Financial Residency
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.
Latest episodes
Jun 7, 2024 • 18min
A Physician’s Guide to Wealth - 3 Simple Summer Money Habits to Master
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.
Jun 6, 2024 • 8min
Coffee & Contracts - What to Do When Your Employer's Contract with the Hospital Shifts or Terminates?
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, visit www.ContractDiagnostics.com
Jun 5, 2024 • 7min
Coffee & Contracts - Full time to part time?
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, visit www.ContractDiagnostics.com
Jun 4, 2024 • 4min
Mortgage Minute - Waiving Loan Contingencies
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
Jun 3, 2024 • 38min
Grand Rounds - Student loan payoff as part of your financial planning with Will Koster
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.
Jun 1, 2024 • 8min
Coffee & Contracts - Announcing the New MGMA Data - How to Look at It?
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, visit www.ContractDiagnostics.com
May 31, 2024 • 10min
A Physician’s Guide to Wealth - Start Here - The Choice That Will Define You
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.
May 30, 2024 • 8min
Coffee & Contracts - Conflicts of Interest - Take Them Seriously
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, visit www.ContractDiagnostics.com
May 29, 2024 • 20min
A Physician’s Guide to Wealth - 15 Critical Questions to Ask A Financial Advisor During the Hiring Process
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. Go ahead and click here to download your copy of 15 Questions 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.
May 28, 2024 • 4min
Mortgage Minute - Don’t Consolidate to a New Account
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
