Financial Residency

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! In this episode, host Tammy introduces Doug Crouse, a seasoned physician mortgage lender, on navigating the competitive housing market for first-time physician homebuyers. They discuss the importance of securing the right loan and introduce their book, "Hippocratic House," aimed at assisting physicians in home buying. Doug offers insights on the current housing market, emphasizing the need for careful consideration before making offers, especially in competitive situations. He also highlights the significance of pre-approval in the homebuying process and shares tips for finding the right realtor. You can reach out to Doug to set up an appointment through email at [email protected] or text him at 1-862-375-6267 (1-862-DR-LOANS).

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! Nobody's perfect. Everyone needs to take care of their mental health, including physicians. Perfectionism in medicine can spill over into physicians' personal finances. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Michael Myers about physician perfectionism. Michael is professor of clinical psychiatry at SUNY-Downstate Medical Center and author of eight books covering everything from physician suicide and mental health to physician marriages. Topics Discussed: • Tyranny of Perfectionism: Extreme perfection can affect productivity • Good Enough: Strive for excellence, but find and accept balanced portion • Human Humor: Welcome to medical school, you're (not) the best and brightest • Imposter Syndrome: Message of perfectionism leads to inferiority • Survive and Thrive: Perfectionism is expected, to err is human • Demographics and Diagnoses: Diverse physician and patient population • Signs: Worry too much, stay too late, struggle with competence and confidence? • House of Medicine Stigma: Should doctors ask for or need help? • Physician Personalities and Psychiatry: Self-resolve or seek help with triggers • Money Management: Most physicians are not gifted in economics/business • Marriage and Money: Keeping up with the Joneses linked to perfectionism • Privilege or Poverty: Physician's upbringing is pressure to maintain or do better • Married to Doctors: Say and do something in a loving manner; listen and get help • Co-parenting: Compliment and cut back on child's activities; time is not unlimited LINKS: www.WrenneFinancial.com

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! Even with your own home, have you noticed that real estate prices have been a bit hectic? How do you build wealth with real estate? Not with your primary residence. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about real estate as an investment outside of your primary residence. You are building wealth with your home, but it is hard to realize that wealth. Topics Discussed: • Real Estate Market Prices: Massive increases in short periods of time • Crazy Market: What are the reasons? Nobody really knows underlying causes • Supply and Demand: Low supply and high demand drives up real estate prices • Why is demand high? People still want to buy or invest in real estate • Why is supply low? Cautious builders, lumber costs, lack of skilled labor, rules • Real Estate Investing - Alternative approaches to make money: ◦ Appreciation: Own property that increases in value ◦ Rent: Own property that is rented out to others to generate income ◦ Loan: Charge interest on money loaned for real estate deals • Ways to Own Real Estate: Short- or long-term rentals, flips, multi-units, raw land • Real Estate Responsibilities: Do you want to be an investor or more involved? • Why people write/talk about real estate: Hype, interest, and money to be made • Big Benefits: Diversify, passive income, tax shelters, and better returns • Downsides: Time, dealing with people, risks, returns, complexity, and alternatives • Purpose: Why do you want to invest in real estate and build a portfolio? Links: https://www.reit.com/ https://www.vrbo.com/ https://financeforphysicians.co/

In this message, Jon from Contract Diagnostics emphasizes the company's commitment to physician education. He highlights the lack of formal training for physicians in contract evaluation, negotiation, and other crucial aspects of professional development. Jon invites individuals and organizations to reach out for educational opportunities, including training programs, free talks, and webinars. He introduces Dr. Catherine Sarnowski as the National Director of Physician Education, emphasizing her role in providing non-branded educational content tailored to physicians' needs. Jon encourages listeners to consider hosting educational discussions within their programs or associations and invites them to connect with Contract Diagnostics for assistance. He concludes by expressing gratitude and reiterating the company's dedication to supporting physicians' career advancement. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

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! In this episode of the Mortgage Minute, host Doug Crouse discusses recent fluctuations in mortgage rates driven by economic reports such as the jobs and manufacturing data. He advises listeners to consider locking in their rates within 60 days to secure the best possible rate amid uncertainty. Doug warns against waiting to lock rates as unexpected market changes can lead to higher rates, emphasizing the importance of staying informed through resources like Mortgage News Daily. He concludes by offering his contact information for further inquiries. You can reach out to Doug to set up an appointment through email at [email protected] or text him at 1-862-375-6267 (1-862-DR-LOANS).

In California, a healthcare system faced a staffing crisis during the pandemic and resorted to costly temporary nurses. To tackle this, the CEO and team offered $100,000 signing bonuses for new RNs and retention bonuses for existing ones over three years. This innovative approach succeeded in retaining staff and reducing reliance on expensive locums. The case underscores the importance of investing in staff and considering retention bonuses as a cost-effective strategy. As such, healthcare professionals negotiating contracts should explore such options for fair treatment and long-term organizational benefits. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

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! Dr. Steve Suh is a co-founder of Left Field Investors and author of "Avoiding Rookie Errors as a Left Field Investor." He shares his successes and mistakes with us today about syndication and real estate investing. He encourages everyone to educate themselves before investing to avoid unnecessary losses. He also talks about the benefit of having a network of investors around you to learn more about your interests. You can learn more about syndications and real estate investing at www.LeftFieldInvestors.com.

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! Does the medical profession make you feel like you got to have everything together because everyone around you is perfect? Everything and everyone has flaws, including physicians who are far from perfect but pretend everything is all good all the time. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Christine Runyan, co-founder of Tend Health, which brings a team of clinicians to the intersection of clinical care, health professions, and technology. Christine understands and views clinician well-being through the lens of a psychologist. Topics Discussed: • How perfectionism negatively affects physicians' mental health • Ways for physicians to address perfectionism proactively • Physicians' Mental Health: Getting to the point of it's ok to not be ok • Tend Health: All work done via video telehealth platform and care for physicians • Barriers: Licensing and credentialing process asks about mental health history • Stigma and Culture: Amplifies sense of self-determination to get through anything • Be Human First: Maximize privacy, confidentiality, access to mental health care • Physician Stereotype: Paradox that they need help, but too often suffer in silence • What's expected? Know the right answer, be curious/authentic, ask questions • Financial Aspects: Average resident/fellow has six-figure student loan balance • Coping Strategies: Self-awareness is super power to being honest with yourself LINKS: www.WrenneFinancial.com

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! If you already have or plan to set up or start a health savings account (HSA), how do you make sure it is efficient to build wealth and possibly invest? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to best manage HSAs. Topics Discussed: • HSA: Best tax shelter that exists as a vehicle to put your money into • HSA vs. Flex Spending Account (FSA): What's the difference? • HSA Strategy: ◦ Rule #1: It's best not to spend out of your HSA ◦ Rule #2: If using HSA to build wealth, make sure to invest cash ◦ Rule #3: As you have healthcare expenses, save the receipts • When to start using your HSA? Balance equals future expected healthcare costs • HSA Beneficiaries: Make sure to identify spouse or dependents • When is the best time to fund HSA? Max out sooner than later • Cafeteria Plan: Better to funnel money through employer HSA for matching funds • Switching Providers: Keep up with transfers and minimize number of HSAs LINK: www.WrenneFinancial.com

Today, Jon from Contract Diagnostics discusses the unsettling statistic that one in five physicians may become disabled during their career. While Jon admits to lacking expertise in disability insurance specifics, he underscores the importance of understanding one's coverage. He points out that employer-provided disability policies often have limitations that may not adequately support physicians and their families in the event of disability. Jon encourages physicians to explore supplemental disability insurance options to ensure sufficient coverage. Although Contract Diagnostics doesn't offer disability insurance, Jon emphasizes the critical role of understanding benefits and negotiating contract terms related to insurance. He concludes by inviting physicians to reach out for contract reviews, compensation analyses, and benefit evaluations provided by Contract Diagnostics. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

In this episode, Jon from Contract Diagnostics discusses the notion of the best-paying job in healthcare based on an article he read. While traditional high-paying roles like executive positions and CEOs are acknowledged, Jon focuses on the surprising revelation from an anesthesia journal that anesthesiology is deemed the best-paying job in healthcare. He scrutinizes the data presented in the study, highlighting discrepancies and questioning its validity. Jon contemplates various factors beyond monetary compensation that define the best-paying job, including stress levels, work-life balance, and vacation time. He invites listeners to share their perspectives and emphasizes Contract Diagnostics' commitment to helping physicians secure contracts that align with their individual needs and circumstances. Jon concludes by encouraging physicians to reach out for guidance in navigating contract negotiations and ensuring they receive optimal compensation packages. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

It's almost Match Season and Graduation Time for med students, residents and fellows. That means that thousands of doctors will be looking to move and get a mortgage at the same time. This year is different in that many banks have pulled out of the Physician Mortgage space over the past year, which means there will be fewer loan officers to handle the influx of doctors needing assistance. So plan ahead. Make contact with banks, get the information you need and questions answered, apply for preapproval early so when you find the house of your dreams you can move fast and make an offer. You can reach out to Doug to set up an appointment through email at [email protected] or text him at 1-862-375-6267 (1-862-DR-LOANS).

Brett Riggins is the owner of Physician Wealth Systems and podcast host of Real Estate Mogul MD. He talks to us today about the BURRR method of investing (Buy, Renovate, Rent, Refinance, Repeat) and stackable returns of residential real estate. We briefly explore the tax benefits of developing a real estate portfolio to offset active income from W2 employment. To learn more about Brett at www.PhysicianWealthSystems.com.

Insurance agents posing as advisors is more common than you may realize and can create conflicts of interest. The key is having better awareness. Don't get fooled again! In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five ways to identify whether you are working with an insurance person who is posing as a financial advisor. Topics Discussed: • Sign #1: Aggressive posers seek you out after making contact or via referrals • Sign #2: Posers offer you free or low-cost financial "advice" • Sign #3: Posers act as trusted advisors; don't refer to themselves as salespeople • Sign #4: Advice and product solutions offered by posers are similar across clients • Sign #5: Agents posing as advisors make it difficult to leave them/their products LINK: www.WrenneFinancial.com

It's that time of year again where many of you are considering giving generously to help others. What are some of the best tax strategies for giving? In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a fellow Certified Financial Planner (CFP®) and founder of Anesthesia Success—a planning firm and podcast dedicated to helping anesthesia and pain physicians make successful career and financial decisions. Topics Discussed: • Charitably inclined? Uncle Sam encourages contributions to help everyone • Science of Giving: Feels good when faith shapes financial plan/philosophy • Giving Forms: Generously invest time, money, emotion for observable impact • Is giving important? When? Giving imperfectly is better than not giving at all • Standard vs. Itemized Deduction(s): Cultivate desire and mechanics of giving • Charitable Contributions: Change from above- to below-the-line tax deduction • Appreciated Securities: Giving a security that has unrealized taxable gains • Taxable Accounts: Investment account type that has no inherent tax advantage • Donor Advised Fund: Pros and cons of using the DAF strategy for giving • Batched Giving: Strategically think about timing of gift based on tax situation • Internal vs. External Factors: How will tax situations, brackets, policies change? • Tax Impact: Qualified Charitable Distribution vs. Required Minimum Distribution • Private Foundations: Give more meaningfully charitably to express generosity LINKS: www.WrenneFinancial.com

In this episode, Jon from Contract Diagnostics explores the trends in hospital mergers and acquisitions, highlighting recent examples and contemplating whether this trend will continue. He mentions the increasing number of deals and the involvement of non-traditional players like Microsoft, Amazon Health, and Walmart in healthcare partnerships. Jon anticipates more technology-driven collaborations and partnerships, emphasizing the potential impact on physicians. While immediate effects on physicians may be minimal, Jon suggests that downstream changes could include alterations to benefits, electronic health systems, and potentially compensation. He sees potential benefits for physicians in terms of better negotiating capital, improved technology, and streamlined operations. Jon concludes by emphasizing the importance of staying informed and seeking guidance, particularly when facing contract amendments or changes in compensation schedules due to organizational consolidations. Physicians are encouraged to reach out to Contract Diagnostics for assistance in navigating such changes. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

In this brief episode, Jon from Contract Diagnostics discusses the significant expenses associated with electronic health record (EHR) systems for healthcare facilities. Using examples from a published article, he highlights the substantial costs, such as a Cleveland-based hospital expecting its EHR installation to cost $400 million. Jon emphasizes that these costs are typically covered by employers, and physicians need not worry about directly paying for EHR systems. However, he suggests that physicians inquire about the type of EHR system their potential employer uses during interviews or site visits. Jon also encourages physicians to be adaptable to different systems and leverage their knowledge of various EHRs as a negotiating point for compensation. He stresses the importance of understanding the employer's perspective while negotiating, acknowledging their investment in technologies that should ideally enhance efficiency and billing. Jon concludes by reminding physicians to engage in open and effective communication with their employers regarding compensation and contract details, offering Contract Diagnostics' assistance in maximizing compensation. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Match Season and Graduation Season for residents and fellows brings an influx of new home buyers. Over the past year, there have been several banks that have gotten out of the physician mortgage business so there will be fewer loan officers to handle the thousands of physicians who are looking for a loan at the same time. If you think you might be buying a house in the next 6 months, Doug recommends that you start reaching out to banks now to start getting prequalified and approved for a home. With physician mortgages, you can generally purchase your new home and get moved in before you start your residency or new attending job. To learn more about Doug or to get a copy of his free book "The Hippocratic House: Do No Harm When Purchasing Your First Physician Home," go to www.DougCrouse.com. You can also schedule a free call with him on this website.

Employers refer to Fair Market Value in conversations and contracts when negotiating fair compensation, but who determines FMV and how is it calculated? Jon Appino with Contract Diagnostics tries to shed light on FMV and talks about how you can get third-party information to ensure you agree with the FMV calculation being used to determine your compensation. To learn more or get a Compensation Review for yourself or your group with Jon's team, go to www.ContractDiagnostics.com.

Have you been paying attention to the financial news? Most of it is covering all the craziness around stocks. GameStop, AMC, and others went way up only to go way back down. These days, everyone has a Robinhood account and is trading stocks on margin. Plus, the COVID pandemic has added all sorts of volatility to the stock market. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to David Blanchett about investing during the craziness of a wild market. David is the Head of Retirement Research for Morningstar's Investment Management Group and an Adjunct Professor of Wealth Management at The American College. Topics Discussed: COVID: How the pandemic and being isolated at home has affected investing • Day Trading: For better or worse, people want to invest in, buy individual stocks • Today's Market: Everyone wants to buy and trade to make money, not possible • False Confidence: How long until the bubble bursts because it will, eventually • Winners and Losers: Problem with day traders is they report one, not the other • Can you beat the stock market? First, learn from mistakes made from investing • Smarter than...? Good investing is boring, advisors don't and can't time market • Utility Grievance: How much do you like something and quantify preferences? • Weigh Outcomes: Downside of doing it yourself is much worse than upside • Short Selling: Put on your blinders and don't follow what everybody else does LINKS: www.WrenneFinancial.com

For some physicians, achieving financial independence is the end-all-be-all to living the good life. Pursuing it can be fantastic when well-balanced and a key factor to reducing burnout. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks too Donovan Sanchez, a Certified Financial Planner (CFP) and founder of Sky view Financial Planning, about the pursuit of financial independence. Topics Discussed: • What is financial independence? Financially set for life • Pursuit of Financial Independence: Be reflective, thoughtful, and understanding • Does financial independence buy happiness and solve life's problems? • Physician's Perspective: Achieve financial independence sooner than later • Field of Medicine: Doctor's motivation is to help people, make money, escape • I.R.E. Movement: Pressure to payoff student loans in extraordinary timeframe • Time and Money: What's more important? Do you trade dollars for time? • On Living a Rich Life: What would make your life really rich? • Busy Work: Sacrifices need to be made from time to time - no regrets • Vision Document: What do you want your life to be like? • On track or not? Ask someone you love and trust to provide honest feedback LINKS: www.WrenneFinancial.com

Today, Jon from Contract Diagnostics addresses the common objection physicians encounter during contract negotiations – being told that everyone at the facility is paid the same. Jon advises physicians not to immediately accept this claim but to engage in due diligence by asking questions about the evaluation process, the data used, and how long it has been since the last assessment. If the offered compensation is below market value, Jon suggests that physicians consider collective negotiation strategies within their group, emphasizing the power of a united front when discussing compensation concerns with the administration. Jon also explores alternative negotiation approaches, such as seeking additional benefits or exploring creative solutions. He encourages physicians to reach out to Contract Diagnostics for assistance with contract and compensation-related matters. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

In this Coffee and Contracts episode with Jon from Contract Diagnostics, the focus is on negotiating based on data and determining fair value. The discussion emphasizes the importance of considering various data inputs beyond standard industry metrics, such as MGMA data. Jon highlights the significance of understanding the context, including factors like the duration a position has been open, location, and facility staffing. The episode stresses the need to interpret data accurately and tailor compensation evaluations to individual circumstances, accounting for variables like vacation time and benefits. Jon also emphasizes Contract Diagnostics' personalized approach to consulting, ensuring clients understand the nuances of their contracts. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Doug gives his recommendations on the steps you should take in purchasing a new home. First, you should get preapproved (versus prequalified) with your bank and set a budget. Think about your "must haves" when choosing your home, such as location, commute to work, schools, amenities, safety, etc. Now choose your realtor. Find one who will give you good advice and negotiate well on your behalf. Contracting with the right realtor can potentially save you thousands of dollars and prevent you from buying a lemon. To learn more about Doug or to get a copy of his free book "The Hippocratic House: Do No Harm When Purchasing Your First Physician Home," go to www.DougCrouse.com. You can also schedule a free call with him on this website.

We all went into medicine to care for patients, but for some more of our time is spent on the EMR than with our patients. Erez Druk invented AI software that listens to your appointments and generates a SOAP note for you. It learns your style over time so less edits are necessary with each interaction. It's like a scribe that will never quit on you, not to mention more affordable. It may save you 10+ hours per week in administrative tasks. You can learn more at www.Freed.AI. You can try the software for free and don't need to purchase any equipment. If you decide you want to subscribe to the service, you can get 50% off the first month by using code FR50.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Are you on auto-pilot and susceptible to routines and the rest of the world's values? What's most important to you in your life? There are solid steps or ways that you can take to clarify (or re-clarify) your true values. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about three specific exercises to help you clarify and align your values. Topics Discussed: • What are values? Undercurrent or true driver to measuring happiness • Values Awareness: Day-to-day actions in alignment with what's most important • Results: Better decisions, confidence, happier, and feeling more purpose-driven • Symptoms: Feeling lost, lack of confidence in decision making, and stress • Value of Values: Believe in, maintain, and reinforce awareness of your values • Exercise #1: Values Clarification (highlight/prioritize/summarize what's important) • Exercise #2: Life Map (Reflect on past; visually pointing out life's ups and downs) • Exercise #3: 80th Birthday: Focus on future and purpose (who/what's important) LINKS: www.WrenneFinancial.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Physicians seeking independent financial planning advice at a fair price should find financial advisors who mitigate conflicts of interest that cause more harm than good. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Donovan Sanchez, a Certified Financial Planner (CFP) and founder of Skyview Financial Planning. Donovan covers different conflicts of interest that most people are unaware of and the importance of disclosure requirements to find a quality financial advisor. Topics Discussed: • Financial Advisor Types: Anybody working in the financial services industry • Compensation Models: Pay for services via commission, fee-only, or fee-based • Challenging Conflict: Provide advice in advisor's and client's best interest • Teaching/Training: How to make sales and do financial planning to offer advice • Major Manufacturers: Research proprietary products, means of distribution to sell • Learn Language: Talk like a financial advisor to focus on quality or make sales • Clients and Referrals: How many to make sales and create custom plan/advice • Disclosure: Put client's interests first and disclose/manage conflicts of interest • Space and Stability: Become a good financial advisor before giving advice • Find Financial Advisor: Reach out to identify training, guidance, and get paid • Future of Financial Advice: Take step forward to regulate financial advisor title LINKS: www.WrenneFinancial.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Jon from Contract Diagnostics discusses the structure and payment of medical directorship roles. The structure depends on factors like facility and specialty, with compensation typically being hourly or a flat fee. Medical directors may have a separate contract, and compensation can range from $100 to $400 per hour, often capped monthly or paid annually. The importance of tracking hours and negotiating duties is emphasized to ensure fair compensation. Jon advises physicians to clarify terms, understand exit options, and seek assistance in navigating complex medical director contracts. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Jon from Contract Diagnostics addresses the increasing trend of employers providing addendums or changes to physicians' compensation structures. He emphasizes the importance of promptly seeking professional assistance, like Contract Diagnostics, when receiving such addendums, especially since they often come with short timeframes for review and acceptance. Jon advises physicians to thoroughly understand the proposed changes, not just focusing on apparent benefits but considering the broader impact on various aspects of compensation. He highlights potential pitfalls, such as alterations to RVU conversion factors or changes in stipend structures, and urges physicians to rally colleagues to collectively negotiate and seek clarification from the employer. Jon stresses the significance of asking comprehensive questions, understanding if the proposed changes apply uniformly across the division, and considering the implications for future hires. He encourages physicians not to feel rushed, request extensions for thorough reviews, and assures viewers that Contract Diagnostics is available for timely assistance. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! As a physician, you have many options when it comes to getting a mortgage for your new home. One option is choosing between an adjustable rate versus a fixed rate. Doug talks today about why you might want one over the other and factors to consider. To learn more about Doug or to get a copy of his free book "The Hippocratic House: Do No Harm When Purchasing Your First Physician Home," go to www.DougCrouse.com. You can also schedule a free call with him on this website.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! James Nutter is a financial planner with IM Wealth. He talks with us in depth today about student loan repayment strategies with a strong focus on PSLF. His firm specializes in approaching financial planning from a behavioral perspective. Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. One size planning does not fit all. To learn more about James, you can go to www.IMWealth.com. To download a free PSLF checklist, you can go to https://info.imwealth.com/pslf. You can also email James at [email protected].

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! You can have all the money in the world and be completely unhappy. Everybody wants to move closer toward living out their version of an ideal life. Yet, the daily grind we all face tends to push us away from this. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks with his colleague Jeff Wenger, about how physicians can better align time and money management with their values. Topics Discussed: Where to begin? Start with a plan to align financial actions with values • Two Mindsets: Auto-pilot thinking versus deliberate thinking • Awareness: Start with gaining awareness of your actions • Time and Money Management Exercise: Find ways to track what you've done • Awkward Conversations/Characteristics: Plan for success, write your obituary • Life Planning: Kinder's 3 questions about living out your ideal life • New Day-to-Day Decisions: Say 'no' to things that don't align with your values • Ideal Calendar: Prioritize values by making time and space on your calendar • Should you stay on auto-pilot? No, do something, take action to help your wealth Link: www.WrenneFinancial.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Should you pay off debt or invest? It's a straightforward question. Yet, the answer is often not so straightforward and really depends on your situation. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger about the proper way to think through this question so that you can begin making more educated decisions about debt and investing. Topics Discussed: • Assumptions and Assessment Factors: ◦ What's more important right now—financial independence or flexibility? ◦ Are you saving enough or have enough to invest or pay off debt? ◦ Mitigate Risks: Why consider return rates, interest rates, taxes, cash flow? • Mortgage Myths: Pre-payments can actually create loss of flexibility with funds • Be strategic: Consider refinancing debts to change the variables in your favor • Financial Stress: What makes you happy versus what makes you worry? LINKS: www.WrenneFinancial.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Jon from Contract Diagnostics discusses creative negotiation strategies for physician contracts. Using a hypothetical scenario where the base salary is $300, and the physician desires $325, Jon explores various creative approaches to negotiation. He suggests considering alternatives such as negotiating for future years, additional benefits like extra vacation or flexible start dates, modifying non-compete clauses, proposing buyout clauses, and exploring creative compensation structures, like tiered RVU rates or unique scheduling arrangements. Jon emphasizes the importance of thinking creatively and finding a fair compromise that benefits both parties. He encourages viewers to reach out to Contract Diagnostics for assistance in navigating and negotiating physician contracts. LINKS: www.ContractDiagnostics.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Jon from Contract Diagnostics shared a recent case where a physician faced unexpected changes in employment due to a third-party vendor terminating their contract with a hospital. Despite the physician's stellar performance, the vendor wanted out of the specialty, prompting negotiations between the hospital, vendor, and physician. The hospital, unaware of the original contract terms, offered a new deal. However, the physician found disparities in benefits, vacation, 401k, and bonus structures. Jon emphasized the importance of understanding your contract, especially in vendor relationships, where unexpected changes can impact compensation and work conditions. Contract Diagnostics aims to assist physicians navigating such situations and offers guidance during contract transitions. LINKS: www.ContractDiagnostics.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Rates came down in the last quarter of 2023. Should you refinance? Do you have a rate modification option for your loan? Will rates go down further? Doug talks through a few of these issues on today's podcast. If you would like a free copy of Doug's book, Hippocratic House: Do No Harm When Purchasing Your First Physician Home, go to www.DougCrouse.com to request a copy.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Scott Royal Smith is an asset protection attorney. His firm specializes in tax deductions, shelters, depreciation analysis and real estate planning. Today we explore protecting yourself through a combination of anonymity trusts and LLCs, establishing private foundations to create a tax shelter, investing in oil and gas to gain beneficial depreciation to offset W2 income and becoming a real estate professional to boost investment return and depreciation against taxes. To learn more about Scott Royal Smith and his firm, go to www.RoyalLegalSolutions.com.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Join Daniel Wrenne and Jeff Wenger on an enlightening episode of "Finance for Physicians," where they explore the dynamic world of student loans, financial planning, and more. In this engaging conversation, Daniel and Jeff discuss recent updates and developments in the field, offering valuable insights and strategies to empower physicians in managing their financial futures. Discover essential tips, uncover emerging trends, and gain a deeper understanding of the financial intricacies that impact medical professionals. Whether you're a medical resident starting your career or an experienced practitioner looking to optimize your financial strategy, this episode is packed with valuable information to help you make informed decisions and secure your financial well-being. Tune in to "Finance for Physicians" and stay ahead in your financial planning journey as a physician, gaining the knowledge and expertise you need to thrive in your financial life. Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind. Links: Show digging into the most recent round of changes Show going over other big changes that happened during COVID Blog Post on most common student loan mistakes (pre-COVID) Connect with me on my LinkedIn Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Today, Daniel addresses concerns about product-based financial advisors, distinguishing them from investment-focused advisors. He explains that product-based advisors primarily aim to sell financial products such as disability or life insurance, earning commissions from manufacturers. Daniel emphasizes the inherent conflicts of interest in this model, as advisors are incentivized to sell more products. He warns against the common practice of pressuring clients to buy and highlights the potential lack of objective advice in such setups. Additionally, Daniel cautions against combined product and investment-focused advisors, labeling them as problematic due to compounded conflicts of interest. He encourages awareness and careful consideration when working with financial advisors. Links: Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Today on the podcast, Jon from Contract Diagnostics discusses a 2024 healthcare prediction article, emphasizing the rise of AI regulation in healthcare. He anticipates increased scrutiny and guidelines for the use of artificial intelligence in various healthcare roles. Jon believes that AI will revolutionize healthcare, offering applications that save physicians time and improve patient engagement. He mentions the potential impact on hospital margins and suggests that physicians may have increased negotiation power amid shifting post-pandemic dynamics. Jon encourages contacting Contract Diagnostics for assistance with compensation, contract negotiations, and related inquiries. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Today, Jon from Contract Diagnostics discusses a recent article by Moody's projecting a surge in hospital margins and cash flows in 2024. He highlights key points from the article, indicating that median operating cash flow is expected to increase by 10 to 20 percent, with operating cash flow margins reaching 7%, a 1 percent increase from the previous year. The video suggests that nonprofit hospitals may turn positive in 2024, providing potential opportunities for physicians to negotiate better deals. Jon emphasizes the impact of labor costs on hospital expenses and encourages physicians to leverage the positive projections when renegotiating contracts in the coming year. He invites healthcare professionals to reach out to Contract Diagnostics for assistance with contract and compensation-related matters. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! The fun part is looking for the house, but doing the legwork beforehand to know how much house you can afford (especially with interest rates being so high) can save you a lot of heartache. Talking to your lender first can solidify how much house you will qualify to purchase and allow you to get a preapproval letter, which will make your offer stronger and more likely to be accepted by a seller.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Leslie Tayne is an experienced financial attorney who helps individuals and businesses that find themselves overwhelmed with debt. She discusses working with creditors to find manageable payoff strategies, explores when bankruptcy might be the right option and explains that as a consumer you do have rights when it comes to debt collectors. She talks about changing your mindset to avoid financial pitfalls in the future and reassures us that debt is not a death sentence. You can learn more about Leslie at www.TayneLaw.com. You can also follow her on X, LinkedIn, Facebook or Instagram.

On this episode, Daniel addresses common questions from potential and new clients regarding financial advisors, focusing on the AUM (Assets Under Management) model. He explains that AUM advisors charge a percentage (typically 1%) of the assets they manage, highlighting the potential impact on fees as clients' balances grow. Daniel discusses issues related to low attention for small accounts, minimum account size requirements, and potential conflicts of interest, such as the disincentive to recommend reducing balances or advising against additional savings. He emphasizes the importance of understanding the fee structure, potential conflicts, and the character of the advisor when considering the AUM model. Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Today, Daniel discusses the importance of scrutinizing financial advisors, especially for individuals with aging parents who may be vulnerable to potential exploitation. He shares a case involving a couple, Josh and Mary, whose advisor raised concerns due to inefficient investment strategies. The advisor held a substantial amount of cash in an IRA, with questionable high fees and poor interest rates. Additionally, the couple invested in high-cost mutual funds and expensive annuities, resulting in substantial extra expenses. Daniel emphasizes the need for second opinions and encourages viewers to be vigilant, particularly when their parents are experiencing cognitive decline or health issues. He advises against blind trust in advisors and suggests looking out for warning signs such as complexity, high fees, and excessive cash balances. LINKS: Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Jon discusses the increasing trend of hospitals dropping Medicare Advantage plans, emphasizing the importance of understanding how healthcare providers get paid. Jon from Contract Diagnostics, highlights the potential impact on clinics and providers, as Medicare Advantage covers a significant portion of seniors. The article quotes Scripps Health, stating that hospitals are adopting a strategy of "delay, deny, and not pay" for Medicare Advantage. Jon urges healthcare providers to be aware of the potential consequences on patient volumes, income, and compensation schedules, emphasizing the uncertainty of the situation. Contract Diagnostics, a consulting service, offers assistance in navigating such challenges and promises ongoing support for healthcare professionals. Jon also mentions the relevance of this issue in an election year and encourages staying informed about future developments. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Today, Jon from Contract Diagnostics, discusses the changing landscape of healthcare with major players like Amazon, Google, Apple, and Berkshire Hathaway entering the field. He anticipates the impact of artificial intelligence on healthcare in 2024 but notes the challenges faced by these companies in executing their plans. Jon believes that while technology may play a role, the personal relationship between patients and physicians will endure, especially in private practices. He suggests that despite advancements, the traditional model of healthcare, with a focus on personal service, will persist. Jon concludes by promoting Contract Diagnostics' personalized approach to physician contract care and compensation analysis. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Applying for a mortgage does involve pulling credit. Many are worried about their credit score going down after pulling credit, but it is usually a minimal and temporary impact to your credit score. He also cautions against making any big purchases while in the process of getting a mortgage. He explains how secure portals work for uploading your supporting documents and goes into details about which documents may be requested. For more information about Doug Crouse, go to www.DougCrouse.com.

Clint Harris is a partner with Nomad Capital and podcast host of Truly Passive Income. He explains how "independence of purpose" can mean more than just financial freedom. We also explore active versus passive income. Any good investment requires time, experience and money, but the purpose of passive investments is to "buy" someone else's time and experience to increase your return on investment. We talk in depth about syndications and how they can not only boost your retirement, but can also unlock your golden handcuffs to allow you more freedom throughout your career as well. To learn more about Clint Harris, go to www.NomadCapital.us or listen to his podcast Truly Passive Income.

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! In this discussion, Daniel addresses a common question from individuals entering a new stage in life or transitioning into a new job with a higher income. The main concern is how to navigate the overwhelming array of decisions that come with these changes, such as managing finances, paying off debt, saving for the future, and balancing personal life. Daniel emphasizes the importance of taking it easy on oneself and not succumbing to the pressure of making all decisions hastily. He advises against giving in to various temptations, such as taking on excessive work, buying a forever home, or succumbing to lifestyle inflation. Instead, he encourages individuals to reflect on their values and priorities before making significant decisions, particularly in terms of family, personal fulfillment, and long-term goals. By aligning major decisions with core values, Daniel suggests a more thoughtful and intentional approach to navigating this transitional phase. He warns against the potential pitfalls of succumbing to societal pressures and encourages individuals to focus on what truly brings fulfillment in the long run. LINKS: Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.