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 25, 2019 • 35min
How to Create a Personal Finance Curriculum
The Physician Philosopher and I are back at it for our Wednesday "segment". We will be discussing the how and why on creating a personal finance curriculum. Since Jimmy is building this at Wake, I thought this would be more of an interview-style format where we can find out what he is doing and how you might be able to get something like this implemented at your hospital. Love the podcast? Be sure to join the community!
Dec 23, 2019 • 34min
8 Ways to Prepare Your Finances for a Transition
Sometimes life just happens. What we learn over time is that while life changes, your finances don't have to suffer. What to do? There's plenty, but Lacey Langford, blogger at The Military Money Expert, reviews 8 ways to prepare for an unexpected transition. For more information, visit the show notes at https://financialresidency.com/prepare-your-finances-for-a-transition
Dec 18, 2019 • 31min
Partial FI to Find Happiness
Have you struggled with burnout or moral injury as a physician? Have you ever considered leaving the field completely? What if I told you that the work-life balance you are looking for isn't as far away as it seems. The Physician Philosopher and I run through Partial FI. Like the show? Find the Physician Finance Community on FB to mingle with other docs who understand what it means to take personal finance personally.
Dec 16, 2019 • 29min
Overcoming Fear and Financial Phobias
"It gets better..." Remember that saying in training? While fear is based on a collection of experiences, our next guest says, it can also be an access point to bliss. Akshay Nanavati, a Marine Vet and the most interesting man in the world (in my opinion), helps us see that with the right perspective, we can drastically change our circumstances. For more information, visit the show notes at https://financialresidency.com/financial-phobia
Dec 13, 2019 • 38min
Chasing Financial Independence
You've heard of him from his podcast, Docs Outside the Box and have grown to love his stories over the time his podcast has been on air, especially the one about Nii and his wife (also a doc) accumulating a mountain of debt. Coming from a blue collar background, they both navigated how to go about chasing FI while rising out of the money-grave. For more information, visit the show notes at https://financialresidency.com/chasing-financial-independence
Dec 2, 2019 • 36min
Paying Off Student Debt With Locums
Leaving residency with $160k of student loan debt, Dr. Cathy Caroll realized that there wasn't much left over on her paycheck. After paying exorbitant taxes, childcare, and other lifestyle expenses, something had to change and fast. Enter… locums. Jump start your financial residency with these free resources!
Nov 27, 2019 • 53min
Advisors have HUGE… Conflicts of Interest
No matter what business model, service model, or compensation model an advisor has, it creates a conflict of interest with the client. Why does this affect physicians? There are many reasons. The Physician Philosopher and I talk about what those are. Make sure to subscribe to get our free templates!
Nov 20, 2019 • 31min
Why Not FIRE
Lots of physicians prefer FIRE. But there are plenty of reasons that The Physician Philosopher and I don't. Do you know why? We give you several reasons in this show. Be sure to stay tuned with what we have going on by subscribing to get our free templates!
Nov 18, 2019 • 41min
Locum Tenens Combats Burnout
In his own pursuit of work/life balance, Dr. Andrew Wilner shares what it means to use Locums Tenens as a means to supplement income and have a happy life. Now having been working Locums for 40 years, he has been able to assure that he never had to face burnout again. Take control of your finances with our free financial audit checklist.
Nov 13, 2019 • 29min
A Physician's Guide to Burnout and Money
What do you think the correlation is between burnout and money? Your relationship with money might have something to do with it. Your feelings surrounding it can have a huge impact on your well being. Ryan and I believe that money can be used money as a tool. Used right, it will allow you to have financial independence. But financial independence might be different for you. Take control of your finances with our free financial audit checklist.
