Financial Residency

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 message, the speaker discusses the importance of aligning one's wealth and values for a more fulfilling life. Recording in mid-December, the speaker suggests that, before setting goals, it is crucial to reflect on personal values. Drawing from philosophical perspectives, the speaker explores the idea of a fulfilling life, emphasizing virtues and selfless development. The speaker contrasts cultural values, such as efficiency, wealth, and individualism, with a more profound, value-driven approach. Anecdotes are shared, underscoring the potential pitfalls of pursuing success without aligning with personal values. The role of money in influencing life choices is discussed, with the speaker urging listeners to prioritize values over financial success. The speaker emphasizes the need for self-awareness, highlighting the potential pitfalls of centering one's life on money, pleasure, or ambition. Using personal examples, the speaker encourages listeners to define their values and envision their ideal selves, contemplating changes required for progress. Practical steps for self-reflection and value clarification are provided, stressing the importance of prioritizing values over external pressures. In conclusion, the message advocates for a deliberate approach to life planning, with values serving as a guiding compass for setting and achieving meaningful goals, ultimately leading to a more fulfilling life. 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! In this brief message, Jon emphasizes the importance of understanding the individuals you communicate with during contract reviews. He encourages users to explore the profiles of Contract Diagnostics' experienced team members when signing up for their services. Jon highlights the extensive backgrounds of the team, each with 10 to 30 years of experience in reviewing physician contracts. He stresses the personalized approach of Contract Diagnostics, ensuring clients have the option to choose a specific reviewer. Jon also mentions ongoing recruitment and the development of an ambassador program. He contrasts his team's personalized approach with other companies that may outsource contract reviews or attempt to sell additional services like insurance. Jon concludes by inviting inquiries and expressing the team's dedication to helping with contract-related concerns. 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! In this podcast episode, Jon from Contract Diagnostics discusses the growing use of artificial intelligence (AI) in the workplace, particularly in the field of contract reviews. He highlights the challenges employers face in establishing policies around AI, especially in healthcare settings where physicians use it to analyze patient data. Employers are grappling with questions about trust in the system, potential pitfalls of inaccurate information, and the need for clear policies. Jon expresses excitement about the positive impacts of AI on efficiency and patient care but also acknowledges concerns. He encourages listeners to share their organizations' approaches to AI and emphasizes the importance of keeping abreast of evolving policies in this rapidly advancing technological landscape. 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! Doug talks today about how banks decide how much money they will loan you. He explains debt-to-income ratio. He also cautions about buying too much house, which could make you "house poor." 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! Dr. Pouneh Alizadeh came out of residency and lived a traditional employed physician life, but found that over time the demands were too much and she was missing out on life with her family. She decided to venture out on her own and live a purposeful life where she could separate her time at work, be with her family more and be present for each. She talks about her journey, the logistics of achieving/maintaining FIRE, while simultaneously taking care of herself in the process.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Join Daniel Wrenne as he sits down with Dr. Marcelo Hochman, the founder of South Carolina's esteemed Facial Surgery Center, double Board-certified facial plastic and reconstructive surgeon, and President of Independent Doctors of South Carolina (IndeDocs). In this engaging episode, they delve into the intricate landscape of medical careers, exploring the choices between private practice and employment, and the critical role of financial planning. Dr. Hochman, also Past President of the Charleston County Medical Society and a provider of pro-bono care to children with vascular anomalies, shares profound insights on challenges faced during medical training, the importance of exposure to diverse career paths, and the impact of financial considerations on career choices. The conversation extends to satisfaction levels among independent practice physicians versus employed physicians, with age-related variations adding an intriguing dimension. Discover valuable advice, personal experiences, and resources for medical students, residents, and practicing professionals seeking to make informed decisions about their careers. Explore the mission of IndieDocs and the importance of preparing the medical pipeline for the future. 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: You can find Dr. Hochman here: The Facial Surgery Center LinkedIn Facebook YouTube 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 Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Daniel discusses an article titled "Why a Roth IRA is a Bad Idea," where the author claims to have lost nearly $400,000 to a Roth IRA and suggests that most people are losing money with this investment. Daniel critiques the article, pointing out misleading aspects, unclear calculations, and a lack of consideration for individual situations. He emphasizes that for physicians, especially those maxing out work retirement plans, the Roth IRA can be a valuable tax-sheltered option, and decisions should be based on personalized circumstances and future projections of marginal tax rates. Daniel also highlights the importance of distinguishing between average and marginal tax rates when comparing Roth and traditional IRA options. Links: Contact Finance for Physicians Finance for Physicians

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com In this brief message, Jon from Contract Diagnostics advises physicians to reach out to their firm early in the job search or contract negotiation process. He stresses the importance of early engagement, mentioning instances where physicians have sought assistance for contracts as far out as 2026. Jon suggests contacting Contract Diagnostics three months before site visits or upon receiving a letter of intent or contract. He highlights the benefits of obtaining compensation data and leveraging the firm's resources during the job search, including free inquiry calls, interview guides, and educational webinars. Jon emphasizes that reaching out early is preferable to avoid potential pitfalls and optimize negotiation strategies. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com In this brief message, Jon from Contract Diagnostics discusses the current trend of people looking for jobs well in advance, with some contracts extending into 2026. He emphasizes the importance of understanding how to assess job postings, pointing out key factors like salary, benefits, role details, and potential partnerships. Jon acknowledges that recruiters may not always provide clear information about job locations to secure their commissions. He encourages individuals to consider multiple options, gather information from various sources, and maintain due diligence throughout the job search process. Additionally, Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Fannie Mae and Freddie Mac are raising their lending limits for conforming loans in 2024. This may affect borrowers in different ways depending on the lender they are using for their loan. Find out if this may affect you. To learn more about Doug Crouse or to get a free copy of his book, go to www.DougCrouse.com.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Veena Jetti has been very successful in investing in multifamily properties for more than a decade. Her company Vive Funds has transacted over $1 billion in real estate. She shares how she got started, finds investors and chooses properties. She also talks about surviving in the real estate market despite higher acquisition costs and interest rates that have doubled. She offers sound advice for choosing a real estate syndication for those looking to invest. To learn more about Veena, go to www.ViveFunds.com or you can join her FaceBook group Mastering Multifamily with Veena Jetti.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Physicians feel the pressure to be perfect, and sometimes hide or fail to address their own mental wellness. Medicine's intense focus on the quality of patient care is generally a good thing, but in some cases has unintended negative consequences. It takes courage for a physician to be vulnerable. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. John Budin, an accomplished physician, speaker, and blogger. John discusses why he chose to practice medicine and what he describes as the mental health closet. Topics Discussed: • John's Case: Pressure to hide mental health flaws that make physicians human • Mental Health Closet: Why John finally publicly shared bipolar disorder diagnosis • Culture of Medicine: Vulnerability is opposite of professionalism and success • Caregivers vs. Receivers: Difficult for doctors to acknowledge need, ask for help • License at Risk: Career consequences, repercussions for revealing mental health • Stigma Solution: Support and care for colleagues struggling with mental health • Community: Increased mental health awareness with doctors, residents, students • Physician's Financial Path: Scary, uncertain aspects of being destabilized in life • First Step: Get treatment publicly or behind closed doors to remain confidential • Accept Humanness: Ways to become who you are, authentic, and vulnerable Links: Physician Living with Bipolar Disorder Poll: Workplace Stigma, Fear of Professional Consequences Prevent Emergency Physicians from Seeking Mental Health Care International Society for Bipolar Disorders American Psychological Association (APA) Contact Finance for Physicians Finance for Physicians

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Why are so many female physicians dropping out of the profession? It's extremely challenging to achieve balance as a physician mom. Not only are you a mom who is raising your own children, but a physician taking care of patients—besides having to deal with gender discrimination issues and the global pandemic. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Bonnie Koo, founder of Wealthy Mom MD. Her business is dedicated to helping physician moms have it all without giving it all. Bonnie empowers physician moms by providing financial literacy through her podcast, coaching, and courses. Also, Bonnie is a board-certified dermatologist, certified life coach, mother, step-mother, and fiancée. Topics Discussed: • Wealthy Mom MD: Teaches female physicians financial strategies to overcome • Taboos: Don't talk about money to handle and deal with anxiety, stress, and guilt • Perfectionism and Money: Female physicians are afraid to fail and lose • Promise Land? Money doesn't mean physicians live happily ever after • Purpose of Money: Helps you live the life you want and do good in the world • Compensation: Females navigating and negotiating in patriarchal society • COVID and Corporate Medicine: Magnified cracks to figure out money, stability • Financial Independence, Retire Early (FIRE): Money is resource to buy back time • Coaching: Download new software updates to your brain when behind financially • Thought Loops: You are what you think—being on auto-pilot vs. becoming aware Links: Wealthy Mom MD Weathy Mom MD's Podcast on Negotiation Guest Post on Miss Bonnie MD: A Woman's Guide to Becoming Financially Independent How Perfectionism In Medicine Spills Over Into Your Personal Finances Finance For Physicians

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Many people wonder if it is a good thing to pay a lump sum to pay down their loan. If you do that, your bank may allow you to do two things. You can simply continue to make the previously determined monthly payments, which will allow you to pay off your loan early. Or you can ask the bank to recalculate based on the new owed balance and give you a lower monthly payment for the duration of your loan. To request a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your Physician Home, go to www.HippocraticHouse.com.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com In this podcast segment, Jon discusses the recent announcements from CMS (Centers for Medicare & Medicaid Services) regarding new guidelines for 2024. He highlights a global reduction of 1.25 in overall payment rates, affecting various medical specialties. Despite the decrease, there are significant increases for primary care and direct patient care services. Jon emphasizes the importance of staying informed about CMS changes, as they can impact compensation structures and contract terms for healthcare professionals. He encourages listeners to reach out to Contract Diagnostics for assistance in understanding and navigating these shifts, ensuring that physicians have a voice in negotiations and are fully aware of the implications for their practice. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Today, Jon from Contract Diagnostics discusses the shortage of primary care physicians in the United States and attributes it to lower compensation compared to specialists. He emphasizes the need to pay primary care physicians more to attract and retain talent. Jon mentions the recent CMS rule for 2024, noting a decrease in the Medicare reimbursement rate for some services. He also encourages primary care physicians to negotiate with their employers and offers assistance in compensation analysis and contract reviews at Contract Diagnostics. Ultimately, the goal is to address the shortage in primary care physicians, improve access to care, and ensure fair compensation. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Daniel Wrenne talks about planning for retirement and how your mindset and goals for retirement can affect your investments and depletion of assets. The main takeaway from today's episode is: Make a plan, make a plan, make a plan! If you are in need of a financial advisor, you can learn more about Daniel Wrenne at www.WrenneFinancial.com or email him at [email protected] You can also listen to his podcast Financial Vitals on the Financial Residency network.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Life Insurance: How does it work and do you really need it? Are you worth more or less alive or dead? What you need to know to protect yourself and your loved ones. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about what type of life insurance you should own. When you are young and healthy, cover your life or earning potential because the risk of untimely death happening is extremely low, but the costs of income loss are extremely high. Topics Discussed: • Life Insurance Recommendations: Understand conflicts, know what to look for • Why get it? Tomorrow isn't guaranteed, avoid leaving family in a financial pinch • When to get it? Before you urgently need it, when everything is good • How much does it cost? Depends on health and age • How much will you need? Enough, but always told to buy more • How long will you need it? Longer the lock-in period, the more expensive • Insurance Industry: Agents receive a high percentage of premiums for policies • Advisor vs. Agent: What are the differences? Incentives? Disincentives? • Coverage Calculations: Identify the correct amount of death benefits based on goals • Types of Life Insurance Coverage: ◦ Human Life Value: Wrongful death determines lost earnings ◦ Financial Need Analysis: Maintain specific lifestyle, goals, assets, liabilities ◦ Term Life: Temporary death benefits for a set time period ◦ Permanent: Combines cost of term plus investment component ◦ Conditional: Secure coverage immediately before underwriting Links: Contact Finance For Physicians Finance For Physicians

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Money isn't always the key to happiness. What are the key financial planning processes for using your money to live a better life? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks with his colleague, Jennifer Quire, a fellow Certified Financial Planner CFP®. As financial planners, Daniel and Jennifer's goal is to help physicians use their money to live better lives. This starts with working through the financial planning process. Listen in to find out what this looks like. Topics Discussed: • What is a financial plan? Roadmap of where you are and want to be • How to create a financial plan? ◦ Organize financial affairs ◦ Clarify values and goals ◦ Analyze options ◦ Decide best path forward ◦ Execute next steps • What's most important to you? Money isn't always the answer • Life Planning Questions: If financially independent… ◦ I want you to imagine that you are financially secure, that you have enough money to take care of your needs, now and in the future. The question is, how would you live your life? What would you do with the money? Would you change anything? Let yourself go. Don't hold back your dreams. Describe a life that is complete, that is richly yours. ◦ This time, you visit your doctor who tells you that you have five to ten years left to live. The good part is that you won't ever feel sick. The bad news is that you will have no notice of the moment of your death. What will you do in the time you have remaining to live? Will you change your life, and how will you do it? ◦ This time, your doctor shocks you with the news that you have only one day left to live. Notice what feelings arise as you confront your very real mortality. Ask yourself: What dreams will be left unfulfilled? What do I wish I had finished or had been? What do I wish I had done? [Did I miss anything]? • Analysis Paralysis: Focus on one thing at a time to make progress • Deadlines: Time gets in the way and people don't like change, ask for help • A financial plan becomes worthless if you never execute on it LINKS: www.WrenneFinancial.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com In the 2024 Medicare payment rule, the CMS has announced a 1.25 percent reduction in overall payment rates. However, there are notable increases in payment rates for primary care and direct patient care services. The changes aim to balance healthcare quantity and access, and further analysis of the impact on various specialties will be provided by Contract Diagnostics in upcoming content. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Jon from Contract Diagnostics discusses the increasing role of artificial intelligence (AI) in the workplace, particularly in the context of contract reviews and healthcare. He highlights the challenges employers face in establishing policies for AI usage and the concerns surrounding trust and accuracy. Jon expresses excitement about the potential benefits of AI, such as improving efficiency in tasks like analyzing patient charts. He encourages listeners to share how their organizations are navigating AI integration and underscores the importance of staying informed about evolving policies. Despite acknowledging the uncertainties and potential drawbacks, Jon emphasizes the inevitability of AI's presence and the need for embracing its advancements. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Confused on when you can or should lock your rate for a new mortgage? When you turn in a contract for a home purchase, you can lock the rate at that point or you may choose to "float the rate" if you think rates might go down before your loan closes. Also, should you spend points to get a lower rate? Maybe. You need to understand how long it would take to "break even" for the money you spend up front to get the lower rate. If rates go down and you modify or refinance your loan, then you may never break even. Doug explains how to calculate this and reasons you may or may not choose to pay points. To get a free copy of Doug's free book on physician mortgages, go to www.DougCrouse.com.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Physicians tend to be Type A personalities who need everything to be "just so." We are often people-pleasers who have a hard time saying no. Now throw in the propensity to undervalue our training and knowledge when coding and you end up with an underpaid, burned out doctor. Dr. Megan Melo works with physicians to help them recognize these habits that contribute to exhaustion and dissatisfaction so they can find that healthy work-life balance we all crave. You can learn more about Dr. Melo at www.HealthierForGood.com or listen to her podcast "Ending Physician Overwhelm."

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com If you drive a car and/or rent or own a home, do you know how to purchase and save money on home and auto insurance while maintaining adequate coverage? In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Andrew Wethall, an independent home and auto insurance agent for Energy Insurance Company. Andrew lives in Louisville, Kentucky, but works with customers all over the country. He makes clients' insurance experiences easier all while maintaining adequate coverage at a fair price. Topics Discussed: • Most Common Pitfalls: Re-evaluate insurance every 3 years after residency • Cheapest Option: Understanding the bones policy with state minimum coverage • Basic Auto Policy: Physical damage, comprehensive and collision, liability limits • Agent/Client Relationship: Pay attention to policy and continue to grow • Risks: Insurance works great for high cost and very unlikely risks • Umbrella Policy: Additional liability insurance to cover your assets • No-Fault States: Who's at fault for the accident or damage? • Car Rentals: What should you do when they're pushing the insurance add on? • Insurance Pricing: Depends on credit, driving record, claims history, act of God • Structure: Differences between homeowner's and renter's insurance? • Out-of-Control Catastrophes: Earthquakes and floods are not usually covered • Attractive Nuisance: Umbrella policy for fun things—from pools to trampolines • Denied! Seek multiple opinions and work with an agent to get claims paid Links: Energy Insurance Company Andrew Wethall's Phone: 859-797-4384 Andrew Wethall on LinkedIn Finance For Physicians

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com In this episode of "Coffee and Contracts," Jon from Contract Diagnostics discusses various aspects of signing bonuses, relocation amounts, and other upfront cash offered by employers to physicians. He highlights the wide variation in these amounts and emphasizes the importance of understanding the repayment provisions associated with such bonuses. Jon explains that most contracts include clauses requiring repayment if the physician doesn't fulfill the agreed-upon employment term. He details considerations such as the timing of bonus payments, repayment terms, interest, and forgiveness conditions. Jon encourages physicians to thoroughly understand the terms of such incentives to avoid potential complications and discusses how Contract Diagnostics can assist in contract review. The episode is made possible by Financial Residency, and Jon invites viewers to reach out for further 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 Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com If you avoid talking about money with your children, then who pays for it later in life? Whether you know it or not, you're teaching your children about money every day. Teach them what works and what doesn't when it comes to finances. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. David Weisenhorn about money and parenting. David is a Senior Extension Specialist for Parenting and Child Adolescence Education at the University of Kentucky. Topics Discussed: • What is a family scientist? Mixes psychology and sociology focused on families • Taboo Topic: Money isn't up for conversation; vulnerabilities around values • Lack of Education: Discussing finances in not covered in traditional curriculum • Effects: Educate children to avoid risk of not using and handling money properly • Mistakes: Avoiding subject of money doesn't mean kids won't use/experience it • Proactive Parenting: Daily practice of teaching children how to deal with money • Financial Literacy: Learn jargon and teach simple concepts via currency games • Money Personalities: Habits and attitudes toward spending and saving • Sink or Swim? Worth it to learn value of dollar early on to gain knowledge • Allowances/Chores: Required versus going above and beyond to earn money • Intrinsic/Extrinsic Motivators: Monetary incentives and sustainability of actions • Zone of Proximal Development: Allow children to make and learn from mistakes • Goals and Expectations: Smart small, don't overpay, earn money from hard work LINKS: www.WrenneFinancial.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Today, Jon from Contract Diagnostics discusses the delicate issue of whether physicians should share information about their compensation with colleagues. He emphasizes the importance of understanding the confidentiality clauses in employment contracts, which often prohibit discussions about compensation terms with colleagues. The speaker acknowledges that despite these restrictions, physicians tend to share such information anyway. The discussion explores the potential benefits of asking colleagues about compensation when considering a job but highlights the legal constraints. Jon concludes with an invitation for physicians to contact Contract Diagnostics for assistance in negotiating compensation and understanding industry benchmarks through their CompensationRx tool. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Doug talks about special circumstances that may come up at closing. If you are aware of these things and plan ahead, it can save you many headaches in the days leading up to the closing on your new home. For example, if you know you will be out of town, you can either designate someone to sign on your behalf or have the lender arrange for a remote notary to meet you where you are. To obtain a free copy of Doug's book "Hippocratic House: Do No Harm When Purchasing Your First Physician Home" go to www.DougCrouse.com.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Troy Eckard has been investing and working in the oil and natural commodities industry since 1985. He talks to us today about the potential for investing directly in this industry. He shares the history, current state of the market and projections for the future. He explains how oil and gas is tied directly to inflation and real estate, which makes it a favorable investment in the current state of our economy. To learn more about this industry and to determine whether it might be a good fit for your portfolio, go to www.EckardEnterprises.com.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Does permanent life insurance make sense or not? Is it the right or wrong short-term investment? In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about what you should look for and avoid to navigate the purchase of permanent life insurance. Topics Discussed: • Permanent Life Insurance Components: Cash value and death benefit • How does buying permanent life insurance compare to term life insurance? • Agents: People who push, play with permanent life insurance costs/commission • Worst Case Scenario: Buying permanent life insurance for one year • Best Case Scenario: Worst year for investment alternative to break even • Buy term, invest the difference for credit card debt and emergency reserves • Buy permanent life insurance when long-term tax savings outweigh cost and time • Key Takeaway: Get a second opinion to understand complexity, conflict of interest Links: Dave Ramsey TIAA-Cref Tax Shelter Contact Finance For Physicians Finance For Physicians

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Today I'm excited to talk with Doug about some of this craziness that's going on with the mortgage industry in mortgage rates in particular in the past few months, if you hadn't been paying attention rates have been skyrocketing. We're gonna talk a little bit about what's going on there and what you might expect in the future. We're also gonna get into primarily talking about the pros and cons of a physician loan. LINKS: www.WrenneFinancial.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Jon from Contract Diagnostics discusses a report from AMN, the parent company of Merritt Hawkins, focusing on the increasing demand and salaries for nurse practitioners (NPs) and physician assistants (PAs). He highlights the importance of physicians understanding clauses in their contracts related to supervising NPs and PAs, emphasizing factors such as the number of assigned practitioners, compensation, and the nature of the physician's role. Jon encourages physicians to be aware of these details and offers Contract Diagnostics' expertise in contract reviews and compensation analysis for physicians, PAs, and NPs. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Jon from Contract Diagnostics highlights the financial impact of physician turnover on organizations and emphasizes the importance of proactive discussions about compensation and other job-related factors. He advises physicians to be vocal, aware, and well-prepared during contract renewals to ensure their needs are addressed. Contract Diagnostics offers assistance in evaluating contracts and providing talking points for negotiations, recognizing the significant cost organizations incur when losing valuable healthcare professionals. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Doug offers a tip to help you get a better interest rate or save on fees when getting quotes from different lenders. To learn more about Doug Crouse or to get a free copy of his book, go to www.DougCrouse.com.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Dr. Holly Shen is an OB/GYN doc who decided to forego being employed and venture out as an independent contractor. She started a group on Facebook to help educate and empower other OB docs who are thinking of doing the same. She shares her experiences in finding jobs, securing insurance (both malpractice and health), getting licensed in multiple states, transferring DEA licenses, and talking with other doctors to ensure she is always paid fair market value when taking a new job. This episode is not just limited to OBs who are thinking of making the switch.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Are you buying or renting? What are the perks of being a homeowner? Think through and focus on both financial and non-financial reasons. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about the rules of thumb when deciding whether to buy or rent a home. Topics Discussed: • Why buy? Live in it 3-5 years to break even and recoup upfront transaction costs • Why rent? The best option if you plan to live there only a couple of months or years • Numbers: Mortgage closing, realtor commissions, improvement costs, and ROI • Taxes: Deduct ownership expenses; can't deduct property/mortgage insurance • Insurance: Renter's insurance is less expensive than homeowner's insurance • Homeowners' Association (HOA) Fees: Added costs for homeownership • Uncertainty and Overestimation: Bias of living in a home longer than expected • Lifestyle Creep: Living beyond your means and not analyzing home prices • Headache Factor: Rent-not your problem; buy-home ownership increases issues • The joy of Ownership: Cultural and cool factors to owning your own home • Renting: Gets old not being able to do what you want with your place • Rent vs. Buy Examples: ◦ 2362 Heather Way, Lexington, KY ◦ 8704 Grand Ferry Dr., Austin, TX Links: Real Estate Home Price Indexes Price To Rent Ratio Austin Rental Example Lexington Rental Example Research on Renting vs Buying Finance For Physicians

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com How was the U.S. economy before the war between Russia and Ukraine started? How have things changed and what will they look like in the future? Expect a ripple effect! In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how the Russian and Ukraine War will affect financial planning and economic adjustments in the United States and other countries. Topics Discussed: • 9% Inflation Rate: Changes associated with war do not play a role, yet • Work: Inflation should not be too big of a deal for those with a job/income • 8% Unemployment Rate: Extremely low—people are working, plenty of jobs • Interest Rates: Will continue to be increased to keep inflation under control • Vanguard Total Stock Market: Index fund gauge indicates modest downturn • Supply and Demand: War sanctions and restrictions result in prices increasing • Economic Seasons: Difficult to predict what's going to happen in the future • Reverse Globalization: Economic impact due to isolated sections and countries • Actions to Consider: Diversify portfolio, stay the course, take protective measures Links: Contact Finance for Physicians Finance for Physicians www.WrenneFinancial.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com In this message, Jon from Contract Diagnostics highlights the importance of contract reviews for physicians. He discusses various aspects of contract reviews, such as the percentage of non-negotiable contracts and the need for changes in physician contracts. Jon emphasizes the differences between contract review firms, including their services and pricing structures. He points out that Contract Diagnostics offers nationwide services focusing on compensation and benefits, with the ability to pay over time and no hidden fees. They do not sell client data and provide personal, detailed assistance from a professional with extensive experience. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Jon from Contract Diagnostics is addressing the question of how often one should expect an increase in pay. He explains that pay increases can vary depending on the employer and the terms outlined in the employment agreement. Some employers offer annual pay increases, while others may base it on factors such as MGMA data or blended survey data. Jon emphasizes that if an employer does not proactively offer pay increases, it may be necessary for the employee to raise the topic themselves. He encourages individuals on auto-renewing contracts to reach out to Contract Diagnostics for assistance in evaluating their compensation and determining if adjustments can be made. Jon highlights the importance of understanding one's income potential and ensuring fair compensation. He mentions that transparent access to relevant information like RVU numbers, collections, and efficiency rankings is crucial for evaluating one's compensation. Contract Diagnostics offers coaching and guidance for having discussions about compensation with employers. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Doug explains how points are calculated. Sometimes you can pay points to buy down your interest rate, but should you? Doug talks about how to determine how long it would take to "break even" by paying money up front to get a lower rate. He then talks about forecasts in the mortgage industry about whether rates will go down. To learn more about Doug Crouse or to get a free copy of his book, go to www.DougCrouse.com.

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com This is a reboot to talk about the general principles of asset protection for physicians. It means more than getting an adequate medical malpractice policy. It involves managing risks to hold on to the wealth we have accumulated. A good asset attorney will look at their clients holistically to anticipate areas where they may be at risk over and above being a physician, such as being a business owner, a board member, a spouse, an investor, etc. Ike Devji has written hundreds of articles about asset protection and spoken at national conferences. He works with clients across the country. He has links on his website with valuable free information about ways to protect yourself. You can learn more at www.ProAssetProtection.com

Everyone has suffered from lifestyle creep to some extent. Somewhere along the way, you go from eating ramen noodles to the finer things in life. You become used to spending your entire salary. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about how to avoid lifestyle creep. What is it? How does it happen? How do you prevent it? Topics Discussed: Tricky Transitions: Going from little income to being paid the big bucks • Keep up with the Joneses: When you make more money, you tend to splurge • Lifestyle Creep: Taking on obligations and a million tiny spending decisions • Hedonic Adaptation: Making progress and adding little pleasures leads to pain • 'Drug' of Choice: Easier to add comfortable things, than to take them away • Why is lifestyle creep so dangerous? Lack of awareness creates conflict • Symptoms: What you want, not what you need; how disposable income is spent • Risk Factors: Are you a spender? Listen to others and seek expert guidance • 'B' Word: Be intentional and aware of budget by checking your cash balances • Team Effort: Resist temptation, finger pointing; be accountable about spending • Lifestyle Creep Challenges: ◦ Acknowledge underlying financial issues ◦ Be intentional before spending ◦ Identify highest priorities to align finances • Alternatives: Time, dedication, and intentionality to find free options Links: Monitor Spending in 10 Minutes Per Month Jeff Wenger on LinkedIn Cash Flow Tracking Excel Templates What Is Financial Therapy Wrenne Financial Planning Finance For Physicians

What are pros and cons of physician mortgage loans? What do you need to know before taking one out, especially during a crazy market and changing rates causing sticker shock? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Doug Crouse, mortgage lender that specializes in physician loans and author of Hippocratic House: Do No Harm When Purchasing Your First Physician Home. Topics Discussed: • Advantages: Low down payments, lack of PMI, and new job qualifications • House Poor HENRY? Don't go into major debt to keep up with the Joneses • Hippocratic House: What to ask/expect as a first-time physician home buyer • Disadvantages: Some lenders price their physician loans higher due to upsides • Due Diligence: What to consider with lenders—service, rate, and closing costs • Doug's Predictions: Rates will continue to climb but not at same pace • ARM: Makes sense if you don't stay in the house and you make enough money Links: Historical 30-Year Mortgage Rates Doug Crouse - Physician Loans at BMO Harris Bank Hippocratic House: Do No Harm When Purchasing Your First Physician Home by Doug Crouse (Amazon) Hippocratic House: Do No Harm When Purchasing Your First Physician Home (Free Copy) The Big Short Movie Contact Finance for Physicians Finance for Physicians

Jon from Contract Diagnostics encourages everyone to utilize data in their everyday life to improve outcomes, much like he does with his Abbott Libre 2 glucose monitor and Fitbit. Moreover, he emphasizes the importance of understanding and using data to make informed decisions about their compensation or total cash compensation (TCC) in their jobs, especially for physicians. He notes that utilizing available data sets online and understanding your specific circumstances can help you make precise decisions. At Contract Diagnostics, they help physicians analyze compensation details based on their specific situations and data sets. Jon encourages physicians to approach their employers and have meaningful conversations about their compensation based on analyzed data. Contract Diagnostics offers assistance in this process through consultation services, visit www.ContractDiagnostics.com

Join Daniel Wrenne and his guest Jon Appino as they delve into the complex world of physician contracts, with a specific focus on disability considerations. In this informative and engaging show, they discuss the intricacies of negotiating physician contracts while addressing the importance of disability provisions. Key Takeaways: - Customize contracts to align with your unique story, considering disability-related factors. - Leverage high demand in the physician field for better negotiating power, with a focus on disability provisions. - Maximize financial benefits by utilizing bonuses, while understanding how disability-related clauses can impact compensation. - Embrace flexibility in contracts to adapt to life's uncertainties, including potential disability-related challenges. - Seek expert guidance to navigate the complexities of physician contract negotiations, with a specific emphasis on disability provisions. Join us for insightful discussions, practical advice, and real-world examples that will equip you with the knowledge and tools to make informed decisions regarding your physician contracts, including considerations for disability-related matters. Don't miss out on the opportunity to gain a deeper understanding of this crucial aspect of your career, ensuring you have the necessary safeguards in place. Links What happens when ChatGPT reviews a contract? Compensation Rx Service from Contract Diagnostics Schedule a free consult with Contract Diagnostics Physician Employment Contracts and Compensation with Jon Appino Contracts and Disability: Understanding Your Rights and Protections as a Physician with Jon Appino Connect with me on my LinkedIn: https://www.linkedin.com/in/danielwrenne/ Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Choosing the best lender often means more than just getting the best rate. Doug talks about comparing interest rates, lender credits, PMI, etc. It never hurts to talk to more than one lender to see what is available to you. To learn more about Doug Crouse or to get a free copy of his book, go to www.DougCrouse.com.

Ike Devji is an asset protection attorney who has spoken at national physician conferences and is a prolific author on the subject. Today he talks about 4 specific ways to protect your estate, including prenuptial agreements https://www.physicianspractice.com/view/valentines-day-starts-prenup-season, avoiding tax scams that result in illegal tax evasion vs the legal tax avoidance, the IRS Dirty Dozen https://www.irs.gov/newsroom/irs-wraps-up-2023-dirty-dozen-list-reminds-taxpayers-and-tax-pros-to-be-wary-of-scams-and-schemes-even-after-tax-season, and a new reporting requirement for anyone who owns an LLC/S-corp/C-corp/etc. That has heavy fines if you don't comply timely https://www.fincen.gov/boi-faqs. He wrote an article in Physicians Practice about this which you can view at https://www.physicianspractice.com/view/new-mandatory-reporting-requirements-for-business-and-practice-owners. To learn more about Ike Devji or to see his many articles on asset protection or other podcasts, go to www.ProAssetProtection.com.

Jon discusses the difference between W-2 and 1099 employment statuses and answers common questions related to pay differences and converting from one status to another. He explains that 1099 independent contractors do not receive benefits and typically have to file taxes on a quarterly basis, resulting in higher taxes. As a general rule, 1099 contractors are paid 10 to 15 percent higher than their W-2 counterparts to account for these additional costs. J on also mentions that it is possible to switch between the two statuses but emphasizes the importance of understanding the rules and regulations set by employers and the government. He suggests consulting with a tax advisor and Contract Diagnostics for further guidance on contract negotiations and employment decisions. LINKS: www.ContractDiagnostics.com

Join Daniel Wrenne and Jeffrey Wenger as they navigate the complex landscape of student loan repayment strategies in this episode! With a focus on helping physicians, particularly those working with Public Service Loan Forgiveness (PSLF) in mind, Daniel and Jeff take you on a journey through the recent changes in student loan policies. They explore the historical approaches to student loans and delve into how the transition to the new SAVE Plan (Saving on a Valuable Education Plan) can impact your financial future. Discover the intricacies of student loan management and gain insights into crafting a tailored repayment strategy that suits your unique circumstances. Daniel and Jeff bring their expertise to the table, making the complex world of student loans more understandable and helping you make informed decisions. Whether you're a recent graduate, a seasoned borrower, or just interested in the world of student loans, this episode provides valuable insights into the ever-changing student loan landscape. 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: Connect with me on my LinkedIn: https://www.linkedin.com/in/danielwrenne/ Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Jon from Contract Diagnostics discusses the allocation of time in academic job contracts. He explains that academic contracts often include percentages to outline the distribution of time between clinical work, research, administrative tasks, and education. Jon recommends that the contract should clearly define the percentages and provide detailed information about what each percentage entails. For example, if 75% of the time is allocated for clinical work, it should be specified whether this refers to a certain number of days or sessions per week. Similarly, if 25% is for research or administrative tasks, it is important to clarify the nature of the work and any specific requirements or commitments. Jon advises job seekers to thoroughly understand the compensation structure and incentive plans as well. He suggests asking relevant questions to the employer to ensure clarity and align expectations. Jon invites viewers to reach out to Contract Diagnostics for further assistance or information. If you have questions or need assistance, Contract Diagnostics can help analyze your situation and provide guidance. LINKS: www.ContractDiagnostics.com