Financial Residency

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com This is a reboot to talk about the general principles of asset protection for physicians. It means more than getting an adequate medical malpractice policy. It involves managing risks to hold on to the wealth we have accumulated. A good asset attorney will look at their clients holistically to anticipate areas where they may be at risk over and above being a physician, such as being a business owner, a board member, a spouse, an investor, etc. Ike Devji has written hundreds of articles about asset protection and spoken at national conferences. He works with clients across the country. He has links on his website with valuable free information about ways to protect yourself. You can learn more at www.ProAssetProtection.com

Everyone has suffered from lifestyle creep to some extent. Somewhere along the way, you go from eating ramen noodles to the finer things in life. You become used to spending your entire salary. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about how to avoid lifestyle creep. What is it? How does it happen? How do you prevent it? Topics Discussed: Tricky Transitions: Going from little income to being paid the big bucks • Keep up with the Joneses: When you make more money, you tend to splurge • Lifestyle Creep: Taking on obligations and a million tiny spending decisions • Hedonic Adaptation: Making progress and adding little pleasures leads to pain • 'Drug' of Choice: Easier to add comfortable things, than to take them away • Why is lifestyle creep so dangerous? Lack of awareness creates conflict • Symptoms: What you want, not what you need; how disposable income is spent • Risk Factors: Are you a spender? Listen to others and seek expert guidance • 'B' Word: Be intentional and aware of budget by checking your cash balances • Team Effort: Resist temptation, finger pointing; be accountable about spending • Lifestyle Creep Challenges: ◦ Acknowledge underlying financial issues ◦ Be intentional before spending ◦ Identify highest priorities to align finances • Alternatives: Time, dedication, and intentionality to find free options Links: Monitor Spending in 10 Minutes Per Month Jeff Wenger on LinkedIn Cash Flow Tracking Excel Templates What Is Financial Therapy Wrenne Financial Planning Finance For Physicians

What are pros and cons of physician mortgage loans? What do you need to know before taking one out, especially during a crazy market and changing rates causing sticker shock? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Doug Crouse, mortgage lender that specializes in physician loans and author of Hippocratic House: Do No Harm When Purchasing Your First Physician Home. Topics Discussed: • Advantages: Low down payments, lack of PMI, and new job qualifications • House Poor HENRY? Don't go into major debt to keep up with the Joneses • Hippocratic House: What to ask/expect as a first-time physician home buyer • Disadvantages: Some lenders price their physician loans higher due to upsides • Due Diligence: What to consider with lenders—service, rate, and closing costs • Doug's Predictions: Rates will continue to climb but not at same pace • ARM: Makes sense if you don't stay in the house and you make enough money Links: Historical 30-Year Mortgage Rates Doug Crouse - Physician Loans at BMO Harris Bank Hippocratic House: Do No Harm When Purchasing Your First Physician Home by Doug Crouse (Amazon) Hippocratic House: Do No Harm When Purchasing Your First Physician Home (Free Copy) The Big Short Movie Contact Finance for Physicians Finance for Physicians

Jon from Contract Diagnostics encourages everyone to utilize data in their everyday life to improve outcomes, much like he does with his Abbott Libre 2 glucose monitor and Fitbit. Moreover, he emphasizes the importance of understanding and using data to make informed decisions about their compensation or total cash compensation (TCC) in their jobs, especially for physicians. He notes that utilizing available data sets online and understanding your specific circumstances can help you make precise decisions. At Contract Diagnostics, they help physicians analyze compensation details based on their specific situations and data sets. Jon encourages physicians to approach their employers and have meaningful conversations about their compensation based on analyzed data. Contract Diagnostics offers assistance in this process through consultation services, visit www.ContractDiagnostics.com

Join Daniel Wrenne and his guest Jon Appino as they delve into the complex world of physician contracts, with a specific focus on disability considerations. In this informative and engaging show, they discuss the intricacies of negotiating physician contracts while addressing the importance of disability provisions. Key Takeaways: - Customize contracts to align with your unique story, considering disability-related factors. - Leverage high demand in the physician field for better negotiating power, with a focus on disability provisions. - Maximize financial benefits by utilizing bonuses, while understanding how disability-related clauses can impact compensation. - Embrace flexibility in contracts to adapt to life's uncertainties, including potential disability-related challenges. - Seek expert guidance to navigate the complexities of physician contract negotiations, with a specific emphasis on disability provisions. Join us for insightful discussions, practical advice, and real-world examples that will equip you with the knowledge and tools to make informed decisions regarding your physician contracts, including considerations for disability-related matters. Don't miss out on the opportunity to gain a deeper understanding of this crucial aspect of your career, ensuring you have the necessary safeguards in place. Links What happens when ChatGPT reviews a contract? Compensation Rx Service from Contract Diagnostics Schedule a free consult with Contract Diagnostics Physician Employment Contracts and Compensation with Jon Appino Contracts and Disability: Understanding Your Rights and Protections as a Physician with Jon Appino Connect with me on my LinkedIn: https://www.linkedin.com/in/danielwrenne/ Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Choosing the best lender often means more than just getting the best rate. Doug talks about comparing interest rates, lender credits, PMI, etc. It never hurts to talk to more than one lender to see what is available to you. To learn more about Doug Crouse or to get a free copy of his book, go to www.DougCrouse.com.

Ike Devji is an asset protection attorney who has spoken at national physician conferences and is a prolific author on the subject. Today he talks about 4 specific ways to protect your estate, including prenuptial agreements https://www.physicianspractice.com/view/valentines-day-starts-prenup-season, avoiding tax scams that result in illegal tax evasion vs the legal tax avoidance, the IRS Dirty Dozen https://www.irs.gov/newsroom/irs-wraps-up-2023-dirty-dozen-list-reminds-taxpayers-and-tax-pros-to-be-wary-of-scams-and-schemes-even-after-tax-season, and a new reporting requirement for anyone who owns an LLC/S-corp/C-corp/etc. That has heavy fines if you don't comply timely https://www.fincen.gov/boi-faqs. He wrote an article in Physicians Practice about this which you can view at https://www.physicianspractice.com/view/new-mandatory-reporting-requirements-for-business-and-practice-owners. To learn more about Ike Devji or to see his many articles on asset protection or other podcasts, go to www.ProAssetProtection.com.

Jon discusses the difference between W-2 and 1099 employment statuses and answers common questions related to pay differences and converting from one status to another. He explains that 1099 independent contractors do not receive benefits and typically have to file taxes on a quarterly basis, resulting in higher taxes. As a general rule, 1099 contractors are paid 10 to 15 percent higher than their W-2 counterparts to account for these additional costs. J on also mentions that it is possible to switch between the two statuses but emphasizes the importance of understanding the rules and regulations set by employers and the government. He suggests consulting with a tax advisor and Contract Diagnostics for further guidance on contract negotiations and employment decisions. LINKS: www.ContractDiagnostics.com

Join Daniel Wrenne and Jeffrey Wenger as they navigate the complex landscape of student loan repayment strategies in this episode! With a focus on helping physicians, particularly those working with Public Service Loan Forgiveness (PSLF) in mind, Daniel and Jeff take you on a journey through the recent changes in student loan policies. They explore the historical approaches to student loans and delve into how the transition to the new SAVE Plan (Saving on a Valuable Education Plan) can impact your financial future. Discover the intricacies of student loan management and gain insights into crafting a tailored repayment strategy that suits your unique circumstances. Daniel and Jeff bring their expertise to the table, making the complex world of student loans more understandable and helping you make informed decisions. Whether you're a recent graduate, a seasoned borrower, or just interested in the world of student loans, this episode provides valuable insights into the ever-changing student loan landscape. 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: Connect with me on my LinkedIn: https://www.linkedin.com/in/danielwrenne/ Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Jon from Contract Diagnostics discusses the allocation of time in academic job contracts. He explains that academic contracts often include percentages to outline the distribution of time between clinical work, research, administrative tasks, and education. Jon recommends that the contract should clearly define the percentages and provide detailed information about what each percentage entails. For example, if 75% of the time is allocated for clinical work, it should be specified whether this refers to a certain number of days or sessions per week. Similarly, if 25% is for research or administrative tasks, it is important to clarify the nature of the work and any specific requirements or commitments. Jon advises job seekers to thoroughly understand the compensation structure and incentive plans as well. He suggests asking relevant questions to the employer to ensure clarity and align expectations. Jon invites viewers to reach out to Contract Diagnostics for further assistance or information. If you have questions or need assistance, Contract Diagnostics can help analyze your situation and provide guidance. LINKS: www.ContractDiagnostics.com