Financial Residency

Buying a home is a big decision. It's one of the biggest purchases that you are ever going to make in your life, and it's the #1 error or issue that causes financial challenges for people. Everyone is susceptible, including physicians. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to his colleague, Jennifer DeLorbe Quire, a Certified Financial Planner CFP®, about home-buying decisions. Topics Discussed: • Do's and Don'ts: How to make sure you stay on the right side of the tracks • Wrong Path: Approaching decision without big-picture plan in place • Right Way: Prioritize, plan, and identify purpose of what's most important • Timeline: Don't be pressured or rushed into buying a house; there's other options • Proceed with Caution: How one decision affects absolutely everything else • Need vs. Want: Justifying emotions with logic - spending more than you should • Cash Flow: Home costs add up, calculate budget, and build in a margin • How much should you spend on a house? Plan for what needs to be saved, what's most important, and what's left over Links: How Much Should Physicians Spend on Their Home? The Complete Guide To Physician Mortgage Loans All-In Home Costs Calculator The Key Process Behind Using Money To Live Better Lives with Jennifer Quire Hire or Fire Your Financial Advisor with Dr. Jim Dahle and Alan Moore The White Coat Investor - Should I Sell My House to Pay Off My Student Loans? Jennifer Quire on LinkedIn Contact Finance for Physicians Finance for Physicians https://www.reddit.com/r/whitecoatinvestor/comments/15i7i44/10kmo_mortgage_california_regrets/

In this episode, John from Contract Diagnostics answers a question about the commonality of severance packages in physician contracts. He explains that severance packages are not typically found in standard physician contracts. However, termination clauses are common, allowing either party to terminate the contract without cause, given a certain notice period. If a physician gives a 90-day notice but the employer asks them to stop working after 5 days, the contract may stipulate that the physician should still be paid for the full 90 days. The specifics of how and what they are paid can vary and depend on the contract terms, including aspects like benefits, bonuses, and repayment of any upfront costs like relocation or student loans. John also mentions that severance packages are more likely to be seen in administrative roles that blend clinical and executive duties, but not typically in a purely clinical physician role. In cases of partnership, there may be other forms of compensation related to accounts receivable or payables based on the partnership setup, but these are not necessarily severance packages. Finally, John suggests that while it might be rare, it is possible to request a severance package in certain situations, such as a private equity transition where you're not allowed to be kept on, or if you were promised partnership but it didn't materialize. For any further questions, John invites listeners to reach out to Contract Diagnostics through their website to book a free 15 min call at contractdiagnostics.com

Today Jon talks about the importance of negotiating a contract, even if it's for a short-term. To book a free 15 min call go to contractdiagnostics.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.

Dr. Gelerie Stenbakken started investing in real estate in 2010 and has been able to leverage her cash flow to purchase multiple properties since that time. Not only has she been able to replace her income as an anesthesiologist, but she has gained significant equity in each of her properties due to appreciation. She talks about analyzing properties to determine if she wants to add them to her portfolio, managing her STRs from afar and leveraging past purchases for future investments. You can check out Dr. Stenbakken at Instagram.com/WinningWithREI or view her properties at www.RentGrandLake.com or www.RentSmokyMountains.com.

If you don't do anything or take action by following up on your financial vitals plan, it's not of any value to you. The purpose is to make progress and improve sooner by staying on track and measuring success. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about steps to move forward by planning, checking, and tracking your financial vitals. Happiness is when your values are in alignment with your actions. Topics Discussed: • Goal: Come up with a game plan based on an individual's vitals and customize it • Financial Vitals Recap: ◦ Part 1: Clarify values ◦ Part 2: Save, spend, give ratio ◦ Part 3: Net worth ◦ Part 4: Safety net check ◦ Part 5: Investment plan • Annually or As Needed: How often to check if financial vitals are in alignment • Other Financial Vitals: Consider education funding and business-related items • Key Takeaway: Create plan to take action for checking financial vitals Links: https://financeforphysicians.co/ https://financeforphysicians.co/2021/08/12/what-you-need-to-know-about-estate-planning/

Do you have an investment plan in place? You may have more than one fund, such as for retirement or charitable giving. Maybe you want to save or invest money for college or a vacation home. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about having an investment plan (also known as an investment policy statement) that is organized based on a specific purpose or goal. Topics Discussed: • What is an investment plan? High-level but simple summary/outline of goal • What's the benefit of working with a financial planner vs. doing it yourself? • What are the key parts of an investment plan? ◦ Purpose and Responsibility ◦ Investment Philosophy ◦ Summary of Review Process ◦ Summary of Accounts/Asset Allocation Target Links: https://financeforphysicians.co/ https://financeforphysicians.co/2021/08/12/what-you-need-to-know-about-estate-planning/ https://financeforphysicians.co/contact/

Jon talks about group contract negotiations. To book a free 15 min call go to contractdiagnostics.com

Today Jon talks about a question he got on side gigs and if they're permitted. To book a free 15 min call go to contractdiagnostics.com

It's important to do your due diligence and shop before you apply for a loan. Start early to make sure you don't have surprises when you find the home of your dreams. Doug also talks about getting a preapproval to make your offer even stronger and ways to ensure your credit doesn't take a dive by doing things you "think" should help your credit. If you want to learn more about Doug Crouse or get a free copy of his book, check out www.DougCrouse.com.

Move over Michael Crichton, it's Dr. Debra Blaine's time to shine! Debra is a three-time published author and getting ready to publish her fourth novel in September 2023. She talks about using her knowledge of medicine to weave intricate political and social thrillers that happen both on and off our planet. She learned how to self-publish and now helps other physicians who want to do the same. You can learn more about Debra, her books and her coaching at www.DebraBlaine.com or www.AllThingsWriting.com.

Life doesn't always go as planned. It's full of twists, turns, and curveballs. Cover all your bases in the event of a worst-case scenario because it can come out of left field. You never see it coming or know when something could happen. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about performing a safety net check as part of your financial vitals. Topics Discussed: • What is a safety net check? Checking coverage for worst-case scenario • When to plan for unexpected, unplanned events? Now—before it's too late • What are the odds? Based on large groups of people, not individuals • What's your other financial vitals? Safety net coverage takes more than assets • Important Info: What to document/track for life, disability, other insurance policies • Who is covered (insured)? You, your spouse, children, or beneficiaries • Estate Plan: Who needs it and why? Indicates who handles and gets what • What are worst-case scenarios? Unexpected death, disability, or emergency • Is your safety net adequate? If not, increase or decrease coverage, reserves Links: https://financeforphysicians.co/ https://financeforphysicians.co/2021/08/12/what-you-need-to-know-about-estate-planning/ https://financeforphysicians.co/contact/

Once you clarify your values, financial vitals are used similarly to health vitals to quickly check if you are making progress toward your goals and what's most important to live a better life. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to measure specific financial vitals based on your values. Topics Discussed: • Save, Spend, Give Ratio: Percentage-wise, where is your money going? • True Spending: Budget is always underestimated; total spending is more realistic • Strategy: DIY vs. work with financial planners, others to calculate numbers • Key to Success: Quick financial vitals checks measured against your values Links: https://financeforphysicians.co/ https://financeforphysicians.co/contact/

Today Jon answers this question from physician in a surgical subspecialty. What are the pros and cons of salary negotiation in the middle of a contract term? And is there a best time to do this? Stay tuned to find out! To book a free 15 min call go to contractdiagnostics.com

Today Jon answers a question he got from an orthopedic surgeon. What types of questions should be asked on the private equity deal and what types of things should be in the contract. To book a free 15 min call go to contractdiagnostics.com

Doug Crouse explains why talking to your lender before you shop for homes can make your offer stronger when you find the perfect house. Your lender can run your credit and send your application through underwriting before you make your offer to get Loan Preapproval. This helps to ensure you will not have any hiccups in getting the loan closed. It does require several days though, so planning ahead is key. You can get a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your First Physician Home at www.DougCrouse.com.

Dr. Jonathan Vitale is the founder of Remote Careers for Physicians on Facebook and a physician transition & career coach. His area of expertise is in Utilization Management, which can be a lucrative career with a lot of flexibility as it can be done remotely. He talks about what is needed to break into this field and we explore what this type of career looks like day-to-day. We briefly talk about other remote career opportunities available to physicians as well. If you would like a personal career coach, you can learn more at www.DrJonathan.com or join Remote Careers for Physicians, which is a group of 13,000+ physicians on Facebook.

If you have clarified your values and determined your saving, spending, giving ratio, the final financial vital to measure is your net worth. What is your net worth? What do you track with your net worth? How do you track your net worth? What can you use it for and why is it beneficial? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to calculate, track, and increase your net worth and decrease your debt. Topics Discussed: • Net Worth = Total Assets - Total Liabilities • Adding to assets or subtracting debt increases net worth • Negative Net Worth: Part of the medical career track for physicians • Compound Interest: Exponential growth when earning interest on your interest • Net Worth: Changes over time, track it to monitor inefficiencies and progression • Debt-to-Income Ratio: How high is your debt relative to your earning potential? • Values/Goals: Net worth should depend on your plan for what's most important Links: Monthly Net Worth Tracker Template https://financeforphysicians.co/ https://financeforphysicians.co/contact/

Physicians and their patients know that vitals are measurements of the body's most important basic functions. Checking and tracking vitals indicate how your health is now and maybe in the future. Vitals are a progress check to prevent potential problems. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about checking your financial vitals. He discusses how medical vitals are similar to financial ones because they tell you how you're doing and what goals to set to improve your health and well-being.

What is one of the best opportunities you have to take back control of your professional life and avoid burnout from happening? Physician entrepreneurship. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Myrdalis Diaz-Ramirez about how to get started as a physician entrepreneur. Dr. Díaz-Ramírez is a fellowship-trained, board-certified pain medicine physician and anesthesiologist with more than 20 years of experience. One of her passions is to help other physician entrepreneurs and future physicians design their lives to avoid burnout and be happy physicians practicing under their terms. She is the founder of maxAllure Mastermind and host of the Design Your Physician Life Podcast. Topics Discussed: • Physician Entrepreneurship: What is it, and why is it beneficial? • maxAllure Mastermind: Physicians talk, advance, and acquire momentum • Either entrepreneurs or not? Everything can be taught and learned • Happiness = Significance, control, and contribution of what you do in life • Entrepreneurship Opportunities: Investor, inventor, coach, etc., to regain control • Mission/Vision: Treat your life as a business and find/define your 'what' and 'why' • Plan Priorities: Burnout is unsustainable and makes you unhappy, miserable • Action Items: ◦ Recognize the problem and that change is needed ◦ Surround yourself with those who are successful and willing to help ◦ Join and participate in Facebook physician groups and masterminds ◦ Read/listen to Rich Dad Poor Dad and The Ultimate Jim Rohn Library Links: Dr. Myrdalis Diaz-Ramirez on LinkedIn maxAllure Leverage and Growth Summit for Physicians White Coat Investor Rich Dad Poor Dad by Robert Kiyosaki The Ultimate Jim Rohn Library Breaking Away From Traditional Primary Care to Start a Concierge Medical Practice Contact Finance for Physicians Finance for Physicians

Today Jon talks about, what to consider when comparing and evaluating job offers for a new position. LINK: www.ContractDiagnostics.com

Interest rates are twice as high as they were a year ago, but house prices were much higher in most markets then as well. You might actually come out ahead by getting your dream home for a much lower price today, especially if interest rates go down as expected in 1-3 years. Doug Crouse explains the logic in today's episode. You can get a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your First Physician Home at www.DougCrouse.com.

Brian McCook is a CPA with Anders CPA & Advisors. He leads the health care practice side of the firm. He talks today about how you can use 1099 employment to your advantage with tax benefits, write offs and deductions. He explains how being a 1099 employee can give you more control over your career, but does require some planning to protect yourself and your practice. He spells out the reporting requirements to the IRS for this type of income. If you are looking for a CPA, you can reach Brian at [email protected] or 314-655-5564.

Once you clarify your values, financial vitals are used similarly to health vitals to quickly check if you are making progress toward your goals and what's most important to live a better life. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to measure specific financial vitals based on your values. Topics Discussed: • Save, Spend, Give Ratio: Percentage-wise, where is your money going? • True Spending: Budget is always underestimated; total spending is more realistic • Strategy: DIY vs. work with financial planners, others to calculate numbers • Key to Success: Quick financial vitals checks measured against your values Links: https://financeforphysicians.co/ https://financeforphysicians.co/contact/

In this episode, we sit down with Dr. Renee Dua, the Chief Medical Officer of Heal and the visionary behind Renee, a virtual assistant designed to help chronic disease patients achieve better health. Driven by her belief that great healthcare is a human right, Dr. Dua has dedicated her career to making healthcare more accessible and convenient for everyone. During the conversation, we learn about Dr. Dua's journey in healthcare, from building a successful nephrology practice to leading the clinical team at Heal and driving innovations like the CES Innovation Award-winning Heal Hub. We also discuss her advocacy for expanding house calls to all seniors and her efforts to create patient-facing products that prioritize care and convenience. As an outspoken role model for women in STEM, Dr. Dua shares her insights on the importance of diversity and inclusion in healthcare. We also get a glimpse into her personal life as a mother of three and how she balances her busy career with her passions for cooking and spending time with her family. Join us for an inspiring conversation with Dr. Renee Dua as we explore the future of healthcare and the innovative solutions that are making it more accessible and equitable for all! Links: Renee Heal Dr. Dua's email address: [email protected] Contact Finance for Physicians Finance for Physicians

Today Jon continues his talk on MGMA data. LINK: www.ContractDiagnostics.com

The busy lives that physicians lead rarely allow for side hustles and projects. But this guest made it work. Dr. Paula Muto is a 25+ year vascular surgeon veteran with an extensive array of methods of work that put her and her team amongst the best treaters of vein disease in the world. It'd have been awesome if we stopped at that, but Dr. Paula is also the founder and CEO of UberDoc - an online booking platform that helps patients find the best doctors in their zip code area. If you're a physician looking to earn extra money by leveraging your already existing expertise - Dr. Paula has paved the way, and we'll spend all of today's episode dissecting her playbook. Links: Muto Vein Center UBERDOC For physicians who want to join UberDoc Contact Finance for Physicians Finance for Physicians

Interest rates are very high right now, but most experts expect them to go down in the next 1-3 years. Some banks offer Loan Modifications, which allow you to pay a flat fee when rates go down to lower the rate on your existing loan. This saves you the money and hassle of refinancing your loan. You do not have to go through underwriting again (i.e. providing all your financial data), new appraisals or pay closing costs. Doug goes into more detail here and advises you to check with your lender when getting a new mortgage now to save you money in the future. You can get a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your First Physician Home at www.DougCrouse.com.

Dr. Melissa Leimkuehler and her family started a labor of love many years ago, which is a winery, inn and event space. She talks to us about how she had to learn about business, obtain loans to renovate their property, juggle the demands of being a physician and business owner, while carefully balancing the personal relationships with her husband & other family members who are involved with the endeavor. She shares the joy of being able to give back to the community and charities that have supported her over the years. To learn more about her winery and inn, you can go to www.BelvoirWinery.com.

Hey, this is John with contract diagnostics. I want to give a quick message on nurse practitioners and PAs. We had a couple of questions that were sent in, and one of them was about compensation for managing mid-level providers. Join me as I answer this question! LINK: www.ContractDiagnostics.com

Thomas Campanella is a healthcare executive focused on educating the wider healthcare community on how the industry really works. Thomas is also a voracious writer, podcaster, and regular webinar host regarding the topic of healthcare economics. If you're a physician just now starting in the industry and want to learn how the healthcare machine works - this is the episode for you and Thomas is the man to talk to! Enjoy! Links: Thomas Bio Articles referenced: ◦ Healthcare Economics 101: https://www.linkedin.com/pulse/health-economics-101-guide-understanding-bigger-well-campanella/ ◦ We need more physician leaders... https://www.linkedin.com/pulse/physicians-where-you-we-need-your-leadership-thomas-campanella/ ◦ About Tom's healthcare journey: https://www.linkedin.com/pulse/my-healthcare-journey-thomas-campanella/ ◦ The importance of primary care physicians: https://www.linkedin.com/pulse/primary-care-physicians-key-providing-value-based-thomas-campanella/ ◦ AAFP pointing out problems with direct primary care model https://www.aafp.org/pubs/fpm/issues/2016/0900/p10.html Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Today Daniel talks about, what your finances say about your options. When it comes to flexibility, security or what you are falling short in. Links: www.WrenneFinancial.com

Today Jon is talking about M G M A data. Feel free to reach out to Jon Appino and his team for more a copy of the MGMA data. Link: www.ContractDiagnostics.com

Confused by annual percentage rates? They are even more complicated in an adjustable rate mortgage. Doug Crouse tries to clarify why your APR may look higher on an ARM than your fixed rate loan. You can get a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your First Physician Home at www.DougCrouse.com.

Colin Carr is the CEO of CARR, which is a company of approximately 150 real estate experts across the country who help physicians and other healthcare providers negotiate purchase and lease contracts for commercial real estate. He talks about the most common pitfalls when negotiating a contract and describes how these mistakes can cost a physician several hundred thousand dollars over the term of the contract. He goes into some detail about the financial analysis needed before entering a lease or purchase. Best of all, when using a commercial real estate expert to lease or buy a property, the service is usually provided at no cost to the physician as it is the landlord or seller who pays the commission. You can learn more about Colin Carr at www.CARR.us.

Today Jon goes over what should be on your checklist you should be looking for, when you're job hunting. Link: www.ContractDiagnostics.com

Today Jon addresses a question he got from a hospitalist. "What if the census is higher than expected"? Link: www.ContractDiagnostics.com

In life, many people think they have to choose what they can have. They should choose happiness over wealth, family over career aspirations, etc. Today's guest proves that it's possible to have it all! Andy Hill is the founder and CEO of Marriage, Kids and Money - an online brand dedicated to helping people achieve the pillars of family health and well-being: Happiness and Wealth. This podcast won't give you all the answers - but it will instead guide you toward the right direction for you and your close ones: Developing the life you've always wanted to live! Enjoy! Links: Marriage, Kids and Money Website Make My Kid a Millionaire Contact Finance for Physicians Finance for Physicians www.WrenneFinancial.com

Today Jon speaks about Indemnification clauses. Link: www.ContractDiagnostics.com

Lenders sometimes offer their clients the opportunity to buy down an interest rates by adding on points to the cost of the loan. This means you are paying money up front to get a lower interest rate for the life of the loan. However, it may end up costing you more money if interest rates drop over the next one or two years. Learn more about how to decide whether you may or may not want to buy down your rate today. Doug Crouse is a physician loan lender with BMO Bank. He has over 20 years experience and has written a book to help you understand the mortgage industry and specifically physician loans. You can get a free copy of his book at www.DougCrouse.com.

Dr. Nerissa Kreher transitioned from a traditional role as a pediatric endocrinologist to a nonclinical career in the pharma/biotech industry. She has moved up in that world and today is CMO of a biotech company. She talks about different career paths available to physicians, gives advice to those considering a change, and talks about compensation as it compares to a clinical physician. She also coaches physicians who are contemplating a new career path. You can learn more about Dr. Kreher and pharmaceutical/biotech careers at www.IndustryMDCoach.com.

Do you have enough money in the bank for your rainy day fund? What amount is too low or too much just in case you need it?\ In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about setting the cash target. Ideally, you're not over or under. By knowing what you need to get to, you're empowered to make better decisions to reduce stress and risks, and increase return on your dollar. Topics Discussed: • Before Building Emergency Reserves: ◦ Have at least one month of expenses in checking account ◦ Pay off prior credit card debt and loan balances • Start Building Up Reserves: ◦ Set the target by saving three to six months of income/expenses ◦ Personalize range based on your situation (1 to 12 months) • Risk Factors and Reasons for Reserves: ◦ What do you own that has upkeep costs? Houses, cars, and boats ◦ How large is your household? Single, married, and children ◦ What is your insurance deductible? Change if necessary ◦ How much does your household earn and how secure are earnings? ◦ What percentage of income is being spent versus saved? ◦ How diversified are your income sources? • Ideal Target: Establish emergency reserves and put in a bank savings account • Common Mistakes: ◦ Commingling rainy day savings with other savings accounts ◦ View as insurance policy, not as a return or way to maximize investment ◦ Don't use credit card or HELOC debt as alternative to emergency reserves ◦ Revisit and adjust ideal target; don't set it and forget it ◦ Get some kind of return on your reserves, just don't get greedy ◦ Use actual, not estimated expenses to calculate your rainy day reserves LINKS: www.WrenneFinancial.com

What make, model, and year is the car you drive? Thinking about buying a new one? Why? Consider all factors to make the right, not wrong buying decision. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about why he drives an 18-year-old Toyota Avalon. The 2003 vehicle has heated leather seats and a 6-disc CD changer—it's still in good condition and comfortable to drive. Topics Discussed: • Car Buying: How to make a good, solid, level-headed decision • Practical Perspective: Base decision on purpose, need, safety, reliability • Mechanical Issues: Tend to trigger alternative options for an upgrade • Identity and Psychology: What drives car-buying marketing decisions? • Timeout: Do your priorities align with buying a new car? • Key Purposes: ◦ Get from Point A to Point B ◦ Comfort level ◦ Makes you look better ◦ Economic and environment friendly ◦ Consider alternatives Links: Edmunds: Cost of Car Ownership Tool (5-Year Cost Calculator) Why Drive Old Cars? Finance For Physicians

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/

Today Jon continues his discussion on the new MGMA data. Link: www.ContractDiagnostics.com

Today Jon talks abut the new MGMA data that just came out. He shares some information for physicians. Link: www.ContractDiagnostics.com

Nic McGrue is a transactional attorney who specializes in real estate matters. He is well versed in syndication and financing issues. He talks about the steps to forming a syndication, finding investors, underwriting the deal, putting together a team and some tax advantages of being the syndicator or investor. You can learn more about Nic at www.PolymathLegal.com

Have you ever worked with a financial planner? Do you have enough money saved for a financial planner to help? When are you ready to hire a financial planner? Depends on the situation or preference. If you want help, the sooner the better. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about when to hire a financial planner. Topics Discussed: • Use Cases: When to start working with a financial planner • Human Capital Habits: How do you accumulate your wealth? Income • Life Transitions: Get finances right in the beginning by planning for the future • Finances and Investments: What are your options? Inefficiencies? • Backdoor Roth IRA: Involves all different facets of financial planner tasks • Reasons to Hire a Financial Planner: ◦ Don't have time to handle your finances. ◦ Unsure if things are getting done correctly. ◦ Complexity of your finances is intimidating. ◦ Struggling to keep finances organized. • Ways to Engage a Financial Planner: ◦ 95% of the industry has a sales/commission component. ◦ Verify terminology given by business to know if it is misleading. ◦ Pay for financial planner's advice. ◦ You're not locked in to work with the same financial planner forever. • When to Seek Help from a Financial Planner: ◦ Educate yourself to make the best decision. ◦ Know the pros and cons of finding a financial planner. ◦ Figure out if now is the right time or not. LINKS: www.WrenneFinancial.com

Today Jon talks about a story involving a surgeon and how her shifts were increasing but she was not being compensated for it. Link: www.ContractDiagnostics.com

Today Daniel Wrenne covers flexibility, security, and how your finances can really push you towards that or the opposite of that. Links: www.WrenneFinancial.com