Ryan's must read books, do yourself a favor and grab a copy of Mike's book today! If you need help reviewing your employment contract before you sign, reach out to resolve at www.doctorpodcastnetwork.com/resolve to get the review process started today.

After receiving countless questions from the community about real estate syndications, Ryan brings back the expert, Dr. Cathy Carroll MD CFA, to clarify the top questions regarding real estate syndication. Unsure about where to start? Concerned about the risks involved? Well, you better get comfy because we are going to answer all your questions! If you need an objective, transparent, and education-focused process to figure out your disability insurance needs, then you need to talk with Michael Relvas. To get in touch with Michael head to www.doctorpodcastnetwork.com/mrinsurance

Searching for a dream job can feel like finding the needle in a haystack. Even if you don't know what your dream job looks like, there are steps you can take now to help create this vision. Ryan brings back the boss, his wife Dr. Taylor, to talk about the criteria she had when finding and creating her dream job. If you are looking to reduce your burnout, improve your satisfaction in life, and create a life you love and deserve, learn more by going to www.doctorpodcastnetwork.com/alpha

Credit card companies are great at creating perks to entice people to sign up for a new card. While the rewards may be useful, many people actually get into serious credit card debt or miss payments that crush their credit! The debt accrued trying to attain those rewards ends up negating these perks all together. Ryan provides a brief overview on credit card reward programs, and what you need to know to pick the right credit card.

Do you need help ensuring that your contract lines up with your interests and protects your time and family? Reach out to Jon Appino at Contract Diagnostics today! www.doctorpodcastnetwork.com/contractdiagnostics

To some, a credit score is just an illusive number that we have little control over. Credit scores are more than just a number though! They show lenders our financial behaviors and can affect our ability to borrow. Ryan helps break down what your credit score is, why it's so important, and how people improve it.

If you want to learn how to reclaim at least 3 hours per week of time, then be sure to check out Dr. Phil Boucher's management course "On Time MD" at www.doctorpodcastnetwork.com/ontimemd Use code 2021 at checkout to save 15% off your purchase.

It's easy to put your head in the sand and work on just your goals, but Dr. Bo Bogopane wants to talk about why communication helps us see what's happening in our community. As a father of three, Dr. Bogopane believes in starting difficult conversations that help educate ourselves and others. Ryan is always a proponent of inclusivity, and wants to use his platform to promote Dr. Bogopane's message of proactive communication and personal education.

Are you tired of dealing with headaches like finding and retaining quality billing staff? Get in contact today with MedEvolve today at www.doctorpodcastnetwork.com/medevolve

Ryan talks with Kelly Ross, a teacher for the amazing software You Need A Budget, on starting a budget and how they can be a powerful connection to our emotional and financial health. Being married to a doctor herself, Kelly knows the struggle of making money last from graduation to the first paycheck and beyond. Ryan is a huge proponent of this platform and has even implemented YNAB's teachings into his businesses.

If you need help reviewing your employment contract before you sign, reach out to Resolve at www.doctorpodcastnetwork.com/resolve to get the review process started today.

Ryan speaks with Carter Malloy, CEO of AcreTrader on a different way to invest in real estate, by owning farmland. Ryan’s a big fan of the platform, having invested himself into a few farms in the past year, and he is very excited to have Carter come speak to us about the ins and outs of making this investment and why it could be a good investment for diversifying your portfolio.

If you are interested in learning more about investing in farmland and how to get started head over to www.financialresidency.com/investing-in-farmland

Today is all about what you need to know and understand in the tax space! Ryan has two amazing individuals on the show that work with him over at Physician Tax Advisors, John McCarthy and Kelly Hurd. They will also be covering what is coming up with Biden's changes to his tax policies. Don’t forget to reach out to Ryan, Kayse and the team at Physician Wealth Services by going to www.financialresidency.com/pws to help you with your finances in the same way you take care of your patient’s health.

It’s important to understand the difference between asset location strategy and asset allocation strategy. Coming up with a good asset location strategy starts with understanding how different asset classes are taxed. Ryan nerds out a bit here, so be warned that you’re likely to learn quite a bit you didn’t know when it comes to investing and how taxes play an important role in your investment strategy.

If you have a question that hasn’t been answered and you want to hear Ryan’s take, here is your chance to ask him. Go to www.financialresidency.com/question and Ryan will answer what’s keeping you up at night (or just what’s on your mind).

Ryan and John McCarthy, CPA extraordinaire, break down everything you need to know about the 5000+ page bill that just passed for a new stimulus package. Hear from the financial professionals how much you’ll be potentially receiving this time around and how this package will be the same and different.

Ryan and Taylor revisit some of their life planning by working through a new exercise called the airport test. Unfiltered and unrehearsed, see how these conversations can take place, the framework of the exercise and how it will not only help your finances but probably improve your marriage as well. Because let's be real, that might be the best investment you ever made! Do you have a financial life plan created? If not, you need to buy Taylor and Ryan's book, "Create your financial plan without the long hours and sleepless nights"! It will help you create your own financial plan (with checklists; Taylor is all about the checklists!) without a financial planner. Yup, Ryan is trying to put himself out of business. www.financialresidency.com/book

Insurance is like hedging your bets against the gamble of life. Physicians (my wife included!) are constantly pitched products like whole life insurance. I just couldn’t take it anymore so am listing out some of the most common lies that you will hear whole life insurance agents say.

If you need insurance coverage (life or disability) or even an independent agent to review your whole life policies, reach out to Michael Relvas with MR Insurance by going to www.financialresidency.com/mrinsurance.

Back by popular demand, Taylor joins Ryan on the show to discuss some tips on how to plan for the holidays from a financial standpoint. This isn't just your save all year or don't buy anyone gifts type message, there are some real actionable tips to rock the holidays (even if you forgot to plan ahead!)

PS: Taylor said we can't use the dreaded "B" word in the title or you won't listen to it. Let's hope that's not true ... but just in case it was, we didn't use it!

Not everyone needs to work with a financial planner, but for those that do, it might be tough to figure out when the "right time" is and even who should you actually hire. Ryan takes a deep dive into the who, what and when is the right time (and type!) of financial planner to help you navigate your financial goals.

If you still don't have a financial plan, spend the $25 and build your own plan by buying Taylor and Ryan's book on creating your financial plan without the long hours and sleepless nights. www.financialresidency.com/book

Many of you have been asking me where I have been hiding Taylor! She is out of hiding and going to be hanging out with me today. We’ll be talking about personal finance, things going on in our lives and our community, and really despite all the things happening in the world today that there is just a lot to be thankful for!

Don't miss the FIRST EVER $50K Financial Residency scholarship being offered to medical students this Thanksgiving 2020 courtesy of an anonymous foundation. 10 lucky recipients will be awarded $5K each! Apply here:

www.financialresidency.com/scholarship

While your schedule is insane and unpredictable, you want to know your advisor is always going to make decisions with your best interest in mind. But how could you know if your financial advisor is doing exactly what you need for your portfolio? These are the things you should consider.

Want to be a lucky recipient of a $5000 scholarship? Be one of 10! Financial Residency has partnered with a foundation to giveaway $50k! Learn more here:

www.financialresidency.com/scholarship

A few in the community asked about retirement options for w2 employees, the thinking behind our 50/25/25 rule, the power of HSAs, and Roth IRAs. Have a question too? Head over to www.financialresidency.com/question to record your questions and get them answered on the show!

We're so encouraged to have our community ask us their financial questions. Have one yourself? Call and record it at www.financialresidency.com/question and we'll feature it on an upcoming show!

The Physician Philosopher's Alpha Group Coaching Experience is closing tonight, 11/2, at midnight! Don't miss out on your opportunity to live your best life. Sign up here: www.financialresidency.com/ACE

The Physician Philosopher found out the hard way that life coaching was necessary. In this FB Live replay, Jimmy explains the reasoning other physicians find their way to life coaching themselves.

Join Jimmy's free webinar: www.financialresidency.com/tppwebinar

Enroll in the course:
www.financialresidency.com/ACE

Brought first to our FB Community called Physician Finance, John McCarthy, Co-founder of Physician Tax Services, Kayse Kress, Director and Partner at Physician Wealth Services, and I talk about year end tax planning and financial planning to dos. Maybe you missed it? Join us as we revisit these topics.

Be sure to join The Physician Philosopher's webinar on curbing burnout and discovering the life of your dreams before it closes on 11/3 here: www.financialresidency.com/tppwebinar

Other links mentioned in the show:
www.physiciantaxadvisors.com
www.physicianwealthservices.com

For the entire month of October, we're doing something a little bit different. We're bringing your questions on air about the topics you tell us are important to you. Emergency funds, deferred spending, physician home loans, and the debt snowball method. And! If you have a question for yourself, call in here www.financialresidency.com/question to get it featured in an upcoming show.

Check out these links mentioned in the show!Financial Planning: www.financialresidency.com/pws
Insurance: www.financialresidency.com/insurance
Physician Home Loans: www.financialresidency.com/homeloan

All month, I'm answering listener questions from our community. If you have a question, I'd encourage you to go to www.financialresidency.com/question and get yours featured on air. If we miss you this round, don't worry. We're always looking for ways to get you the answers you need and could feature yours on future shows as independent segments.

There's something super special happening for our audience and the physician audiences of several other podcasts. We've kept a tight lid on this one because with COVID, we weren't sure what the landscape looked like for other creators. I'm excited to reveal that Financial Residency, Dr. David Draghinas of Doctors Unbound, in addition to other shows like Private Practice Matters and The Physician's Guide to Doctoring are all coming together in a more powerful way! Check out this episode to see exactly what that means for you.

Be the first to know when Doctor Podcast Network is in full swing! Sign up here: www.financialresidency.com/dpn

I've received a number of requests for insight around the topic of insurance. That's why I brought on two veteran professionals to come in and answer our community's toughest questions. The entire month of October is about insurance. If you have a question, please record it at financialresidency.com/question. I'd love to get it featured on the show!

Most of us aren’t in perfect health but that shouldn’t leave us without one of the most important pieces of a financial plan. With his 30 years of experience in the insurance industry, Larry Keller of Physician Financial Services shares his top 10 common observations when applying for a disability policy with less than perfect health.

Have questions not covered in the show? Reach out to Larry at www.financialresidency.com/pfs

               Just like life, disabilities are impossible to predict, not only in terms of when and where they occur, but also in how they affect the physicians who experience them. While disability insurance will not undo the mental anguish of an ongoing physical and emotional condition, this type of coverage will relieve much of the financial stress. Michael Relvas of MR Insurance Consultants explains.

When investing in real estate, the benefits can become ten-fold. Same applies when investing in syndications. Cathy Carroll, MD, CFA, Founding Principal of Ryca.io, Veena Jetti, Founding Principal of VIVE Funds, and I answer the audience's questions about what, why, and when to invest in this episode.

Read more here: https://financialresidency.com/analyze-real-estate-syndication/

It’s not everyday we get to tall about tax on Financial Residency. Although, months like August got us talking about tax every week! Here’s our final installation (for the time being) with John McCarthy is Physician Tax Advisors on tax credits vs. tax deductions. Do you know the difference?

It’s not everyday we get to tall about tax on Financial Residency. Although, months like August got us talking about tax every week! Here’s our final installation (for the time being) with John McCarthy is Physician Tax Advisors on tax credits vs. tax deductions. Do you know the difference? www.financialresidency.com/cpa

   Contemplating filing joint vs. separate? There are lots of things to consider. John McCarthy of Physician Tax Advisors makes these strong points to weigh.         Physician Tax Advisors is your place to get your tax questions answered! Find the team here: www.financialresidency.com/cpa

Some of you invest in real estate. Are you aware of the tax benefits that come with it? John McCarthy, CPA, co-founder of Physician Tax Advisors and I talk about personal experiences and observations made over the years.

Look, taxes are complicated but you don’t have to worry about that. Let Physician Tax Advisors help you get the right tax plan today. Visit www.physiciantaxadvisors.com for support.

Some taxpayers find themselves filing taxes in multiple states when they live in one state and work in another, or just finish training. If this is you, how you file depends on a few factors that co-founder John McCarthy, CPA, and I get to the bottom of in this show.

Need a tax advisor who knows the ins and outs of physician finances? We just launched Physician Tax Advisors and would love to work with you. Find us at financialresidency.com/cpa for more info and pricing.

Ever wonder how you can pay less taxes as a physician? Are there tax breaks and workarounds (that are legal) you should know about?

Debuting John McCarthy of Physician Tax Advisors in his first of many shows with me in this episode. Come check out what we’ve got in store for you!

Read the blog: https://financialresidency.com/pay-less-in-taxes/

You might have read or heard about passive real estate investing and you want to get a piece of it. I think there is no such thing as passive investing but that investments could be passive… eventually. Join me today for a great debate on passive vs active real estate investing and how you can start investing in more passive investments (but not completely passive!) almost right away.

Make sure to join our LIVE webinar Aug 5th 6pm pacific or Aug 6th at 5pm pacific by reserving your spot at financialresidency.com/webinar. Spots are limited so sign up asap.

If you had only one choice, would you pay down debt or invest? White Coat Investor helped us navigate this same question last year. See what he said.

Most people don’t understand how mortgage interest rates work and why they change. Having a basic understanding on how interest rates affect your payment and your overall cost of borrowing is critical to your financial success. Don’t get stuck paying 10’s of thousands of dollars to the bank that you didn’t have to.

Get notified for Financial Residency’s upcoming book, Hippocratic House: Do No Harm When Purchasing Your First Physician Home by going http://financialresidency.com/preorder

Financial advisors are the least trusted professional in the finance industry. Why is that? It has to do with their conflicts of interest. Some of you don't know, I'm a fee only financial planner and it IS my full time job. I do it every day, all day. That's why I offer this information to protect you from those without your best interests at heart.

Want to work with the team at Physician Wealth Services, my fee only financial planning firm? Find us at www.physicianwealthservices.com

Most of you know the basics of establishing a budget if you didn’t already have one or sorting out your student debt repayments. What else needs to happen as part of your post graduation plan? Stay tuned to find out.

Have you checked out our latest book Financial Residency: Create Your Financial Plan Without The Long Hours and Sleepless Nights on Amazon. Get your finances in order starting now.

Maintaining work–life balance as a physician necessitates learning how to improve efficiency and effectively manage the limited resource of available time. Dr. Phil Boucher of the Private Practice Matters Podcast shares how other physicians can be intentional with their time to reduce burnout and simply enjoy life.

Haven't bought disability insurance yet? Tisk, tisk...
No worries. Our friends at Pattern want to help. Connect with them at www.financialresidency.com/pattern

Ever wonder what it takes to generate passive income with real estate? Cathy Carroll, MD, CFP, gives us her take with these 3 ways to invest.

Get on the right financial path in residency with The Physician Philosopher's MD to Financially Free Course here: www.financialresidency.com/mdfree

Semi-Retired MD's, Leti and Kenji, are absolutely on FIRE... FAST FIRE, that is. Having achieved financial independence in a relatively short period of time, they discuss how they did it with REPS (Real Estate Professional Status) and how they teach other physicians and high income professionals to do the same.

Speaking of teaching, have you checked out Semi-Retired MD's Zero to Freedom Using Cashflowing Rentals course yet? Get the training you need to be on your way to FAST FIRE here: financialresidency.com/srmd

Is there a way to be more empathetic with your spouse who just isn't on the same financial page? Yes! There is. And, we have the perfect guests on this show, Nick and Hannah from Mapped Out Money, to share what they did in their own marriage.

Disability insurance doesn't have to be hard to get. Let our friends at Pattern help guide the way:

www.financialresidency.com/pattern

When do you begin to start saving for your kids' college education? Brian Eufinger, co-founder of Edison Prep, says it's sooner than you might realize.

Looking for a physician mortgage loan expert in your state? Jonathan C. Brozeck of US Bank is licensed in all 50! Find him here: www.financialresidency.com/usbank

Addressing the pros and cons of refinancing your student loans, award-winning, Leslie Tayne of Tayne Law Group, says physicians need a plan to pay down their debt. Got loans? Here's what to do about it.

Looking for a physician home loan? Check out Mike Fitzmeyer with SunTrust (now Truist):

www.financialresidency.com/truist

It's Star Wars Day! So, expect a super nerdy show. The wisest Jedi of them all, Yoda, teaches us about tricking our minds into doing something we didn't think was possible. How does that equate to your finances? Let's jump into why you consider these Jedi mind tricks to build better habits and become mindful of your spending behavior.

In the market for disability insurance? Check out our friends at Pattern: www.financialresidency.com/pattern

I've been getting a lot of questions lately about insurance and how COVID-19 is affecting many in our audience. Some of you have disability, some of you don't. If you don't, I've got an expert on from Pattern, Matt Wiggins, to help you understand why the time is now.

Get your disability coverage with Pattern: www.financialresidency.com/pattern

Economic Injury Disaster Loan Emergency (EIDL), Paycheck Protection Program (PPP), stimulus packages, tax breaks, SBA loans? All of that in this super short show.

I’d love to answer your questions, please email them to me at Ryan@FinancialResidency.com or click on the link to leave me a voicemail at www.FinancialResidency.com/Question

Here are my thoughts on how Roth contributions and conversions in a governmental plan are permitted; such contributions are not allowed in private tax-exempt 457(b) plans.

I’d love to answer your questions, please email them to me at Ryan@FinancialResidency.com or click on the link to leave me a voicemail at www.FinancialResidency.com/Question

You may have asked yourself what are some of the biggest considerations you need to think about before you start working as an attending. While I can’t go over everything in a curbside consult, here are my thoughts on successfully making the transition from being a resident to attending.

The Financial Fellowship is OPEN! Reserve your spot now!

This recording was done with Student Loan Planner’s, Travis Hornsby, as a result of the changes in the law for student loan debt in the last couple of months. There were several changes you should know about regarding repayment restructuring, suspension of payments, forgiveness, refunds, and the obligations to the PSLF program in general in light of The CARES Act. These are the high-level headlines (and the impact on student debt) you really need to pay attention to.

Feel like you need a helping hand to navigate the new changes to the law for your student debt? Reach out to Travis at www.financialresidency.com/travis

You know you need life insurance but not sure how much you need? While everyone’s situation is different (turns out, personal finance is… personal), I give my take on how to best calculate how much coverage you need.

Want to create a financial plan for under $25? Pick up a copy of our book on Amazon https://amzn.to/2VEhDZd

Financial Residency: Create Your Financial Plan Without the Long Hours or Sleepless Nights

You finally started to manage your cash flow (aka the dreaded b word… budget!) and not sure what to do with money as it comes in. It can get confusing fast. Let’s dive in and talk about the cash flow waterfall and how your money could be allocated as you continue to improve your cash flow.

The Financial Fellowship is OPEN! It’s likely going to fill fast, reserve your spot now.

These daily shows exist to help you fight through the tough times and the long hours. To be a familiar voice during the chaos. Hopefully it’s making an impact, but others want to chime in and say their thanks, so take a quick listen. You aren’t alone and you are so appreciated.

Trying to figure out if you ever need to hire a financial planner or not? Or maybe just trying to plan out when the “right time” would be. Well, as a financial planner, here are my thoughts on both of those questions.

The Financial Fellowship opens next week! It’s likely going to fill fast, reserve your spot now.

You have heard the pitch, buy whole life insurance because it's the only way real to protect your family. The extreme selling on fear is disgusting and frustrating because as a physician, you likely don’t need those types of products. Our listener was sold one and she’s not sure what to do from here. Tag me on social and let me know what you think she should do!

Can you spare 1 minute? Literally just 1. Call in your questions at www.financialresidency.com/question It’s super easy and you can do it from your phone!

It’s kind of an uncomfortable topic to talk about, but cutting to the chase, at some level we’re thinking about death and that’s why estate planning is important. Part of that process is understanding revocable trusts and learning how to utilize them effectively. Notesong and Nathan of Thoughtful Wills, the estate planning practice Taylor and I used for our estate plan, shares the knowledge we need to know about.

Ready to take the next step in your estate plan? Connect with Notesong and Nathan at www.financialresidency.com/tw

Did you just complete your first backdoor Roth contribution and are now trying to figure out all the tax forms to file? Well, one of our community members just did this and is now trying to figure out the 8606 form and what she needs to include in her taxes. If you have a similar issue, jump on in.

I’d love to answer your questions, please email them to me at Ryan@FinancialResidency.com or click on the link to leave me a voicemail at www.FinancialResidency.com/Question

Thought about buying gold and not sure if you should or not? Since we are almost at the point that sanitizer is worth more than gold, maybe it's better to hoard that liquid gold… Ha. Well here are my thoughts on IF you should buy gold and where to do it if you want to.

I’d love to answer your questions, please email them to me at ryan@financialresidency.com or click on the link to leave me a voicemail at www.financialresidency.com/question

Do you have health concerns and/or bad disability coverage? Heck even if you are healthy, you still need an emergency fund. Here are my thoughts on how much you should have in that piggy bank to save for a rainy day (or a pandemic.. ugh)

I’d love to answer your questions, please email them to me at Ryan@FinancialResidency.com or click on the link to leave me a voicemail at www.FinancialResidency.com/Question

Feeling depressed watching the volatility in the stock market? Well, Melissa hasn’t been feeling herself lately and wants to know what she can do. Again my crystal ball isn’t working (I really should get a new one), but here are my thoughts on emotional investing.

I’d love to answer your questions, please email them to me at ryan@financialresidency.com or click on the link to leave me a voicemail at http://www.financialresidency.com/question

Prior to the pandemic were you trying to buy or sell a home and not sure what to do now? One of our community members was in that process and now is unsure of what to do. While my crystal ball is a bit dirty (anyone have a hand wipe?), here are my thoughts on what you need to think about if you are trying to jump into our out of the real estate market.

I’d love to answer your questions, please email them to me at ryan@financialresidency.com or click on the link to leave me a voicemail at http://www.financialresidency.com/question

The markets are going insane, but you don’t have to. That’s why it’s important to know how it’s affecting your investing behavior. Our next guest, Sarah Fallaw, founder of Datapoints and author of The Next Millionaire Next Door, shares what surviving the volatile markets looks like and finding your ideal investor profile.

Want the investor profile Sarah is opening up to our audience on a LIMITED basis? Take it here: www.financialresidency.com/datapoints

Do you have some random retirement accounts from residency, fellowship or old jobs? Courtney does and she's trying to figure out if she should tackle that right now. Here are my thoughts on what you need to think about if you want to rollover your retirement accounts.

I’d love to answer your questions, please email them to me at Ryan@FinancialResidency.com or click on the link to leave me a voicemail at www.FinancialResidency.com/Question

Karen is looking to get her estate planning in order just in case her significant other ends up being exposed to this nasty virus. Here are my thoughts on what you need to get done to protect yourself and your family.

Here is the link to the amazing estate planning attorney we used. https://financialresidency.com/TW

With markets so volatile, AJ was curious if he should delay contributing to his IRA or not. Here are my thoughts on how he can make the best decision for his situation.

I’d love to answer your questions, please email them to me at Ryan@FinancialResidency.com or click on the link to leave me a voicemail at www.FinancialResidency.com/Question

Jenny is trying to figure out what direction mortgage rates are going. Here are my thoughts on what you all should do if you are trying to refinance your mortgage.

I’d love to answer your questions, please email them to me at Ryan@FinancialResidency.com or click on the link to leave me a voicemail at www.FinancialResidency.com/Question

With markets so volatile, AJ was curious if he should delay contributing to his IRA or not. Here are my thoughts on how he can make the best decision for his situation.

I’d love to answer your questions, please email them to me at Ryan@FinancialResidency.com or click on the link to leave me a voicemail at www.FinancialResidency.com/Question

It’s time to start talking about the elephant in the room. This is THE most important show that I will do all year. Good friend, Shakila Angadi, aka The Inspired Dentist, and I talk on COVID-19, our spouses, and a new term... anxiety pandemic.

The book as RELEASED! Have you bought your copy yet? Find it here: http://www.financialresidency.com/preorder

We have officially left the bull market and are headed toward the much less anticipated bear market as the result of the COVID-19 pandemic. It’s not something a lot of the investors in our audience have experience with, so Kayse and I think it’s important to help explain what this means while we survive not only quarantine but a market crash. See how the bear market affects upcoming predictions.

Also, have a physician WARRIOR story during the COVID-19 pandemic? Share it with me. Find out more here: http://www.financialresidency.com/docwarrior

It's Match Day! For this special episode, we brought back Dr. John Ramey, Founder of Dr.Moves.com. There's a lot of happening right now around buying and loan refinancing, especially during a time where the market is chaotic. Do you have some questions surrounding the home buying process? See what John says you should know.

Interested in reaching out to DrMoves.com to see how they can help you with your next home purchase? Find them here: https://financialresidency.com/drmoves

Market volatility is expected right now, especially as we approach uncertain times with COVID-19. But, generally, there are several benefits that can come from using specific strategies like tax loss harvesting during transitory periods throughout a physician's career. Find out how to offset losses, capitalize on gains and/or establish a basic understanding of what those things (and others) really mean in this show.

The book... Looking for good reads to hold you down past bedtime with the kids? Sign up to be notified about our new book releasing next month here: www.financialresidency.com/book

In the financial space, there's a lot we see when it comes to how people handle their finances. While there is a ton of great things happening, there are also a few outliers. From the FinCon 2019 floor to today's show, my friends and I bring you the common money myths people see.

On the email list yet. If you were you'd know the book is coming out soon. We also have some info to share on Financial Fellowship... but only way to get the deets (specific ones) is from our email. Go here to hop on: www.financialresidency.com/subscribe

Taylor and I made it over to The Great Barrier Reef in Australia. While within the beautiful walls of fish, we got to reminisce on the 15-18 months it took us to actually make this bucket list trip a reality. As with life planning, we have to save, budget and stay a disciplined course in order to achieve the goals of our dreams. Building a financial plan unique to you is one way to do that.

The book release is ALMOST here! If you didn't know that, what rock are you living under? Sign up for the newsletter to hear about the launch before everyone else does! www.financialresidency.com/book

Getting on the same financial page with your spouse isn't the easiest task, at least for this physician couple. While on our Australian adventure, Taylor and I discuss the most recent listener question about joint accounts and the intermittent need to agree on money.

Want the Get Organized Checklist referenced in the show? Download your FREE copy here: https://financialresidency.com/getorganizedchecklist

My better half, Tay, and Steve Crawford of the Advice Movement co-host this short, but impactful show weaving the tips from Aussie financial planners to our American physician colleagues. Which piece of advice resonates with you most?

Ready for the book?! We are! Sign up here to be the first to know when our first book drops for pre-sale! www.financialresidency.com/book

There are tons of ways to generate passive income. Real estate is one of them. But here's the catch... it may not be as passive as you think. Here's what I have to say in response to this listener question from Greg.

Oh wait - did you know our book is coming out April 2nd? Sign up here to get the scoop when it releases! www.financialresidency.com/book

Our guest, Dr. Una, who you might have heard on her podcast, EntreMD, is a big believer that if you can’t deal with uncertainty, then entrepreneurship is going to be really hard.

Being a business owner myself, I know the struggle is real when it comes to doing your own thing and crafting a life on your terms… well, somewhat.

Check out the show with Dr. Una and me. I know you'll love it.

But real quick, how in the know are you with the podcast? Be sure to subscribe to our newsletter for insights into our upcoming book! www.financialresidency.com/subscribe

New year, new you, new way of handling your finances? That's cool unless you have no clue where to start. Here are a few tips to get you smooth sailing through 2020.

Wait, wait, wait... if you're here, that means you like us. Don't just stop on by for the show every week (even though we love you for it), but subscribe to be on our email list. You know you wanna: www.financialresidency.com/subscribe

The word hope sounds great, doesn’t it? Even though hope is awesome to have, it doesn’t drive the action behind completing a goal. Action is what we do and it’s what we don’t do, but happiness, fear, and the topic of this show, hope… are all feelings.

Feelings, while amazing at constructing sporadic follow-through, promote a lack of focus. Ain’t nobody got time for that.

Katrina Ubell MD of the Weight Loss for Busy Physicians Podcast, charts the course for awareness so that we can use action (and not hope) for tapping our financial goal power!

Feel a little out of the loop with Financial Residency? Let's get ya on the email list for semi-interesting updates: www.financialresidency.com/subscribe

Getting organized is like doing a work up. You can't help your patients without doing an assessment, lab work, and following up. The same goes with your finances. There is much you should do to get those in order... it begins with getting organized.

Need a little help with getting your finances in tip-top shape? Sign up for an immediate download of the Getting Organized Checklist right here: https://financialresidency.com/getorganizedchecklist

The Physician Philosopher and I are diving into how to batch your personal finances so that you get the biggest bang for your buck while limiting the amount of time you need to put into it.

Financial planning shouldn’t be something you dread doing or something that takes you so much time that you can’t enjoy life.

I love today's show because of its practical tips for how to maximize your time.

This host of the amazing, award-winning Afford Anything Podcast is well known for her real estate ventures and coaching in that space, but I love the other side that we don’t get to see as much of, and that is her philosophies around why we do the things we do. So excited to bring on Paula Pant.

Enjoy as she helps us discover the motivations behind making solid decisions around both money and life in general.

Get a behind the scenes look at the podcast by joining our email list. Sign up is easy... go here: www.financialresidency.com/subscribe

People don't necessarily like setting goals, but let's not ruin it for those who do. Do you know the difference between a SMART goal and a light, fluffy-airy thing you try to shoot for? Not really? Let's fix that, shall we?

The Physician Philosopher and I define SMART goals and give you 10 examples of the ones you should be planning on achieving [at some point].

Want a fee-only financial planner? You can reach me at ryan@financialresidency.com! See ya.

Money apps that you could use? I’m excited to jump and talk about the tech behind making our money work for us. And who do I have to help us do that? Tom.

Tom Drake is the founder and writer behind MapleMoney. He’s super knowledgeable in essential apps for our finances and their amazing resources.

In this show, we talk about investing apps, budgeting apps, and ways to make money on different apps. This breakdown will help your finances in one way or another.

For more information, visit the show notes at https://financialresidency.com/investing-apps-for-physicians

The Physician Philosopher and I are back at it for our Wednesday “segment”. We will be discussing the how and why on creating a personal finance curriculum.

Since Jimmy is building this at Wake, I thought this would be more of an interview-style format where we can find out what he is doing and how you might be able to get something like this implemented at your hospital.

Love the podcast? Be sure to join the community!

Sometimes life just happens. What we learn over time is that while life changes, your finances don’t have to suffer. What to do? There’s plenty, but Lacey Langford, blogger at The Military Money Expert, reviews 8 ways to prepare for an unexpected transition.

For more information, visit the show notes at https://financialresidency.com/prepare-your-finances-for-a-transition

Have you struggled with burnout or moral injury as a physician? Have you ever considered leaving the field completely? What if I told you that the work-life balance you are looking for isn’t as far away as it seems.

The Physician Philosopher and I run through Partial FI.

Like the show?

Find the Physician Finance Community on FB to mingle with other docs who understand what it means to take personal finance personally.

“It gets better...” Remember that saying in training? While fear is based on a collection of experiences, our next guest says, it can also be an access point to bliss.

Akshay Nanavati, a Marine Vet and the most interesting man in the world (in my opinion), helps us see that with the right perspective, we can drastically change our circumstances.

For more information, visit the show notes at https://financialresidency.com/financial-phobia

You’ve heard of him from his podcast, Docs Outside the Box and have grown to love his stories over the time his podcast has been on air, especially the one about Nii and his wife (also a doc) accumulating a mountain of debt.

Coming from a blue collar background, they both navigated how to go about chasing FI while rising out of the money-grave.

For more information, visit the show notes at https://financialresidency.com/chasing-financial-independence

Leaving residency with $160k of student loan debt, Dr. Cathy Caroll realized that there wasn’t much left over on her paycheck. After paying exorbitant taxes, childcare, and other lifestyle expenses, something had to change and fast.

Enter… locums.

Jump start your financial residency with these free resources!

No matter what business model, service model, or compensation model an advisor has, it creates a conflict of interest with the client. Why does this affect physicians? There are many reasons. The Physician Philosopher and I talk about what those are.

Make sure to subscribe to get our free templates!

Lots of physicians prefer FIRE. But there are plenty of reasons that The Physician Philosopher and I don't. Do you know why? We give you several reasons in this show.

Be sure to stay tuned with what we have going on by subscribing to get our free templates!

In his own pursuit of work/life balance, Dr. Andrew Wilner shares what it means to use Locums Tenens as a means to supplement income and have a happy life.

Now having been working Locums for 40 years, he has been able to assure that he never had to face burnout again.

Take control of your finances with our free financial audit checklist.

What do you think the correlation is between burnout and money? Your relationship with money might have something to do with it.

Your feelings surrounding it can have a huge impact on your well being.

Ryan and I believe that money can be used money as a tool. Used right, it will allow you to have financial independence.

But financial independence might be different for you.

Take control of your finances with our free financial audit checklist.

We walk through Coach Carson's 4 different approaches to real estate.

Which of the 4 would you nerd-out on?

Make sure to subscribe to get our free templates!

The idea behind the Pareto principle is that for many things 80% of the results come from 20% of the work. This is true in personal finance, too.

Today’s show will walk you through some of the salient points found in the book that made the all-important cut to be in the 20% you need to know!

Take control of your finances with our free financial audit checklist.

We dive in to student debt repayment programs and how physicians should be able to take advantage of PSLF even in an uncertain economy.

When it comes to the uncertainty of what’s to come… Ben White has the scoop.

Jump start your financial residency with these free resources!

When making financial decisions it can be disastrous to follow the herd. When it comes time for you to create your budget, investing, and long term financial goals, it’s definitely time to choose your own path and deal with due diligence!

The Physician Philosopher and I are back at it for our Wednesday “Segment”. We will be discussing Herding Mentality.

Take control of your finances with our free financial audit checklist.

In today’s market, it might not be the easiest decision to narrow down your investment choices. You just don’t know what you don’t know, right?

David Stein cares about making sure we’re comfortable making decisions that impact your portfolio. In this show, he explains why.

Take control of your finances with our free financial audit checklist.

It has been said before that “you are the average of the five people you spend the most time with.”

Do you choose your friends wisely? What if I told you that the relationship your friends have with money impacts your personal finance decisions, too?

In this episode, we will discuss how the intersection between our friends and their finances plays a crucial role in our success with money.

Make sure to subscribe to get our free templates!

We’ve delved into the 3 Kinder Questions on the show before. But, now, we explore something else that’s pretty neat with George Kinder himself. Have you heard about the 7 Stages of Money Maturity? No? Let’s help you bridge that gap.

Find the companion article: https://financialresidency.com/relationship-with-money

Take control of your finances with our free financial audit checklist.

What do you say? Can money really buy you happiness? There are two sides of this coin and, in order to know which side to call, you'll first want to know when/how money affects your overall perspective.

The Physician Philosopher and I discuss the details here.

Make sure to subscribe to get our free templates!

Keeping secrets has damaging psychological effects and aren’t probably the best thing to do. In this show, we’ll hear what other financial professionals think are the biggest money secrets people keep.

Make sure to subscribe to get our free templates!

Have you ever focused on one investment that has lost money while ignoring your other investments? Or sold winning investments instead of the losers just so you didn’t have to accept the loss?

How do you behave when it comes to decision-making? Do you spend a long time thinking over every single decision? Are you sometimes afraid of making the wrong decision?

Answers to the questions can help you understand the concept of loss aversion and analysis paralysis and how it influences your finances.

Take control of your finances with our free financial audit checklist.

I bet you’ve wondered about whether you should spend vs. invest as a doctor. You wouldn’t be the only one.

I hear it all the time much like the listener who sent in his question about income allocation. So, for this show, let’s break it down.

Take control of your finances with our free financial audit checklist.

Have you ever thought about what influences your decisions? Are your choices based on your own mindset--or other factors?

Let's dive into different personal finance topics and the behavioral aspect that makes them even more, well...personal!

Make sure to subscribe to get our free templates!

How much do you think you should invest in to your kids’ future? And, on the flip, how much should we expect private schools should cost?

We know college is expensive and that many of you have questions… just like this listener who sent in his.

Take control of your finances with our free financial audit checklist.

Is there a best time for a loan modification? Or a mortgage refinance, perhaps?

There are several programs, new rates, and best case scenarios you should be considering. Check out this episode to learn more.

Take control of your finances with our free financial audit checklist.

We discuss how to earn cash with medical surveys and as a medical expert witness.

Dr. John Ramey tells us how it's done in this show.

Make sure to subscribe to get our free templates!

We discuss what physicians need to know about healthcare in their retirement stages of their career.

While Roger Whitney and I realize that this is a heavy topic to talk through, we know it’s an important one for our FIRE loving community.

Make sure to subscribe to get our free templates!

You may have heard of physician mortgage loans, but weren’t quite sure how they worked - and if they would even be an option for you. Who exactly are these loans good for and how are they different compared to conventional mortgages?

Find out here: https://financialresidency.com/physician-mortgage-loans

To gain access to the How Much Home You Can Afford download referenced in the show, click here: https://financialresidency.com/affordhome

Knowledge and networking are just a couple of basics Robert Farrington says that anyone wanting to start their own online blog should have in their sights.

While he shares his first-hand experience of trial and error, his determination to make millions from his blog came true but only after realizing what he was in for with the side gig.

Make sure to subscribe to get our free templates!

Estate planning isn’t usually at the forefront of anyone’s mind. I get it. But, let’s get real for a second. You need to think about your family and loved ones after an event of you no longer being around.

You don’t need all the bells and upgrades for an estate plan. You do, however, need the basics. In this solo show, I share details about estate planning at a high level.

To gain access to the Estate Planning Checklist referenced in the show, click here: https://financialresidency.com/estateplanlist

Finding yourself in a bit of a financial pickle? Our guest has a truly relatable story to tell about overcoming financial mistakes. Bill Yount shares what he did to achieve FI in 3 to 5 years, even after creating a financial firestorm.

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Frankly, it’s easy to make a knee-jerk decision to quit… but when it comes down to the fear of the unknowns, you might be channeling unaddressed energy that causes you to continue down a path that might not be the best suited.

The mindset shift involved in strategic quitting happens when you discover what your ideal life looks like says my guest, Dr. Lynn Marie Morski.

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Being a time-sensitive subject on disability insurance, this is such an important topic for all of you. There is a lot of confusion and activity going on in the marketplace, so the updated information given to us by Larry Keller of Physician Financial Services is pure gold.

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We discuss healing doctors from burnout by simplifying how they go about their day to day.

Dr. Taylor Brana comes on the show to share the very methods he uses to stay ahead of the life-game, even while in residency.

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The numbers and letters may be a bit confusing when it comes to retirement plans. However, we cover two main things in this show to simplify things a bit.

Employer sponsored plans like 401k/403b and 458 and individual Plans. Small business plans will be covered next time!

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So many physicians are making a ton of mistakes with their finances. And those pesky student loans… the mistakes could fill a full page bleed.

Join Jan Miller as he shares the best pointers for handling your debt.

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Mistakes are sometimes unavoidable. But when it comes to your contract, you’re more than likely better off knowing where to prevent them from happening in the first place.

Kyle Claussen gives a head’s up on the open doors for potential mistakes.

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What does patience have to do with anything money related? Everything! In this episode, Nick True says that our happiness, success, and our thought-processes revolve around our ability to be patient.

However, throwing money into the mix really makes things more complicated.

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It may be difficult to have discussions about money as it is. But it becomes even more challenging when you pair that with the people who raised you.

Cameron Huddleston says that you need to have these important conversations sooner than later. Her reasons why will having you planning out your next steps.

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Emotional intelligence quotient is the ability to be aware of your emotions as you experience them. The Inspired Dentist says that the more we’re aware at the time of making choices, the better choices we make.

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A Budget Allows Your Money Work for your Goals

You’ve probably had an experience with a budget in the past which didn’t work the way you intended. It can feel frustrating and constricting, and usually it won’t last very long.

But by incorporating your goals and priorities into the creation, your budget can become an essential tool in your financial management plan.

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How can you achieve Fast Fire with real estate? We are here to answer exactly that.

Semi-Retired MD has cultivated a growing community of both real estate professionals and physicians who want to learn how to achieve financial freedom. The big difference here is that they want to do it really fast.

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Bethany Bayless' life is “fun on a budget,” she shares her tips and tricks for frugal travel. She tells us how to plan ahead in order to get where we want to go with zero debt!

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Imagine having to update the entire electrical system in a house without any experience! That is one of the many things that Dustin Heiner had to face on his journey from novice to pro!

He tells us how he jumped into the business of investing in single family real estate without any prior experience or knowledge. He became a single family real estate investor in the school of hard-knock learning.

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There is a lot to know about building our credit, but it’s not a topic that is rarely talked about or taught.

In this episode, Doug Crouse talks to us about our report card--I mean credit report.

We will talk about everything from your credit score to credit repair. You don’t want to miss it.

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You go to medical school, and come out buried in student debt. You ask yourself: How will I ever achieve a life of financial freedom? Rebecca Maurer knows first hand all about student debt!

We talk about getting on the right path to conquering your student loans and we discuss the growing controversy regarding the economic impact that surrounds them--and us.

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It’s hard to arm yourself for financial freedom when you are a busy, new doctor. Amy Wan gives you the tools to protect and grow your assets in this episode.

Our financial challenge from her is to tie together Blockchain, Bitcoin, and examine the world of cryptocurrency.

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In this episode, the Frugal Physician sets the record straight about being frugal. Frugal is cool and you can be cool, too.

Keep a tally right along with Ryan to find out if you’ve ever been a cheapskate!

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Imagine your dream life by realizing two goals: financial independence and retiring early. In this episode, Doctor Money Matters AKA Dr. Tarang Patel and I are going to give you a special treat with a joint show.

It will be interesting being in the role of interviewer and interviewee while we discuss our favorite topics!

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Ken and Regina have a universal life policy, but it’s not a great idea. While Regina is in training as an OBGYN resident, she needs something quite different like disability. As far as estate planning, car payments, and cash flow, Ryan and Kayse talk about why it’s important for them to take action sooner than later.

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It’s April Fools Day and that means that today is special. So special that we can’t even tell you who the guest is.

But what we can tell you is this… it’s got a lot of humor around the 10 funny financial insights I wish were fiction than fact.

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Imagine being free from the stress and worry of consumer debt. Now imagine all the money spent in making credit card payments is going toward building your wealth.

Marcus Garrett talks to us about eradicating your consumer debt, so you can begin to build wealth and plan the life you truly want to live.

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Working with the snowball notion of concentrating on paying off smallest debts first, then applying the same principle to other debt, the concept is incredibly important to unshackle the debt cuffs.

Dr. Cory Fawcett enjoys guiding healthcare professionals toward living healthy and debt-free lives by teaching them personal finance techniques.

How can you improve your mindset when paying down debt?

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What the heck is an investment club? Plainly, it’s a group or a club who learns about stock investing together and invests in the same fashion.

Not really a fan of them myself, I bring Dr. John Jurica to go back and forth with me about how physicians can learn, make some money and have some fun (?) with them.

Check out the debate between he and I in this episode.

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Imagine having an opportunity to invest in gold and silver. Now imagine not really knowing the purpose or motivation behind the investment.

Peter Hug talks to us about the psychology and perceived reasoning for building a successful portfolio. Interested in making the investment? Learn more about it here.

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To share some about the background and behavioral aspects of FI that physicians struggle with, Doc G is here to talk about how to overcome the force of debilitative thinking and fear of the unknown.

This is a super interesting episode, so be sure to tune in.

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We talk a lot about budgeting and cash flow management on the show, but we don’t really delve into the specifics of where physicians can save money.

Joel Laarsgard joins me to talk about the money saving hacks most physicians really aren’t aware of. Spend less, save more? Heck yes.

Tune in to find out where you can join in on this money fun.

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Impulse spending, credit card debt and credit card fraud? Ut oh.

Jennifer McDermott is fantastically insightful about the triggers that cause you to overspend and we had her on the show to spill.

How does impulse spending completely turn a normal financial state into a chaotic one? Find out in this show.

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Physicians go from making an average salary to making multiples of that overnight. When this happens, Pandora’s Box is opened. What then?

The Physician Philosopher says the problem with medicine is that doctors have long financial journeys.

Is an increase in money really going to make them happier and, if it does or doesn’t, where should that money be spent to add the right meaning to a doctor’s life?

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Find out why setting goals keeps one accountable to achieving their short-term and long-term aspirations.

Chris Browning joins me to discuss the use of techniques such as gamification to incentivize small wins, keeping goals in front of us, the value of peer pressure and recovering from deviation.

How do you fair when you set your goals at the beginning of the year?

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FIRE, Financial Independence Retire Early, is something Physician on Fire discovered four years ago.

He’s written about it as a state of being able to live the lifestyle you want without having to work for money.

FAT FIRE is an above average budget while being financially independent.

How does it impact you? Let’s get into it.

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Don’t subconsciously swing for the fences with your money. Get ahead by earning money, spending some, and saving the rest.

Steve Crawford helps our audience figure out how to build a budget that actually works for them.

He talks specifically on why shooting blind is an equivalent to not knowing your cashflow numbers and falling short of seeing long-term.

Check out Part 2 of this 2-part episode here.

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Don’t subconsciously swing for the fences with your money. Get ahead by earning money, spending some, and saving the rest.

Steve Crawford helps our audience figure out how to build a budget that actually works for them. He talks specifically on why shooting blind is an equivalent to not knowing your cashflow numbers and falling short of seeing long-term.

Catch Part 1 of this 2-part episode here.

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You go to medical school, come out, and now are ready to achieve a life of financial freedom.

Scott Trench is your guy to help you navigate a clear path forward. He recommends 4 pillars for physicians to build wealth, two of which include generating a large income and investing your accumulated assets for greater investment returns.

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We talk through this listener's goals and current financial status to see what he needs to do to be on the right track. Tim Baker joins on the conversation to offer his advice.

Ted is 29 years old and a community pharmacist at a well-known retail chain. He has plans to marry his fiance, Ginny, who is finishing nursing school and lives with him. Will his finances allow him to plan for the wedding he and Ginny want?

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Physician family finances can feel like a unique situation, usually due to a high debt load in comparison to other fields. These groups feel they can’t talk to anyone leading to feelings of loneliness, esp. for their spouses.

This episode’s panel, Curtis Webster, Lara McElderry, and Donna Rovito, reminds us that being a part of a community is a huge part of sustaining sanity through a seemingly lonely time.

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This episode is high-impact on the perspective of how small actions translate to long-term lifestyle results.

Sarah Fallaw tells our audience that behavior and mindset have a lot to do with whether a physician treks the millionaire path or not.

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You’ve come out of residency and now have your first big paycheck. Do you do what a lot of physicians do? Buy, buy, buy?

But, wait. That’s not cool, especially for your desired long-term financial gains. In the end, you’re really losing.

In this 50th podcast episode commemoration, Whitney Hansen helps me create perspective around how to avoid lifestyle creep.

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Basically having written the foundational fabric in which multifamily investing exists, Veena Jetti realizes not many people know how to vet someone like her.

In this episode, she walks me through the 4 pillars of vetting a multifamily sponsor.

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Give More HUGS, a 501(c)(3), has grown, in part, of its backing from the medical community. Founder, Chris McGilvery is a believer in providing resources to underserved areas.

Since 2011, they’ve elicited donations for programming to help disadvantaged students. 92% of funds are committed for that purpose.

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Physician burnout is a good thing?

Dr. Jeff Smith talks about the overwhelm of the doctor’s daily routines that contribute to a depersonalization of their work, but finds it to be an opportunity to shift course.

He admits to experiencing burnout daily where he is forced to reassess and proactively change the situations contributing to an emotional breakdown.

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We are reviewing physician blogger Dr. Breathe Easy’s 12 Toddler Steps to Financial Freedom, a reference to Dave Ramsey’s 7 Baby Steps.

We go through all 12 incl. paying off credit card debt, having an emergency fund, and refinancing loans, to name the first few.

Kayse Kress is here to join me on this convo made for work BFFs.

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To honor our Veterans, I interviewed Jeff at USAA. USAA is a proud sponsor and supporter of the military and their families, so the timing is perfect.

We talk about what a Financial Readiness Score is and how it’s calculated, so members can review their finances at a glance.

I talk about how I find this product to be similar to a robo-planner. Listen to why I think that is.

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A lot of physicians are finishing med school and beginning to make choices about their future.

Understanding the expectations of their employment contracts is one of those choices impacting their next move.

Jon Appino helps our listeners sift through the basics of compensation, bonuses, termination clauses, non-competes, and post termination provisions.

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We are back to answer listener questions in this insightful episode where The White Coat Investor joins me as we approach some of the most pressing questions our listeners are challenged with.

He talks Public Service Loan Forgiveness, establishing a relationship with a financial planner, and banking to put our callers concerns to rest.

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Chris Mamula takes us through a journey of working with a poor financial advisor and then eventually winding down the early retirement path on his own.

He touched on his experience such as fees, taxes, missed ops and the overall nightmare that ensued.

Through extreme financial planning and evaluating his goals, Chris helps others become their own advocates.

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Live on the floor of FinCon, we discuss doing locums work for a healthy side income.

Calling bluffs, choosing a location, and starting the vetting process from scratch are just a few things Dr. Carrie Reynolds elevates our knowledge about!

Oh, and pave a way for a working interview? Yeah, we talk about that too.

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My better half, Taylor Inman, MD, and I recently experienced a move from Las Vegas, NV to San Diego, CA.

Trying really hard to stick within a budget for a new home, Tay and I reflect on some of the good and bad of the home buying process.

Our family had a lot riding on the move with our kids and a potential new job, so the stakes were high for our new home and for our sanity.

Curious How Much Home You Can Afford? Find out here https://financialresidency.com/affordhome!

The whole “show us your friends, I’ll show you your future,” in fact, means everything when applied to our finances.

Nick True discusses why we need to be more conscious of the people we hang around.

He encourages our listeners to consider the science behind how we behave when we’re around our inner circles—they very well may be the deciding factor in having empty pockets or a full bank account.

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We are covering how physicians can invest in real estate and ensure their return is worth it!

Bringing his “giant list of 16” on investing in real estate, Dr. Peter Kim curates the conversation by laying out realistic and rewarding ways to bring more money into the pockets of hard working physicians.

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We are turning the dreaded B-word into the much anticipated F-word… (oh wait – that sounds bad).

Andy Hill is here talking budgets and financial freedom. In this very wholesome episode, we bring up the expenses that tend to creep up on our families, money talks with our spouses, and “brainwashing” the kids to do their chores so they can buy what they want.

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Your finances are dependent on your actions and those actions are dependent upon the knowledge you acquire.

White Coat Investor brings this concept to us in the form of his notable “Live Like a Resident” philosophy—which most of us find really hard to do.

Listen how living like a resident will do you more good than not down the road.

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Jumpstart your Financial Residency in 14 days? PT Money is in the house and he is here to show us how it's done! PT, aka Philip Taylor, is not your average blogger. He’s more like your ultimate money nerd with a gold chain and in this episode, he shows us why!

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With his wife being a pediatrician and with twins rummaging around, Joe Saul-Sehy is the perfect person to talk pinching pennies for the sake of stretching your stash.

A big deal in the world of finance, Joe Saul-Sehy of the Stacking Benjamins show joins me for this insightful episode!

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Do you know what you want in life so you aren’t spending money trying to impress people who might out-impress you tomorrow anyway? Maybe it’s time to gain a solid perspective on how to balance your time versus money.

Rocky Lalvani spends time with us to talk about time versus money. The discussion is a quality-derivative in terms of living a life you don’t have to struggle to maintain.

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What happens when you put the right systems in place to help you manage properties from a distance? A well-developed business emerges is what happens. There are a ton of great resources you can use to make your life a lot easier as a long-distance property manager.

Mike LaCharite joins me to discuss why this venture requires careful consideration of all of its working parts. In this episode, we’ll explore some of Mike’s best and worst experiences as a long-distance landlord.

It’s no secret that delving into the multifamily investment space will place your investor bucks in the right places. The secret is placed in understanding the ins and the outs of starting on this path, including the risks involved, effectively vetting the market, and pursuing successful financial structures. This show is sure to help you begin this journey with the mystery lifted.

Veena Jetti and Sapan Talati joined me to provide our audience with high-quality information on cap rates, CapEx, and IRRs. They spill their very best tactics for investing in multifamily properties. They share their process workflow in detail and provide listeners with sure-fire knowledge intended to answer some of the industry’s most asked questions.

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Do you know why you should manage your personal finances like a business? If you’re listening to this podcast, you are more than likely very in tune with your finances. Or, perhaps, you may just be beginning to understand how important they are.

Whatever your journey, people like Eric Rosenberg make the process easier to understand. Your confidence level in running your personal finances like a business will skyrocket before you know it! And the “why you should” will make sense more than ever.

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Bust out your spreadsheets and go on a money date! Money dates are a “fun and relaxed” way to connect with your partner on your finances and an opportunity to revisit what you both are working towards as a unit.

Elle Martinez and I cover what it means to go on a money date. She gives fantastic advice in this episode, so be sure to open your mind (and your relationship) to the information she shares.

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We discuss exactly what physicians need to do to run a successful short-term rental that will almost guarantee you more money in your pocket!

Dr. Dave Draghinas joins me to discuss this side-gig of his in detail. Being a short-term rental landlord has many benefits and it has this money nerd all sorts of excited.

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Physician term insurance and disability insurance are important topics for our audience-- important enough that I decided to have a lingering dialogue about it following our last episode for this Curbside Consult.

We continue the conversation with Larry Keller. This time to answer questions polled by my Facebook groups, Physician Finance and Financial Residency, regarding term, disability, and supplemental insurance for physicians.

Questions answered in this Curbside Consult include:

How much term insurance do physicians actually need?
What are the age factors for a policy term length?
Do supplemental plans transfer with an employer?
What are the definitions of disability and what is an expected loss of income as a result?
What should I expect from switching policies between employers?
What is considered disabled and what would be the resulting payouts?
What is an elimination period and how does it affect premiums?
Does short-term disability cover a 90-day elimination period?
Is it better to obtain disability insurance prior to a pregnancy?
What should residents look for in terms of the type of policy they need?

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Gain the knowledge you need to determine what kind of insurance product fits your budget, financial goals, and current situation by looking at the different factors affecting you in this two-part series

Larry Keller and I cover the various facets of term insurance and disability insurance. We also give you the scoop on the discounts available to you, but not necessarily offered by an agent discussing your insurance options.

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In this episode, I discuss the top 3 mistakes that physicians tend to make on their taxes with my guest Craig Cody.

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In this episode, I answer several questions from listeners about how to handle their student loans. Travis Hornsby is back to help me out.

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I discuss 3 biggest mistakes that physicians make with their student debt with my guest, Travis Hornsby.

Jump start your financial residency with these free resources!

We take on 5 listener questions, helping them understand their options concerning their student loans and hopefully inspiring all of you to get organized and take control over your finances.

Robert Farrington and I discuss in detail the best student loan forgiveness program available for physicians, public service loan forgiveness (PSLF) as well as our opinions on when you should look at refinancing out of the federal loan program.

In this episode, we answer the following questions.

What are my tips to help my clients to pay off their student debt? When should someone use a variable vs. a fixed rate when refinancing? What is better, the debt snowball method or the debt avalanche method when paying down debt?
5 years into a 10-year process, are there any programs that we should consider? Is it even worth it to look into loan forgiveness programs at this point?
Do we put all our eggs in one basket hoping that PSLF happens or do we refinance the student debt and hope to pay it off in a 5-year time frame?
Is it better to pay the minimum and invest the rest or if it’s better to pay a few hundred a month to cover the actual payment?
Should we start paying off some of their student loan debt, even though it won’t make a huge dent in the overall balance or should we wait until after residency? If we wait until after residency, what should we be doing with the savings right now?

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Whether you are going for public service loan forgiveness or looking to pay down your mortgage, we have some great insights on how to tackle all of your outstanding debt.

Dr. Cory Fawcett and I discuss how he went through a major mindset shift that allowed him to crush $500,000 of his own debt in less than 6 years.

We also answer this question on how to become debt free.

If a physician wants to be debt free, what are some steps they can take if they just finished training? How would your advice differ if they are 10 or more years into their career? Would it differ if they were going for public service loan forgiveness?

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We discuss in depth what is an HSA and who qualifies for an HSA. If you have a high deductible health plan (HDHP), you could qualify to open an HSA, which could be used as a great financial planning tool for healthcare related costs in retirement.

Shobin Uralil and I tackle the terminology that you need to know to understand what are HSA qualified medial expenses and what is covered under a health savings account. If you are looking to make the most out of your health savings account, this episode is for you.

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Time to answer listener questions about HSA’s, 529’s and investing. Enjoy!

If you have a question keeping you up at night and would like to be featured on the podcast, click here to record your question today.

Some of the questions featured on this episode are listed below.

1. Do you have any tips for how to save for a down payment on a house?

Looking into investing for my child’s education. What are your thoughts on 529 plans, specifically California 529 plan?
How do I decide how much I should put into pre tax retirement accounts and how much I should place in more liquid investments?
How aggressive should my HSA portfolio be?
How do we invest?

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In this episode, we cover the best ways to travel and the best credit cards. While some of this may have sounded like a paid endorsement for Chase credit cards (it wasn’t ☺), they really do just provide the most benefit when used together.

Holly Johnson joins in to tell us how she searches and finds the best deals that allows her and her family to travel the world affordably.

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In this episode, we jump into everything you need to know about physician mortgage loans.

Doug Crouse and I tackle how physicians qualify for physician’s mortgages and if doctors should still utilize conventional loans over physician mortgages. Every wonder how banks price interest rates or why they use lock in periods for the rates that they quote? We dive into those answers and more in today's show.

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Today’s show is another curbside consult but with a twist. Instead of hearing listener questions, you will be hearing some of the questions asked in the latest panel discussion that I was invited to be on.

I was honored to be an expert panelist for the NEJM Financial Planning 101 series. There were so many great questions that I decided to have today’s show highlighting 9 of the questions asked in the discussion.

Is it prudent to pay on student loan debt conservatively or begin aggressively contributing to retirement?
Do residents need life insurance? How does one buy life insurance?
After maxing out a Roth IRA and employer-sponsored 401k/403b, what are the next most beneficial tax efficient ways to save/invest money?

... and more.

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The Tax bill is final; did you get a tax cut? The Tax Cuts and Jobs Act (TCJA) was signed by President Trump on Dec 15 2017, and there has been a lot of confusion around what changed and how that will affect the taxpayers.

On today’s show, I talk with John McCarthy CPA, as we do a high level walk through on the tax bill and highlight some of the important things physicians need to be aware of right away.

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Curious what it’s like to be married to a financial planner?We cover the good and bad that apparently comes with marrying someone who loves to geek out over numbers.

Dr. Taylor Inman (my better half) and I also discuss a bit of our backstory, how we ended up creating our own financial life plan and how we have been living out our ideal life for the past few years.

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It’s simply hard work, dedication and increasing your knowledge that will cause you to truly transform your income to net worth and build lasting wealth.

Sarah Fallaw and I break down the 6 scientifically proven behavioral factors that influence the likelihood of success of transforming one’s income into net worth. These are the important factors of building wealth on your own and maintaining that wealth.

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If you want to save for your kid’s education but have no idea how or are confused by all the different plans out there, then this show is a must listen.

Abby Chao joins me to discuss the pros and cons for Coverdell, UGMA (Uniform Gift to Minor Act) and 529 accounts. With each state pretty much having their own plan, we highlight a few 529 plans that are our top recommendations based on some general assumptions.

College Backer was kind enough to give all listeners a $25 match into the account that they set up if they go to collegebacker.com/financialresidency. I encourage you to go there and sign up for an account today.

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In this episode, I answer 4 listener questions. If you have a question keeping you up at night and would like to be featured on the podcast, go to http://financialresidency.com and record your question today.

1. How do you balance paying off your medical student loans, saving for retirement as a slightly older physician and rewarding yourself and your family?

2.How did you decide how much of your income to save each month? Did you both agree on the number right away or was there some compromise?

3. I have a friend that gives good financial advice. He is a fiduciary but I don’t pay him anything for his advice. Should I trust his advice or should I go find an actual fee only financial planner?

We are looking for a financial planner but we are confused on the differences between fee only and fee based financial planning. Which should we choose and why?

Send in your question to https://www.speakpipe.com/financialresidency

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We talk about tools to track your net worth and why it is important to pay attention to your finances. We discuss the idea of paying yourself first which is a different way of thinking about managing your finances and is essentially a mind trick that is immensely helpful to building net worth.

Dr. Bo Liu joins me to discuss the basics of personal finance for young physicians. His biggest piece of advice for young physicians is to pay attention to your finances!

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We talk about what behaviors and steps you can take today to reach an early retirement. One day you will realize that work is optional, and you will be able to build a life around your personal interests and passions.

Physician on Fire joined me to talk about becoming Financially Independent & Retiring Early (FIRE).

Financial independence can be reached in a reasonable amount of time, it all comes down to choices, and certain choices will help you reach your goals faster. Even if you are just starting out or are still in residency, your choices today will have a huge impact on your long term goals, think compounding interest.

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Have a question that’s keeping you up at night? Today I answer 5 listener questions out of many amazing questions that I think will really help build a foundation of finance knowledge that will help you take control over your finances and set you down the right financial path.

Should I pay off my home loan early?
What are your recommendations on investing for retirement, putting away funds for kids college or general savings for your life goals when you have credit card debt?
What do I do with my 403b from my previous employer?
I’m saving for a home down payment, is it better to invest that money while saving or store it away in a savings account?
How do you fire your advisor? What is the process of doing that and who will manage my investments and insurance policies after?

Take control of your finances with our free financial audit checklist.

We discuss crowd funding, real estate investing and different ways you can use a medical degree to earn extra income.

Passive Income MD shares his own story on how he got started and what he has learned from his first real estate investment. He also gives advice on how to manage a busy schedule while maintaining a healthy work/life balance.

We all want to enjoy life, and passive income is one way you can start a gradual retirement now while cutting back on clinical hours.

Take control of your finances with our free financial audit checklist.

Recorded live from the Ally booth at FinCon 2017 in Dallas! We discuss the pros and cons of combining your bank accounts, budgeting and our views on how student debt will affect your view on your finances.

There are many different ways to become a master of your family’s finances. Catherine Alford and I go behind the scenes a bit to see how her family manages their finances and where her philosophy and my philosophy around budgeting differ.

From savings buckets, to cash flow systems to combining your financial life with high 6 figure debt, we cover it all.

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With the average debt of graduating med students surpassing $180k, it is becoming more important than ever to have a solid game plan.

Travis Hornsby joins me to tell us all about student loan debt and offers critical advice on how to manage it.

Every situation is unique and depends on your life goals, but no matter what, he assures us that you do not need to be ashamed of your debt, and instead you should embrace it with confidence.

Jump start your financial residency with these free resources!

Recorded live from the FinCon booth at the XYPN Conference in Dallas, we discuss fee-only advisers and how they provide unbiased advice that is truly in the best interest of their clients.

Sadly, only 3% of all financial advisers are fee-only, leaving most advisers out there with interests of their own when it comes to your financial well-being.

Tim Baker pulls back the curtain in this episode, exposing the nasty truths on how most planners make money. We will break it all down so you can be prepared the next time you are approached with an adviser with goals of their own.

Take control of your finances with our free financial audit checklist.

Our discussion is one that most people want to avoid having, but nonetheless necessary, what will happen to you and your assets when you die.

Chris Burke joins me to examine the four pillars of Estate Planning: Wills, Power of Attorney, Healthcare Directives and Revocable Living Trusts.

Whether you are single with no kids or married with a large family, estate planning is something we all need to plan for.

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We discuss stocks, bonds, mutual funds and what to look out for when creating your own investment portfolio.

Bobby Lee and I also get into 401k’s and 403b’s and explain why you need to take full advantage of your company match.

We will help you to understand some of the basic tools necessary for a healthy retirement.

Take control of your finances with our free financial audit checklist.

We will take you on the journey step by step of buying a new home, offering valuable tips along the way.

Mindy Jensen is an expert in real estate and was happy to share some of her insight on the process.

From physician loans to how to avoid being scammed, we will take you behind the scenes of buying your first home with confidence.

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You’ve spent decades in school, but did not receive a financial education. This podcast is your financial residency - but without the long hours and sleepless nights!

In this episode, I share my story and what you can expect from the Financial Residency podcast.

Jump start your financial residency with these free resources!