Financial Residency

Competent handling of finances is not easy, especially for doctors working 24/7 on the clock. But the truth is that we all have to get good at it. Whether because we have a debt to pay, a family to feed, or to survive the incoming recessions. Our guest today, Dr. Caroline Clerisme specializes in just that with her company Doctors Out Of Debt - helping doctors take a hold of their existing debt and live financially stable lives. But that's not all. Caroline is also the author of "Lily and the Talking Piggybank" a children's book about money. According to her, we shouldn't leave the children out of the picture when talking about finances and educate them on the matter as early as possible. On today's episode, we'll cover: - How "Lily and the Talking Piggybank" was created. - How to instill positive finance habits in your children. - How to help them NOT repeat your mistakes. - And much more content that we don't want to spoil you!

It's Match Season! New med students are becoming residents...residents are becoming attendings...and many of these people are looking for a new home. Doug offers some words of advice about applying for a mortgage, getting preapproved versus prequalified for a loan, how to find a realtor if you're moving to a new area, and options for what to put on your qualification letter that will go out to the seller when you make an offer. 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 want to discuss questions you should be asking a firm that you want to review a contract. LINKS: www.ContractDiagnostics.com

It's that time of year when senior residents and fellows are busy interviewing and signing contracts for their first attending position. Jon Appino talks with Dr. Tammy about how to compare and contrast more than one job offer. It goes beyond just looking at the compensation. www.ContractDiagnostics.com

Today I discuss what is a reasonable amount of time to have a contract reviewed and signed. I point out some red flags too! LINKS: www.ContractDiagnostics.com

Competent handling of finances is not easy, especially for doctors working 24/7 on the clock. But the truth is that we all have to get good at it. Whether because we have a debt to pay, a family to feed, or to survive the incoming recessions. Our guest today, Dr. Caroline Clerisme specializes in just that with her company Doctors Out Of Debt - helping doctors take a hold of their existing debt and live financially stable lives. But that's not all. Caroline is also the author of "Lily and the Talking Piggybank" a children's book about money. According to her, we shouldn't leave the children out of the picture when talking about finances and educate them on the matter as early as possible. On today's episode, we'll cover: - How "Lily and the Talking Piggybank" was created. - How to instill positive finance habits in your children. - How to help them NOT repeat your mistakes. - And much more content that we don't want to spoil you! Links: www.WrenneFinancial.com

If you're a medical professional that is struggling financially or trying to pay off student debt, this episode of "Finance for Physicians" is for you! Our guest is Dr. Disha Spath: A first-generation immigrant success story, Disha found herself alongside her husband in a precarious financial situation with a huge debt to pay out after medical school. After living on the fence for a while, Disha and her husband finally managed to pay out the $750,000+ debt that was piled up and then went on to create a financial platform to help other physicians escape their situation Her secret? A shift in the mindset - Conscious Frugality. Now, we know what you're thinking: Nobody likes frugality. It's a tricky muscle to exercise and can often be hard to execute as a doctor. After all, you didn't go to medical school for years to live off ramen and Dollar Tree specials. We, alongside Dr. Disha, are here to say that this type of frugality mindset is not true! Frugality is a key financial budgeting skill that, if used correctly, is not about depriving yourself, but about making smarter financial decisions. Our host, Daniel Wrenne, and Dr. Disha talk us through the following: - How to pay off medical student loan debt. - When to get that dream house. - Why you can still have a comfortable life and save money. - Tips for raising a family on a budget Links: www.WrenneFinancial.com

Tis the season again when senior residents and fellows will be taking new attending jobs. Doug talks today about using a one-page offer letter versus a full contract to secure your mortgage. It may eliminate some questions and stipulations an underwriter might otherwise come up with when going through your entire contract. 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 am talking about medical directorships. We get a lot of those questions, so today I answer some questions. LINKS: www.ContractDiagnostics.com

What is it like to practice medicine in California? Dr. Besim Uzgil talks about some of the challenges such as the high cost of living and homeless population, but also highlights the positives like being able to be on the beach in Monterrey or skiing in the mountains at Lake Tahoe over a single Christmas break.

Today I'm talking about non-competes. President Biden recently gave his State of the Union where he mentioned non-compete agreements as well. Join me as I talk about non-compete. LINKS: www.ContractDiagnostics.com

If you're in medicine, chances are you have experienced toxic work environments. Toxic work environments are a big problem in any industry, but it's even worse in medicine. Very often, it's the work culture, not the work itself that burns you out. Or at least that was the case with Dr. Lara Hochman. Lara is a family physician who found herself burnt out and out of a job after a stint at an unhealthy work environment but managed to pull herself by her bootstraps and build a business around helping physicians ESCAPE that same environment. We don't want to exaggerate, but how badass is that? On today's show, we're going to cover: - How Lara built her business. - The solution to toxic work culture in medicine. - What unhealthy and healthy environments look like. Ready to learn something new? Think you might be in a toxic environment? Tune in for our interview with Dr. Lara and let's figure it out together! Links: www.WrenneFinancial.com

Doug talks about how student loan debt affects qualifying for a home loan. Not every bank counts the student loans in the same manner, which may impact your debt-to-income ratio when determining how much loan you can obtain. Link to website: https://dougcrousephysicianloans.com/

Today I answer a question that has come up on nonnegotiable restrictive covenants. LINKS: www.ContractDiagnostics.com

Dr. Tammy welcomes back Dr. Devon Gimbel to talk about leveraging everyday expenses into credit card points that you can use for amazing travel. She talks about the cost-benefit analysis of taking credit cards that charge fees. She also discusses how to determine whether it is worth it to use a credit card for large expenses even when you have to pay a fee to do so. You can follow Dr. Gimbel on Facebook at Point Me to First Class, either for women physicians or for other business professionals.

Today I talk about a question I have seen come up. I get asked about the common signing bonuses for radiology. LINKS: www.ContractDiagnostics.com

Burnout is tough, especially for physicians. But you don't have to be a victim of it. There are ways to combat burnout. It's not this unfixable or unmanageable thing. There are steps you can take. This is why, for this episode, we're interviewing Dr. Sapna Shah-Haque! Dr. Sapna Shah-Haque is a primary care physician who's had numerous battles with burnout, even losing a friend to it, which is part of the reason she started her own podcast and started talking more about it! In this episode, we're going to cover: - How Dr. Sapna Shah-Haque overcame her numerous fights with burnout - Why she feels her lowest moments were a result of her extreme levels of stress as a physician. - What actionable steps you can implement to manage and beat burnout. We're so excited to present to you this conversation and can't wait to explore the important topic of burnout in the medical industry even further! Links: www.WrenneFinancial.com

Doug talks about how student loan debt affects qualifying for a home loan. Not every bank counts the student loans in the same manner, which may impact your debt-to-income ratio when determining how much loan you can obtain. Link to website: https://dougcrousephysicianloans.com/

Today I go over a question I have been asked in a past talk. Join us today to find out the question and response. LINKS: www.ContractDiagnostics.com

Physicians frequently feel helpless when they get a bad review online. Ryan Miller, CEO of Etna Interactive, talks today about how you can manage your online reputation and even offers valuable advice on how you can respond to your reviews. His company helps physicians and institutions manage and improve their online brand in various ways. www.EtnaInteractive.com

Physicians are often associated with burnout. And there's a reason why. There are arguably few professions that rival the stress a physician has to endure throughout their career. But the stress isn't always at the hospital or the private practice. Financial matters can cause distress for physicians, but they can also be the solution. On this episode of the Finance for Physicians podcast, we're going to talk about: - The sneaky nature of burnout. - How medical professionals are prone to burnout from college. - Upward mobility in medical professions and how this addicts the physician to a more stressful lifestyle. - How to not miss out on family experiences as an ambitious professional - And so much more! Links: www.WrenneFinancial.com

Today I want to talk about the letter of intent for academic job. LINKS: www.ContractDiagnostics.com

Today I gonna talk about another end of year and beginning of the year tax and planning strategy to think about. Links: www.WrenneFinancial.com

What happens when appraisals come in too low? Just because you offer a certain amount for a house doesn't mean the appraiser will agree it's worth that price. Does that affect the amount of money a bank will lend? Can you renegotiate with the seller to get a better price? Link to website: https://dougcrousephysicianloans.com/

Are you a practice owner or dream of opening your own practice? Today we talk with Christin Trujillo who is a Fractional CFO with Maven Financial Partners. She works with physicians to help them understand their financials, build budgets, plan for growth, bring on new partners, and design a blueprint for the future of their business. You can learn more at www.MavenFP.com.

Today I wanted to give a little nugget on giving stock instead of just giving cash. Links: www.WrenneFinancial.com

today, I wanted to talk about a question I've been asked. Its about letter of intent for academic jobs. LINKS: www.ContractDiagnostics.com

Today I wanted to talk about today is charitable giving strategies. Links: www.WrenneFinancial.com

Many physicians want their parents to live close so they can help provide care. You don't necessarily need an expensive "investment loan" to accomplish this. What are the requirements for getting a traditional Fannie/Freddie loan in your name so your parents can live close by? Link to website: https://dougcrousephysicianloans.com/

As mentioned two weeks ago, Financial Residency is starting a new Speaker's Bureau to bring qualified professionals to your residency program, office or hospital to cover topics that matter most to you. Jon Appino has volunteered his expertise in contract review and negotiations and is available to schedule at no cost with your group. He talks about multiple topics on which he or one of his team can address. LINKS: www.ContractDiagnostics.com

Today I want to talk on saving for healthcare expenses. Links: www.WrenneFinancial.com

Today I answer a question about the compensation model when negotiating a contract. LINKS: www.ContractDiagnostics.com

Today we are going to be talking about consideration around end of the year tax time. Hopefully help you save on or minimize taxation. Links: www.WrenneFinancial.com

Doug is frequently asked if physicians can have more than one doctor loan when purchasing a new home. He explores the topic on today's Mortgage Minute. Link to website: https://dougcrousephysicianloans.com/

Financial Residency is excited to announce its new partnership with Grant Sabatier. You may know Grant from Millennial Money, CNBC or a variety of websites that feature his expertise. He will be joining the Financial Residency family to focus on helping physicians reach financial independence.

Today I talk about Roth conversions. Links: www.WrenneFinancial.com

Today I want to go over some more questions I get in webinars. LINKS: www.ContractDiagnostics.com

Today we're gonna talk about maxing out all of your work retirement plans. Join me while I give a nugget on maxing out your 457 and 403 for end of year. Links: www.WrenneFinancial.com

As we all know, mortgage rates have been climbing and many will want to refinance when rates drop. But is there an option for lowering your rate without all the expense of refinancing? Doug talks about modification options. Link to website: https://dougcrousephysicianloans.com/

Financial Residency is making some exciting changes in 2023. One such change is adding a speakers bureau to speak to residencies, fellowships and offices. Today we speak with Doug Crouse who will be available at no cost to speak about signing a contract on your first "doctor home." It's important to know what's available to you so you can make the best financial decision regarding what may be the biggest purchase of your life. To schedule a speaker at no cost for your residency or fellowship, you can reach out to Dr Tammy Crouse at 816-244-7068 or [email protected]

Today we're gonna talk about funding backdoor Roth IRAs and HSAs. Links: www.WrenneFinancial.com

Today I want to go over some questions we get asked at our webinars. 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

What is important when deciding where to get your loan? Doug talks about rates, fees and service. Link to website: https://dougcrousephysicianloans.com/

Tis the season of giving. Today we talked with Rachelle Motsinger who has gone on countless medical missions. She shares several stories about her experiences and talks about how giving back recharged her as she was feeling burnt out in her career.

What are some of the behavioral tendencies we all can run into that affect our decision-making, and ultimately cause some big mistakes? What do big areas or behavioral tendencies look like? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about investing behaviors that will wreck your financial plan. Knowledge and awareness are needed to avoid behavioral finance mistakes. Topics Discussed: • What is behavioral finance? When people make errors, mistakes, and biases • Why? People are not rational or self-controlled and don't identify tendencies • Overconfidence: Common idea that you know more than you actually do • Self-serving Bias: Attribute good things/outcomes to skill, bad outcomes to luck • Hindsight Bias: You know more or knew more than you really did in the past • Confirmation Bias: Focus on what confirms beliefs, ignore what contradicts them • Recency Bias: Hone in on short-term and overemphasizes that importance • Refer to your financial plan and remind yourself of your financial goals • Anchoring Bias: Relying and latching onto too much pre-existing info • Loss Aversion: Overly fearful of losses and pull to avoid losses • Herd Mentality: Suffer from fear of missing out (FOMO)? Links: www.WrenneFinancial.com

What do market downturns look like? Understanding what they look like or what they have looked like historically is helpful. We can't predict the future, but we do know what happened in the past in order to navigate better if and when history is repeated. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how market downturns look and feel based on market history and market factors. Topics Discussed: • Long View: Have a financial plan that ties your goals to your actions • Timing: What if it's not the right time? Maybe it's the worst possible time to invest • Franklin Templeton: People recover fast, the scariest time may be when to invest • Financial Information: Where to get it and who to trust • FOMO: Fear of missing out on what everybody else is doing with investments • I Bonds: When inflation is high, investments are terrible, they look appealing • Reminder: What is the purpose of the money and what's the goal? • Alternatives: You're potentially moving away from the best route for your goals Links: www.WrenneFinancial.com

Today I talk about a client we helped renegotiate his contact 5 months into starting at a new job. LINKS: www.ContractDiagnostics.com

Match season is almost here. Doug addresses physician loans for incoming residents. When can medical students close on a physician loan? Link to website: https://dougcrousephysicianloans.com/

Investing in real estate is a hot topic for physicians. Today we have Dr. Sendhil Krishnan who is an interventional cardiologist and owner of MD Senior Living on the show to talk about residential senior living facilities. Link: www.MDSeniorLivingAcademy.com