Financial Residency

Rhea Watson joins us to talk about the 5 easy steps to finding scholarship money. She helps individuals and families through this journey from "womb to tomb." She is the author of "The Scholarship Doctor is In! 5 Easy Steps to a Free Degree." You can find more about her at www.MyScholarshipSolutions.com.

Today I'm talking about visa physicians and what they need to consider as they look at their employment contract and how they've differ than a traditional W2 physician. Link: www.ContractDiagnostics.com

As physicians, it's easy to feel like there are too many people to help with not enough time. On top of that, most physicians have other responsibilities at home, plus passions they pursue to fill their own buckets. But just because you're extremely busy, doesn't mean you need to sacrifice your joy or risk burning out. That's why we're bringing on a physician with multiple businesses and hobbies that is an expert in avoiding burnout, Dr. Diana Londoño. Dr. Londoño is a female urologist, a speaker, a certified life coach, a writer, and a podcaster. On top of all that, she runs a successful business that helps physicians deal with two of their biggest risks: burnout and stress overload. In this episode of the Finance For Physicians Podcast, with guest Dr. Diana Londoño, we're going to cover: - What inspired Dr. Londoño to become passionate about physician burnout, and the journey that made her an expert. - How to deal with information overload and burnout in a way few of us in the industry are aware of. - Why your mindset affects burnout, and how underestimating its importance leads to underperformance in day-to-day life. This will be a fascinating conversation between Daniel Wrenne and Dr. Diana Londoño full of practical tips to help you get the most out of your career, enjoy your time off, and be happier at home. Don't miss a chance to get personal advice unique to your situation. Links: Dr. Londoño's Website Free Support Services For Physicians Contact Finance for Physicians Finance for Physicians

Today I want to talk about who you should have review your contract. LINKS: www.ContractDiagnostics.com

Today I want to talk about common questions around, how you should be reviewing your tax return. Link: www.WrenneFinancial.com

As you know, interest rates are higher now than they have been in years. If your mortgage has a loan modification option, you may be able to go back to your bank and ask for a lower interest rate without going through the hassle and cost of refinancing the loan. Doug tells you more about this option and how it might benefit you. For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.

Dr. Latifat Akintade from The MoneyFitMD podcast shares her philosophy on "living your life with both butt cheeks." Not only does she help others with money and finance, but teaches us how internal and external wealth can help us be our authentic selves, which may actually be a key way to overcome burnout. Her new book "Done with Broke" will be available 5/2/23. You can get more information about Dr. Akintade and her book at www.MoneyFitMD.com.

Today we're talking benefits. So as you look at your contract and you're looking at your benefits that may change year to year, First off. Does it say anything in the contract about benefits? We usually don't see too much in there. We might see something that says you'll be offered benefits. Join me as I discuss more on benefits! LINKS: www.ContractDiagnostics.com

Today I want to talk about what it means to get a contract reviewed. LINKS: www.ContractDiagnostics.com

With interest rates on the rise, I want to talk about buying a house or upgrading to a bigger one. Links referenced: https://financeforphysicians.co/2023/03/07/the-most-common-financial-planning-mistakes-physicians-make-w-daniel-wrenne/ https://financeforphysicians.co/2022/04/14/renting-your-home-is-the-key-to-building-wealth/ https://financeforphysicians.co/2021/05/06/throw-out-the-rent-versus-buy-rules-of-thumb/ https://financeforphysicians.co/2022/08/04/physician-mortgage-loan-pros-and-cons/

Today I want to talk about compensation data and answer some questions I have been asked. LINKS: www.ContractDiagnostics.com

As you know, interest rates are higher now than they have been in years. If your mortgage has a loan modification option, you may be able to go back to your bank and ask for a lower interest rate without going through the hassle and cost of refinancing the loan. Doug tells you more about this option and how it might benefit you. For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.

Drs. Cherisa and Alex Sandrow help coach other physicians to be able to transition from a traditional clinical career to one in virtual medicine. Cherisa was able to double her income in half the hours. They have a new cohort of physicians who will learn more about virtual medicine careers over a 10-week course starting on 4/23/23. You can learn more at www.SandrowConsulting.com. Alex and Cherisa will also be part of the NewScript Nonclinical Career Summit online from 4/11/23-4/13/23. To be part of this free online lecture series you can get more information at www.NonclinicalPhysicians.com/Summit2023.

Today I want to talk about the banks that have recently failed. I will talk about some questions I have gotten about that. Links referenced: https://financeforphysicians.co/2022/09/01/investing-behaviors-that-will-wreck-your-financial-plan/ https://financeforphysicians.co/2022/08/25/how-market-downturns-look-and-feel/ https://financeforphysicians.co/2022/08/18/what-to-do-when-your-investments-start-tanking/ https://financeforphysicians.co/2021/02/25/investing-during-wild-markets-with-david-blanchett/ https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/

Today I am talking about what I see in many contracts about repayment provisions. LINKS: www.ContractDiagnostics.com

Today I want to talk about some common questions about real estate for physicians. Links referenced: https://financeforphysicians.co/2021/04/15/how-to-use-real-estate-to-build-wealth/ https://investor.vanguard.com/investment-products/etfs/profile/vti#portfolio-composition https://investor.vanguard.com/investment-products/etfs/profile/vnq#portfolio-composition

Today I want to talk about the equation of time and money on a contact. LINKS: www.ContractDiagnostics.com

APR is the annual cost of your loan including any fees, which can include mortgage insurance, closing costs, points or loan origination fees. An interest rate is only what the loan is costing you. Some banks may list a very low interest rate but charge you huge fees to get that rate. Other banks may offer you a higher interest rate but with little or no extra fees. In order to compare all of your offers, you should be able to compare the APR to see which is actually the better offer. For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.

Dr. John Jurica, podcast host of Physician Nonclinical Careers, joins us today to talk about all the different types of careers available to doctors who are looking to do something outside of the traditional clinic. He and his partner Dr. Tom Davis will be hosting a free, live Virtual Summit on 4/11/13-4/13/23 from 7p-11p CST each evening in which you can hear from 12 different speakers about nonclinical or nontraditional medical careers. To get more information, go to www.nonclinicalphysicians.com/Summit2023

What is a health savings account (HSA), and why are so few people utilizing it? The HSA is one of the best tax shelters that exists to build wealth. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about how the HSA works, how to decide if it is a good fit for you, and ways to manage an HSA to maximize its efficiency. Topics Discussed: • Two Groups of People: ◦ Those who don't use HSA at all ◦ Those who do, but don't maximize its efficiency • What is the HSA? Access to an account via a qualified health insurance plan • What is a qualified health insurance plan? Separate part of plan to use HSA • Why is the HSA a great way to build wealth? ◦ Rollover balance ◦ Invest those dollars ◦ Offers tax benefits • Decision-making Factors: ◦ Low utilization of healthcare insurance ◦ Higher expected upcoming healthcare costs ◦ Out-of-pocket costs ◦ Matching HSA funds ◦ Incorporate tax benefits • Open Enrollment: Run the numbers before you choose an option LINK: www.WrenneFinancial.com

Today let's talk about what your contract says when you need to take time off. LINKS: www.ContractDiagnostics.com

If you have been watching the markets lately, like I have, it's gotten a little dicey. It's been a while since we've had volatile down markets. What should you do when your investments get shaky? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about what to do when your investments start tanking. Markets do go up and down. If you've been investing long enough, you realize that's just the way it goes. Topics Discussed: • Downturns: People make big mistakes and lose a lot of ground—and money • What to do? There are some things you should do and some things to avoid • What is shaky market territory? People get emotional when it gets more volatile • What are natural reactions? These feelings are normal: ◦ This time it's different, but is it, really? ◦ Are you tempted to find winners and get rid of losers? ◦ Historically, people work through it and recover nicely • What's not normal? Things get completely backward sometimes: ◦ Past: Inflation was high, cash paid nothing, and mortgage rates were low ◦ Present: Cash pays nothing, inflation is very high, mortgage rates are up • What are action items? ◦ Remember to refer to your financial and investment plans ◦ Give yourself a little space between the feeling and the action ◦ Educate yourself on how markets work ◦ Recognize that the market is out of your control for the most part ◦ Create awareness around human investing behaviors/behavioral finance ◦ Rebalance investments and benefit from tax-loss harvesting ◦ Change your pre-tax IRA or 401(k) to a Roth conversion ◦ If you have extra dollars, put them to good use and start investing • What are questions to ask yourself: ◦ What is the underlying concern? ◦ What is the money that I'm concerned about? What's its purpose? ◦ When are you ultimately going to use it? What's it going to be for? Links: www.WrenneFinancial.com

In order to get accurate rate quotes, you need to provide the lender with the purchase price vs the loan amount and your credit score. Doug talks about how banks price their loans, specifically their doctor loans as compared to conventional loans. For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.

Today I want to talk about physician burnout and what changes are being made to help prevent physician burnout. LINKS: www.ContractDiagnostics.com

Dr. Tammy and Jon talk today about contract term lengths and how they might affect bonuses, tail coverage, termination of your employment and other aspects of your contracts. They also talk briefly about noncompete agreements and how the credentialing process can sometimes delay your start date. You can get more free education about contracts and negotiations at www.ContractDiagnostics.com.

In previous episodes, we established the importance of providing your kids good financial education as early as possible. In this episode, we'll talk about how to make it as enjoyable as possible for your children! Our guest today is Will Rainey. Will's story is remarkable because it ties back right into the topic of today's show - he went from working in the big corporate world, advising billion-dollar companies to kickstart Blue Tree, a reputable financial blog teaching parents how to pass on financial knowledge to their kids. Will is also the author of Grandpa's Fortune Fables, a best-selling book dedicated to teaching children the wisdom of markets through interactive fables. Links: www.WrenneFinancial.com

Today I talk more on non-competes and answer some more questions I have gotten about it. LINKS: www.ContractDiagnostics.com

In life, many people think they have to choose what they can have. They should choose happiness over wealth, family over career aspirations, etc. Today's guest proves that it's possible to have it all! Andy Hill is the founder and CEO of Marriage, Kids and Money - an online brand dedicated to helping people achieve the pillars of family health and well-being: Happiness and Wealth. This podcast won't give you all the answers - but it will instead guide you toward the right direction for you and your close ones: Developing the life you've always wanted to live! Enjoy! Links: www.WrenneFinancial.com

What is a lease back and can you do it with a doctor loan? When you buy a home but let the previous owner stay in the property you are doing a "lease back." While it might be an option through your bank, it may not be an option with your home owner's policy. Listen to today's episode to hear more about lease backs. For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.

Today I want to give an update on non-competes for 2023. LINKS: www.ContractDiagnostics.com

Dr. Nicholas Comninellis has lived a life of service dedicated to education and international medicine. He talks about his inspiration, his travels and his mission to help other physicians rekindle their passion for medicine through global health care and serving forgotten populations. He is the founder of the Institute for International Medicine (INMED), which offers CME all the way up to a Masters in International Health. It also pairs people with international sites where they can apply their medical skills to help vulnerable populations. He is the author of Shanghai Doctor and Where Do I Go From Here? You can learn more at www.inmed.us.

It's rare to encounter a physician as good in finances as they are in the work world. And for a good reason. Medical jobs have the highest rates of burnout of all professions. Physicians just don't have time to care about investing, retiring early, wealth, etc. But today's guest - Dr. Elisa Chiang - did. And the results speak for themselves. Elisa is a board-certified ophthalmologist and fellowship-trained oculoplastic surgeon who, in her words, "Has worked both in private practice as well as for a bureaucratic hospital system." After experiencing burnout, she decided to go all in investing to achieve early retirement and escape the medical industry. Fast forward to today, she's a wealthy life coach that helps other people like her (physicians just like you) to make better life choices with their finances that serves their needs. The work of people like Elisa gets us excited about the future of personal finance in the physician work world. If you're a medical professional that: • Struggles with burnout. • Experiences second thoughts about their medical career • Are confronted with big decisions like marriage, investments, retirement, moving, etc. You'll find this episode quite helpful! Links: www.WrenneFinancial.com Be sure to let Dr. Jon Jurica know that you came from Financial Residency if opting into his program. We'd love to know who you are. This way we can shout you out!

Today I focus on compensation data and explain what to do with the numbers. LINKS: www.ContractDiagnostics.com Be sure to let Dr. Jon Jurica know that you came from Financial Residency if opting into his program. We'd love to know who you are. This way we can shout you out!

Physicians are doing important work - they are saving lives every day. But physicians are also taking a pushback - the industry is harsh. Burnout runs rampant and the lack of good financial education leaves many professionals struggling with money all their professional lives. We're not all-knowing on this show, but we've identified a few key problems we encounter with physician finances repeatedly. On today's show, we're going to address these issues, how to solve them, and how to prevent them. If you're a physician struggling with their finances at the moment - we'd recommend you give this episode a shot. Thank you and enjoy! Links: www.WrenneFinancial.com Be sure to let Dr. Jon Jurica know that you came from Financial Residency if opting into his program. We'd love to know who you are. This way we can shout you out!

Would you believe some people never read the contract they sign when they are buying a house? Even when it's a 7-figure offer??? Doug talks about the reasons why it is so important that you understand what you are signing BEFORE you sign it. For a free copy of Doug's book on buying a home, go to www.DougCrouse.com. Be sure to let Dr. Jon Jurica know that you came from Financial Residency if opting into his program. We'd love to know who you are. This way we can shout you out!

Today I want to speak on a topic I have been seeing come up a lot lately. Physician burnout! LINKS: www.ContractDiagnostics.com Be sure to let Dr. Jon Jurica know that you came from Financial Residency if opting into his program. We'd love to know who you are. This way we can shout you out!

Dr. Carol Clinton joined the show to talk about her journey in medicine. She talked about how she had to change jobs and eventually her practice all together when private equity and MBAs started to control how she interacted with her patients. She was one of the first physicians to utilize social media to promote her practice. She then suffered adversity when she was diagnosed with ovarian cancer. She now helps others through their cancer diagnoses as she continues to battle her own. Be sure to let Dr. Jon Jurica know that you came from Financial Residency if opting into his program. We'd love to know who you are. This way we can shout you out!

Lets talk about when it is the right time to finance a big purchase. Links: www.WrenneFinancial.com

Today I want to talk about, should you buy a car. I get this question quite often and I want to address it. Links: www.WrenneFinancial.com

What goes into calculating credit scores? Not only does it matter that you pay your bills on time, but you don't want to over-utilize your credit either. Doug goes into more details on how these scores are calculated and how that might affect the APR quoted to you for obtaining a loan. For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.

Today I want to continue talking about non-competes. LINKS: www.ContractDiagnostics.com

Dr. James Young shares his journey, insights and perspective on experiencing burnout and rediscovering his love of medicine. He is open and honest about the darkness he experienced and how he was able to find his own humanity and that of his patients, which led him back to a sustainable career that he enjoys again.

Today I want to talk about you wanting to buy a boat. Links: www.WrenneFinancial.com

Today I want to talk about what you should be doing to prepare fpr taxes. Links: www.WrenneFinancial.com

Ever wondered what goes into a mortgage payment? Doug talks about the 7 things that make up the payment, including principle, interest, taxes, insurance, escrow, PMI and HOA/condo fees. As a physician borrower, you should not be paying PMI! If you have specific questions, Doug is always happy to answer them if you call/text 816-728-3631 or email [email protected]. You can also get his free 200-page book to learn more about physician loans at www.DougCrouse.com.

Today I will address some things I have seen on the news about non-compete. I will also break down what a non-compete is. LINKS: www.ContractDiagnostics.com

Today I am talking about retirement accounts and what to look out for. LINKS: www.ContractDiagnostics.com

Have you ever felt stuck in medicine because you went to medical school and are saddled with debt? Today I talked to Dr. Chelsea Turgeon who realized being a practicing physician was not the life she wanted. She left residency and found her authentic self. Now she helps others recover from burnout and find their own fulfilling career, whether that be in medicine or beyond. She is the podcast host of The Life After Medicine and bestselling author of Residency Drop Out. You can find her at www.CoachChelsMD.com.

Today I am talking about a question I got not to long ago. Compensation and the best region! LINKS: www.ContractDiagnostics.com

In previous episodes, we established the importance of providing your kids good financial education as early as possible. In this episode, we'll talk about how to make it as enjoyable as possible for your children! Our guest today is Will Rainey. Will's story is remarkable because it ties back right into the topic of today's show - he went from working in the big corporate world, advising billion-dollar companies to kickstart Blue Tree, a reputable financial blog teaching parents how to pass on financial knowledge to their kids. Will is also the author of Grandpa's Fortune Fables, a best-selling book dedicated to teaching children the wisdom of markets through interactive fables. Links: www.WrenneFinancial.com