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Financial Residency

Latest episodes

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May 27, 2024 • 35min

Grand Rounds - More in depth on noncompetes and fair market value with Jon Appino

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. 
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May 25, 2024 • 44min

A Physician’s Guide to Wealth - Physician PSLF Hacks Checklist

Financial expert James Nutter provides a checklist for physicians pursuing Public Service Loan Forgiveness (PSLF), offering tips on eligibility, income reporting, documentation, and success strategies. Insights from a client with $200,000 loan forgiven. Practical advice on employer verification, recertification, and building a contingency plan shared to streamline the forgiveness process.
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May 24, 2024 • 28min

A Physician’s Guide to Wealth - 5 SHOCKING Ways Financial Advisors Get Paid

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.  
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May 23, 2024 • 11min

Coffee & Contracts - What is Fair Market Value?

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, visit www.ContractDiagnostics.com
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May 22, 2024 • 7min

Coffee & Contracts - Non-Compete Language Updates: But What to Do Now

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, visit www.ContractDiagnostics.com
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May 21, 2024 • 5min

Mortgage Minute - Debt to Income Ratios and Income Calculations - Only the UW Opinion Matters

Discussing debt-to-income calculations for mortgage loans, including different income sources and deductions, emphasizing the necessity of underwriter evaluation and securing a comprehensive loan preapproval before starting the home-buying process.
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May 20, 2024 • 44min

Grand Rounds - What to know about disability insurance with Dr. Stephanie Pearson

Dr. Stephanie Pearson, a former OB-GYN turned disability insurance broker, educates physicians on the importance of disability insurance. She discusses the challenges in understanding policy language, emphasizes the need for tailored coverage, and explores the differences between insurance agents and brokers. The podcast delves into the complexities of disability insurance policies, including gender-based pricing and the impact of income levels on coverage eligibility. It also highlights the implications of various medications on insurance policies.
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May 18, 2024 • 1h 1min

A Physician’s Guide to Wealth - Expert Reveals Critical Tips for Financial Success in Medical Practices

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. 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.  
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May 17, 2024 • 15min

A Physician’s Guide to Wealth - 4 Key Money Habits of Physicians Winning Now

Physician families winning with money focus on unique circumstances, values, and future vision. They seek guidance and embrace coachability. Learn how to align life choices with values, balance present joys with financial goals, and build a supportive team for success.
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May 16, 2024 • 10min

Coffee & Contracts - FP Doc and What We Learned

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, visit www.ContractDiagnostics.com

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