Financial Residency

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Veena Jetti has been very successful in investing in multifamily properties for more than a decade. Her company Vive Funds has transacted over $1 billion in real estate. She shares how she got started, finds investors and chooses properties. She also talks about surviving in the real estate market despite higher acquisition costs and interest rates that have doubled. She offers sound advice for choosing a real estate syndication for those looking to invest. To learn more about Veena, go to www.ViveFunds.com or you can join her FaceBook group Mastering Multifamily with Veena Jetti.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Physicians feel the pressure to be perfect, and sometimes hide or fail to address their own mental wellness. Medicine's intense focus on the quality of patient care is generally a good thing, but in some cases has unintended negative consequences. It takes courage for a physician to be vulnerable. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. John Budin, an accomplished physician, speaker, and blogger. John discusses why he chose to practice medicine and what he describes as the mental health closet. Topics Discussed: • John's Case: Pressure to hide mental health flaws that make physicians human • Mental Health Closet: Why John finally publicly shared bipolar disorder diagnosis • Culture of Medicine: Vulnerability is opposite of professionalism and success • Caregivers vs. Receivers: Difficult for doctors to acknowledge need, ask for help • License at Risk: Career consequences, repercussions for revealing mental health • Stigma Solution: Support and care for colleagues struggling with mental health • Community: Increased mental health awareness with doctors, residents, students • Physician's Financial Path: Scary, uncertain aspects of being destabilized in life • First Step: Get treatment publicly or behind closed doors to remain confidential • Accept Humanness: Ways to become who you are, authentic, and vulnerable Links: Physician Living with Bipolar Disorder Poll: Workplace Stigma, Fear of Professional Consequences Prevent Emergency Physicians from Seeking Mental Health Care International Society for Bipolar Disorders American Psychological Association (APA) Contact Finance for Physicians Finance for Physicians

Dr. Bonnie Koo, founder of Wealthy Mom MD, empowers female physicians to overcome financial challenges. Topics include taboo around discussing money, fear of failure, navigating patriarchal society, and using money to buy back time.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Many people wonder if it is a good thing to pay a lump sum to pay down their loan. If you do that, your bank may allow you to do two things. You can simply continue to make the previously determined monthly payments, which will allow you to pay off your loan early. Or you can ask the bank to recalculate based on the new owed balance and give you a lower monthly payment for the duration of your loan. To request a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your Physician Home, go to www.HippocraticHouse.com.

CMS announces new guidelines for 2024, with overall payment rate reduction but increases for primary care. The changes affect various medical specialties and impact compensation structures. Healthcare professionals should stay informed and seek assistance to navigate these shifts. Understanding the implications is crucial for physicians. CMS changes impact healthcare services like split visits, telehealth, vaccine administration, behavioral health, rural health, opioid treatment programs, therapy services, and diabetes management.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Today, Jon from Contract Diagnostics discusses the shortage of primary care physicians in the United States and attributes it to lower compensation compared to specialists. He emphasizes the need to pay primary care physicians more to attract and retain talent. Jon mentions the recent CMS rule for 2024, noting a decrease in the Medicare reimbursement rate for some services. He also encourages primary care physicians to negotiate with their employers and offers assistance in compensation analysis and contract reviews at Contract Diagnostics. Ultimately, the goal is to address the shortage in primary care physicians, improve access to care, and ensure fair compensation. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Daniel Wrenne, retirement planning specialist, discusses the importance of making a plan for retirement. They emphasize the need to understand retirement goals and tie them to financial planning. They also explore the mindset shift from saving to depleting money in retirement and the personalized aspects of retirement planning including taxes and investments.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Life Insurance: How does it work and do you really need it? Are you worth more or less alive or dead? What you need to know to protect yourself and your loved ones. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about what type of life insurance you should own. When you are young and healthy, cover your life or earning potential because the risk of untimely death happening is extremely low, but the costs of income loss are extremely high. Topics Discussed: • Life Insurance Recommendations: Understand conflicts, know what to look for • Why get it? Tomorrow isn't guaranteed, avoid leaving family in a financial pinch • When to get it? Before you urgently need it, when everything is good • How much does it cost? Depends on health and age • How much will you need? Enough, but always told to buy more • How long will you need it? Longer the lock-in period, the more expensive • Insurance Industry: Agents receive a high percentage of premiums for policies • Advisor vs. Agent: What are the differences? Incentives? Disincentives? • Coverage Calculations: Identify the correct amount of death benefits based on goals • Types of Life Insurance Coverage: ◦ Human Life Value: Wrongful death determines lost earnings ◦ Financial Need Analysis: Maintain specific lifestyle, goals, assets, liabilities ◦ Term Life: Temporary death benefits for a set time period ◦ Permanent: Combines cost of term plus investment component ◦ Conditional: Secure coverage immediately before underwriting Links: Contact Finance For Physicians Finance For Physicians

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Money isn't always the key to happiness. What are the key financial planning processes for using your money to live a better life? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks with his colleague, Jennifer Quire, a fellow Certified Financial Planner CFP®. As financial planners, Daniel and Jennifer's goal is to help physicians use their money to live better lives. This starts with working through the financial planning process. Listen in to find out what this looks like. Topics Discussed: • What is a financial plan? Roadmap of where you are and want to be • How to create a financial plan? ◦ Organize financial affairs ◦ Clarify values and goals ◦ Analyze options ◦ Decide best path forward ◦ Execute next steps • What's most important to you? Money isn't always the answer • Life Planning Questions: If financially independent… ◦ I want you to imagine that you are financially secure, that you have enough money to take care of your needs, now and in the future. The question is, how would you live your life? What would you do with the money? Would you change anything? Let yourself go. Don't hold back your dreams. Describe a life that is complete, that is richly yours. ◦ This time, you visit your doctor who tells you that you have five to ten years left to live. The good part is that you won't ever feel sick. The bad news is that you will have no notice of the moment of your death. What will you do in the time you have remaining to live? Will you change your life, and how will you do it? ◦ This time, your doctor shocks you with the news that you have only one day left to live. Notice what feelings arise as you confront your very real mortality. Ask yourself: What dreams will be left unfulfilled? What do I wish I had finished or had been? What do I wish I had done? [Did I miss anything]? • Analysis Paralysis: Focus on one thing at a time to make progress • Deadlines: Time gets in the way and people don't like change, ask for help • A financial plan becomes worthless if you never execute on it LINKS: www.WrenneFinancial.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com In the 2024 Medicare payment rule, the CMS has announced a 1.25 percent reduction in overall payment rates. However, there are notable increases in payment rates for primary care and direct patient care services. The changes aim to balance healthcare quantity and access, and further analysis of the impact on various specialties will be provided by Contract Diagnostics in upcoming content. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com