Financial Residency

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. As summer approaches, reevaluating our financial habits becomes essential, especially for physicians who seek to manage their wealth efficiently. The sunny season often brings with it increased expenses—weddings, travel, and outdoor activities—that can derail budgetary progress. It's critical to hone in on certain financial habits to ensure that you can enjoy the warmth without the burn of financial stress. In this article, we dissect key financial themes that James Nutter addresses in his podcast, offering actionable insights into mastering money management during the summer months. Simply click here to access the free video training for the circulatory system and click here to download the circulatory system guide Timestamp Summary 1:51 Mastering Summer Money Habits Amid Seasonal Challenges 2:56 Mastering Cash Flows for Financial Freedom 6:52 Couples' Financial Awareness Through Manual Tracking 7:23 Maximizing Financial Health with the Rocket Money App 9:20 Strategizing Financial Goals With Free Cash Flows 11:53 Strategies for Managing Your Peace of Mind Fund 13:30 Strategies for Efficient Financial Planning and Saving 15:15 Mastering Summer Money Habits for Financial Wellness Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. In this episode, Jon from Contract Diagnostics addresses a physician's question about employment contracts with contracting entities. The discussion centers on hospitalists, specifically nocturnists, and the implications if a contracting entity's agreement with a hospital ends. Jon emphasizes the importance of understanding contract details, including the duration of contracts, non-compete clauses, tail insurance, and potential transitions to new employers. He highlights the need for thorough contract reviews and asking the right questions to ensure stability and clarity in employment situations. Jon reassures listeners that Contract Diagnostics is available to help with any contract-related concerns and provides resources for further inquiries. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Hey everyone, Jon Appino from Contract Diagnostics has a quick message on transitioning between full-time and part-time work. We assist many physicians in navigating job shares and shifts from a typical 40-hour week to reduced hours. It's crucial to understand how these agreements differ, especially in terms of allocated clinical and admin hours, which should be clearly documented and prorated in your contract. Additionally, consider how your call schedule, compensation, and benefits might change with part-time work. Ensure your quality bonuses and other incentives are appropriately adjusted, and be aware of any changes to your health insurance, retirement plans, and CME allowances. Always have your contract professionally reviewed to cover all bases. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Today on the podcast cast Doug Crouse clarifies the concept of loan contingency when writing offers. Many people mistakenly think that having a loan commitment means having a clear to close. However, loan contingency is met when you have a contingent conditional loan approval after underwriting. This means your credit, income, and assets have been reviewed and are satisfactory, but there may still be some outstanding items to address. Typically, it takes about 10 days to meet loan contingency, though it can be faster with pre-approval. Remember, loan contingency is about conditional approval, not clear to close. If you have questions, Doug is available at DougCrouse.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Investing for your future is important, but getting out from under a mountain of student loan debt requires an equal amount of planning. Will Koster is a CFP with Spaugh Dameron Tenny who specializes in student loan planning for physicians. He helps to explain the confusing world of income driven repayment plans, consolidation vs refinancing, and Public Service Loan Forgiveness programs. He also offers a free 30-minute consultation for physicians to discuss student loan repayment strategies. To learn more, go to www.SDTplanning.com.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. In this episode of Contract Diagnostics, Jon breaks down the latest MGMA data set for 2024. Join us as we explore the initial findings and what they mean for healthcare providers. With 211,000 respondents, the data offers insights into compensation trends for primary care, surgical specialists, and non-surgical specialists. Jon discusses the implications of these trends in relation to inflation, workload, and staffing challenges. Learn how to interpret and apply this data to your own situation, and discover the importance of a custom analysis for accurate insights. Tune in to stay informed and make the most of the new MGMA data. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Are you getting the most out of the podcasts you listen to? Awareness is the first step to positive change, however positive action in the direction of your goals and mission must follow. On the very first episode of the A Life Well Lived A Physicians Guide to Wealth podcast, IM Wealth Partner and Financial Advisor, James Nutter provides you with the 101 on how to get the most out of his new podcast collaboration with Financial Residency. Discover how to directly apply each episode to your life so that you may use your money to create a more meaningful life. Trying to qualify for PSLF and unsure if you're on track? Get James's 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more. Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. In this episode of Contract Diagnostics, Jon delves into the critical topic of conflicts of interest, especially relevant in physician employment contracts. Learn why it's essential to be aware of potential conflicts, from financial disclosures to external activities, and how they can impact your career and personal information. Jon shares insights on the importance of transparency, the risks of data misuse, and tips on how to identify and navigate conflicts of interest. Tune in to ensure you're making informed decisions and safeguarding your professional integrity. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. In this episode of "The Life Well Lived: A Physician's Guide to Wealth," James Nutter continues his mini-series on exposing financial advisors. He shares 15 crucial questions every physician should ask when hiring a financial advisor, emphasizing the importance of finding a fiduciary advisor who acts in your best interest. Nutter also highlights the need for advisors who understand the unique financial challenges faced by physicians. With these questions in hand, physicians can confidently hire their dream advisor without wasting time or making costly mistakes. Go ahead and click here to download your copy of 15 Questions Timestamp Summary 0:51 Choosing the Right Financial Advisor for Physicians 4:01 Financial Licensing Exams Versus Medical Board Certification 5:17 Choosing the Right Financial Advisor: Trust Your Gut 6:12 Essential Questions to Ask Your Financial Advisor 8:08 Navigating Financial Licenses and Commission Structures 10:29 Advisor Availability and Client Support Explained 13:16 Choosing Financial Advisors: Questions and Accessibility 15:21 Exploring Levels of Service: DIY to Full Assistance 16:04 Understanding Financial Advisor Fees and Conflicts of Interest 17:51 Challenge Your Financial Advisor with Informed Questions Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. This week, Doug clarifies the often misunderstood concept of loan contingency in real estate offers. Learn the difference between a loan commitment and a clear to close, and why understanding this distinction is crucial when writing offers. Doug explains what it means to meet your loan contingency and what realtors should expect during the process. Tune in to gain valuable insights into navigating loan approvals and ensuring a smooth path to closing. If you have questions, Doug is available at DougCrouse.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. The FTC issued it's final rule on noncompetes, but multiple lawsuits and challenges have been filed. Jon Appino with Contract Diagnostics talks about how this may affect physicians, but acknowledges that many things may change before it makes its way to implementation. We also talk about how noncompetes may or may not affect compensation and nonmonetary aspects of contract negotiations. And finally, Jon talks more about fair market value and puts to bed the myth that there is a magic number that employers must use when putting forth contracts to their physicians. You can get a free 15-minute consultation with Contract Diagnostics for yourself or a 30-minute consultation for your group. Go to www.ContractDiagnostics.com to learn more.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. ​​In this episode of "A Life Well Lived: A Physician's Guide to Wealth," James Nutter provides a comprehensive checklist for pursuing Public Service Loan Forgiveness (PSLF) for physicians. He breaks down the steps to understanding the requirements, confirming if PSLF is right for you, getting organized and doing it consistently, building a contingency plan, and what to expect when you reach 120 payments. With insights from a client who had over $200,000 in loans forgiven, James offers valuable tips and resources to help physicians navigate the PSLF process successfully. Timestamp Summary 1:06 Essential PSLF Tips for Physicians Seeking Loan Forgiveness 6:30 Determining Employer Eligibility for Public Service Loan Forgiveness 11:23 Evaluating Public Service Loan Forgiveness Suitability and Strategies 16:48 Strategic Income Reporting for Lower Loan Repayments 19:40 Strategies for Timely Student Loan IDR Recertification 25:53 Mastering PSLF Through Organized Documentation and Regular Submissions 28:51 Identifying an Authorized Official for Employment Verification Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. In this episode of "The Life Well Lived: A Physician's Guide to Wealth" podcast, host James Nutter delves into the lack of transparency surrounding how financial advisors get paid. He highlights the absence of financial education for physicians and the potential conflicts of interest that arise when working with advisors who may not have their clients' best interests at heart. Nutter breaks down the different ways financial advisors are compensated, including robo-advisors, commission-based products, assets under management models, flat fee-based fiduciary financial planning, and flat fee-only fiduciary financial planning. He emphasizes the importance of finding a fiduciary advisor and provides insights into his own fee-only approach. Timestamp Summary 2:39 Fiduciary vs Suitable Financial Advisors Explained 5:09 Exposing Financial Advisor Secrets and Ensuring Fiduciary Transparency 6:51- Robo Advisors Versus Human Financial Guidance 9:21 Navigating the Pitfalls of Commission-Based Financial Advising 10:54 Insurance Products Disguised as Investments 11:23 Captive Advisors and Their Impact on Young Physicians 12:21 High Turnover and Sales Quotas in Finance Careers 13:08 Understanding Commission-Based Products 13:42 Unveiling Hidden Investment Fees and Conflicts of Interest 17:08 Understanding Conflicts in Asset Management Fees 19:26 Understanding Flat Fee-Based Fiduciary Financial Planning 21:12 Transitioning to Transparent Fee-Only Financial Planning 25:58 Choosing a Fiduciary Financial Advisor Is Crucial Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Jon from Contract Diagnostics dives deep into the concept of fair market value (FMV) and why it matters for physicians. He unpacks the complexities of FMV, how it's determined, and why there's no one-size-fits-all answer. Learn about the different factors that influence FMV, from regional data to specific job duties, and discover how hospitals and employers might define it differently. Jon also discusses the importance of questioning and understanding these valuations to ensure you're getting a fair deal. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Hi everyone, it's Jon with Contract Diagnostics, providing a quick update on non-competes, a hot topic lately. We're in a waiting period for the new FTC rule, anticipated around early July. While it's not official yet, now is the perfect time to discuss non-competes with your employer. With potential changes on the horizon, it's crucial to renegotiate terms to ensure fair compensation and optimal working conditions. Engage in conversations about staffing, efficiency, and compensation to stay ahead. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Today Doug Crouse dives into debt-to-income calculations. For those with a straightforward employment contract and a base income, it's fairly simple. However, sign-on and quarterly bonuses typically don't count unless you have a two-year history. For 1099 income, if you have a set hourly rate, it's easy to calculate, similar to W-2 borrowers. But if your 1099 income is variable, a two-year history is required. Most lenders cap debt-to-income ratios at 43-45%, and for doctor loans, mine is set at 45%. This ratio is based on gross income minus items on your credit report, such as car payments, student loan payments, and credit card minimums, but excludes health insurance, daycare, and utilities. For example, with a $20,000 monthly income, 45% is $9,000. Subtract $1,000 for debt payments, leaving $8,000 for your maximum mortgage payment. For complex income situations, it's crucial to consult with an underwriter for an accurate assessment. Even with my 25 years of experience, only an underwriter's evaluation counts. So, always get a full loan pre-approval before house hunting, especially if your income isn't straightforward. If you have questions, Doug is available at DougCrouse.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Dr. Stephanie Pearson once practiced as an OB-GYN, but an injury during a delivery changed the trajectory of her career. She now is a disability insurance broker who counsels other physicians in the best ways to protect themselves and their income. She shares her experiences and knowledge with us today and takes some of the mystery out of shopping for the best disability policy. Work with Stephanie and her team: http://pearsonravitz.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Cindy Brown, an expert in transforming medical practices, shares valuable insights on optimizing revenue streams, personalized tax strategies, and achieving business success. She emphasizes the importance of having a strategic plan and understanding the business side of medicine. Cindy highlights common mistakes made by physicians, offers advice on surrounding yourself with a capable team, making hard decisions early, and being proactive in financial planning. Additionally, she discusses the importance of hiring professionals who are experts in their field and shares valuable tips for new physicians opening a private practice or those looking to sell their practices. Cindy Brown is the co-founder of Brown Welch Mehta, a company that excels in transforming specialty medical and dental practices. With over 35 years of experience in corporate finance, operations, and management, she boasts an impressive background working with global 1000 healthcare, consumer products, and entertainment industries. Her track record shines with her previous roles as a senior executive at renowned organizations such as Blockbuster, Cadbury, Schweppes, Dr. Pepper, Coca-Cola, and the James River Paper Company, making her an expert in financial strategies and business optimization for medical practitioners. Timestamp Summary 2:25 Transitioning from Medicine to Business Ownership 8:19 Maximizing Profits in Medical Practices 12:26 Crisis Management Following Healthcare Cyberattack 18:57 Strategies for Business Cash Reserves and Credit Lines 24:02 Cultivating Excellence and Leadership in Business 28:34 Understanding Cash Flow Versus Profit in Medical Practices 35:53 Strategies for Maximizing Small Business Tax Credits 40:50 Tax Strategies for Renting Property and Employing Children 43:02 Incorporating Family into Business Payroll Strategies 45:53 Strategizing Business with Advisory Boards and Tax Deductions 50:12 Maximizing Home Office Deductions for Business Owners 51:43 Strategizing Tax Compliance for Business Owners Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Physician families who succeed with their finances in both good and bad times follow four key steps. First, they unsubscribe from generic financial rules and instead focus on their unique circumstances. Second, they define their values and use them as a guide for financial decisions. Third, they have a clear vision and mission for their family's future. Finally, they are coachable and seek guidance from experts to achieve their goals. By following these steps, physician families can take control of their money and live a meaningful life. Join James Nutter as he explores these steps in this episode of "A Life Well Lived: A Physician's Guide to Wealth." Timestamp Summary 0:03 Four Steps for Physicians to Win With Money 4:35 Aligning Life Choices with Personal and Family Values 6:11 Balancing Present Joys and Future Financial Goals 7:47 Embracing Coachability and Overcoming Ego in Pursuit of Success 9:12 Phil Jackson's Impact on Basketball Legends 10:40 Embracing Coachability and Building a Life Well Lived Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Welcome to another insightful episode at Contract Diagnostics, where Jon dives into the complex world of physician contracts and the common pitfalls they face. Today, Jon reflects on a recent conversation with a physician who misunderstood crucial elements of his contract, leading to significant financial loss. He highlights the risks of outdated electronic health record systems and the impact on physicians' efficiency and reimbursement. Jon emphasizes the importance of clear, informed contract negotiations and proactive communication with employers to rectify issues and optimize working conditions. If you're a physician facing contract uncertainties or system inefficiencies, tune in for expert advice and support at Contract Diagnostics. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. In this episode Jon delves into the significant ransomware attack on Ascension, affecting its system and 35,000 affiliated providers. We explore the repercussions for healthcare providers, from reverting to paper notes to potential impacts on scheduling and income. The FBI and authorities are actively investigating the cause and next steps. Amidst uncertainty, we discuss the importance for physicians to understand their employer's policies and the implications for compensation, especially during system outages. At Contract Diagnostics, we're here to assist with navigating these challenges, offering insights and support through our free 15-minute web inquiries. Stay informed and prepared with us as we monitor the situation. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Welcome back to the Mortgage Minute with your host, Doug Crouse from BMO Bank. In this episode, we dive into the intricacies of interest rate locks. Learn the optimal timing to lock your rate post-preapproval and how this affects your mortgage application. Doug explains why securing your rate is crucial no later than 10 days before closing to ensure your loan gets finalized, emphasizing the importance of coordinating this with your insurance. Tune in to understand how to navigate rate locks efficiently and avoid the pitfalls of fluctuating market rates. If you have questions, Doug is available at DougCrouse.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Kyle Claussen with Resolve joins us today to talk about contracts. In his experience, even non-negotiable contracts can usually be modified to some extent to give the physician better terms of employment. We touch briefly on the new FTC ruling about noncompete terminology in our contracts and how that may impact existing and new contracts after all the legal proceedings play out. To learn more about contract negotiation, go to www.Resolve.com.

Jon from Contract Diagnostics emphasizes the critical importance of proactively managing one's financial future, especially for physicians. He highlights the significance of maintaining a strong income as the cornerstone for achieving financial independence, early retirement, and the ability to support charitable causes. Jon provides insights on the necessity of regular compensation reviews to ensure fair pay and discusses strategies for negotiating better terms in employment contracts. His advice extends beyond mere salary discussions, urging physicians to consider all aspects of their contracts to enhance their financial stability and overall job satisfaction. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Jon from Contract Diagnostics discusses the potential impacts of a new regulation banning non-compete agreements, particularly focusing on physicians and Wall Street professionals. He delves into the broader implications for 30 million U.S. employees currently bound by non-competes, emphasizing the opportunity for physicians to renegotiate their contracts. The conversation covers the urgent need for financial firms to restructure contracts, the unique challenges for low-income workers, and strategic advice for physicians to proactively address their contract terms in anticipation of changes. Jon encourages a comprehensive review of contract details beyond just compensation, advising on negotiation tactics and the importance of understanding contract renewal terms and malpractice insurance obligations. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Real estate expert Darlene Dresch provides valuable insights on the home buying process for physicians. She emphasizes the importance of finding the right realtor and getting pre-approved quickly. Darlene debunks common myths and offers advice on physician loans, debt-to-income ratios, and building wealth through real estate. She highlights the significance of choosing the right community and understanding the local market. Listeners are encouraged to interview multiple real estate agents, ask about their experience with physician relocations, and inquire about their communication style. Darlene provides a comprehensive guide to help physicians navigate the home buying process successfully. Timestamp Summary 0:01:02 Common mistakes physicians make in the home buying process 0:04:21 Importance of getting pre-approved before falling in love with a house 0:09:35 Find a real estate agent who is fiduciary to protect your best interests. 0:11:17 Factors to consider when choosing a neighborhood include walkability, school district, and amenities. 0:19:48 Paying off student loans first may not always be the best option. 0:20:18 Having no debt can be a disadvantage when applying for a mortgage. 0:23:53 Start building credit early by putting small expenses in your child's name. 0:28:57 Ideal step-by-step process for buying a house as a physician 0:35:14 Steps to follow: avoiding debt, talking to lender, interviewing realtor 0:38:49 The importance of choosing a lender and realtor carefully 0:40:10 Questions to ask when interviewing real estate agents 0:49:00 How realtors negotiate commission and credits from sellers. Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

In this episode of "A Life Well Lived: A Physician's Guide to Wealth," James Nutter emphasizes the importance of time and how it is the most valuable resource we have. He shares an exercise he does every year to audit his time and evaluate how he spent it. By categorizing things to leave behind, people to leave behind, things to bring forward, and the best moments and people of the previous year, he is able to prioritize joy and fulfillment in his life. Nutter encourages listeners to schedule time to do this exercise and experience the rewards of intentional time management. Timestamp Summary 0:00:03 Introduction: The value of time 0:00:32 Importance of using money to create more time 0:01:37 Annual exercise: Auditing your time 0:03:39 How to conduct the exercise 0:08:49 Scheduling time for the exercise 0:09:54 Personal growth through the exercise 0:10:37 Conclusion: Taking control of your life Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Welcome back to the Mortgage Minute with your host Doug Crouse from BMO Bank. In this episode, Doug demystifies interest rate quotes, explaining the basics of how rates are quoted, the concept of discount points, and how rates are typically broken down into eighths of a point. He uses practical examples to illustrate the difference between paying for a lower rate and receiving rebates for a slightly higher rate, helping listeners make informed decisions in the current economic environment. Tune in for clear, actionable insights on navigating your mortgage options. If you have questions, Doug is available at DougCrouse.com

Zoe Cangas is the founder of Moving Medicine Partners, which is a network of realtors who specialize in physician properties and who are also married to physicians. They understand the special needs that physicians face because they are part of physician families themselves. Zoe talks to us about finding the right realtor, how legislation may affect buying/selling in the future, and the advantages of having rental properties to offset high physician incomes. You can learn more about Zoe or find a realtor who works with physicians at www.MovingMedicinePartners.com.

In this heartfelt episode of "The Life Well Lived, the Physicians Guide to Wealth" podcast, host James Nutter invites Todd Spencer, a devoted husband to surgeon Amy Spencer, to share his deeply personal experiences and learnings from life as part of a medical family. Todd's engaging storytelling provides an intimate glimpse into the life of a physician's spouse, highlighting the joys, challenges, and profound lessons learned along the way. Todd Spencer delves into the importance of being intentional with time, the practice of grace within the relationship, and the nuances of navigating schedules and responsibilities with a partner who is deeply immersed in the medical field. His candid discussions about adapting to the role of a stay-at-home dad, the critical nature of self-care for the well-being of the entire family, and managing finances in a high-demand household are punctuated with wisdom and transparency. For any individual or family connected to the medical profession, this episode offers a treasure trove of relatable anecdotes and actionable advice, all while underscoring the value of cohesive partnership throughout the journey Timestamp Summary 0:02:44 Todd and Amy's medical journey together 0:06:11 Challenges of being in a relationship with a physician 0:09:03 Balancing work and family life during residency 0:10:20 The challenges of breastfeeding and being a female surgeon 0:12:20 Importance of being intentional and thoughtful in a medical family 0:13:53 Being selfless and putting oneself in the other person's shoes 0:19:24 Todd's experience as a stay-at-home dad for six and a half years 0:24:01 Mental games and managing expectations as a stay-at-home dad 0:27:37 Importance of sleep, food, and self-care for executing the mission 0:29:21 Recognizing and diagnosing stress and burnout 0:37:26 Managing time and resources as a busy family 0:39:04 Managing conflicts in time and money resources 0:43:35 Setting aside dedicated time for financial discussions 0:51:36 Advice for young Todd and Amy: Recognize and manage stress and burnout Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Discover your economic worth as a physician in this episode of "The Life Well Lived: A Physician's Guide to Wealth" podcast. Host James Nutter breaks down the concept of your hourly rate as a physician and challenges you to consider the opportunity cost of spending time on tasks you're not a professional in. Learn how prioritizing rest, recovery, and leveraging your strengths can increase your worth and bring more joy to your life. Don't miss this insightful episode that will help you take control of your time and live a more meaningful life. Timestamp Summary 0:01:06 Calculating the ROI on medical school investment 0:02:21 Determining your hourly rate as a physician 0:03:47 Importance of understanding and negotiating contractual duties 0:05:01 Shifting mindset to prioritize rest and recovery 0:06:29 Opportunity cost of DIY financial planning 0:08:16 Recommended time commitment for managing finances 0:10:44 Importance of surrounding yourself with a capable team 0:11:13 Increasing hourly rate by focusing on professional skills 0:12:14 Prioritizing rest, family time, and pursuing joy. 0:12:41 The opportunity cost of spending time on non-professional areas. 0:13:13 Reflection on strengths, weaknesses, and finding help. 0:14:17 How to spend time wisely and do what brings joy. Trying to qualify for PSLF and unsure if you're on track? Get James's 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more. Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Jon from Contract Diagnostics emphasizes the effectiveness of group negotiations among physicians and announces the launch of the Group Negotiation Division. He shares a success story of a group of surgeons renegotiating their compensation and highlights the complexities involved in the process. Jon encourages physicians to seek assistance in navigating group negotiations to ensure fair market value for their services. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Jon from Contract Diagnostics provides an update on non-compete agreements following a recent FTC vote. While the vote leaned towards a national ban on non-competes, challenges and lawsuits are expected. Jon advises physicians to stay informed and review their contracts. He suggests utilizing this time to renegotiate contracts and discuss compensation with employers. Contract Diagnostics is available to assist physicians in navigating these changes. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Doug Crouse from BMO Bank introduces the Rate Modification Option, a convenient program for borrowers. This option allows borrowers to relock their closed loan to the current market rate without the need for refinancing, saving time and money for both parties. Doug explains the flat fee structure and highlights the differences between rate modification and refinancing. He emphasizes the benefits of the program, such as the opportunity to adjust rates based on changes in loan-to-value ratios. Doug invites listeners to reach out for more information or assistance with loan estimates. If you have questions, Doug is available at DougKraus.com.

Many of us are told that our employer has one contract for a group of physicians and it is nonnegotiable. But what if the entire group collectively negotiated for changes? Groups can negotiate for salary, of course, but they can also request improvements to staffing, equipment, time off or other things. Jon Appino with Contract Diagnostics talks about the impactfulness and success of collective negotiations. He has started an entire division to focus on this type of bargaining and has even hired folks who previously represented "the other side" to increase physicians' chances of success in negotiations. To learn more about Jon and his team, go to www.ContractDiagnostics.com. You can also listen to his podcast Coffee and Contracts right here on Financial Residency.

Doug Kraus from BMO Harris Bank shares insights on the evolving mortgage market. With significant shifts in interest rates, he advises listeners to research their mortgage options thoroughly. Doug highlights potential challenges in the industry and encourages caution when selecting lenders or brokers. He emphasizes the importance of working with established professionals to navigate the changing landscape. If you have questions, Doug is available to assist and offers a free book on HippocraticHouse.com or DougKraus.com.

On today's episode of A Life Well Lived James Nutter is joined by his mentor, great friend, business partner, and founder of his company Jeff McPherson, CFP®. There's a difference between taking action with your money and fully taking control of your money. In today's episode James and Jeff talk from a high-level overview of common mistakes they see physicians make with their money. How to unsubscribe from rules of thumb like live like a resident. Student loan tips and tricks and Jeff's personal experience having his wife Michaela in Medical School from the perspective of a financial planner. Today they only scratch the surface of what will be many podcasts to come. Please email [email protected] if you have a topic you would like James and Jeff to explore AMA (ask me anything) style. IM Wealth currently works for 86 families and 70+ Physicians. To learn more about IM Wealth please visit www.imwealth.com To schedule a 100% free financial wellness diagnostic with James or Jeff visit www.imwealth.com and click join. To be the first to get notified for IM Wealth's free physician financial wellness masterclasses and other free resources visit https://www.imwealth.com/im-nest-signup Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

In this episode, James Nutter explores the concept of time versus money and how it relates to physicians' lives. He discusses the common belief that time is money and how physicians often equate more time worked with more money earned. However, he also highlights the negative consequences of this mindset, such as burnout and a lack of work-life balance. James encourages physicians to reflect on how they are spending their time and to consider whether they can delegate tasks that don't bring them joy or hire a capable team to help them complete their mission in life. He emphasizes the importance of valuing time as the most precious resource and using money to buy back time and create a more fulfilling life. Timestamp Summary 0:00:04 Introduction and Will Smith quote 0:01:13 The correlation between time, money, and burnout 0:02:34 The surplus of time and money as an attending physician 0:03:48 The value of time and conducting a calendar audit 0:05:37 Investing resources for high leverage on time 0:07:01 The art of delegation and buying back time 0:08:49 Examples of areas to delegate and hire help 0:10:52 Self-assessment questions and fear of delegation 0:11:44 Evaluating income requirements and working hours 0:12:13 Conclusion and closing remarks Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Jon from Contract Diagnostics discusses the disparity in contract offers for physicians within the same organization but different divisions. He emphasizes the importance of clarifying decision-making processes and reasons behind rejections when negotiating compensation. Jon advises physicians to seek multiple offers, understand policies, and persist in negotiations to achieve favorable outcomes. He highlights Contract Diagnostics' role in providing data-driven guidance and support throughout the negotiation process. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Jon from Contract Diagnostics discusses the FDA's evolving role in regulating AI in healthcare. As AI-powered medical devices become more prevalent, the FDA must adapt its processes to ensure safety and efficacy. Jon highlights the potential impact of AI on physician workflows and suggests that employers will need to update policies accordingly. He emphasizes the importance of staying informed about AI advancements and encourages annual policy reviews. Jon is optimistic about AI's potential to enhance productivity in healthcare and invites further discussion on the topic. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Dr. Bernard has literally written the book on physician wellness and shares her insights to help us find our love of medicine again while maintaining our own happiness and well-being. She advocates for physicians to have autonomy and control the things they can in their practice. She offers simple tips for running an efficient practice and setting limits on the time you allocate for work so that you have more time for yourself. She also promotes motivational interviewing to help patients become true partners in decision making and goal setting, which leads to more successful outcomes. You can learn more about Dr. Bernard, listen to her podcast or discover the books she has written at www.RebekahBernard.com.

In this episode of the "Life Well Lived: A Physician's Guide to Wealth" podcast, host James Nutter discusses the importance of taking extreme ownership and full responsibility for one's life. He shares his personal journey of blaming others for his circumstances and how he learned to take control and liberate himself. James emphasizes that blaming external factors such as the government, the economy, or other people only hinders personal growth and financial success. He encourages listeners to reflect on their own lives and assess whether they are taking full responsibility for their outcomes. James provides examples of individuals who have overcome adversity and achieved great success by taking ownership of their lives. He also introduces the formula "e + r = o" (experience + reaction = outcome) to illustrate the power of choosing how to respond to life's challenges. By taking responsibility and responding positively, individuals can create the outcomes they desire. Timestamp Summary 0:00:03 Introduction and the importance of taking full responsibility 0:01:04 How taking responsibility relates to money and personal circumstances 0:03:21 The importance of choosing how to respond to unforeseen events 0:04:13 Personal examples of successful individuals who took responsibility 0:07:21 Formula for taking responsibility: experience + reaction = outcome 0:09:22 The speaker's personal journey and the importance of taking control 0:10:49 Action item: self-assessment questions to promote positive change Do you take full 100% responsibility for all your outcomes in life? At the end of the day, taking control of our lives is perhaps the most important choice we can make. The result? Full freedom and liberation to know that all of your outcomes, where you are, and most importantly where you choose to go now are 100% your responsibility Trying to qualify for PSLF and unsure if you're on track? Get James's 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more.

Have you ever taken time to review your contract and negotiate terms that are favorable to both you and the team? Just like a pro athlete negotiates for the most favorable contract, you as a superstar physician can to. Every time you renew your contract, you have a chance to get a better deal, especially your 2nd contract as an attending after you've proven yourself as an invaluable asset to the team. In today's episode, we are joined by Health Law Attorney Spencer Licktieg. You deserve to have the right tools and skills to get an equitable contract that aligns with your lifestyle, and indispensable contributions. Tune in to learn how. To connect with Spencer for a free consult, visit https://shrr.com/our-people/spencer-k-lickteig/ Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This recording is for the exclusive use by Financial Residency Podcast and used solely as an educational tool for the limited podcast interview by Spencer Lickteig on April 19, 2024 and any recorded replays of that presentation. This commentary was not provided with any intent for actual use by individuals or entities and does not reflect the legal opinions or advisement of Spencer Lickteig or Smith, Haughey, Rice, and Roegge. The information presented in this podcast itself does not, and is not intended to, constitute legal advice. Instead, all information and content are for the limited informational purposes only. The receipt or listening of this information does not create an attorney-client relationship, nor does it represent any intention of seeking or providing legal counsel. No user or listener should act or refrain from acting based on the information provided in this document or presentation without first seeking legal or professional advice from counsel in the relevant jurisdiction. This presentation does not represent the practice of law pursuant to state licensing authorities. This interview audio shall not be reproduced by any parties without the express consent of Spencer Lickteig and Smith, Haughey, Rice, and Roegge.

Jon from Contract Diagnostics discusses the impact of hospital and clinic closures on employees, comparing the situation to retail franchise closures like Kmart or Bed Bath & Beyond. He highlights potential outcomes for physicians, such as reassignment or termination, based on the terms of employment contracts. Jon emphasizes the importance of understanding contract stipulations regarding termination pay, benefits, notice periods, non-compete clauses, and tail insurance. He advises healthcare professionals to be fully aware of their contract details at signing to prepare for possible closures, terminations, or relocations, ensuring they know their options and risks. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Jon from Contract Diagnostics recently attended the American College of Cardiology's annual convention in Atlanta, a large and engaging event where he provided talks on contract renegotiation and changes in compensation structures post-pandemic, specifically for cardiologists. Amid the pleasant setting of Atlanta, Jon, joined by colleagues Anu, Jennifer, and Selena, enjoyed interacting with many cardiologists at their booth and during presentations. They addressed various concerns related to fair compensation, leveraging their experiences to offer tailored advice for renegotiating contracts and understanding compensation dynamics. Jon emphasized the difference between earning a high income and being fairly compensated, citing an analogy with football player Patrick Mahomes to highlight the point. Contract Diagnostics aims to educate and assist physicians in navigating their careers and contracts effectively, offering free educational resources and personalized consultations to help physicians achieve fair compensation and job satisfaction. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Appraisals are completed by an independent third-party provider so neither your realtor nor loan officer have any input over the value. They typically take 5-7 days once ordered by the bank, but Doug recommends putting in a 10 day appraisal contingency when writing your contract to purchase your home. You can only use comparable houses (comps) for those that closed before your home was inspected. You can reach Doug at [email protected] or go to www.DougCrouse.com.

Budgeting can be a difficult task for physician families, especially when one spouse is a stickler for budgets and the other isn't. But Nate Reineke, CFP with Physician Family Financial Advisors, explains how couples can develop budgets in a nonconfrontational way by discussing their short and long term goals. He encourages families to pay off debt while saving for kids' college and/or retirement. And most importantly, he doesn't want physicians to miss out on enjoying their lives because they are so focused on saving for retirement. With a little forethought, there can be a happy balance between work and the rest of your life. You can learn more about Nate or hear his podcast at www.PhysicianFamily.com.

Ever felt overwhelmed about not knowing what you don't know as it relates to money? Perhaps even a bit frustrated that of the hundreds of thousands of dollars you spent and countless hours in training, there was little to no real-world training about money? I have great news, if you're reading this now, you're here for a reason. And though your medical school or training program is unlikely to do anything about, we here at Financial Residency are here to help you make sense of your cents. Take the first step by tuning into this episode! Trying to qualify for PSLF and unsure if you're on track? Get James's 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more. Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Warning: don't be the richest one in the graveyard. A wise investor named Warren Buffet once quoted "Investing in yourself is the most important investment you'll ever make in your life. There's no financial investment that'll ever match it, because if you develop more skill, more ability, more insight, more capacity, that's what's going to really provide economic freedom. It's those skill sets that really make that happen." - Warren Buffet, Billionaire American Investor. You've already invested hundreds of thousands of dollars into your superpower skillsets as a clinician, what are you doing to invest into yourself now? Trying to qualify for PSLF and unsure if you're on track? Get James's 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more. Source 2 https://www.cnbc.com/2017/04/07/tony-robbins-and-warren-buffett-recommend-thisinvestment Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Jon from Contract Diagnostics highlights the risks associated with physician employment contracts, particularly emphasizing a case with a stark imbalance in termination notice periods and the risks during a probationary period. Physicians face unfair termination clauses, such as needing to provide 120 days' notice to leave, while employers can terminate with only 30 days' notice. Additionally, during a six-month probationary period, employers can terminate immediately without cause. Jon advocates for mutual termination notice periods and suggests that contracts should offer safeguards like severance packages or compensation for unworked notice periods to mitigate the physician's risks. He underscores the importance of reviewing employment contracts carefully to avoid costly nuances and ensure they meet industry standards. Contract Diagnostics offers thorough reviews and educational resources to help physicians navigate these complex agreements. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com