Financial Residency
Financial Residency Network
As a doctor, you spent decades in school to get to where you are. Unfortunately, during all those years in medical school and residency, you probably didn't receive a financial education. But, not to worry. That's where I come in. Think of this podcast as your financial residency without the long hours and sleepless nights! I will guide you through a financial education resulting in money confidence and clarity in this critical aspect of your life. You'll understand how you make money, how you spend money, how your hard-earned money can work for you, and how to protect yourself and your family. I have witnessed residents and fellows bombarded by life and disability insurance salesmen and other "investment" pitches that are not in their best interest. You didn't receive any formal financial education in your decades of medical training, so how are you supposed to know the good financial advisors from the bad? This podcast will help with that. Remember, it's ok to not know the difference between a ROTH IRA and a 403b or which 529 plan is best. This podcast will simplify highly complex concepts and translate industry jargon into plain English. Are you ready to take action and make smarter, more informed financial decisions? Great - let's do this! Let your financial residency begin.
Episodes
Mentioned books
Sep 12, 2023 • 59min
Financial Vitals: Financial Freedom- How To Live The Life You Want As a Physician with Dr. Latifat of MoneyFITMD
Dr. Latifat is a physician, a mother, a financial educator, and a recovering burnt-out professional who's helping other physicians reach their financial freedom dreams through her website, moneyfitmd.com In this episode of Finance for Physicians, we'll talk about Dr. Latifat's story of financial success and how she did it by following her values and ignoring the path society had in store for her. - If you feel like you're living someone else's life or living in the way most people think you should... - If you've ever felt you're not acting true to your professional and personal values... Our interview with Dr. Latifat is for you! Enjoy, and thank you for listening to the Finance For Physicians Podcast! Links: MoneyFITMD Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.
Sep 11, 2023 • 18min
Grand Rounds: Empower yourself to take medicine back with Dr. Corinne Rao
Dr. Corinne Rao is a vocal proponent of taking medicine back. While that can mean many different things to different people, her focus is to educate yourself and know your worth. Don't settle. Advocate for yourself. Find jobs that value your time, your education and pay you accordingly. Discover what is important to you in your career and then find the job that supports that.
Sep 9, 2023 • 5min
Coffee & Contacts: Credentialing Delays in Employment
In this message, Jon from Contract Diagnostics discusses the issue of credentialing delays in the employment of physicians. He mentions receiving emails from physicians who are experiencing delays in starting their jobs due to credentialing issues. Jon believes that if physicians have fulfilled all their obligations and met the initial requirements for credentialing, they should not be harmed by delays caused by their employer. He recommends including language in contracts that ensures payment to physicians on their agreed-upon start date, as long as they have fulfilled their credentialing requirements. Jon also mentions that some employers may offer alternative arrangements, such as partial credentialing packages or proctoring programs, while the credentialing process is underway. He encourages physicians facing these delays to reach out to Contract Diagnostics for assistance and reminds them that Contract Diagnostics can also provide help with contract analysis and compensation analysis. LINK: www.ContractDiagnostics.com
Sep 8, 2023 • 1h 1min
Financial Vitals: Balancing Passion and Profit As A Physician Entrepreneur with Dr. Shikha Jain
It's difficult to work in oncology and teach at the same time about it. It's also hard to run a non-profit in a conservative industry that usually puts profit above all else. However, some people manage to do it. And it's those professionals we want on our show.Such is the case with Dr. Shikha Jain. Besides being a practicing oncologist & professor at the University of Illinois, Shikha is also... - The founder of the Women in Medicine Summit - The CEO of the Covid-19 non-profit IMPACT. - The president of the non-profit Women in Medicine. - A TEDx speaker. Her work has also been featured in some of the most respected magazines in the world, such as TIME, Scientific American & The New York Times. To top it all, Dr. Shikha doesn't struggle with burnout and is happy to go to work every day. How can she juggle so many things at once? How does she avoid burnout? And more importantly, how does she balance the work of entrepreneurship with medicine? To learn all that, listen to our full interview with her! Enjoy! Links: Dr. Shikha Jain's website IMPACT4HC Women in Medicine Summit Women in Medicine Twitter accounts: @ShikhaJainMD @WIMSummit @IMPACT4HC @WomeninOnc Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.
Sep 7, 2023 • 14min
Financial Vitals: What You Must Understand About the 457b Plan
In this podcast, Daniel Wrenne discusses the complexities of the 457B plan, exploring its key distinctions, benefits and risks, and distribution options. He emphasizes the importance of making the right choice based on financial goals and provides valuable insights for physicians managing their finances independently.
Sep 6, 2023 • 5min
Coffee & Contacts: Negotiating Your Letter of Intent edited
Jon discusses the topic of letter of intents and their negotiation. He explains that a letter of intent is typically received before a formal contract and often includes details such as salary, signing bonus, relocation amounts, and student loans. He emphasizes the importance of negotiating these terms at the letter of intent stage rather than waiting for the formal contract. Jon warns against assuming that a letter of intent is non-binding and urges physicians to consult with Contract Diagnostics to ensure they are aware of all the terms and conditions before signing anything. He assures listeners that Contract Diagnostics is available to provide guidance and assistance in negotiating letter of intents and contracts. LINKS: www.ContractDiagnostics.com Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/
Sep 5, 2023 • 6min
Mortgage Minute: Should you pay points to get a better rate?
Rates are very high right now so it's tempting to pay points to buy down the rate. But how do you determine whether this makes financial sense? Doug explains how to calculate the math to know when your break-even point would be. It's also important to decide whether you think the rates will go down and when you think that might happen. Some banks also allow for a Loan Modification, which allows you to keep the same loan but take advantage of a lower rate should rates go down after you close. The bank will likely charge a flat fee, but it should be less than the cost of refinancing to a new 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. Links: Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/
Sep 4, 2023 • 16min
Grand Rounds: Free webinar on contracts for Financial Residency listeners on 9/7/2023 at 7 pm CST
Jon Appino with Contract Diagnostics talks about a free educational webinar open to all Financial Residency listeners on 9/7/23 at 7 pm CST. He will talk about trends in compensation, the importance of doing a periodic check up on your existing contract to ensure you are being paid fairly and answer all questions from attendees. On today's episode, we also talk briefly about check ups. You need them for not only your physical health, but also your financial wellbeing. Links: To sign up for the webinar, go to https://contractdiagnostics.com/cdx-educational-lecture/. Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/
Sep 1, 2023 • 4min
Coffee & Contacts: Credentialing Delays in Employment
In this message, Jon from Contract Diagnostics discusses the issue of credentialing delays in the employment of physicians. He mentions receiving emails from physicians who are experiencing delays in starting their jobs due to credentialing issues. Jon believes that if physicians have fulfilled all their obligations and met the initial requirements for credentialing, they should not be harmed by delays caused by their employer. He recommends including language in contracts that ensures payment to physicians on their agreed-upon start date, as long as they have fulfilled their credentialing requirements. Jon also mentions that some employers may offer alternative arrangements, such as partial credentialing packages or proctoring programs, while the credentialing process is underway. He encourages physicians facing these delays to reach out to Contract Diagnostics for assistance and reminds them that Contract Diagnostics can also provide help with contract analysis and compensation analysis. LINK: www.ContractDiagnostics.com To sign up for the webinar, go to https://contractdiagnostics.com/cdx-educational-lecture/.
Aug 31, 2023 • 1h 9min
Financial Vitals: Preparing For The Inevatible Malpractice Lawsuit with Attorney Christine Zharova
Attorney Christine Zharova, specializing in defending physicians' work rights and practices, discusses the impact of malpractice lawsuits on physicians. They explore preventative measures, stress, shame, and the importance of support. Direct Primary Care practice benefits, risk management strategies, and the process of preparing for a lawsuit are discussed. Handling a malpractice lawsuit, physicians' duty in the legal process, insurance concerns, and expanding coaching services for physicians starting their own practices are also highlighted. The significance of coaching and mental preparation in lawsuits, as well as the challenges physicians face during litigation, are addressed.
