Financial Residency

I've received a number of requests for insight around the topic of insurance. That's why I brought on two veteran professionals to come in and answer our community's toughest questions. The entire month of October is about insurance. If you have a question, please record it at financialresidency.com/question. I'd love to get it featured on the show!

Most of us aren't in perfect health but that shouldn't leave us without one of the most important pieces of a financial plan. With his 30 years of experience in the insurance industry, Larry Keller of Physician Financial Services shares his top 10 common observations when applying for a disability policy with less than perfect health. Have questions not covered in the show? Reach out to Larry at www.financialresidency.com/pfs

Just like life, disabilities are impossible to predict, not only in terms of when and where they occur, but also in how they affect the physicians who experience them. While disability insurance will not undo the mental anguish of an ongoing physical and emotional condition, this type of coverage will relieve much of the financial stress. Michael Relvas of MR Insurance Consultants explains.

When investing in real estate, the benefits can become ten-fold. Same applies when investing in syndications. Cathy Carroll, MD, CFA, Founding Principal of Ryca.io, Veena Jetti, Founding Principal of VIVE Funds, and I answer the audience's questions about what, why, and when to invest in this episode. Read more here: https://financialresidency.com/analyze-real-estate-syndication/

It's not everyday we get to tall about tax on Financial Residency. Although, months like August got us talking about tax every week! Here's our final installation (for the time being) with John McCarthy is Physician Tax Advisors on tax credits vs. tax deductions. Do you know the difference? It's not everyday we get to tall about tax on Financial Residency. Although, months like August got us talking about tax every week! Here's our final installation (for the time being) with John McCarthy is Physician Tax Advisors on tax credits vs. tax deductions. Do you know the difference? www.financialresidency.com/cpa

Contemplating filing joint vs. separate? There are lots of things to consider. John McCarthy of Physician Tax Advisors makes these strong points to weigh. Physician Tax Advisors is your place to get your tax questions answered! Find the team here: www.financialresidency.com/cpa

Some of you invest in real estate. Are you aware of the tax benefits that come with it? John McCarthy, CPA, co-founder of Physician Tax Advisors and I talk about personal experiences and observations made over the years. Look, taxes are complicated but you don't have to worry about that. Let Physician Tax Advisors help you get the right tax plan today. Visit www.physiciantaxadvisors.com for support.

Some taxpayers find themselves filing taxes in multiple states when they live in one state and work in another, or just finish training. If this is you, how you file depends on a few factors that co-founder John McCarthy, CPA, and I get to the bottom of in this show. Need a tax advisor who knows the ins and outs of physician finances? We just launched Physician Tax Advisors and would love to work with you. Find us at financialresidency.com/cpa for more info and pricing.

Ever wonder how you can pay less taxes as a physician? Are there tax breaks and workarounds (that are legal) you should know about? Debuting John McCarthy of Physician Tax Advisors in his first of many shows with me in this episode. Come check out what we've got in store for you! Read the blog: https://financialresidency.com/pay-less-in-taxes/

You might have read or heard about passive real estate investing and you want to get a piece of it. I think there is no such thing as passive investing but that investments could be passive… eventually. Join me today for a great debate on passive vs active real estate investing and how you can start investing in more passive investments (but not completely passive!) almost right away. Make sure to join our LIVE webinar Aug 5th 6pm pacific or Aug 6th at 5pm pacific by reserving your spot at financialresidency.com/webinar. Spots are limited so sign up asap.

If you had only one choice, would you pay down debt or invest? White Coat Investor helped us navigate this same question last year. See what he said.

Most people don't understand how mortgage interest rates work and why they change. Having a basic understanding on how interest rates affect your payment and your overall cost of borrowing is critical to your financial success. Don't get stuck paying 10's of thousands of dollars to the bank that you didn't have to. Get notified for Financial Residency's upcoming book, Hippocratic House: Do No Harm When Purchasing Your First Physician Home by going http://financialresidency.com/preorder

Financial advisors are the least trusted professional in the finance industry. Why is that? It has to do with their conflicts of interest. Some of you don't know, I'm a fee only financial planner and it IS my full time job. I do it every day, all day. That's why I offer this information to protect you from those without your best interests at heart. Want to work with the team at Physician Wealth Services, my fee only financial planning firm? Find us at www.physicianwealthservices.com

Most of you know the basics of establishing a budget if you didn't already have one or sorting out your student debt repayments. What else needs to happen as part of your post graduation plan? Stay tuned to find out. Have you checked out our latest book Financial Residency: Create Your Financial Plan Without The Long Hours and Sleepless Nights on Amazon. Get your finances in order starting now.

Maintaining work–life balance as a physician necessitates learning how to improve efficiency and effectively manage the limited resource of available time. Dr. Phil Boucher of the Private Practice Matters Podcast shares how other physicians can be intentional with their time to reduce burnout and simply enjoy life. Haven't bought disability insurance yet? Tisk, tisk... No worries. Our friends at Pattern want to help. Connect with them at www.financialresidency.com/pattern

Ever wonder what it takes to generate passive income with real estate? Cathy Carroll, MD, CFP, gives us her take with these 3 ways to invest. Get on the right financial path in residency with The Physician Philosopher's MD to Financially Free Course here: www.financialresidency.com/mdfree

Semi-Retired MD's, Leti and Kenji, are absolutely on FIRE... FAST FIRE, that is. Having achieved financial independence in a relatively short period of time, they discuss how they did it with REPS (Real Estate Professional Status) and how they teach other physicians and high income professionals to do the same. Speaking of teaching, have you checked out Semi-Retired MD's Zero to Freedom Using Cashflowing Rentals course yet? Get the training you need to be on your way to FAST FIRE here: financialresidency.com/srmd

Is there a way to be more empathetic with your spouse who just isn't on the same financial page? Yes! There is. And, we have the perfect guests on this show, Nick and Hannah from Mapped Out Money, to share what they did in their own marriage. Disability insurance doesn't have to be hard to get. Let our friends at Pattern help guide the way: www.financialresidency.com/pattern

When do you begin to start saving for your kids' college education? Brian Eufinger, co-founder of Edison Prep, says it's sooner than you might realize. Looking for a physician mortgage loan expert in your state? Jonathan C. Brozeck of US Bank is licensed in all 50! Find him here: www.financialresidency.com/usbank

Addressing the pros and cons of refinancing your student loans, award-winning, Leslie Tayne of Tayne Law Group, says physicians need a plan to pay down their debt. Got loans? Here's what to do about it. Looking for a physician home loan? Check out Mike Fitzmeyer with SunTrust (now Truist): www.financialresidency.com/truist

It's Star Wars Day! So, expect a super nerdy show. The wisest Jedi of them all, Yoda, teaches us about tricking our minds into doing something we didn't think was possible. How does that equate to your finances? Let's jump into why you consider these Jedi mind tricks to build better habits and become mindful of your spending behavior. In the market for disability insurance? Check out our friends at Pattern: www.financialresidency.com/pattern

I've been getting a lot of questions lately about insurance and how COVID-19 is affecting many in our audience. Some of you have disability, some of you don't. If you don't, I've got an expert on from Pattern, Matt Wiggins, to help you understand why the time is now. Get your disability coverage with Pattern: www.financialresidency.com/pattern

Economic Injury Disaster Loan Emergency (EIDL), Paycheck Protection Program (PPP), stimulus packages, tax breaks, SBA loans? All of that in this super short show. I'd love to answer your questions, please email them to me at [email protected] or click on the link to leave me a voicemail at www.FinancialResidency.com/Question

Here are my thoughts on how Roth contributions and conversions in a governmental plan are permitted; such contributions are not allowed in private tax-exempt 457(b) plans. I'd love to answer your questions, please email them to me at [email protected] or click on the link to leave me a voicemail at www.FinancialResidency.com/Question

You may have asked yourself what are some of the biggest considerations you need to think about before you start working as an attending. While I can't go over everything in a curbside consult, here are my thoughts on successfully making the transition from being a resident to attending. The Financial Fellowship is OPEN! Reserve your spot now!

This recording was done with Student Loan Planner's, Travis Hornsby, as a result of the changes in the law for student loan debt in the last couple of months. There were several changes you should know about regarding repayment restructuring, suspension of payments, forgiveness, refunds, and the obligations to the PSLF program in general in light of The CARES Act. These are the high-level headlines (and the impact on student debt) you really need to pay attention to. Feel like you need a helping hand to navigate the new changes to the law for your student debt? Reach out to Travis at www.financialresidency.com/travis

You know you need life insurance but not sure how much you need? While everyone's situation is different (turns out, personal finance is… personal), I give my take on how to best calculate how much coverage you need. Want to create a financial plan for under $25? Pick up a copy of our book on Amazon https://amzn.to/2VEhDZd

You finally started to manage your cash flow (aka the dreaded b word… budget!) and not sure what to do with money as it comes in. It can get confusing fast. Let's dive in and talk about the cash flow waterfall and how your money could be allocated as you continue to improve your cash flow. The Financial Fellowship is OPEN! It's likely going to fill fast, reserve your spot now.

These daily shows exist to help you fight through the tough times and the long hours. To be a familiar voice during the chaos. Hopefully it's making an impact, but others want to chime in and say their thanks, so take a quick listen. You aren't alone and you are so appreciated.

Trying to figure out if you ever need to hire a financial planner or not? Or maybe just trying to plan out when the "right time" would be. Well, as a financial planner, here are my thoughts on both of those questions. The Financial Fellowship opens next week! It's likely going to fill fast, reserve your spot now.

You have heard the pitch, buy whole life insurance because it's the only way real to protect your family. The extreme selling on fear is disgusting and frustrating because as a physician, you likely don't need those types of products. Our listener was sold one and she's not sure what to do from here. Tag me on social and let me know what you think she should do! Can you spare 1 minute? Literally just 1. Call in your questions at www.financialresidency.com/question It's super easy and you can do it from your phone!

It's kind of an uncomfortable topic to talk about, but cutting to the chase, at some level we're thinking about death and that's why estate planning is important. Part of that process is understanding revocable trusts and learning how to utilize them effectively. Notesong and Nathan of Thoughtful Wills, the estate planning practice Taylor and I used for our estate plan, shares the knowledge we need to know about. Ready to take the next step in your estate plan? Connect with Notesong and Nathan at www.financialresidency.com/tw

Did you just complete your first backdoor Roth contribution and are now trying to figure out all the tax forms to file? Well, one of our community members just did this and is now trying to figure out the 8606 form and what she needs to include in her taxes. If you have a similar issue, jump on in. I'd love to answer your questions, please email them to me at [email protected] or click on the link to leave me a voicemail at www.FinancialResidency.com/Question

Thought about buying gold and not sure if you should or not? Since we are almost at the point that sanitizer is worth more than gold, maybe it's better to hoard that liquid gold… Ha. Well here are my thoughts on IF you should buy gold and where to do it if you want to. I'd love to answer your questions, please email them to me at [email protected] or click on the link to leave me a voicemail at www.financialresidency.com/question

Do you have health concerns and/or bad disability coverage? Heck even if you are healthy, you still need an emergency fund. Here are my thoughts on how much you should have in that piggy bank to save for a rainy day (or a pandemic.. ugh) I'd love to answer your questions, please email them to me at [email protected] or click on the link to leave me a voicemail at www.FinancialResidency.com/Question

Feeling depressed watching the volatility in the stock market? Well, Melissa hasn't been feeling herself lately and wants to know what she can do. Again my crystal ball isn't working (I really should get a new one), but here are my thoughts on emotional investing. I'd love to answer your questions, please email them to me at [email protected] or click on the link to leave me a voicemail at http://www.financialresidency.com/question

Prior to the pandemic were you trying to buy or sell a home and not sure what to do now? One of our community members was in that process and now is unsure of what to do. While my crystal ball is a bit dirty (anyone have a hand wipe?), here are my thoughts on what you need to think about if you are trying to jump into our out of the real estate market. I'd love to answer your questions, please email them to me at [email protected] or click on the link to leave me a voicemail at http://www.financialresidency.com/question

The markets are going insane, but you don't have to. That's why it's important to know how it's affecting your investing behavior. Our next guest, Sarah Fallaw, founder of Datapoints and author of The Next Millionaire Next Door, shares what surviving the volatile markets looks like and finding your ideal investor profile. Want the investor profile Sarah is opening up to our audience on a LIMITED basis? Take it here: www.financialresidency.com/datapoints

Do you have some random retirement accounts from residency, fellowship or old jobs? Courtney does and she's trying to figure out if she should tackle that right now. Here are my thoughts on what you need to think about if you want to rollover your retirement accounts. I'd love to answer your questions, please email them to me at [email protected] or click on the link to leave me a voicemail at www.FinancialResidency.com/Question

Karen is looking to get her estate planning in order just in case her significant other ends up being exposed to this nasty virus. Here are my thoughts on what you need to get done to protect yourself and your family. Here is the link to the amazing estate planning attorney we used. https://financialresidency.com/TW

With markets so volatile, AJ was curious if he should delay contributing to his IRA or not. Here are my thoughts on how he can make the best decision for his situation. I'd love to answer your questions, please email them to me at [email protected] or click on the link to leave me a voicemail at www.FinancialResidency.com/Question

Jenny is trying to figure out what direction mortgage rates are going. Here are my thoughts on what you all should do if you are trying to refinance your mortgage. I'd love to answer your questions, please email them to me at [email protected] or click on the link to leave me a voicemail at www.FinancialResidency.com/Question

With markets so volatile, AJ was curious if he should delay contributing to his IRA or not. Here are my thoughts on how he can make the best decision for his situation. I'd love to answer your questions, please email them to me at [email protected] or click on the link to leave me a voicemail at www.FinancialResidency.com/Question

It's time to start talking about the elephant in the room. This is THE most important show that I will do all year. Good friend, Shakila Angadi, aka The Inspired Dentist, and I talk on COVID-19, our spouses, and a new term... anxiety pandemic. The book as RELEASED! Have you bought your copy yet? Find it here: http://www.financialresidency.com/preorder

We have officially left the bull market and are headed toward the much less anticipated bear market as the result of the COVID-19 pandemic. It's not something a lot of the investors in our audience have experience with, so Kayse and I think it's important to help explain what this means while we survive not only quarantine but a market crash. See how the bear market affects upcoming predictions. Also, have a physician WARRIOR story during the COVID-19 pandemic? Share it with me. Find out more here: http://www.financialresidency.com/docwarrior

It's Match Day! For this special episode, we brought back Dr. John Ramey, Founder of Dr.Moves.com. There's a lot of happening right now around buying and loan refinancing, especially during a time where the market is chaotic. Do you have some questions surrounding the home buying process? See what John says you should know. Interested in reaching out to DrMoves.com to see how they can help you with your next home purchase? Find them here: https://financialresidency.com/drmoves

Market volatility is expected right now, especially as we approach uncertain times with COVID-19. But, generally, there are several benefits that can come from using specific strategies like tax loss harvesting during transitory periods throughout a physician's career. Find out how to offset losses, capitalize on gains and/or establish a basic understanding of what those things (and others) really mean in this show. The book... Looking for good reads to hold you down past bedtime with the kids? Sign up to be notified about our new book releasing next month here: www.financialresidency.com/book

In the financial space, there's a lot we see when it comes to how people handle their finances. While there is a ton of great things happening, there are also a few outliers. From the FinCon 2019 floor to today's show, my friends and I bring you the common money myths people see. On the email list yet. If you were you'd know the book is coming out soon. We also have some info to share on Financial Fellowship... but only way to get the deets (specific ones) is from our email. Go here to hop on: www.financialresidency.com/subscribe

Taylor and I made it over to The Great Barrier Reef in Australia. While within the beautiful walls of fish, we got to reminisce on the 15-18 months it took us to actually make this bucket list trip a reality. As with life planning, we have to save, budget and stay a disciplined course in order to achieve the goals of our dreams. Building a financial plan unique to you is one way to do that. The book release is ALMOST here! If you didn't know that, what rock are you living under? Sign up for the newsletter to hear about the launch before everyone else does! www.financialresidency.com/book

Getting on the same financial page with your spouse isn't the easiest task, at least for this physician couple. While on our Australian adventure, Taylor and I discuss the most recent listener question about joint accounts and the intermittent need to agree on money. Want the Get Organized Checklist referenced in the show? Download your FREE copy here: https://financialresidency.com/getorganizedchecklist