Financial Residency

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, visit www.ContractDiagnostics.com

Explore the intricacies of interest rate locks for mortgages, including optimal timing post-preapproval. Learn how to secure your rate at least 10 days before closing to finalize your loan. Avoid market rate fluctuations by coordinating with your insurance for a smooth 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. 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, visit www.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, visit www.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.

Learn all about how mortgage interest rates are quoted, including the concept of discount points and breaking down rates into eighths of a point. Get practical examples on choosing between a lower rate or rebates for a higher rate to make informed mortgage decisions in the current economic climate.

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.