Financial Residency

Today we're talking about how far to push when it comes to negotiations. Link: www.ContractDiagnostics.com

If you are in the process of getting a loan, you typically need to talk to the mortgage loan officer before you make an offer on a house to know if you qualify for the loan. The quickest way to know if you qualify if you get a Prequalification, which is given by the loan officer based on the information you provide. But sometimes you need to get a Preapproval, which is a loan that has actually been run through underwriting with all of your documentation submitted and reviewed by the bank. This is especially important if you have a complicated income, live on one of the coasts or are buying in a competitive market. If you want a free copy of Doug Crouse's book Hippocratic House, you can go to www.DougCrouse.com.

Zoe Cangas is a realtor married to a physician. She has been working with physicians nearly exclusively for 5 years and realized they have unique needs when purchasing a house or moving to a new area. She created a nationwide network of other physician spouse realtors to help physician families when relocating. She talks about how her network benefits physician families and how she is still recruiting other physician spouses to join MMP. You can learn more about Zoe and her network at www.MovingMedicinePartners.com.

Today Jon talks about a hospitalist looking into another hospitalist position. She needed help reviewing the contract for the new position. Link: www.ContractDiagnostics.com

Today we continue the talk on what your finances and how there's such a great indicator of how you're doing in living out your ideal life as a person. Link to: Values exercise (attached) Aligning Your Time And Money Management With Your Values -> https://financeforphysicians.co/2020/11/05/aligning-your-time-and-money-management-with-your-values-with-jeff-wenger/

So we've got a quick blurb today on visa physicians and what they need to consider as they look at their employment contract and how they've differ than a traditional W2 physician. Link: www.ContractDiagnostics.com

Today Daniel about your finances and marriage. Link to: Managing Finances As A Married Couple (with me and my wife, Alison) -> https://financeforphysicians.co/2022/11/01/managing-finances-as-a-married-couple/

Many times a builder will offer a mortgage with huge incentives to use their lender, but does it make financial sense? Oftentimes no. You may get a huge credit, such as $25,000, but if you look at the fees, interest rate and presence of PMI, it may cost you more than a traditional physician loan. At the end of the day, it's a good bet that nothing is given for free. It's important to ask for the loan estimate so you can compare credits to fees to see what the true offer is. To learn more about Doug Crouse or to request a free copy of his book Hippocratic House: Do No Harm When Purchasing Your First Physician Home, go to www.DougCrouse.com.

Dr. Davis is a family medicine physician who made the jump to telemedicine before it became widespread. He also is also a coach and helps other physicians explore and sometimes transition to nontraditional or nonclinical careers. He is the author of "Telemedicine Confidential" and cofounder of NewScript.app which brings physicians together to find rewarding career paths if the more traditional route is no longer fulfilling. He explores his thoughts on why more physicians are finding themselves burned out and feeling like a cog in the wheel of corporate America.

Daniel talks about what is an important topic and that is, what do your finances say about you as a person. Link to: Net Worth Tracker -> https://financeforphysicians.co/2020/09/21/monthly-net-worth-tracker/ Cash Flow Tracker -> https://financeforphysicians.co/2021/02/01/monthly-cash-flow-tracker/

Today Jon talks about the different type of pay structures and what you need to know. LINKS: www.ContractDiagnostics.com

Can money buy happiness? You can have all the money in the world and be completely unhappy. How can they use money and time to live happier lives. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about the science behind using money and time to attain happiness. In the previous episode, Jeff discussed how physicians can better align time and money management with their values. Topics Discussed: • Psychology and the Good Life: Laurie Santos's scientific research on happiness • Laurie's Lesson 1: Our minds are really bad at predicting happiness • Tangible vs. Intangible Things: What brings you the greatest happiness? • Laurie's Lesson 2: Circumstances don't play as big a role as people think they do • What drives happiness? 50% genes, 10% circumstances, 40% thoughts, actions, and attitudes • Laurie's Lesson 3: Time versus money, which do you value more? • Spare Time: Spend money on things that save time for best return on happiness • Trade Offs: Delegate to make time and gain back time that brings happiness Links: Wrenne Financial Planning The Science of Happiness and How to Improve Your Happiness (Free Course by Dr. Laurie Santos) How to Be Happy: A Cheat Sheet Free Tests to Help Measure Happiness The Happiness Lab Podcast The GI Joe Fallacy: knowing is not half the battle How Much of Your Happiness Is Under Your Control? The How of Happiness: A New Approach to Getting the Life You Want High income improves evaluation of life but not emotional well-being by Daniel Kahneman and Angus Deaton Fire Your Financial Advisor (WCI Online Course) Finance for Physicians

Jon got a question question from an experienced physician, and their question was, how do I negotiate a higher salary that lines up with my experiences and qualifications? Today Jon answers that question. LINKS: www.ContractDiagnostics.com

Doug talks about how the looming debt ceiling and the risk of defaulting on debt affected mortgage rates over the past few weeks. Now that a new agreement has been reached by the senate and the house, Doug makes some educated guesses about how mortgage rates may adjust. You can learn more about Doug or get a free copy of his book at www.DougCrouse.com.

Dr. Jeep & Vanessa Naum wrote "What's Forever For - A Physician's Guide for Everlasting Love and Success in Marriage." They also coach physician families to help them have stronger, more intimate relationships. Jeep & Vanessa open up about their own marriage and talk about how admitting mistakes, being vulnerable to our partners and communication are key. They also discuss how compartmentalization and decompression are important factors to identify and manage in a marriage. You can learn more about Dr. Jeep & Vanessa Naum at www.BestFriendsAgain.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 Email Andrew Wethall's Phone: 859-797-4384 Finance For Physicians

What does do-it-yourself (DIY) investment management look like? Taking this route isn't for everyone. It depends on your situation and personal interest. Just because you can do it, doesn't mean you should do it. If you want to do investment management yourself, learn how to do it right. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Kris Roach, a financial planning client who talks about what it's like to take this on during his first year of practice. Kris has quickly and accurately implemented high-level investment advice. He's doing it for the right way for the right reasons. Topics Discussed: • Investing Knowledge and Experience: ◦ Before: Basic but vague understanding of the stock market ◦ After: Create and execute a financial plan to manage investments • Why follow the DIY vs. professional path? Interest, curiosity, and inherent satisfaction • Getting Started: Commit to learning portfolio process and motivated to achieve • Analysis Paralysis? Plenty of options makes picking perfect funds intimidating • Asset Allocation: Stick with active or passively managed funds, not both • Information Overload: So much, so sort and shortcut through invaluable sources • Time Investment: Takes a few months to set up accounts and select securities • Downturn Temptations: Buy and invest in different stocks? Stick to your plan • Ongoing Tasks: Fund accounts, rebalance, tax law harvesting, invest in the market • Suggestions: If not interested in DIY, find a fiduciary to dedicate time to finances • Fiduciary vs. Financial Advisor: Watch out for wine-and-dine opportunities Links: Bogleheads Investing Advice and Info White Coat Investor Finance For Physicians LINKS: www.WrenneFinancial.com

Today Jon talks about a quick question on how academic contracts are set up differently. LINKS: www.ContractDiagnostics.com

For today's edition of the Finance For Physicians podcast, we're bringing Dr. Jimmy Turner. Jimmy is the host of the Physician Philosopher podcast and Money Meets Medicine podcast. He's also the author of Determined: How Burned Out Doctors Can Thrive in a Broken Medical System. Jimmy made it early into his career. He built a six-figure business, received numerous awards, and became well-respected among his colleagues. He was practically living the dream many physicians never reach in their lives. But something was missing. He was more miserable than ever. Our podcast will illustrate the story of how he escaped that place and found his true passion: coaching other physicians on how to achieve their financial and professional objectives. Dr. Turner is quickly turning into a legend amongst physician circles, so we're extremely excited to provide you with this interview! Enjoy! Links: The Physician Philosopher Podcast Money Meets Medicine Podcast Contact Finance for Physicians Finance for Physicians

Today, we're talking about negotiations and timing. How long does this whole thing take when you get your physician contract and you start the negotiation process? Join us today to learn more! LINKS: www.ContractDiagnostics.com

Dr. Jen Barna is a radiologist and creator of www.DocWorking.com. She brought together an entire community to support physicians in achieving their financial goals while finding the proper balance between work and life based on each individual's goals. Most recently, DocWorking introduced a Confidential Care Line to give its members 24/7 access to psychologists and counselors, which can be used for simple things or to even help a physician in crisis. It is entirely confidential and not tied to a medical record or insurance. Dr. Barna also has a podcast called Doc Working: The Whole Physician. You can learn more about Dr. Barna at www.DocWorking.com.

Today I want to go over the big considerations to think about as you transition into practice. LINKS: www.ContractDiagnostics.com Resources: Schedule a No-cost Triage Meeting With WFP https://go.oncehub.com/meetWFP All-In Home Costs Calculator (downloadable spreadsheet template)https://financeforphysicians.co/2021/09/11/all-in-home-costs-calculator/ Renting Your Home Is The Key To Building Wealth https://financeforphysicians.co/2022/04/14/renting-your-home-is-the-key-to-building-wealth/

Today Jon talk about malpractice insurance and how to know that you're fully protected. LINKS: www.ContractDiagnostics.com Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

Today Daniel Wrenne talks about the differences when it comes to cash flow. Resources: 3 Exercises To Help You Clarify Your Values https://financeforphysicians.co/2022/06/09/3-exercises-to-help-you-clarify-your-values/ The Most Common Financial Planning Mistakes Physicians Make w/ Daniel Wrenne https://financeforphysicians.co/2023/03/07/the-most-common-financial-planning-mistakes-physicians-make-w-daniel-wrenne/ Monthly Cash Flow Tracker (downloadable spreadsheet template) https://financeforphysicians.co/2021/02/01/monthly-cash-flow-tracker/ Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

Today Jon Appino talks about how to negotiate your contract! LINKS: www.ContractDiagnostics.com Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

Earlier this year it was announced that people with good credit were going to have to pay a higher interest rate for a mortgage. Doug talks today about where we are with that proposal. You can learn more about host Doug Crouse or request a free copy of his book at www.DougCrouse.com. Links: Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

Dr. Andrew Wilner is a physician, author and podcast host who has spent most of his career working locums and helping other physicians navigate this space. He talks today about how to leverage locums opportunities into a rewarding long-term career. He also talks about how locums can make sense for the new physician, mid-career doc or for the physician looking toward retirement. You can learn more about Dr. Wilner or get a copy of his book at www.AndrewWilner.com. Links: Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start. https://locumstory.com/

Today I want to talk about my one of my favorite topics, which is charitable giving. Resources: Money Decisions That Create More Happiness https://financeforphysicians.co/2022/05/19/money-decisions-that-create-more-happiness/ Charitable Giving Strategies To Reduce Taxes with Justin Harvey https://financeforphysicians.co/2020/12/17/charitable-giving-strategies-to-reduce-taxes-with-justin-harvey/

Today I just wanna give a quick overview of a little bit of terminology on the lender forms that you're looking at throughout the process. So by that I'm obviously talking about the, fees for when you're shopping lenders. Link to website: https://dougcrousephysicianloans.com/

I want to talk about saving for you future on today's episode. Resources: Are You Saving Enough For Retirement https://financeforphysicians.co/2022/02/03/are-you-saving-enough-for-retirement/ Are You Saving Enough For Education https://financeforphysicians.co/2022/01/20/are-you-saving-enough-for-education/

There are a lot of questions about side gigs. Today I want to talk about side gigs and address some questions. LINKS: www.ContractDiagnostics.com

Today I want to address a question that came up about an employer not wanting to negotiate a contract. LINKS: www.ContractDiagnostics.com

If you are going from residency or fellowship to an attending position, you are about to make some major changes. Dr. Tammy and Jon talk about this transition and what you might expect. They explore the gap time between the two jobs, disability insurance, home ownership versus renting, assessing your new position and giving yourself some grace when learning your new role. Jon is the owner of Contract Diagnostics and podcast host of Coffee and Contracts with Jon on the Financial Residency network. You can learn more about Jon at www.ContractDiagnostics.com.

Today I want to talk about tax planning. Resources: The First Step To Reduce Your Taxes with David Glenn https://financeforphysicians.co/2020/12/10/the-first-step-to-reduce-your-taxes-with-david-glenn/ Maxed Out My 401k, Now What https://financeforphysicians.co/2022/09/08/maxed-out-my-401k-now-what/ Can You Max Out Both Your 403(b) and 457(b) Plans? https://financeforphysicians.co/2022/04/07/can-you-max-out-both-your-403b-and-457b-plans/

Today I want to talk about a contract we reviewed for a physician. LINKS: www.ContractDiagnostics.com

Today I want to talk about disability and life insurance. Resources: What Every Physician Should Know about Long Term Disability Insurance With Lawrence Keller https://financeforphysicians.co/2020/09/22/what-every-physician-should-know-about-long-term-disability-insurance-with-lawrence-keller/ What Type of Life Insurance Should You Own? https://financeforphysicians.co/2021/04/22/what-type-of-life-insurance-should-you-own/ Why is Permanent Life Insurance Such a Terrible Short Term Investment https://financeforphysicians.co/2021/04/29/why-is-permanent-life-insurance-such-a-terrible-short-term-investment/

Today I want to talk about when to start the process for your contract. LINKS: www.ContractDiagnostics.com

Before you buy a home, your realtor will likely ask you for a letter from your lender to verify that you are qualified to buy the home. Your lender has two options to provide you - a prequalification or a preauthorization letter. Doug discusses the difference between the two and why you might want one over the other based on your circumstances.

Many insurers have made changes to their policies in the last month or two, which may affect Guaranteed Standard Issue policies, unisex rates or automatic increases based on inflation. Larry goes through each of the major companies to talk about these changes. If you have questions about obtaining a disability insurance policy or would like Larry Keller to review what you currently have, you can reach him at [email protected] or visit his website www.PhysicianFinancialServices.com.

Today I'm gonna be talking about the second big consideration as you transition into practice and that is student loans. Why Federal Student Loans Are A Great Bet For Many Physicians With Travis Hornsby https://financeforphysicians.co/2020/10/15/why-federal-student-loans-are-a-great-bet-for-many-physicians-with-travis-hornsby/ Avoid Leaving Money On The Table With Federal Student Loans https://financeforphysicians.co/2021/02/04/avoid-leaving-money-on-the-table-with-federal-student-loans/ When To Refinance Student Loans https://financeforphysicians.co/2021/09/02/when-to-refinance-student-loans/

Today I want to talk about what some next steps would be for those working on a contract this month. LINKS: www.ContractDiagnostics.com

Schedule a No-cost Triage Meeting With WFP https://go.oncehub.com/meetWFP Contracts and Disability: Understanding Your Rights and Protections as a Physician w/ Jon Appino https://financeforphysicians.co/2023/04/18/insurance-policy-for-disabled-physicians-with-jon-appino/ Moving Away From Toxic Work Environments And Into Physician Friendly Practices w/ Dr. Lara Hochman https://financeforphysicians.co/2022/11/08/moving-away-from-toxic-work-environments-and-into-physician-friendly-practices/

Today I wan to talk about artificial intelligence and what that might mean for health care. LINKS: www.ContractDiagnostics.com

Many banks are updating their requirements and rules regarding physician loans. Doug talks about changes you may see at various banks around the US. He also offers his free book Hippocratic House: Do No Harm When Purchasing Your First Physician Loan to you at www.DougCrouse.com.

In 2020, Lebanon faced a terrible bombing in Beirut that injured and killed thousands. Drs. Noel and Marc Ayoub had strong family ties to Lebanon and wanted to help. Not only were they in residency at the time, but it was also at the beginning of Covid, yet they were able to rally hundreds of healthcare providers to provide critical mental health and health care services to those people in need via telemedicine. They have since expanded to other areas faced with war and natural crises. To learn more about how you could volunteer to help, go to www.HealBeirut.com or www.HealRemote.com.

Today I talk about using AI to review a contract. LINKS: www.ContractDiagnostics.com

Today's episode is a tough one. We will tackle two of the most important topics in a person's life: Money and parenting. In this episode of "Finance for Physicians", Daniel Wrenne interviews Dr. Adam Broussard and Dr. David Weisenhorn, to dive deeper into the family and money matters that physicians often deal with. Dr. Adam is a practicing pediatric anesthesiologist, husband, father, certified life coach, and host of Dads Before Doctors, a podcast for physicians and other high-achieving fathers. Dr. David is a returning guest on our show and a good friend of our co-hosts. He's been working hard in the field of parenting research at the University Of Kentucky. He has a background in clinical mental health counseling - working with families over some of the most challenging problems in their lives. Topics of discussion include: - How money and parenting creatively can help enhance your work as a physician and family life - Why it is important to discuss money with your kids - What to look for when beginning the process of improving your finances as a physician Today's episode will be incredible; you won't want to miss it! Links: Die With Zero: Getting All You Can from Your Money and Your Life Mindset: The New Psychology of Success The Family Board Meeting: You Have 18 Summers to Create Lasting Connection with Your Children Find Adam: www.Adambroussardmd.com www.Dadsbeforedoctors.com About David: https://hes.ca.uky.edu/person/david-weisenhorn Mentioned: https://frontrowdads.com/ https://www.gobundance.com/ Contact Finance for Physicians Finance for Physicians

Entrepreneurship is a liberating concept. Outside of the promises of wealth and prestige, being an entrepreneur or cultivating the QUALITIES of an entrepreneur is a blueprint on how to solve problems better and solve better problems. Our guest today is the perfect example of that. Ernesto Gutierrez, MD is a practicing physician/entrepreneur with an extensive track record of success behind his back: • Grew a stem cell therapy practice to 7+ figures in revenue. • Helped develop regenerative medicine treatment protocols for conditions such as autism, multiple sclerosis, Parkinson's, and other neurodegenerative disorders. • Started his own online business by risking it all... and made it. Ernesto has successfully made the transition from a practicing researcher and physician to an online entrepreneur. A feat that we're quite curious to discuss on today's episode! And more importantly... we'd like to discuss how you, the listener, can do the same. Links: Dr. Ernesto Gutierrez Website Breaking Away From Traditional Primary Care to Start a Concierge Medical Practice w/ Dr. Cady and Ryan Brown Using Money As A Tool To Live Regret-Free Lives w/ Dr. Jordan Grumet Jim Rohn's Free Audiobooks Contact Finance for Physicians Finance for Physicians

Today Jon talks about a contract he recently helped a physician with, on renegotiating her terms. LINKS: www.ContractDiagnostics.com

Doug talks about putting down earnest money. Can you get that money back at closing? Can you apply it to fees associated with your loan, such as paying for taxes, insurance or an appraisal? What if I have gift money from family or a credit from the seller? Be sure to listen to today's episode to find out! For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.