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
Jan 23, 2018 • 31min
Curbside Consult – January 2018
Today's show is another curbside consult but with a twist. Instead of hearing listener questions, you will be hearing some of the questions asked in the latest panel discussion that I was invited to be on. I was honored to be an expert panelist for the NEJM Financial Planning 101 series. There were so many great questions that I decided to have today's show highlighting 9 of the questions asked in the discussion. 1. Is it prudent to pay on student loan debt conservatively or begin aggressively contributing to retirement? 2. Do residents need life insurance? How does one buy life insurance? 3. After maxing out a Roth IRA and employer-sponsored 401k/403b, what are the next most beneficial tax efficient ways to save/invest money? ... and more. Take control of your finances with our free financial audit checklist.
Jan 16, 2018 • 29min
What Physicians Should Know About the Tax Cuts and Jobs Act
The Tax bill is final; did you get a tax cut? The Tax Cuts and Jobs Act (TCJA) was signed by President Trump on Dec 15 2017, and there has been a lot of confusion around what changed and how that will affect the taxpayers. On today's show, I talk with John McCarthy CPA, as we do a high level walk through on the tax bill and highlight some of the important things physicians need to be aware of right away. Take control of your finances with our free financial audit checklist.
Jan 9, 2018 • 37min
What's it like to be married to a Financial Planner?
Curious what it's like to be married to a financial planner?We cover the good and bad that apparently comes with marrying someone who loves to geek out over numbers. Dr. Taylor Inman (my better half) and I also discuss a bit of our backstory, how we ended up creating our own financial life plan and how we have been living out our ideal life for the past few years. Make sure to subscribe to get our free templates!
Jan 2, 2018 • 48min
6 Proven Behaviors That Increase Wealth
It's simply hard work, dedication and increasing your knowledge that will cause you to truly transform your income to net worth and build lasting wealth. Sarah Fallaw and I break down the 6 scientifically proven behavioral factors that influence the likelihood of success of transforming one's income into net worth. These are the important factors of building wealth on your own and maintaining that wealth. Take control of your finances with our free financial audit checklist.
Dec 18, 2017 • 35min
The Best Way To Save For Your Kid's College
If you want to save for your kid's education but have no idea how or are confused by all the different plans out there, then this show is a must listen. Abby Chao joins me to discuss the pros and cons for Coverdell, UGMA (Uniform Gift to Minor Act) and 529 accounts. With each state pretty much having their own plan, we highlight a few 529 plans that are our top recommendations based on some general assumptions. College Backer was kind enough to give all listeners a $25 match into the account that they set up if they go to collegebacker.com/financialresidency. I encourage you to go there and sign up for an account today. Make sure to subscribe to get our free templates!
Dec 11, 2017 • 27min
Curbside Consult - December 2017
In this episode, I answer 4 listener questions. If you have a question keeping you up at night and would like to be featured on the podcast, go to http://financialresidency.com and record your question today. 1. How do you balance paying off your medical student loans, saving for retirement as a slightly older physician and rewarding yourself and your family? 2. How did you decide how much of your income to save each month? Did you both agree on the number right away or was there some compromise? 3. I have a friend that gives good financial advice. He is a fiduciary but I don't pay him anything for his advice. Should I trust his advice or should I go find an actual fee only financial planner? 4. We are looking for a financial planner but we are confused on the differences between fee only and fee based financial planning. Which should we choose and why? Send in your question to https://www.speakpipe.com/financialresidency Make sure to subscribe to get our free templates!
Dec 4, 2017 • 33min
How One Resident Saves 60% of Their Income
We talk about tools to track your net worth and why it is important to pay attention to your finances. We discuss the idea of paying yourself first which is a different way of thinking about managing your finances and is essentially a mind trick that is immensely helpful to building net worth. Dr. Bo Liu joins me to discuss the basics of personal finance for young physicians. His biggest piece of advice for young physicians is to pay attention to your finances! Take control of your finances with our free financial audit checklist.
Nov 27, 2017 • 48min
How Doctors Can Reach Financial Independence in Their 40's with Physician on FIRE
We talk about what behaviors and steps you can take today to reach an early retirement. One day you will realize that work is optional, and you will be able to build a life around your personal interests and passions. Physician on Fire joined me to talk about becoming Financially Independent & Retiring Early (FIRE). Financial independence can be reached in a reasonable amount of time, it all comes down to choices, and certain choices will help you reach your goals faster. Even if you are just starting out or are still in residency, your choices today will have a huge impact on your long term goals, think compounding interest. Jump start your financial residency with these free resources!
Nov 21, 2017 • 30min
Curbside Consult with Ryan Inman
Have a question that's keeping you up at night? Today I answer 5 listener questions out of many amazing questions that I think will really help build a foundation of finance knowledge that will help you take control over your finances and set you down the right financial path. 1. Should I pay off my home loan early? 2. What are your recommendations on investing for retirement, putting away funds for kids college or general savings for your life goals when you have credit card debt? 3. What do I do with my 403b from my previous employer? 4. I'm saving for a home down payment, is it better to invest that money while saving or store it away in a savings account? 5. How do you fire your advisor? What is the process of doing that and who will manage my investments and insurance policies after? Take control of your finances with our free financial audit checklist.
Nov 13, 2017 • 44min
Leveraging Your Medical Degree to Earn Side Income
We discuss crowd funding, real estate investing and different ways you can use a medical degree to earn extra income. Passive Income MD shares his own story on how he got started and what he has learned from his first real estate investment. He also gives advice on how to manage a busy schedule while maintaining a healthy work/life balance. We all want to enjoy life, and passive income is one way you can start a gradual retirement now while cutting back on clinical hours. Take control of your finances with our free financial audit checklist.
