Financial Residency
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.
Episodes
Mentioned books
Mar 6, 2024 • 7min
Coffee & Contracts - Advertised signing bonuses
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, visit www.ContractDiagnostics.com Link: https://www.beckershospitalreview.com/
Mar 5, 2024 • 4min
Mortgage Minute - Mortgage Scams
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/
Mar 4, 2024 • 30min
Grand Rounds - Buying your first home with Doug Crouse of BMO Bank
Learn from Doug Crouse of BMO Bank about physician loans, choosing a lender/realtor, protecting your earnest money, improving credit score, understanding loan terms, and avoiding common home buying mistakes.
Mar 2, 2024 • 6min
Coffee & Contracts - Residents/Fellows Unionize
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, visit www.ContractDiagnostics.com Link: https://www.modernhealthcare.com/
Mar 1, 2024 • 20min
Financial Vitals - Are You Viewing Money As A Tool Or The End Goal
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
Feb 29, 2024 • 13min
Financial Vitals - Can You Max Out Both Your 403b and 457b Plans
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
Feb 28, 2024 • 3min
Coffee & Contracts - Medicare Fees Cut
Highlights of the podcast include the 2024 Medicare fee schedule showing a decline in reimbursements, impact on contract structure, employer policies, and payment models. Contract Diagnostics offers support in navigating contract amendments related to Medicare adjustments for physicians and hospitals.
Feb 27, 2024 • 8min
Mortgage Minute - My mind " New build vs Resale"
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.
Feb 26, 2024 • 40min
Grand Rounds - Physician wellness, suicide and change with Dr. Dominick Corrigan of Physicians Anonymous
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.
Feb 24, 2024 • 23min
Financial Vitals - Should I Change Jobs For More Money
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
