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
Apr 12, 2023 • 6min
Coffee & Contracts: What is in a compensation data number
Today I want to talk about compensation data and answer some questions I have been asked. LINKS: www.ContractDiagnostics.com
Apr 11, 2023 • 14min
Mortgage Minute: What is a loan modification and why would you want that option?
As you know, interest rates are higher now than they have been in years. If your mortgage has a loan modification option, you may be able to go back to your bank and ask for a lower interest rate without going through the hassle and cost of refinancing the loan. Doug tells you more about this option and how it might benefit you. For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.
Apr 10, 2023 • 31min
Grand Rounds: Drs. Cherisa and Alex Sandrow Share Their Expertise in Telehealth
Drs. Cherisa and Alex Sandrow help coach other physicians to be able to transition from a traditional clinical career to one in virtual medicine. Cherisa was able to double her income in half the hours. They have a new cohort of physicians who will learn more about virtual medicine careers over a 10-week course starting on 4/23/23. You can learn more at www.SandrowConsulting.com. Alex and Cherisa will also be part of the NewScript Nonclinical Career Summit online from 4/11/23-4/13/23. To be part of this free online lecture series you can get more information at www.NonclinicalPhysicians.com/Summit2023.
Apr 8, 2023 • 9min
Financial Vitals: How Can I Protect My Money From Bank Failure
Today I want to talk about the banks that have recently failed. I will talk about some questions I have gotten about that. Links referenced: https://financeforphysicians.co/2022/09/01/investing-behaviors-that-will-wreck-your-financial-plan/ https://financeforphysicians.co/2022/08/25/how-market-downturns-look-and-feel/ https://financeforphysicians.co/2022/08/18/what-to-do-when-your-investments-start-tanking/ https://financeforphysicians.co/2021/02/25/investing-during-wild-markets-with-david-blanchett/ https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/
Apr 7, 2023 • 4min
Coffee & Contracts: Repayment Provisions
Today I am talking about what I see in many contracts about repayment provisions. LINKS: www.ContractDiagnostics.com
Apr 6, 2023 • 10min
Financial Vitals: Can Real Estate Income Replace Your Physician Salary
Today I want to talk about some common questions about real estate for physicians. Links referenced: https://financeforphysicians.co/2021/04/15/how-to-use-real-estate-to-build-wealth/ https://investor.vanguard.com/investment-products/etfs/profile/vti#portfolio-composition https://investor.vanguard.com/investment-products/etfs/profile/vnq#portfolio-composition
Apr 5, 2023 • 6min
Coffee & Contracts: Time = Money
Today I want to talk about the equation of time and money on a contact. LINKS: www.ContractDiagnostics.com
Apr 4, 2023 • 11min
Mortgage Minute: How is the APR (annual percentage rate) calculated?
APR is the annual cost of your loan including any fees, which can include mortgage insurance, closing costs, points or loan origination fees. An interest rate is only what the loan is costing you. Some banks may list a very low interest rate but charge you huge fees to get that rate. Other banks may offer you a higher interest rate but with little or no extra fees. In order to compare all of your offers, you should be able to compare the APR to see which is actually the better offer. For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.
Apr 3, 2023 • 23min
Grand Rounds: Exploring nonclinical careers for physicians with Dr. John Jurica
Dr. John Jurica, podcast host of Physician Nonclinical Careers, joins us today to talk about all the different types of careers available to doctors who are looking to do something outside of the traditional clinic. He and his partner Dr. Tom Davis will be hosting a free, live Virtual Summit on 4/11/13-4/13/23 from 7p-11p CST each evening in which you can hear from 12 different speakers about nonclinical or nontraditional medical careers. To get more information, go to www.nonclinicalphysicians.com/Summit2023
Apr 1, 2023 • 27min
Financial Vitals: Why The HSA Is A Hidden Gem
What is a health savings account (HSA), and why are so few people utilizing it? The HSA is one of the best tax shelters that exists to build wealth. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about how the HSA works, how to decide if it is a good fit for you, and ways to manage an HSA to maximize its efficiency. Topics Discussed: • Two Groups of People: ◦ Those who don't use HSA at all ◦ Those who do, but don't maximize its efficiency • What is the HSA? Access to an account via a qualified health insurance plan • What is a qualified health insurance plan? Separate part of plan to use HSA • Why is the HSA a great way to build wealth? ◦ Rollover balance ◦ Invest those dollars ◦ Offers tax benefits • Decision-making Factors: ◦ Low utilization of healthcare insurance ◦ Higher expected upcoming healthcare costs ◦ Out-of-pocket costs ◦ Matching HSA funds ◦ Incorporate tax benefits • Open Enrollment: Run the numbers before you choose an option LINK: www.WrenneFinancial.com
