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
Jul 29, 2022 • 5min
Coffee and Contracts: When Should Physicians look for a Job?
A question that we get asked a lot is when should physicians look for jobs when. What's common, right? What's normal? What's the standard? LINKS: www.ContractDiagnostics.com Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support. https://weatherbyhealthcare.com/
Jul 28, 2022 • 50min
Financial Vitals: Teaching your Children about Money
If you avoid talking about money with your children, then who pays for it later in life? Whether you know it or not, you're teaching your children about money every day. Teach them what works and what doesn't when it comes to finances. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. David Weisenhorn about money and parenting. David is a Senior Extension Specialist for Parenting and Child Adolescence Education at the University of Kentucky. Topics Discussed: • What is a family scientist? Mixes psychology and sociology focused on families • Taboo Topic: Money isn't up for conversation; vulnerabilities around values • Lack of Education: Discussing finances in not covered in traditional curriculum • Effects: Educate children to avoid risk of not using and handling money properly • Mistakes: Avoiding subject of money doesn't mean kids won't use/experience it • Proactive Parenting: Daily practice of teaching children how to deal with money • Financial Literacy: Learn jargon and teach simple concepts via currency games • Money Personalities: Habits and attitudes toward spending and saving • Sink or Swim? Worth it to learn value of dollar early on to gain knowledge • Allowances/Chores: Required versus going above and beyond to earn money • Intrinsic/Extrinsic Motivators: Monetary incentives and sustainability of actions • Zone of Proximal Development: Allow children to make and learn from mistakes • Goals and Expectations: Smart small, don't overpay, earn money from hard work LINKS: www.WrenneFinancial.com Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support. https://weatherbyhealthcare.com/
Jul 27, 2022 • 5min
Coffee and Contracts: A pediatrician and a surgeon
Today I want to speak on understanding yourself and knowing how you talk and how you negotiate. Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support. https://weatherbyhealthcare.com/ LINKS: www.ContractDiagnostics.com
Jul 26, 2022 • 6min
Mortgage Minute: What the Fed Meeting May Mean for Mortgage Rates
Today I wanna talk to you just briefly about the new fed meeting coming up. Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support. https://weatherbyhealthcare.com/
Jul 25, 2022 • 32min
Grand Rounds: Disability Insurance with Michael Relvas
Every week we get lots of questions about disability insurance, and I am so happy to welcome back Michael Relvas of MR Insurance Consultants to the show! Join us today as I have on a guest that I know and trust to help physicians with disability insurance questions. Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support. https://weatherbyhealthcare.com/
Jul 23, 2022 • 6min
Coffee and Contracts: Do you get the schedule in the agreement
One of the things that I thought we could talk about today is the schedule portion of the contract. Oftentimes it's called the duty section, it might be called the services section or sometimes it's called the expectation section sometimes. It's a job description. How detailed should these things be? LINKS: www.ContractDiagnostics.com
Jul 22, 2022 • 48min
Financial Vitals: What Type Of Life Insurance Should You Own
Life Insurance: How does it work and do you really need it? Are you worth more or less alive or dead? What you need to know to protect yourself and your loved ones. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about what type of life insurance you should own. When you are young and healthy, cover your life or earning potential because the risk of untimely death happening is extremely low, but the costs of income loss are extremely high. Topics Discussed: • Life Insurance Recommendations: Understand conflicts, know what to look for • Why get it? Tomorrow isn't guaranteed, avoid leaving family in a financial pinch • When to get it? Before you urgently need it, when everything is good • How much does it cost? Depends on health and age • How much will you need? Enough, but always told to buy more • How long will you need it? Longer the lock-in period, the more expensive • Insurance Industry: Agents receive a high percentage of premiums for policies • Advisor vs. Agent: What are the differences? Incentives? Disincentives? • Coverage Calculations: Identify the correct amount of death benefits based on goals • Types of Life Insurance Coverage: ◦ Human Life Value: Wrongful death determines lost earnings ◦ Financial Need Analysis: Maintain specific lifestyle, goals, assets, liabilities ◦ Term Life: Temporary death benefits for a set time period ◦ Permanent: Combines cost of term plus investment component ◦ Conditional: Secure coverage immediately before underwriting LINKS: www.WrenneFinancial.com
Jul 21, 2022 • 5min
Coffee and Contracts: How to Manage Multiple Offers
What we're going to talk about today is something that I think every physician eventually will deal with and it's multiple offers. Whether it's your first job and you're interviewing at a lot of places or whether you're shopping around after your first position out of residency or fellowship LINKS: www.ContractDiagnostics.com
Jul 20, 2022 • 34min
Financial Vitals: Why Is Permanent Life Insurance Such A Terrible Short Term Investment
Does permanent life insurance make sense or not? Is it the right or wrong short-term investment? In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about what you should look for and avoid to navigate the purchase of permanent life insurance. Topics Discussed: • Permanent Life Insurance Components: Cash value and death benefit • How does buying permanent life insurance compare to term life insurance? • Agents: People who push, play with permanent life insurance costs/commission • Worst Case Scenario: Buying permanent life insurance for one year • Best Case Scenario: Worst year for investment alternative to break even • Buy term, invest the difference for credit card debt and emergency reserves • Buy permanent life insurance when long-term tax savings outweigh cost and time • Key Takeaway: Get a second opinion to understand complexity, conflict of interest LINKS: www.WrenneFinancial.com
Jul 19, 2022 • 21min
Mortgage Minute: Don't Listen to Your Parents
Today I want to talk a little bit about mortgage don'ts. Join me! Link to website: https://dougcrousephysicianloans.com/
