Financial Residency

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! James Nutter is a financial planner with IM Wealth. He talks with us in depth today about student loan repayment strategies with a strong focus on PSLF. His firm specializes in approaching financial planning from a behavioral perspective. Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. 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 Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! You can have all the money in the world and be completely unhappy. Everybody wants to move closer toward living out their version of an ideal life. Yet, the daily grind we all face tends to push us away from this. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks with his colleague Jeff Wenger, about how physicians can better align time and money management with their values. Topics Discussed: Where to begin? Start with a plan to align financial actions with values • Two Mindsets: Auto-pilot thinking versus deliberate thinking • Awareness: Start with gaining awareness of your actions • Time and Money Management Exercise: Find ways to track what you've done • Awkward Conversations/Characteristics: Plan for success, write your obituary • Life Planning: Kinder's 3 questions about living out your ideal life • New Day-to-Day Decisions: Say 'no' to things that don't align with your values • Ideal Calendar: Prioritize values by making time and space on your calendar • Should you stay on auto-pilot? No, do something, take action to help your wealth Link: www.WrenneFinancial.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Should you pay off debt or invest? It's a straightforward question. Yet, the answer is often not so straightforward and really depends on your situation. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger about the proper way to think through this question so that you can begin making more educated decisions about debt and investing. Topics Discussed: • Assumptions and Assessment Factors: ◦ What's more important right now—financial independence or flexibility? ◦ Are you saving enough or have enough to invest or pay off debt? ◦ Mitigate Risks: Why consider return rates, interest rates, taxes, cash flow? • Mortgage Myths: Pre-payments can actually create loss of flexibility with funds • Be strategic: Consider refinancing debts to change the variables in your favor • Financial Stress: What makes you happy versus what makes you worry? LINKS: www.WrenneFinancial.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Jon from Contract Diagnostics discusses creative negotiation strategies for physician contracts. Using a hypothetical scenario where the base salary is $300, and the physician desires $325, Jon explores various creative approaches to negotiation. He suggests considering alternatives such as negotiating for future years, additional benefits like extra vacation or flexible start dates, modifying non-compete clauses, proposing buyout clauses, and exploring creative compensation structures, like tiered RVU rates or unique scheduling arrangements. Jon emphasizes the importance of thinking creatively and finding a fair compromise that benefits both parties. He encourages viewers to reach out to Contract Diagnostics for assistance in navigating and negotiating physician contracts. LINKS: www.ContractDiagnostics.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Jon from Contract Diagnostics shared a recent case where a physician faced unexpected changes in employment due to a third-party vendor terminating their contract with a hospital. Despite the physician's stellar performance, the vendor wanted out of the specialty, prompting negotiations between the hospital, vendor, and physician. The hospital, unaware of the original contract terms, offered a new deal. However, the physician found disparities in benefits, vacation, 401k, and bonus structures. Jon emphasized the importance of understanding your contract, especially in vendor relationships, where unexpected changes can impact compensation and work conditions. Contract Diagnostics aims to assist physicians navigating such situations and offers guidance during contract transitions. LINKS: www.ContractDiagnostics.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Rates came down in the last quarter of 2023. Should you refinance? Do you have a rate modification option for your loan? Will rates go down further? Doug talks through a few of these issues on today's podcast. If you would like a free copy of Doug's book, Hippocratic House: Do No Harm When Purchasing Your First Physician Home, go to www.DougCrouse.com to request a copy.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Scott Royal Smith is an asset protection attorney. His firm specializes in tax deductions, shelters, depreciation analysis and real estate planning. Today we explore protecting yourself through a combination of anonymity trusts and LLCs, establishing private foundations to create a tax shelter, investing in oil and gas to gain beneficial depreciation to offset W2 income and becoming a real estate professional to boost investment return and depreciation against taxes. To learn more about Scott Royal Smith and his firm, go to www.RoyalLegalSolutions.com.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Join Daniel Wrenne and Jeff Wenger on an enlightening episode of "Finance for Physicians," where they explore the dynamic world of student loans, financial planning, and more. In this engaging conversation, Daniel and Jeff discuss recent updates and developments in the field, offering valuable insights and strategies to empower physicians in managing their financial futures. Discover essential tips, uncover emerging trends, and gain a deeper understanding of the financial intricacies that impact medical professionals. Whether you're a medical resident starting your career or an experienced practitioner looking to optimize your financial strategy, this episode is packed with valuable information to help you make informed decisions and secure your financial well-being. Tune in to "Finance for Physicians" and stay ahead in your financial planning journey as a physician, gaining the knowledge and expertise you need to thrive in your financial life. Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind. Links: Show digging into the most recent round of changes Show going over other big changes that happened during COVID Blog Post on most common student loan mistakes (pre-COVID) Connect with me on my LinkedIn Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Today, Daniel addresses concerns about product-based financial advisors, distinguishing them from investment-focused advisors. He explains that product-based advisors primarily aim to sell financial products such as disability or life insurance, earning commissions from manufacturers. Daniel emphasizes the inherent conflicts of interest in this model, as advisors are incentivized to sell more products. He warns against the common practice of pressuring clients to buy and highlights the potential lack of objective advice in such setups. Additionally, Daniel cautions against combined product and investment-focused advisors, labeling them as problematic due to compounded conflicts of interest. He encourages awareness and careful consideration when working with financial advisors. Links: Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Today on the podcast, Jon from Contract Diagnostics discusses a 2024 healthcare prediction article, emphasizing the rise of AI regulation in healthcare. He anticipates increased scrutiny and guidelines for the use of artificial intelligence in various healthcare roles. Jon believes that AI will revolutionize healthcare, offering applications that save physicians time and improve patient engagement. He mentions the potential impact on hospital margins and suggests that physicians may have increased negotiation power amid shifting post-pandemic dynamics. Jon encourages contacting Contract Diagnostics for assistance with compensation, contract negotiations, and related inquiries. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com