Financial Residency

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, 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! 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, visit www.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, 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! 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