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
May 18, 2022 • 31min
Vitals Check Part 4: Safety Net Check
Life doesn't always go as planned. It's full of twists, turns, and curveballs. Cover all your bases in the event of a worst-case scenario because it can come out of left field. You never see it coming or know when something could happen. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about performing a safety net check as part of your financial vitals. Topics Discussed: • What is a safety net check? Checking coverage for worst-case scenario • When to plan for unexpected, unplanned events? Now—before it's too late • What are the odds? Based on large groups of people, not individuals • What's your other financial vitals? Safety net coverage takes more than assets • Important Info: What to document/track for life, disability, other insurance policies • Who is covered (insured)? You, your spouse, children, or beneficiaries • Estate Plan: Who needs it and why? Indicates who handles and gets what • What are worst-case scenarios? Unexpected death, disability, or emergency • Is your safety net adequate? If not, increase or decrease coverage, reserves Links: https://financeforphysicians.co/ https://financeforphysicians.co/2021/08/12/what-you-need-to-know-about-estate-planning/ https://financeforphysicians.co/contact/
May 17, 2022 • 2min
Mortgage Minute: Hippocratic House
A house is possibly the largest purchase you'll ever make in your life, and the process is far from straightforward, especially if you're a first-time homebuyer. Even people who have owned houses before can make mistakes because they don't know the ins and outs of the industry. Armed with this book, a complete guide to everything you need to know to buy the best home for you, you'll be prepared to ask the right questions, find the right professionals to work with, and make decisions confidently using the checklists and worksheets provided. Determine whether purchasing is the best decision for you at this time Calculate how much you can afford to spend Take all necessary expenses into account Find the right kind of mortgage for your situation Hire the right Realtor Choose the right house Avoid common mistakes that cost you time, money, and stress Here is a link to the book: https://www.amazon.com/Hippocratic-House-Purchasing-First-Physician/dp/1612062407
May 16, 2022 • 37min
Grand Rounds: Dealing with Physician Burnout with Dr. Nirav Chaudhari, Dr. Stefanie and Dr. Dani Cataxinos
Dealing with burnout? I would suspect most physicians have felt this at one time right now. There are so many causes that can lead to this feeling of emotional exhaustion, compassion, fatigue, decreased job satisfaction, or even depression. I think it's important that we talk about this openly. And honestly, as physicians have the highest suicide rate of any group in the United States, we will talk with three physicians who found themselves in this situation. Each of them found a different solution to help find balance in their lives. Join us as we discuss ways that have helped them deal with physician burnout.
May 13, 2022 • 19min
Financial Vitals Check Part 3: Net Worth
If you have clarified your values and determined your saving, spending, giving ratio, the final financial vital to measure is your net worth. What is your net worth? What do you track with your net worth? How do you track your net worth? What can you use it for and why is it beneficial? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to calculate, track, and increase your net worth and decrease your debt. Topics Discussed: • Net Worth = Total Assets - Total Liabilities • Adding to assets or subtracting debt increases net worth • Negative Net Worth: Part of the medical career track for physicians • Compound Interest: Exponential growth when earning interest on your interest • Net Worth: Changes over time, track it to monitor inefficiencies and progression • Debt-to-Income Ratio: How high is your debt relative to your earning potential? • Values/Goals: Net worth should depend on your plan for what's most important Links: Monthly Net Worth Tracker Template https://financeforphysicians.co/ https://financeforphysicians.co/contact/
May 11, 2022 • 17min
Mortgage Minute: Adjustable Rate Mortgages
Financial ResidencyIn this episode, Doug discusses what adjustable rate mortgages are and if they are right for you. There is a lot to consider when deciding whether to have an Adjustable Rate Mortgage as a physician. What are the ups? What are the downs? Are they good for a long-term or short term financial outlook? These questions and more are answered in this episode.
May 10, 2022 • 15min
Financial Vitals Check Part 2: Save, Spend and Give Ratio
Once you clarify your values, financial vitals are used similarly to health vitals to quickly check if you are making progress toward your goals and what's most important to live a better life. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to measure specific financial vitals based on your values. Topics Discussed: • Save, Spend, Give Ratio: Percentage-wise, where is your money going? • True Spending: Budget is always underestimated; total spending is more realistic • Strategy: DIY vs. work with financial planners, others to calculate numbers • Key to Success: Quick financial vitals checks measured against your values Links: https://financeforphysicians.co/ https://financeforphysicians.co/contact/
May 9, 2022 • 20min
Grand Rounds: Types of Mortgages Available to Physicians
In this episode, Dr. Tammy and Doug Crouse discuss the types of loans available to physicians. Physician loans are different from non-physicians loans in many ways. What are the expectations? What are the concerns? The key points of both loans are of discussed within the episode. Find out the advantages and challenges of physician loans and more!
May 3, 2022 • 9min
Mortgage Minute: Inflation
Join me, Doug Crouse, an experienced loan originator for physicians, while I discuss inflation in today's market. I give my overview on some causes of inflation and what to prepare for.
May 3, 2022 • 15min
Grand Rounds: Purchasing your First Home with Doug Crouse
A first time physician home buyer? You're in luck! Dr. Tammy and her husband, Doug Crouse, an experienced mortgage loan originator, discuss the ins and outs of buying a home while rates continue too rapidly increase. They'll discuss what's needed for purchasing a home and share a few tips to help you on your journey
Apr 29, 2022 • 24min
Financial Vitals Check Part 1: Clarify Values
Physicians and their patients know that vitals are measurements of the body's most important basic functions. Checking and tracking vitals indicate how your health is now and maybe in the future. Vitals are a progress check to prevent potential problems. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about checking your financial vitals. He discusses how medical vitals are similar to financial ones because they tell you how you're doing and what goals to set to improve your health and well-being.
