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
Feb 23, 2023 • 47min
Financial Vitals: Improving Financial Literacy Begins With Talking Money With Our Children
Competent handling of finances is not easy, especially for doctors working 24/7 on the clock. But the truth is that we all have to get good at it. Whether because we have a debt to pay, a family to feed, or to survive the incoming recessions. Our guest today, Dr. Caroline Clerisme specializes in just that with her company Doctors Out Of Debt - helping doctors take a hold of their existing debt and live financially stable lives. But that's not all. Caroline is also the author of "Lily and the Talking Piggybank" a children's book about money. According to her, we shouldn't leave the children out of the picture when talking about finances and educate them on the matter as early as possible. On today's episode, we'll cover: - How "Lily and the Talking Piggybank" was created. - How to instill positive finance habits in your children. - How to help them NOT repeat your mistakes. - And much more content that we don't want to spoil you!
Feb 22, 2023 • 9min
Mortgage Minute: Basic recommendations for residents looking for their attending home
It's Match Season! New med students are becoming residents...residents are becoming attendings...and many of these people are looking for a new home. Doug offers some words of advice about applying for a mortgage, getting preapproved versus prequalified for a loan, how to find a realtor if you're moving to a new area, and options for what to put on your qualification letter that will go out to the seller when you make an offer. If you have specific questions, Doug is always happy to answer them if you call/text 816-728-3631 or email Doug.Crouse@BMO.com. You can also get his free 200-page book to learn more about physician loans at www.DougCrouse.com.
Feb 21, 2023 • 4min
Coffee & Contracts: What should you look for in a contract review firm/attorney?
Today I want to discuss questions you should be asking a firm that you want to review a contract. LINKS: www.ContractDiagnostics.com
Feb 20, 2023 • 18min
Grand Rounds: Comparing and Contrasting More than One Contract with Jon Appino
It's that time of year when senior residents and fellows are busy interviewing and signing contracts for their first attending position. Jon Appino talks with Dr. Tammy about how to compare and contrast more than one job offer. It goes beyond just looking at the compensation. www.ContractDiagnostics.com
Feb 18, 2023 • 5min
Coffee & Contracts: What is a good turn around time for review and negotiation_
Today I discuss what is a reasonable amount of time to have a contract reviewed and signed. I point out some red flags too! LINKS: www.ContractDiagnostics.com
Feb 17, 2023 • 47min
Financial Vitals: Improving Financial Literacy Begins With Talking Money With Our Children
Competent handling of finances is not easy, especially for doctors working 24/7 on the clock. But the truth is that we all have to get good at it. Whether because we have a debt to pay, a family to feed, or to survive the incoming recessions. Our guest today, Dr. Caroline Clerisme specializes in just that with her company Doctors Out Of Debt - helping doctors take a hold of their existing debt and live financially stable lives. But that's not all. Caroline is also the author of "Lily and the Talking Piggybank" a children's book about money. According to her, we shouldn't leave the children out of the picture when talking about finances and educate them on the matter as early as possible. On today's episode, we'll cover: - How "Lily and the Talking Piggybank" was created. - How to instill positive finance habits in your children. - How to help them NOT repeat your mistakes. - And much more content that we don't want to spoil you! Links: www.WrenneFinancial.com
Feb 16, 2023 • 48min
Financial Vitals: How Physicians Can Use Frugality To Improve Their Lives
If you're a medical professional that is struggling financially or trying to pay off student debt, this episode of "Finance for Physicians" is for you! Our guest is Dr. Disha Spath: A first-generation immigrant success story, Disha found herself alongside her husband in a precarious financial situation with a huge debt to pay out after medical school. After living on the fence for a while, Disha and her husband finally managed to pay out the $750,000+ debt that was piled up and then went on to create a financial platform to help other physicians escape their situation Her secret? A shift in the mindset - Conscious Frugality. Now, we know what you're thinking: Nobody likes frugality. It's a tricky muscle to exercise and can often be hard to execute as a doctor. After all, you didn't go to medical school for years to live off ramen and Dollar Tree specials. We, alongside Dr. Disha, are here to say that this type of frugality mindset is not true! Frugality is a key financial budgeting skill that, if used correctly, is not about depriving yourself, but about making smarter financial decisions. Our host, Daniel Wrenne, and Dr. Disha talk us through the following: - How to pay off medical student loan debt. - When to get that dream house. - Why you can still have a comfortable life and save money. - Tips for raising a family on a budget Links: www.WrenneFinancial.com
Feb 15, 2023 • 5min
Mortgage Minute: Using an offer letter vs contract for securing a mortgage
Tis the season again when senior residents and fellows will be taking new attending jobs. Doug talks today about using a one-page offer letter versus a full contract to secure your mortgage. It may eliminate some questions and stipulations an underwriter might otherwise come up with when going through your entire contract. If you have specific questions, Doug is always happy to answer them if you call/text 816-728-3631 or email Doug.Crouse@BMO.com. You can also get his free 200-page book to learn more about physician loans at www.DougCrouse.com.
Feb 14, 2023 • 4min
Coffee & Contracts: Medical Directorship Pay - How much?
Today I am talking about medical directorships. We get a lot of those questions, so today I answer some questions. LINKS: www.ContractDiagnostics.com
Feb 13, 2023 • 23min
Grand Rounds: Special Edition - What is it like practicing in California with Dr. Besim Uzgil
What is it like to practice medicine in California? Dr. Besim Uzgil talks about some of the challenges such as the high cost of living and homeless population, but also highlights the positives like being able to be on the beach in Monterrey or skiing in the mountains at Lake Tahoe over a single Christmas break.
