Financial Residency

Today let's talk about what your contract says when you need to take time off. LINKS: www.ContractDiagnostics.com

If you have been watching the markets lately, like I have, it's gotten a little dicey. It's been a while since we've had volatile down markets. What should you do when your investments get shaky? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about what to do when your investments start tanking. Markets do go up and down. If you've been investing long enough, you realize that's just the way it goes. Topics Discussed: • Downturns: People make big mistakes and lose a lot of ground—and money • What to do? There are some things you should do and some things to avoid • What is shaky market territory? People get emotional when it gets more volatile • What are natural reactions? These feelings are normal: ◦ This time it's different, but is it, really? ◦ Are you tempted to find winners and get rid of losers? ◦ Historically, people work through it and recover nicely • What's not normal? Things get completely backward sometimes: ◦ Past: Inflation was high, cash paid nothing, and mortgage rates were low ◦ Present: Cash pays nothing, inflation is very high, mortgage rates are up • What are action items? ◦ Remember to refer to your financial and investment plans ◦ Give yourself a little space between the feeling and the action ◦ Educate yourself on how markets work ◦ Recognize that the market is out of your control for the most part ◦ Create awareness around human investing behaviors/behavioral finance ◦ Rebalance investments and benefit from tax-loss harvesting ◦ Change your pre-tax IRA or 401(k) to a Roth conversion ◦ If you have extra dollars, put them to good use and start investing • What are questions to ask yourself: ◦ What is the underlying concern? ◦ What is the money that I'm concerned about? What's its purpose? ◦ When are you ultimately going to use it? What's it going to be for? Links: www.WrenneFinancial.com

In order to get accurate rate quotes, you need to provide the lender with the purchase price vs the loan amount and your credit score. Doug talks about how banks price their loans, specifically their doctor loans as compared to conventional loans. For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.

Today I want to talk about physician burnout and what changes are being made to help prevent physician burnout. LINKS: www.ContractDiagnostics.com

Dr. Tammy and Jon talk today about contract term lengths and how they might affect bonuses, tail coverage, termination of your employment and other aspects of your contracts. They also talk briefly about noncompete agreements and how the credentialing process can sometimes delay your start date. You can get more free education about contracts and negotiations at www.ContractDiagnostics.com.

In previous episodes, we established the importance of providing your kids good financial education as early as possible. In this episode, we'll talk about how to make it as enjoyable as possible for your children! Our guest today is Will Rainey. Will's story is remarkable because it ties back right into the topic of today's show - he went from working in the big corporate world, advising billion-dollar companies to kickstart Blue Tree, a reputable financial blog teaching parents how to pass on financial knowledge to their kids. Will is also the author of Grandpa's Fortune Fables, a best-selling book dedicated to teaching children the wisdom of markets through interactive fables. Links: www.WrenneFinancial.com

Today I talk more on non-competes and answer some more questions I have gotten about it. LINKS: www.ContractDiagnostics.com

In life, many people think they have to choose what they can have. They should choose happiness over wealth, family over career aspirations, etc. Today's guest proves that it's possible to have it all! Andy Hill is the founder and CEO of Marriage, Kids and Money - an online brand dedicated to helping people achieve the pillars of family health and well-being: Happiness and Wealth. This podcast won't give you all the answers - but it will instead guide you toward the right direction for you and your close ones: Developing the life you've always wanted to live! Enjoy! Links: www.WrenneFinancial.com

What is a lease back and can you do it with a doctor loan? When you buy a home but let the previous owner stay in the property you are doing a "lease back." While it might be an option through your bank, it may not be an option with your home owner's policy. Listen to today's episode to hear more about lease backs. For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.

Today I want to give an update on non-competes for 2023. LINKS: www.ContractDiagnostics.com