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Financial Residency — Business
Financial Residency

As a doctor, you spent decades in school to get to where you are. Unfortunately, during all those years in medical school and residency, you probably didn’t receive a financial education. But, not to worry. That’s where I come in. Think of this podcast as your financial residency without the long hours and sleepless nights! I will guide you through a financial education resulting in money confidence and clarity in this critical aspect of your life. You’ll understand how you make money, how you spend money, how your hard-earned money can work for you, and how to protect yourself and your family. I have witnessed residents and fellows bombarded by life and disability insurance salesmen and other “investment” pitches that are not in their best interest. You didn’t receive any formal financial education in your decades of medical training, so how are you supposed to know the good financial advisors from the bad? This podcast will help with that. Remember, it’s ok to not know the difference between a ROTH IRA and a 403b or which 529 plan is best. This podcast will simplify highly complex concepts and translate industry jargon into plain English. Are you ready to take action and make smarter, more informed financial decisions? Great – let’s do this! Let your financial residency begin.

Copyright: © Financial Residency LLC. All Rights Reserved

Latest Episodes:

Grand Rounds - More in depth on noncompetes and fair market value with Jon Appino May 27, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

The FTC issued it's final rule on noncompetes, but multiple lawsuits and challenges have been filed. Jon Appino with Contract Diagnostics talks about how this may affect physicians, but acknowledges that many things may change before it makes its way to implementation.

We also talk about how noncompetes may or may not affect compensation and nonmonetary aspects of contract negotiations. And finally, Jon talks more about fair market value and puts to bed the myth that there is a magic number that employers must use when putting forth contracts to their physicians.

You can get a free 15-minute consultation with Contract Diagnostics for yourself or a 30-minute consultation for your group. Go to www.ContractDiagnostics.com to learn more.

A Physician's Guide to Wealth - Physician PSLF Hacks Checklist May 25, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of "A Life Well Lived: A Physician's Guide to Wealth," James Nutter provides a comprehensive checklist for pursuing Public Service Loan Forgiveness (PSLF) for physicians. He breaks down the steps to understanding the requirements, confirming if PSLF is right for you, getting organized and doing it consistently, building a contingency plan, and what to expect when you reach 120 payments. With insights from a client who had over $200,000 in loans forgiven, James offers valuable tips and resources to help physicians navigate the PSLF process successfully.

Timestamp

Summary

1:06

Essential PSLF Tips for Physicians Seeking Loan Forgiveness

6:30

Determining Employer Eligibility for Public Service Loan Forgiveness

11:23

Evaluating Public Service Loan Forgiveness Suitability and Strategies

16:48

Strategic Income Reporting for Lower Loan Repayments

19:40

Strategies for Timely Student Loan IDR Recertification

25:53

Mastering PSLF Through Organized Documentation and Regular Submissions

28:51

Identifying an Authorized Official for Employment Verification

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

A Physician's Guide to Wealth - 5 SHOCKING Ways Financial Advisors Get Paid May 24, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of "The Life Well Lived: A Physician's Guide to Wealth" podcast, host James Nutter delves into the lack of transparency surrounding how financial advisors get paid. He highlights the absence of financial education for physicians and the potential conflicts of interest that arise when working with advisors who may not have their clients' best interests at heart.

Nutter breaks down the different ways financial advisors are compensated, including robo-advisors, commission-based products, assets under management models, flat fee-based fiduciary financial planning, and flat fee-only fiduciary financial planning. He emphasizes the importance of finding a fiduciary advisor and provides insights into his own fee-only approach.

Timestamp

Summary

2:39

Fiduciary vs Suitable Financial Advisors Explained

5:09

Exposing Financial Advisor Secrets and Ensuring Fiduciary Transparency

6:51-

Robo Advisors Versus Human Financial Guidance

9:21

Navigating the Pitfalls of Commission-Based Financial Advising

10:54

Insurance Products Disguised as Investments

11:23

Captive Advisors and Their Impact on Young Physicians

12:21

High Turnover and Sales Quotas in Finance Careers

13:08

Understanding Commission-Based Products

13:42

Unveiling Hidden Investment Fees and Conflicts of Interest

17:08

Understanding Conflicts in Asset Management Fees

19:26

Understanding Flat Fee-Based Fiduciary Financial Planning

21:12

Transitioning to Transparent Fee-Only Financial Planning

25:58

Choosing a Fiduciary Financial Advisor Is Crucial

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Coffee & Contracts - What is Fair Market Value? May 23, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Jon from Contract Diagnostics dives deep into the concept of fair market value (FMV) and why it matters for physicians. He unpacks the complexities of FMV, how it's determined, and why there's no one-size-fits-all answer.

Learn about the different factors that influence FMV, from regional data to specific job duties, and discover how hospitals and employers might define it differently. Jon also discusses the importance of questioning and understanding these valuations to ensure you're getting a fair deal.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Coffee & Contracts - Non-Compete Language Updates: But What to Do Now May 22, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Hi everyone, it's Jon with Contract Diagnostics, providing a quick update on non-competes, a hot topic lately. We're in a waiting period for the new FTC rule, anticipated around early July. While it's not official yet, now is the perfect time to discuss non-competes with your employer.

With potential changes on the horizon, it's crucial to renegotiate terms to ensure fair compensation and optimal working conditions. Engage in conversations about staffing, efficiency, and compensation to stay ahead.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Mortgage Minute - Debt to Income Ratios and Income Calculations - Only the UW Opinion Matters May 21, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Today Doug Crouse dives into debt-to-income calculations. For those with a straightforward employment contract and a base income, it's fairly simple. However, sign-on and quarterly bonuses typically don't count unless you have a two-year history.

For 1099 income, if you have a set hourly rate, it's easy to calculate, similar to W-2 borrowers. But if your 1099 income is variable, a two-year history is required. Most lenders cap debt-to-income ratios at 43-45%, and for doctor loans, mine is set at 45%. This ratio is based on gross income minus items on your credit report, such as car payments, student loan payments, and credit card minimums, but excludes health insurance, daycare, and utilities.

For example, with a $20,000 monthly income, 45% is $9,000. Subtract $1,000 for debt payments, leaving $8,000 for your maximum mortgage payment.

For complex income situations, it's crucial to consult with an underwriter for an accurate assessment. Even with my 25 years of experience, only an underwriter's evaluation counts. So, always get a full loan pre-approval before house hunting, especially if your income isn't straightforward.

If you have questions, Doug is available at DougCrouse.com

Grand Rounds - What to know about disability insurance with Dr. Stephanie Pearson May 20, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Dr. Stephanie Pearson once practiced as an OB-GYN, but an injury during a delivery changed the trajectory of her career. She now is a disability insurance broker who counsels other physicians in the best ways to protect themselves and their income. She shares her experiences and knowledge with us today and takes some of the mystery out of shopping for the best disability policy. Work with Stephanie and her team: http://pearsonravitz.com

A Physician's Guide to Wealth - Expert Reveals Critical Tips for Financial Success in Medical Practices May 18, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Cindy Brown, an expert in transforming medical practices, shares valuable insights on optimizing revenue streams, personalized tax strategies, and achieving business success. She emphasizes the importance of having a strategic plan and understanding the business side of medicine. Cindy highlights common mistakes made by physicians, offers advice on surrounding yourself with a capable team, making hard decisions early, and being proactive in financial planning. Additionally, she discusses the importance of hiring professionals who are experts in their field and shares valuable tips for new physicians opening a private practice or those looking to sell their practices.

Cindy Brown is the co-founder of Brown Welch Mehta, a company that excels in transforming specialty medical and dental practices. With over 35 years of experience in corporate finance, operations, and management, she boasts an impressive background working with global 1000 healthcare, consumer products, and entertainment industries. Her track record shines with her previous roles as a senior executive at renowned organizations such as Blockbuster, Cadbury, Schweppes, Dr. Pepper, Coca-Cola, and the James River Paper Company, making her an expert in financial strategies and business optimization for medical practitioners.

Timestamp

Summary

2:25

Transitioning from Medicine to Business Ownership

8:19

Maximizing Profits in Medical Practices

12:26

Crisis Management Following Healthcare Cyberattack

18:57

Strategies for Business Cash Reserves and Credit Lines

24:02

Cultivating Excellence and Leadership in Business

28:34

Understanding Cash Flow Versus Profit in Medical Practices

35:53

Strategies for Maximizing Small Business Tax Credits

40:50

Tax Strategies for Renting Property and Employing Children

43:02

Incorporating Family into Business Payroll Strategies

45:53

Strategizing Business with Advisory Boards and Tax Deductions

50:12

Maximizing Home Office Deductions for Business Owners

51:43

Strategizing Tax Compliance for Business Owners

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

A Physician's Guide to Wealth - 4 Key Money Habits of Physicians Winning Now May 17, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Physician families who succeed with their finances in both good and bad times follow four key steps. First, they unsubscribe from generic financial rules and instead focus on their unique circumstances. Second, they define their values and use them as a guide for financial decisions. Third, they have a clear vision and mission for their family's future.

Finally, they are coachable and seek guidance from experts to achieve their goals. By following these steps, physician families can take control of their money and live a meaningful life. Join James Nutter as he explores these steps in this episode of "A Life Well Lived: A Physician's Guide to Wealth."

Timestamp

Summary

0:03

Four Steps for Physicians to Win With Money

4:35

Aligning Life Choices with Personal and Family Values

6:11

Balancing Present Joys and Future Financial Goals

7:47

Embracing Coachability and Overcoming Ego in Pursuit of Success

9:12

Phil Jackson's Impact on Basketball Legends

10:40

Embracing Coachability and Building a Life Well Lived

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Coffee & Contracts - FP Doc and What We Learned May 16, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Welcome to another insightful episode at Contract Diagnostics, where Jon dives into the complex world of physician contracts and the common pitfalls they face.

Today, Jon reflects on a recent conversation with a physician who misunderstood crucial elements of his contract, leading to significant financial loss. He highlights the risks of outdated electronic health record systems and the impact on physicians' efficiency and reimbursement.

Jon emphasizes the importance of clear, informed contract negotiations and proactive communication with employers to rectify issues and optimize working conditions.

If you're a physician facing contract uncertainties or system inefficiencies, tune in for expert advice and support at Contract Diagnostics.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

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