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! In this episode, host Tammy introduces Doug Crouse, a seasoned physician mortgage lender, on navigating the competitive housing market for first-time physician homebuyers. They discuss the importance of securing the right loan and introduce their book, "Hippocratic House," aimed at assisting physicians in home buying. Doug offers insights on the current housing market, emphasizing the need for careful consideration before making offers, especially in competitive situations. He also highlights the significance of pre-approval in the homebuying process and shares tips for finding the right realtor. You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS).

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! Nobody's perfect. Everyone needs to take care of their mental health, including physicians. Perfectionism in medicine can spill over into physicians' personal finances. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Michael Myers about physician perfectionism. Michael is professor of clinical psychiatry at SUNY-Downstate Medical Center and author of eight books covering everything from physician suicide and mental health to physician marriages. Topics Discussed: • Tyranny of Perfectionism: Extreme perfection can affect productivity • Good Enough: Strive for excellence, but find and accept balanced portion • Human Humor: Welcome to medical school, you're (not) the best and brightest • Imposter Syndrome: Message of perfectionism leads to inferiority • Survive and Thrive: Perfectionism is expected, to err is human • Demographics and Diagnoses: Diverse physician and patient population • Signs: Worry too much, stay too late, struggle with competence and confidence? • House of Medicine Stigma: Should doctors ask for or need help? • Physician Personalities and Psychiatry: Self-resolve or seek help with triggers • Money Management: Most physicians are not gifted in economics/business • Marriage and Money: Keeping up with the Joneses linked to perfectionism • Privilege or Poverty: Physician's upbringing is pressure to maintain or do better • Married to Doctors: Say and do something in a loving manner; listen and get help • Co-parenting: Compliment and cut back on child's activities; time is not unlimited LINKS: www.WrenneFinancial.com

Join financial planner Daniel Wrenne, founder of Renn Financial Planning, as he explores real estate investing beyond your primary home. He discusses the chaotic market, driven by high demand and limited supply, and explains how to build wealth through appreciation, rentals, or lending. Wrenne shares various ownership strategies, from passive REITs to active property management. He also highlights the importance of understanding your investment goals and urges listeners to track their progress while navigating the complexities of real estate.

In this message, Jon from Contract Diagnostics emphasizes the company's commitment to physician education. He highlights the lack of formal training for physicians in contract evaluation, negotiation, and other crucial aspects of professional development. Jon invites individuals and organizations to reach out for educational opportunities, including training programs, free talks, and webinars. He introduces Dr. Catherine Sarnowski as the National Director of Physician Education, emphasizing her role in providing non-branded educational content tailored to physicians' needs. Jon encourages listeners to consider hosting educational discussions within their programs or associations and invites them to connect with Contract Diagnostics for assistance. He concludes by expressing gratitude and reiterating the company's dedication to supporting physicians' career advancement. 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! In this episode of the Mortgage Minute, host Doug Crouse discusses recent fluctuations in mortgage rates driven by economic reports such as the jobs and manufacturing data. He advises listeners to consider locking in their rates within 60 days to secure the best possible rate amid uncertainty. Doug warns against waiting to lock rates as unexpected market changes can lead to higher rates, emphasizing the importance of staying informed through resources like Mortgage News Daily. He concludes by offering his contact information for further inquiries. You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS).

In California, a healthcare system faced a staffing crisis during the pandemic and resorted to costly temporary nurses. To tackle this, the CEO and team offered $100,000 signing bonuses for new RNs and retention bonuses for existing ones over three years. This innovative approach succeeded in retaining staff and reducing reliance on expensive locums. The case underscores the importance of investing in staff and considering retention bonuses as a cost-effective strategy. As such, healthcare professionals negotiating contracts should explore such options for fair treatment and long-term organizational benefits. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Dr. Steve Suh, co-founder of Left Field Investors, shares his experiences with syndications and real estate investing. He emphasizes the need for education before investing and the benefit of having a network of investors. The podcast explores investing in stable assets, tax breaks, and different types of income for physicians. It also discusses the formation and purpose of Left Field Investors, a group focused on educating and networking individuals interested in passive investing in real estate syndications.

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! Does the medical profession make you feel like you got to have everything together because everyone around you is perfect? Everything and everyone has flaws, including physicians who are far from perfect but pretend everything is all good all the time. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Christine Runyan, co-founder of Tend Health, which brings a team of clinicians to the intersection of clinical care, health professions, and technology. Christine understands and views clinician well-being through the lens of a psychologist. Topics Discussed: • How perfectionism negatively affects physicians' mental health • Ways for physicians to address perfectionism proactively • Physicians' Mental Health: Getting to the point of it's ok to not be ok • Tend Health: All work done via video telehealth platform and care for physicians • Barriers: Licensing and credentialing process asks about mental health history • Stigma and Culture: Amplifies sense of self-determination to get through anything • Be Human First: Maximize privacy, confidentiality, access to mental health care • Physician Stereotype: Paradox that they need help, but too often suffer in silence • What's expected? Know the right answer, be curious/authentic, ask questions • Financial Aspects: Average resident/fellow has six-figure student loan balance • Coping Strategies: Self-awareness is super power to being honest with yourself LINKS: www.WrenneFinancial.com

Learn how to efficiently manage your health savings account (HSA) to build wealth and invest. Topics include the benefits of HSAs, differences between HSA and FSA, rules for using HSA to build wealth, importance of saving receipts, funding and managing HSAs, and maximizing HSA benefits.

Today, Jon from Contract Diagnostics discusses the unsettling statistic that one in five physicians may become disabled during their career. While Jon admits to lacking expertise in disability insurance specifics, he underscores the importance of understanding one's coverage. He points out that employer-provided disability policies often have limitations that may not adequately support physicians and their families in the event of disability. Jon encourages physicians to explore supplemental disability insurance options to ensure sufficient coverage. Although Contract Diagnostics doesn't offer disability insurance, Jon emphasizes the critical role of understanding benefits and negotiating contract terms related to insurance. He concludes by inviting physicians to reach out for contract reviews, compensation analyses, and benefit evaluations provided by Contract Diagnostics. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com