Financial Residency

Gain the knowledge you need to determine what kind of insurance product fits your budget, financial goals, and current situation by looking at the different factors affecting you in this two-part series Larry Keller and I cover the various facets of term insurance and disability insurance. We also give you the scoop on the discounts available to you, but not necessarily offered by an agent discussing your insurance options. Take control of your finances with our free financial audit checklist.

In this episode, I discuss the top 3 mistakes that physicians tend to make on their taxes with my guest Craig Cody. Make sure to subscribe to get our free templates!

In this episode, I answer several questions from listeners about how to handle their student loans. Travis Hornsby is back to help me out. Jump start your financial residency with these free resources!

I discuss 3 biggest mistakes that physicians make with their student debt with my guest, Travis Hornsby. Jump start your financial residency with these free resources!

We take on 5 listener questions, helping them understand their options concerning their student loans and hopefully inspiring all of you to get organized and take control over your finances. Robert Farrington and I discuss in detail the best student loan forgiveness program available for physicians, public service loan forgiveness (PSLF) as well as our opinions on when you should look at refinancing out of the federal loan program. In this episode, we answer the following questions. 1. What are my tips to help my clients to pay off their student debt? When should someone use a variable vs. a fixed rate when refinancing? What is better, the debt snowball method or the debt avalanche method when paying down debt? 2. 5 years into a 10-year process, are there any programs that we should consider? Is it even worth it to look into loan forgiveness programs at this point? 3. Do we put all our eggs in one basket hoping that PSLF happens or do we refinance the student debt and hope to pay it off in a 5-year time frame? 4. Is it better to pay the minimum and invest the rest or if it's better to pay a few hundred a month to cover the actual payment? 5. Should we start paying off some of their student loan debt, even though it won't make a huge dent in the overall balance or should we wait until after residency? If we wait until after residency, what should we be doing with the savings right now? Make sure to subscribe to get our free templates!

Whether you are going for public service loan forgiveness or looking to pay down your mortgage, we have some great insights on how to tackle all of your outstanding debt. Dr. Cory Fawcett and I discuss how he went through a major mindset shift that allowed him to crush $500,000 of his own debt in less than 6 years. We also answer this question on how to become debt free. If a physician wants to be debt free, what are some steps they can take if they just finished training? How would your advice differ if they are 10 or more years into their career? Would it differ if they were going for public service loan forgiveness? Take control of your finances with our free financial audit checklist.

We discuss in depth what is an HSA and who qualifies for an HSA. If you have a high deductible health plan (HDHP), you could qualify to open an HSA, which could be used as a great financial planning tool for healthcare related costs in retirement. Shobin Uralil and I tackle the terminology that you need to know to understand what are HSA qualified medial expenses and what is covered under a health savings account. If you are looking to make the most out of your health savings account, this episode is for you. Take control of your finances with our free financial audit checklist.

Time to answer listener questions about HSA's, 529's and investing. Enjoy! If you have a question keeping you up at night and would like to be featured on the podcast, click here to record your question today. Some of the questions featured on this episode are listed below. 1. Do you have any tips for how to save for a down payment on a house? 2. Looking into investing for my child's education. What are your thoughts on 529 plans, specifically California 529 plan? 3. How do I decide how much I should put into pre tax retirement accounts and how much I should place in more liquid investments? 4. How aggressive should my HSA portfolio be? 5. How do we invest? Jump start your financial residency with these free resources!

In this episode, we cover the best ways to travel and the best credit cards. While some of this may have sounded like a paid endorsement for Chase credit cards (it wasn't ☺), they really do just provide the most benefit when used together. Holly Johnson joins in to tell us how she searches and finds the best deals that allows her and her family to travel the world affordably. Make sure to subscribe to get our free templates!

In this episode, we jump into everything you need to know about physician mortgage loans. Doug Crouse and I tackle how physicians qualify for physician's mortgages and if doctors should still utilize conventional loans over physician mortgages. Every wonder how banks price interest rates or why they use lock in periods for the rates that they quote? We dive into those answers and more in today's show. Make sure to subscribe to get our free templates!

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.

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.

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!

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.

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!

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!

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.

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!

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.

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.

Recorded live from the Ally booth at FinCon 2017 in Dallas! We discuss the pros and cons of combining your bank accounts, budgeting and our views on how student debt will affect your view on your finances. There are many different ways to become a master of your family's finances. Catherine Alford and I go behind the scenes a bit to see how her family manages their finances and where her philosophy and my philosophy around budgeting differ. From savings buckets, to cash flow systems to combining your financial life with high 6 figure debt, we cover it all. Make sure to subscribe to get our free templates!

With the average debt of graduating med students surpassing $180k, it is becoming more important than ever to have a solid game plan. Travis Hornsby joins me to tell us all about student loan debt and offers critical advice on how to manage it. Every situation is unique and depends on your life goals, but no matter what, he assures us that you do not need to be ashamed of your debt, and instead you should embrace it with confidence. Jump start your financial residency with these free resources!

Recorded live from the FinCon booth at the XYPN Conference in Dallas, we discuss fee-only advisers and how they provide unbiased advice that is truly in the best interest of their clients. Sadly, only 3% of all financial advisers are fee-only, leaving most advisers out there with interests of their own when it comes to your financial well-being. Tim Baker pulls back the curtain in this episode, exposing the nasty truths on how most planners make money. We will break it all down so you can be prepared the next time you are approached with an adviser with goals of their own. Take control of your finances with our free financial audit checklist.

Our discussion is one that most people want to avoid having, but nonetheless necessary, what will happen to you and your assets when you die. Chris Burke joins me to examine the four pillars of Estate Planning: Wills, Power of Attorney, Healthcare Directives and Revocable Living Trusts. Whether you are single with no kids or married with a large family, estate planning is something we all need to plan for. Make sure to subscribe to get our free templates!

We discuss stocks, bonds, mutual funds and what to look out for when creating your own investment portfolio. Bobby Lee and I also get into 401k's and 403b's and explain why you need to take full advantage of your company match. We will help you to understand some of the basic tools necessary for a healthy retirement. Take control of your finances with our free financial audit checklist.

We will take you on the journey step by step of buying a new home, offering valuable tips along the way. Mindy Jensen is an expert in real estate and was happy to share some of her insight on the process. From physician loans to how to avoid being scammed, we will take you behind the scenes of buying your first home with confidence. Make sure to subscribe to get our free templates!

You've spent decades in school, but did not receive a financial education. This podcast is your financial residency - but without the long hours and sleepless nights! In this episode, I share my story and what you can expect from the Financial Residency podcast. Jump start your financial residency with these free resources!