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
Feb 1, 2021 • 49min
Why 740 is the magic number you need for your credit score
To some, a credit score is just an illusive number that we have little control over. Credit scores are more than just a number though! They show lenders our financial behaviors and can affect our ability to borrow. Ryan helps break down what your credit score is, why it's so important, and how people improve it. If you want to learn how to reclaim at least 3 hours per week of time, then be sure to check out Dr. Phil Boucher's management course "On Time MD" at www.doctorpodcastnetwork.com/ontimemd Use code 2021 at checkout to save 15% off your purchase.
Jan 25, 2021 • 47min
How to Make an Impact in Your Community
It's easy to put your head in the sand and work on just your goals, but Dr. Bo Bogopane wants to talk about why communication helps us see what's happening in our community. As a father of three, Dr. Bogopane believes in starting difficult conversations that help educate ourselves and others. Ryan is always a proponent of inclusivity, and wants to use his platform to promote Dr. Bogopane's message of proactive communication and personal education. Are you tired of dealing with headaches like finding and retaining quality billing staff? Get in contact today with MedEvolve today at www.doctorpodcastnetwork.com/medevolve
Jan 18, 2021 • 59min
Never again ask "can I afford this?"
Ryan talks with Kelly Ross, a teacher for the amazing software You Need A Budget, on starting a budget and how they can be a powerful connection to our emotional and financial health. Being married to a doctor herself, Kelly knows the struggle of making money last from graduation to the first paycheck and beyond. Ryan is a huge proponent of this platform and has even implemented YNAB's teachings into his businesses. If you need help reviewing your employment contract before you sign, reach out to Resolve at www.doctorpodcastnetwork.com/resolve to get the review process started today.
Jan 11, 2021 • 46min
Why You Need To Invest In Farmland
Ryan speaks with Carter Malloy, CEO of AcreTrader on a different way to invest in real estate, by owning farmland. Ryan's a big fan of the platform, having invested himself into a few farms in the past year, and he is very excited to have Carter come speak to us about the ins and outs of making this investment and why it could be a good investment for diversifying your portfolio. If you are interested in learning more about investing in farmland and how to get started head over to www.financialresidency.com/investing-in-farmland
Jan 4, 2021 • 46min
The things you need to know about taxes!
Today is all about what you need to know and understand in the tax space! Ryan has two amazing individuals on the show that work with him over at Physician Tax Advisors, John McCarthy and Kelly Hurd. They will also be covering what is coming up with Biden's changes to his tax policies. Don't forget to reach out to Ryan, Kayse and the team at Physician Wealth Services by going to www.financialresidency.com/pws to help you with your finances in the same way you take care of your patient's health.
Dec 28, 2020 • 33min
Asset Location Strategy and why it matters to physicians
It's important to understand the difference between asset location strategy and asset allocation strategy. Coming up with a good asset location strategy starts with understanding how different asset classes are taxed. Ryan nerds out a bit here, so be warned that you're likely to learn quite a bit you didn't know when it comes to investing and how taxes play an important role in your investment strategy. If you have a question that hasn't been answered and you want to hear Ryan's take, here is your chance to ask him. Go to www.financialresidency.com/question and Ryan will answer what's keeping you up at night (or just what's on your mind).
Dec 23, 2020 • 24min
The Quick and Dirty on the New Stimulus Package
Ryan and John McCarthy, CPA extraordinaire, break down everything you need to know about the 5000+ page bill that just passed for a new stimulus package. Hear from the financial professionals how much you'll be potentially receiving this time around and how this package will be the same and different.
Dec 21, 2020 • 30min
How to use the airport test: Your life in 5 years
Ryan and Taylor revisit some of their life planning by working through a new exercise called the airport test. Unfiltered and unrehearsed, see how these conversations can take place, the framework of the exercise and how it will not only help your finances but probably improve your marriage as well. Because let's be real, that might be the best investment you ever made! Do you have a financial life plan created? If not, you need to buy Taylor and Ryan's book, "Create your financial plan without the long hours and sleepless nights"! It will help you create your own financial plan (with checklists; Taylor is all about the checklists!) without a financial planner. Yup, Ryan is trying to put himself out of business. www.financialresidency.com/book
Dec 14, 2020 • 39min
Do you think they lied about Whole Life Insurance?
Insurance is like hedging your bets against the gamble of life. Physicians (my wife included!) are constantly pitched products like whole life insurance. I just couldn't take it anymore so am listing out some of the most common lies that you will hear whole life insurance agents say. If you need insurance coverage (life or disability) or even an independent agent to review your whole life policies, reach out to Michael Relvas with MR Insurance by going to www.financialresidency.com/mrinsurance.
Dec 7, 2020 • 34min
How to Plan for a Financially Successful Holiday
Back by popular demand, Taylor joins Ryan on the show to discuss some tips on how to plan for the holidays from a financial standpoint. This isn't just your save all year or don't buy anyone gifts type message, there are some real actionable tips to rock the holidays (even if you forgot to plan ahead!) PS: Taylor said we can't use the dreaded "B" word in the title or you won't listen to it. Let's hope that's not true ... but just in case it was, we didn't use it!
