Financial Residency

As a physician, there are things that you may not be aware of that can help make tax preparation easier. Have you started to prepare your taxes... and wonder where is that random receipt? You didn't know you needed it until right then! There are pitfalls, but what can you do to avoid them? There are things you may be missing, but how do you know what they are? Ryan and Jon talk about the things you may not think about when doing taxes as a physician. Today's Sponsor is Locumstory. Go to financialresidency.com/locumstory to find out more.

Have you thought about how you are going to save to pay for your child's college education? College tuition is going up every year. It is imperative to have a plan for paying college expenses. The most common way parents pay for their child's education is a 529. What is a 529? What do you need to know about a 529? Some options can be just as effective as a 529. Today Ryan and Amy Chao, one of the founders of College Backers talk about using a 529 and how College Backers can be another valuable tool.

Impulse buying can be good in rare situations. Most often, a rushed buying decision ends badly. On top of that, it can lead to many financial issues, such as debt. Good money management is essential and takes a well-thought-out strategy. In this episode, Ryan and Jennifer discuss how someone can unknowingly fall victim to impulsive spending and steps to take that slow down impulsive buying habits. Today's Sponsor is CompHealth. Just head to financialresidency.com/comphealth and see what locums can do for you financially.

Ways to generate passive income is a question many people have. You may be interested in investing in the stock market. Additionally, you may look at real estate as a way to generate passive income. What are the advantages and disadvantages of both? What are the things to know? Is there passive income, or is there a great deal of work required? In this episode, we discuss all of these questions and more. The question was submitted by a listener named Greg. Today's Sponsor is Locumstory. To find out more about Locumstory go to doctorpodcastnetwork.com/locumstory Become an empowered, smart, and sophisticated investor this Fall. Go to financialresidency.com/multifamilyfall

It's no secret that most people avoid estate planning - it's an uncomfortable topic to discuss! At some level, we're talking about death planning. But our discussion today is about revocable LIVING trusts - an important estate planning document that can preserve your hard-earned assets and help your loved ones avoid probate, which can be a confusing, expensive, and inconvenient judicial process. In this episode, learn how to utilize revocable living trusts effectively as approachable attorneys, Notesong and Nathan, demystify this magical estate planning tool. Ready to take the next step in your estate plan? Connect with Notesong and Nathan at www.financialresidency.com/tw To learn more — and try Deputy out for free — go to www.doctorpodcastnetwork.com/deputy

Ever heard of the phrase "Time is Money!"? It means don't waste time. However, being patient has a lot to do with money than we realize. In this episode, Nick True of Mapped Out Money says that our happiness, success, and our thought-processes revolve around our ability to be patient. When you throw money into the mix, things become more complicated! Just how patient do you need to be? Deputy makes it easy to schedule staff in line with patient demand, communicate schedules with your team, and instantly find replacements when someone calls out sick. To learn more — and try Deputy out for free — go to www.doctorpodcastnetwork.com/deputy

Frankly, it's easy to make a knee-jerk decision to quit your job… but when it comes down to the fear of the unknown, you might be channeling unaddressed energy that causes you to go down a path that might not be the best suited. The mindset shift involved in strategic quitting happens when you discover what your ideal life looks like says my guest, Dr. Lynn Marie Morski. This episode is sponsored by VIVE Funds. Is commercial real estate investing interesting to you? Need a partner? Allow VIVE Funds to show you the way. Reach Veena Jetti and her team at www.doctorpodcastnetwork.com/vivefunds Reach out to CareCloud for your medical billing needs? We got you. Find them at www.doctorpodcastnetwork.com/carecloud

You've heard your colleagues talk about estate planning or maybe you happened to stumble upon the term in passing. Do you know how critical it is to understand how an estate plan affects your future? You don't need all the bells and whistles for an estate plan. You do need the basics. See what those basics are in this week's episode! This week's episode is sponsored by a good friend, Dr. Errin Weisman, Founder of Physician Coaching Alliance. If you are coaching curious or a coach yourself, I encourage you to go check out Physician Coaching Alliance at doctorpodcastnetwork.com/PhysicianCoachingAlliance Don't forget to reach out to last week's sponsor, CareCloud. Need a great medical billing partner? Go to www.doctorpodcastnetwork.com/carecloud

All month long, Ryan tackles the community's most pressing questions and responds to the comments made by others on those threads for clarity. Does savings accounts, investing, and flex spending sound like topics you'd be interested in too? Good! 'Cause Ryan shares what you should know! Quick shout out to Jessica Briscoe, Kristin Etnier, Diane Cota, and Ali Mae Gardner Johnson for their continued (and very appreciated) engagement in the Physician Finance Facebook Community. Stay tuned next week where we feature 4 more questions. Have a suggestion for which questions go in the show? Shoot [email protected] a note. This week's sponsor is Advice Media. Don't delay booking your demo today for a $60 Amazon Gift Card and some awesome insight on how to improve your digital presence, go to doctorpodcastnetwork.com/advicemedia.

Negotiation is awkward and tough. Everyone wants to win, and in the end, some things are non-negotiable. Maybe it's time to get creative with your negotiations. That's why Jon Appino is back to explain why it's important to get over that discomfort and how to negotiate for your needs with prospective employers. As a physician, you routinely check your patients' health. But when was the last time you checked the financial health of your practice? Request your free revenue cycle assessment and learn more from today's sponsor, CareCloud, at www.doctorpodcastnetwork.com/carecloud

Just when you thought they couldn't talk more about contracts, Ryan brings back Jon Appino to break down contractual risks. The challenge is that risks don't apply to everyone, it requires you to know what you want out of life. Sure, this isn't a sexy topic like investing and real estate, but your livelihood should be just as important to you as what you invest in. Are you too busy to build the professional digital presence your business needs? Then reach out to Advice Media at www.doctorpodcastnetwork.com/advicemedia

Last week, Ryan talked with Jon Appino about the general trends in contracts, but today they dial in on the trends with physician compensation. Whether you're starting your career, or have been established at your job for a while, it's important to understand how your compensation is structured. If you don't understand your compensation structure, you may end up owing your employers a lot of money when you leave! Are you too busy to build the professional digital presence your business needs? Then reach out to Advice Media at www.doctorpodcastnetwork.com/advicemedia

This month we're talking all about contracts with the amazing Jon Appino. Considering how he's worked with physician contracts for over 10 years, he is the go-to person to notice what's changed with signing contracts. This week, Jon goes deep into some of the contract changes he's noticed due to Covid, for better and worse. Dr. Errin Weisman is passionate about creating sustainable careers for women and fundamentally changing the toxic culture of healthcare one woman at a time. Check out her podcast Doctor Me First at doctorpodcastnetwork.com/doctormefirst

Ryan is closing out Student Loan month talking about the dreaded term...refinancing! He's brought back Joy to talk about what it means to refinance and why you might need to refinance instead of taking PSLF. Whether you think you need to refinance or not, please make sure you talk with a financial adviser before acting on anything! Are you burned out or need a change of pace, or looking to supplement your income? Then maybe locum tenens is for you. Reach out to www.doctorpodcastnetwork.com/locumstory to learn more.

Ryan and Joy have talked a lot about ways to manage your public student loan forgiveness. Today, they're discussing what happens when you don't keep a close eye on your forgiveness plan, and how mistakes could cost you hundreds of thousands of dollars! There are so many ways you could lose your forgiveness plan, so it's important to always review your forgiveness plan. Are you burned out or need a change of pace, or looking to supplement your income? Then maybe locum tenens is for you. Reach out to doctorpodcastnetwork.com/locumstory to learn more.

It seems more and more headlines are trying to scare everyone into thinking no one is qualifying for Public Student Loan Forgiveness, or PSLF. That's why Ryan brought back Joy Sorensen Navarre to help put those fears to rest and help navigate how this loan forgiveness process works. Do you need help making a prudent decision about your disability insurance without overcomplicating things? Then reach out to Michael Relvas at www.doctorpodcastnetwork.com/mrinsurance.

Ryan has received a ton of emails and questions about student debt over the past few months. That's why he has brought on the wonderful Joy Sorensen Navarre from Navigate Student loans to talk about what to do when you're just starting to pay back student loans. Whether you're a starting residency or are now a brand new attending, if you're trying to figure out what to do with your student debt, this episode is for you! Are you too busy to build the professional digital presence your business needs? Then reach out to Advice Media at www.doctorpodcastnetwork.com/advicemedia

Ryan has invited the one and only John McCarthy today to run down all the information you need to know about the unsexy side of Real Estate...taxes. So if you're ready to dive head first into real estate after the past couple of episodes, make sure you listen to this episode to make sure you don't get in trouble with the IRS! you want to work with an insurance agent that is well versed in the underwriting of both disability and life insurance policies for physicians? Then contact Larry Keller at www.doctorpodcastnetwork.com/larrykeller

Ryan invited on physician and real estate syndicator Dr Cathy Carroll to do a deep dive in the pros and cons of investing in real estate via syndications. By the end of this show you will know if real estate investing belongs in your portfolio or not. Comment in the community chat www.financialresidency.com/community with your real estate plans! Reach out to Panacea Financial for your banking needs as a physician. Panacea's PRN personal loan was designed specifically for physicians and physicians in training. Go to www.panaceafinancial.com and open your new account today. Panacea Financial is a division of Primis, Member FDIC.

Ryan has received a ton of emails in the past couple of months about Real Estate. So he's taking the month of May to do a deep dive on Real Estate for everyone. If you've ever reached out to Ryan with questions about real estate then your question will most likely be answered this month (Unless you asked if it's a good idea to invest in something. I still cannot answer that question for you). Dr. Errin Weisman is passionate about creating sustainable careers for women and fundamentally changing the toxic culture of healthcare one woman at a time. Check out her podcast Doctor Me First at https://www.doctormefirst.com

It's really important to understand how financial advisors are compensated before you decide to work with them. Ryan is a fee-only financial planner, but there are other ways financial planners earn their money. Knowing the difference between payment types like fee-based and fee-only can help make sure you're getting the right kind of support you need. Do you need help overcoming your short-term cash issues and want fair rates from lenders that appreciate a doctor's specific situation? Then reach out to Doc2Doc Lending at www.doctorpodcastnetwork.com/doc2doc.

There are two things you can always guarantee to hear about when listening to Financial Residency: 1) All of this information should not be considered financial advice, and 2) You should understand what you're investing your money in. That's why Ryan wanted to go over the basics of investing. Whether you have been listening to this podcast for a while, or new to the community, there is something new for everyone to learn about investments. Do you need help understanding and maximizing your contract benefits? Then check out Contract Diagnostics at www.doctorpodcastnetwork.com/contractdiagnostics

If you look at the tactics which are used every day to run successful companies, there are several key lessons we can all use to help us navigate through our personal finances. When you choose to manage personal finances like a business, it helps you focus on developing sound strategies for your money. What's your bottom line lookin' like these days? Do you need help making a prudent decision about your disability insurance without overcomplicating things? Then reach out to Michael Relvas at www.doctorpodcastnetwork.com/mrinsurance

It's hard to get the real facts about Bitcoin when people either treat it like joining a cult or just dismiss it as a scam. Fortunately, today's guest, Zac Prince, the founder and CEO of BlockFi, is passionate to help educate everyone on what bitcoin really is and how to make the determination if it belongs in your portfolio. Check out his company at www.financialresidency.com/bf Do you need help reviewing your employment contract before you sign? Reach out to Resolve at www.doctorpodcastnetwork.com/contractdiagnostics to get your review process started today.

Last week the 1.9 Trillion dollar stimulus package was signed into law. Of course everyone is focused on getting their next stimulus check, but are there other ways that this stimulus helps or hurts you? Ryan has brought on John McCarthy CPA with Physician Tax Advisors to break down the major takeaways of the American Rescue Plan Act, and to remind you to be kind to your CPA during this tumultuous tax season! Do you want an insurance agent you know you is trustworthy, knowledgeable, and has your interests at heart? Then check out today's sponsor, Larry Keller at www.doctorpodcastnetwork.com/larrykeller.

Do you know where your returns come from when you invest in farmland? If you think your investment will only pay you back in apples, then this episode is for you. Ryan talks with Artem Milinchuk, the CEO of Farm Together, to separate the risks from the benefits of this slow but steady investment that could help make your investing portfolio a bit more recession proof. 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.

Ryan is extremely excited to talk with his guest, Mike Michalowicz, the entrepreneur, speaker, and author of Profit First. These two geek out over why businesses need to stop stealing from their profits and make sure you run your business (and your personal life!) like a well oiled machine. If you're ready to flip your thinking about how to save money, then this episode is for you! This is one of Ryan's must read books, do yourself a favor and grab a copy of Mike's book today! 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.

After receiving countless questions from the community about real estate syndications, Ryan brings back the expert, Dr. Cathy Carroll MD CFA, to clarify the top questions regarding real estate syndication. Unsure about where to start? Concerned about the risks involved? Well, you better get comfy because we are going to answer all your questions! If you need an objective, transparent, and education-focused process to figure out your disability insurance needs, then you need to talk with Michael Relvas. To get in touch with Michael head to www.doctorpodcastnetwork.com/mrinsurance

Searching for a dream job can feel like finding the needle in a haystack. Even if you don't know what your dream job looks like, there are steps you can take now to help create this vision. Ryan brings back the boss, his wife Dr. Taylor, to talk about the criteria she had when finding and creating her dream job. If you are looking to reduce your burnout, improve your satisfaction in life, and create a life you love and deserve, learn more by going to www.doctorpodcastnetwork.com/alpha

Credit card companies are great at creating perks to entice people to sign up for a new card. While the rewards may be useful, many people actually get into serious credit card debt or miss payments that crush their credit! The debt accrued trying to attain those rewards ends up negating these perks all together. Ryan provides a brief overview on credit card reward programs, and what you need to know to pick the right credit card. Do you need help ensuring that your contract lines up with your interests and protects your time and family? Reach out to Jon Appino at Contract Diagnostics today! www.doctorpodcastnetwork.com/contractdiagnostics

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.

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

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.

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

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.

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).

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.

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

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.

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!

Not everyone needs to work with a financial planner, but for those that do, it might be tough to figure out when the "right time" is and even who should you actually hire. Ryan takes a deep dive into the who, what and when is the right time (and type!) of financial planner to help you navigate your financial goals. If you still don't have a financial plan, spend the $25 and build your own plan by buying Taylor and Ryan's book on creating your financial plan without the long hours and sleepless nights. www.financialresidency.com/book

Many of you have been asking me where I have been hiding Taylor! She is out of hiding and going to be hanging out with me today. We'll be talking about personal finance, things going on in our lives and our community, and really despite all the things happening in the world today that there is just a lot to be thankful for! Don't miss the FIRST EVER $50K Financial Residency scholarship being offered to medical students this Thanksgiving 2020 courtesy of an anonymous foundation. 10 lucky recipients will be awarded $5K each! Apply here: www.financialresidency.com/scholarship

While your schedule is insane and unpredictable, you want to know your advisor is always going to make decisions with your best interest in mind. But how could you know if your financial advisor is doing exactly what you need for your portfolio? These are the things you should consider. Want to be a lucky recipient of a $5000 scholarship? Be one of 10! Financial Residency has partnered with a foundation to giveaway $50k! Learn more here: www.financialresidency.com/scholarship

A few in the community asked about retirement options for w2 employees, the thinking behind our 50/25/25 rule, the power of HSAs, and Roth IRAs. Have a question too? Head over to www.financialresidency.com/question to record your questions and get them answered on the show!

We're so encouraged to have our community ask us their financial questions. Have one yourself? Call and record it at www.financialresidency.com/question and we'll feature it on an upcoming show! The Physician Philosopher's Alpha Group Coaching Experience is closing tonight, 11/2, at midnight! Don't miss out on your opportunity to live your best life. Sign up here: www.financialresidency.com/ACE

The Physician Philosopher found out the hard way that life coaching was necessary. In this FB Live replay, Jimmy explains the reasoning other physicians find their way to life coaching themselves. Join Jimmy's free webinar: www.financialresidency.com/tppwebinar Enroll in the course: www.financialresidency.com/ACE

Brought first to our FB Community called Physician Finance, John McCarthy, Co-founder of Physician Tax Services, Kayse Kress, Director and Partner at Physician Wealth Services, and I talk about year end tax planning and financial planning to dos. Maybe you missed it? Join us as we revisit these topics. Be sure to join The Physician Philosopher's webinar on curbing burnout and discovering the life of your dreams before it closes on 11/3 here: www.financialresidency.com/tppwebinar Other links mentioned in the show: www.physiciantaxadvisors.com www.physicianwealthservices.com

For the entire month of October, we're doing something a little bit different. We're bringing your questions on air about the topics you tell us are important to you. Emergency funds, deferred spending, physician home loans, and the debt snowball method. And! If you have a question for yourself, call in here www.financialresidency.com/question to get it featured in an upcoming show. Check out these links mentioned in the show!Financial Planning: www.financialresidency.com/pws Insurance: www.financialresidency.com/insurance Physician Home Loans: www.financialresidency.com/homeloan

All month, I'm answering listener questions from our community. If you have a question, I'd encourage you to go to www.financialresidency.com/question and get yours featured on air. If we miss you this round, don't worry. We're always looking for ways to get you the answers you need and could feature yours on future shows as independent segments.

There's something super special happening for our audience and the physician audiences of several other podcasts. We've kept a tight lid on this one because with COVID, we weren't sure what the landscape looked like for other creators. I'm excited to reveal that Financial Residency, Dr. David Draghinas of Doctors Unbound, in addition to other shows like Private Practice Matters and The Physician's Guide to Doctoring are all coming together in a more powerful way! Check out this episode to see exactly what that means for you. Be the first to know when Doctor Podcast Network is in full swing! Sign up here: www.financialresidency.com/dpn