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
Oct 21, 2022 • 36min
Financial Vitals: Are You Saving Enough For Education
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 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/
Oct 20, 2022 • 6min
Coffee & Contracts: What if you are terminated
Today we're talking about something that's not fantastic. It's getting terminated at your position! 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/
Oct 19, 2022 • 40min
Financial Vitals: How To Help Your Children Maximize Their College Education
College costs money, and it continues to increase. The actual price that you pay is difficult to understand because it has become progressively more expensive for those that have more financial resources—especially physicians who have or plan to have children in the future. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Joe Messinger about how college costs work and how to start planning sooner than later. Joe is a Certified Financial Planner, CFP®, and Founder of Capstone Wealth Partners and College Aid Pro. Topics Discussed: • Tuition Costs: Different levels for in- versus out-of-state students • 3X or Greater: How college costs have changed in the past 20 years • Why? Supply and demand led to out-of-control costs for college • Inflation: State colleges level off, but private colleges continue to increase costs • Price Transparency: Private colleges equate value to higher or discounted costs • Analogy: College cost is similar to medical bills because it's different for everybody • College Funding Philosophy: Best way to pay for college is to save for college • 3 Key Financial Aid Components: ◦ Family's finances ◦ Student's academics ◦ School's business model • High-income Hurdle: Family finances impact student's ability to get financial aid • Sticker Price Shock: Some schools give money for merit, not just for need • Budget: Use school's money first, then federal aid, and set limitations • Rule of Thumb: Save for one-third, pay for a third, and take out a third in loans • College Aid Pro: Changing the way America shops smart for college LINKS: www.WrenneFinancial.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/
Oct 18, 2022 • 7min
Mortgage Minute: Appraisals on new construction
Today I wanna talk more in depth about appraisals. 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/
Oct 17, 2022 • 41min
Grand Rounds: More on disability insurance with Larry Keller
Today I've got Larry Keller with us and we were gonna talk about disability insurance. Link: www.PhysicianFinancialServices.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/
Oct 14, 2022 • 40min
Financial Vitals: Breaking Away From Traditional Primary Care to Start a Concierge Medical Practice
When you're miserable or not satisfied with your traditional primary care position at a major hospital, it's time for a big change to live your best life and values. Focus on your future goals and dreams. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Drs. Cady and Ryan Brown, who started their own concierge medical practice, Downtown Drs. Brown, located in Lexington, Kentucky. Topics Discussed: • Cady and Ryan's concierge medical practice and career progression • Primary Care Patient Load: From honeymoon period to fast track to burning out • PTO Requirements: Physicians not valued as people, professionals in practice • Reassurance and Education: Patients need to know if things are okay or not • How and why Cady and Ryan created concierge medical practice from scratch • Tradeoff: More security, less setup work for autonomy, independence, finances • Competition: Not many concierge medical practices, but demand definitely exists • Pressures/Stressors: Different now, feels better being in control of own destiny LINKS: www.WrenneFinancial.com
Oct 13, 2022 • 6min
Coffee & Contracts: Evergreen contracts
Today we're talking about evergreen contracts or what some might call an auto-renewing agreement. LINKS: www.ContractDiagnostics.com
Oct 12, 2022 • 29min
Financial Vitals: 5 Of The Most Overlooked Tax Breaks For Doctors
Do you love to save on your taxes? One of the most overlooked or common mistakes is the failure to maximize tax breaks that are available to physicians. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five of the most overlooked tax breaks for doctors. Personal finance is about avoiding errors or when it comes to filing income taxes with the Internal Revenue Service (IRS). Topics Discussed: • 5 of the Most Overlooked Tax Breaks for Doctors: ◦ Health Savings Account (HSA): Build wealth and avoid income tax ◦ Tax Loss Harvesting: Capital gains and losses are taxable investments ◦ Backdoor Roth IRA: Indirectly fund Roth IRA if income is above threshold ◦ Business Expenses: For side-hustle or self-employed with 1099 income ◦ Work Retirement Plans: Max out 401(k), 403(b), 457(b), and pensions LINKS: www.WrenneFinancial.com
Oct 11, 2022 • 13min
Mortgage Minute: Avoid common mistakes when buying a home
Today I just wanna focus a little bit on some of the common mistakes I see people make. Link to website: https://dougcrousephysicianloans.com/
Oct 10, 2022 • 26min
Grand Rounds: Strategic use of credit card points for travel
Today we are talking about credit card points and credit card travel. LINKS: www.ContractDiagnostics.com
