Financial Residency

When people talk about marriage and finances, they tend to only focus on the positive and optimistic side of the conversation. However, we have found that studying the potential pitfalls can be just as valuable as narrowing down and focusing on the positive side effects of sharing finances with your significant other. On today's episode of the "Finance For Physicians" podcast, Daniel is joined by his wife Alison Wrenne to chat more about: - What the ups and downs of financial management are as a family - How to work better as a team when it comes to communicating financial decisions/struggles - Why discussing finances can often cause significant hardship and heartache to many loving couples We're so excited to present to you this episode and explore the important topic of family finances! Links: www.WrenneFinancial.com

Today what we want to talk about is breaking contracts. LINKS: www.ContractDiagnostics.com

Jumbo limits will be going up January 1. Doug talks about how that may affect physician and conforming (Fanny & Freddie) loans. Link to website: https://dougcrousephysicianloans.com/

We've talked about purchasing a disability policy to protect you if you can no longer practice medicine, but there are things you should know before you file the claim. Please listen as we talk to Evan Schwartz who is an attorney who specializes in insurance recovery and litigation. www.SCHlawpc.com Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support. https://weatherbyhealthcare.com/

Being a perfectionist or analytical type of person works out well in some areas of life. However, when it comes to financial aspects, especially budgeting, life can become problematic, not predictable. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the power of building in margin with your personal finances. Don't set yourself up for failure or disappointment because things change and life happens. Topics Discussed: • Budgeting: ◦ What are you doing with your money? ◦ What are your day-to-day financial decisions? • Building in Margin: ◦ What is it? ◦ How much should it be? ◦ What are underlying root causes? ◦ What can you afford? ◦ How can it negatively affect your situation? ◦ How to avoid it if possible? • Simple Solution: Shift to mindset that nothing is perfect, build in bigger margin Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support. https://weatherbyhealthcare.com/

Today I want to talk about partnership agreements and what you should know. LINKS: www.ContractDiagnostics.com Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support. https://weatherbyhealthcare.com/

Doug explores what interest rates might do in 2023 and 2024 based on moves made by the government to control inflation. Link to website: https://dougcrousephysicianloans.com/ Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support. https://weatherbyhealthcare.com/

When you're married, should you combine your finances with your spouse? How you navigate money will either pull you together or push you apart. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about managing finances for married couples. Consider the pros and cons of couples combining (or not) their finances. Topics Discussed: • Good and bad reasons to separate finances: ◦ To keep some stuff private from spouse (i.e., gift giving) ◦ To spend without scrutiny or criticism from spouse (no finger pointing) ◦ Unequal spending habits and/or unequal income causes discomfort ◦ Let the more responsible spouse manage all the money/finances ◦ To hide spending that a spouse does not want the other to know about • In most cases, operate as one and pull everything together. Why? ◦ Consult and follow advice from the Bible ◦ Personal experience transitioning from being single to married ◦ Clients experience better outcomes when finances combined completely ◦ Sheds light on major problematic issues that need to be addressed • Keys to a Good Marriage: ◦ Open communication about issues ◦ Transparency builds and breeds trust ◦ Accountability aspect of sharing everything in a loving way ◦ 50/50: Combining finances helps to establish equality ◦ Compromise when operating as one with combined finances • Action Items - Before Combining Finances: ◦ Talk through and resolve big issues ◦ Get rid of individual accounts and combine them into one joint account ◦ Ongoing, regular conversations about finances to be on same page ◦ Give spouse opportunity to speak and listen to what they have to say ◦ Compromise more often than you have in the past Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support. https://weatherbyhealthcare.com/

Are you well covered for medical malpractice? Are your risks properly managed? Please join us with Brian Kern to explore topics related to risk mitigation in your practice. www.Acadia.pro Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support. https://weatherbyhealthcare.com/

Today, I am talking about part time vs full time and how the language differs for physicians on contracts. LINKS: www.ContractDiagnostics.com