Financial Residency

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Jon from Contract Diagnostics discusses the increasing role of artificial intelligence (AI) in the workplace, particularly in the context of contract reviews and healthcare. He highlights the challenges employers face in establishing policies for AI usage and the concerns surrounding trust and accuracy. Jon expresses excitement about the potential benefits of AI, such as improving efficiency in tasks like analyzing patient charts. He encourages listeners to share how their organizations are navigating AI integration and underscores the importance of staying informed about evolving policies. Despite acknowledging the uncertainties and potential drawbacks, Jon emphasizes the inevitability of AI's presence and the need for embracing its advancements. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Confused on when you can or should lock your rate for a new mortgage? When you turn in a contract for a home purchase, you can lock the rate at that point or you may choose to "float the rate" if you think rates might go down before your loan closes. Also, should you spend points to get a lower rate? Maybe. You need to understand how long it would take to "break even" for the money you spend up front to get the lower rate. If rates go down and you modify or refinance your loan, then you may never break even. Doug explains how to calculate this and reasons you may or may not choose to pay points. To get a free copy of Doug's free book on physician mortgages, go to www.DougCrouse.com.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Physicians tend to be Type A personalities who need everything to be "just so." We are often people-pleasers who have a hard time saying no. Now throw in the propensity to undervalue our training and knowledge when coding and you end up with an underpaid, burned out doctor. Dr. Megan Melo works with physicians to help them recognize these habits that contribute to exhaustion and dissatisfaction so they can find that healthy work-life balance we all crave. You can learn more about Dr. Melo at www.HealthierForGood.com or listen to her podcast "Ending Physician Overwhelm."

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com If you drive a car and/or rent or own a home, do you know how to purchase and save money on home and auto insurance while maintaining adequate coverage? In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Andrew Wethall, an independent home and auto insurance agent for Energy Insurance Company. Andrew lives in Louisville, Kentucky, but works with customers all over the country. He makes clients' insurance experiences easier all while maintaining adequate coverage at a fair price. Topics Discussed: • Most Common Pitfalls: Re-evaluate insurance every 3 years after residency • Cheapest Option: Understanding the bones policy with state minimum coverage • Basic Auto Policy: Physical damage, comprehensive and collision, liability limits • Agent/Client Relationship: Pay attention to policy and continue to grow • Risks: Insurance works great for high cost and very unlikely risks • Umbrella Policy: Additional liability insurance to cover your assets • No-Fault States: Who's at fault for the accident or damage? • Car Rentals: What should you do when they're pushing the insurance add on? • Insurance Pricing: Depends on credit, driving record, claims history, act of God • Structure: Differences between homeowner's and renter's insurance? • Out-of-Control Catastrophes: Earthquakes and floods are not usually covered • Attractive Nuisance: Umbrella policy for fun things—from pools to trampolines • Denied! Seek multiple opinions and work with an agent to get claims paid Links: Energy Insurance Company Andrew Wethall's Phone: 859-797-4384 Andrew Wethall on LinkedIn Finance For Physicians

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com In this episode of "Coffee and Contracts," Jon from Contract Diagnostics discusses various aspects of signing bonuses, relocation amounts, and other upfront cash offered by employers to physicians. He highlights the wide variation in these amounts and emphasizes the importance of understanding the repayment provisions associated with such bonuses. Jon explains that most contracts include clauses requiring repayment if the physician doesn't fulfill the agreed-upon employment term. He details considerations such as the timing of bonus payments, repayment terms, interest, and forgiveness conditions. Jon encourages physicians to thoroughly understand the terms of such incentives to avoid potential complications and discusses how Contract Diagnostics can assist in contract review. The episode is made possible by Financial Residency, and Jon invites viewers to reach out for further assistance. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com If you avoid talking about money with your children, then who pays for it later in life? Whether you know it or not, you're teaching your children about money every day. Teach them what works and what doesn't when it comes to finances. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. David Weisenhorn about money and parenting. David is a Senior Extension Specialist for Parenting and Child Adolescence Education at the University of Kentucky. Topics Discussed: • What is a family scientist? Mixes psychology and sociology focused on families • Taboo Topic: Money isn't up for conversation; vulnerabilities around values • Lack of Education: Discussing finances in not covered in traditional curriculum • Effects: Educate children to avoid risk of not using and handling money properly • Mistakes: Avoiding subject of money doesn't mean kids won't use/experience it • Proactive Parenting: Daily practice of teaching children how to deal with money • Financial Literacy: Learn jargon and teach simple concepts via currency games • Money Personalities: Habits and attitudes toward spending and saving • Sink or Swim? Worth it to learn value of dollar early on to gain knowledge • Allowances/Chores: Required versus going above and beyond to earn money • Intrinsic/Extrinsic Motivators: Monetary incentives and sustainability of actions • Zone of Proximal Development: Allow children to make and learn from mistakes • Goals and Expectations: Smart small, don't overpay, earn money from hard work LINKS: www.WrenneFinancial.com

This podcast explores whether physicians should share information about their compensation with colleagues despite contractual restrictions. It emphasizes the importance of understanding confidentiality clauses and provides advice on gathering compensation information during job interviews. The speaker invites physicians to contact Contract Diagnostics for assistance in negotiating compensation and understanding industry benchmarks through their CompensationRx tool.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Doug talks about special circumstances that may come up at closing. If you are aware of these things and plan ahead, it can save you many headaches in the days leading up to the closing on your new home. For example, if you know you will be out of town, you can either designate someone to sign on your behalf or have the lender arrange for a remote notary to meet you where you are. To obtain a free copy of Doug's book "Hippocratic House: Do No Harm When Purchasing Your First Physician Home" go to www.DougCrouse.com.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Troy Eckard has been investing and working in the oil and natural commodities industry since 1985. He talks to us today about the potential for investing directly in this industry. He shares the history, current state of the market and projections for the future. He explains how oil and gas is tied directly to inflation and real estate, which makes it a favorable investment in the current state of our economy. To learn more about this industry and to determine whether it might be a good fit for your portfolio, go to www.EckardEnterprises.com.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Does permanent life insurance make sense or not? Is it the right or wrong short-term investment? In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about what you should look for and avoid to navigate the purchase of permanent life insurance. Topics Discussed: • Permanent Life Insurance Components: Cash value and death benefit • How does buying permanent life insurance compare to term life insurance? • Agents: People who push, play with permanent life insurance costs/commission • Worst Case Scenario: Buying permanent life insurance for one year • Best Case Scenario: Worst year for investment alternative to break even • Buy term, invest the difference for credit card debt and emergency reserves • Buy permanent life insurance when long-term tax savings outweigh cost and time • Key Takeaway: Get a second opinion to understand complexity, conflict of interest Links: Dave Ramsey TIAA-Cref Tax Shelter Contact Finance For Physicians Finance For Physicians