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
Dec 1, 2022 • 43min
Financial Vitals: How To Finance Big Home Projects
You deserve what you want right now, especially when it comes to building or buying your dream home. Immediate gratification - that's the American way. How do you decide if that makes sense and how do you make it happen financially? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to finance big or small home projects. There's always something to do. How do you fund your home projects, renovations, additions, and improvements? Topics Discussed: • Typical Thought Process: Be aware to avoid cultural pulls and temptations • Reasons for Financing: Low interest rates, good investment, emotional drivers • Catalyst: When a reasonable small home project turns into an illogical big one • Solution: Create/consult financial plan, priorities, values, goals to be objective • Financing Factors: ◦ What's your cash flow situation? ◦ How much equity is in your house? ◦ What is your debt-to-income ratio? • Ways to Finance Home Projects: ◦ Hardest: Save up or invest cash ◦ Easier: Home equity line of credit or construction loan ◦ Easiest: Home equity loan, cash out refinance, personal loan, credit cards
Nov 30, 2022 • 26min
Financial Vitals: Are You Saving Enough For Retirement
Are you on track for retirement? Where are you at, what's most important, and where do you want to go? Are you saving enough income at this point in time to become financially independent? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to know if you are saving enough money for retirement. Check your financial vitals against your financial plan. Run the numbers! Topics Discussed: • Retirement Rules: Follow percentages of income or gross income before taxes? • False Assumptions: Everyone has same tax brackets, goals, values, priorities • Starting Line: Create, consult financial plan for values, goals, resources, priorities • Ways to calculate and run the numbers: ◦ Rules of thumb ◦ Linear return projections ◦ Monte Carlo analysis • When? Run the numbers today and adjust over time to accommodate changes • Improve Efficiency: Maximize tax shelters, backdoor Roth IRAs, financial plan Links: www.WrenneFinancial.com
Nov 29, 2022 • 13min
Mortgage Minute: What is the difference between the APR and the mortgage interest rate?
Did you ever wonder why the mortgage interest rate you were given doesn't always match up to the annual percentage rate (APR)? Doug explains the difference between the two on this week's episode of the Mortgage Minute. Link to website: https://dougcrousephysicianloans.com/
Nov 28, 2022 • 21min
Grand Rounds: The legal side entering into business arrangements with Michael Schaff
Ever contemplated entering into a business contract with a private equity firm or starting a side gig? Dr. Tammy talked to Michael Schaff who is a healthcare and corporate attorney with Wilentz, Goldman & Spitzer to learn more about the legal side of the equation. You can find more about Michael and his firm at www.wilentz.com.
Nov 25, 2022 • 14min
Financial Vitals: The Best Investment You're Likely Missing Out On
Today I am talking about, what is the best investment for you! Links to register: Register for live show (every 3rd Tuesday at 3pm est): https://us02web.zoom.us/webinar/register/WN_Z7CuDhFYSVaoKm8Pa29rAA Finance For Physicians Podcast: https://podcasts.apple.com/us/podcast/finance-for-physicians/id1532953668
Nov 24, 2022 • 11min
Financial Vitals: What To Do With An Inheritance Or Other Windfall
Today we are doing a Q&A by answering questions from our Facebook group. I have on Hugh Baker to help answer some questions. Links: www.WrenneFinancial.com
Nov 23, 2022 • 4min
Coffee & Contracts: Who do you negotiate with?
Today we're gonna talk about negotiations and who you're negotiating with. LINKS: www.ContractDiagnostics.com
Nov 22, 2022 • 19min
Mortgage Minute: Understanding closing disclosures
Today I want to go over loan estimates again and just briefly touch on closing disclosures. Link to website: https://dougcrousephysicianloans.com/
Nov 21, 2022 • 27min
Grand Rounds: When things go wrong and you need an attorney
Please join us with Brendan Chao who is an employment litigation attorney to talk about what to do if you are the victim of harassment, bullying or discrimination. Link: www.BChaoLaw.com
Nov 18, 2022 • 20min
Financial Vitals: Where Should You Save For Education, UMTA or I Bonds
Today we will be another answering questions that have been big in the Facebook group to talk about. Links: www.WrenneFinancial.com
