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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 - Real tips for physician wellness with Dr. Rebekah Bernard Apr 22, 2024

Show notes

Dr. Bernard has literally written the book on physician wellness and shares her insights to help us find our love of medicine again while maintaining our own happiness and well-being. She advocates for physicians to have autonomy and control the things they can in their practice.

She offers simple tips for running an efficient practice and setting limits on the time you allocate for work so that you have more time for yourself. She also promotes motivational interviewing to help patients become true partners in decision making and goal setting, which leads to more successful outcomes.

You can learn more about Dr. Bernard, listen to her podcast or discover the books she has written at www.RebekahBernard.com.

A Physician's Guide to Wealth - Taking Extreme Ownership: The Key to Personal and Financial Success Apr 20, 2024

Show notes

In this episode of the "Life Well Lived: A Physician's Guide to Wealth" podcast, host James Nutter discusses the importance of taking extreme ownership and full responsibility for one's life. He shares his personal journey of blaming others for his circumstances and how he learned to take control and liberate himself. James emphasizes that blaming external factors such as the government, the economy, or other people only hinders personal growth and financial success. He encourages listeners to reflect on their own lives and assess whether they are taking full responsibility for their outcomes. James provides examples of individuals who have overcome adversity and achieved great success by taking ownership of their lives. He also introduces the formula "e + r = o" (experience + reaction = outcome) to illustrate the power of choosing how to respond to life's challenges. By taking responsibility and responding positively, individuals can create the outcomes they desire.

Timestamp

Summary

0:00:03

Introduction and the importance of taking full responsibility

0:01:04

How taking responsibility relates to money and personal circumstances

0:03:21

The importance of choosing how to respond to unforeseen events

0:04:13

Personal examples of successful individuals who took responsibility

0:07:21

Formula for taking responsibility: experience + reaction = outcome

0:09:22

The speaker's personal journey and the importance of taking control

0:10:49

Action item: self-assessment questions to promote positive change

Do you take full 100% responsibility for all your outcomes in life? At the end of the day, taking control of our lives is perhaps the most important choice we can make. The result? Full freedom and liberation to know that all of your outcomes, where you are, and most importantly where you choose to go now are 100% your responsibility

Trying to qualify for PSLF and unsure if you're on track? Get James's 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more.

A Physician's Guide to Wealth - Physician Employment Contract Hacks: The Most Critical Steps for Negotiating Your 2nd Contract as an Attending Physician Apr 19, 2024

Show notes

Have you ever taken time to review your contract and negotiate terms that are favorable to both you and the team? Just like a pro athlete negotiates for the most favorable contract, you as a superstar physician can to. Every time you renew your contract, you have a chance to get a better deal, especially your 2nd contract as an attending after you've proven yourself as an invaluable asset to the team. In today's episode, we are joined by Health Law Attorney Spencer Licktieg. You deserve to have the right tools and skills to get an equitable contract that aligns with your lifestyle, and indispensable contributions. Tune in to learn how.

To connect with Spencer for a free consult, visit https://shrr.com/our-people/spencer-k-lickteig/

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

This recording is for the exclusive use by Financial Residency Podcast and used solely as an educational tool for the limited podcast interview by Spencer Lickteig on April 19, 2024 and any recorded replays of that presentation. This commentary was not provided with any intent for actual use by individuals or entities and does not reflect the legal opinions or advisement of Spencer Lickteig or Smith, Haughey, Rice, and Roegge. The information presented in this podcast itself does not, and is not intended to, constitute legal advice. Instead, all information and content are for the limited informational purposes only. The receipt or listening of this information does not create an attorney-client relationship, nor does it represent any intention of seeking or providing legal counsel. No user or listener should act or refrain from acting based on the information provided in this document or presentation without first seeking legal or professional advice from counsel in the relevant jurisdiction. This presentation does not represent the practice of law pursuant to state licensing authorities. This interview audio shall not be reproduced by any parties without the express consent of Spencer Lickteig and Smith, Haughey, Rice, and Roegge.

Coffee & Contracts - Hospital Closing Apr 18, 2024

Show notes

Jon from Contract Diagnostics discusses the impact of hospital and clinic closures on employees, comparing the situation to retail franchise closures like Kmart or Bed Bath & Beyond.

He highlights potential outcomes for physicians, such as reassignment or termination, based on the terms of employment contracts. Jon emphasizes the importance of understanding contract stipulations regarding termination pay, benefits, notice periods, non-compete clauses, and tail insurance.

He advises healthcare professionals to be fully aware of their contract details at signing to prepare for possible closures, terminations, or relocations, ensuring they know their options and risks.

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

Coffee & Contracts - ACC recap Apr 17, 2024

Show notes

Jon from Contract Diagnostics recently attended the American College of Cardiology's annual convention in Atlanta, a large and engaging event where he provided talks on contract renegotiation and changes in compensation structures post-pandemic, specifically for cardiologists. Amid the pleasant setting of Atlanta, Jon, joined by colleagues Anu, Jennifer, and Selena, enjoyed interacting with many cardiologists at their booth and during presentations.

They addressed various concerns related to fair compensation, leveraging their experiences to offer tailored advice for renegotiating contracts and understanding compensation dynamics. Jon emphasized the difference between earning a high income and being fairly compensated, citing an analogy with football player Patrick Mahomes to highlight the point.

Contract Diagnostics aims to educate and assist physicians in navigating their careers and contracts effectively, offering free educational resources and personalized consultations to help physicians achieve fair compensation and job satisfaction.

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

Mortgage Minute - Let's Talk About Appraisals for a Minute Apr 16, 2024

Show notes

Appraisals are completed by an independent third-party provider so neither your realtor nor loan officer have any input over the value.

They typically take 5-7 days once ordered by the bank, but Doug recommends putting in a 10 day appraisal contingency when writing your contract to purchase your home. You can only use comparable houses (comps) for those that closed before your home was inspected.

You can reach Doug at Doug.Crouse@BMO.com or go to www.DougCrouse.com.

Grand Rounds - Determining short and long term goals to build a budget with Nate Reineke Apr 15, 2024

Show notes

Budgeting can be a difficult task for physician families, especially when one spouse is a stickler for budgets and the other isn't. But Nate Reineke, CFP with Physician Family Financial Advisors, explains how couples can develop budgets in a nonconfrontational way by discussing their short and long term goals.

He encourages families to pay off debt while saving for kids' college and/or retirement. And most importantly, he doesn't want physicians to miss out on enjoying their lives because they are so focused on saving for retirement. With a little forethought, there can be a happy balance between work and the rest of your life.

You can learn more about Nate or hear his podcast at www.PhysicianFamily.com.

A Physician's Guide to Wealth - Making Sense of Your Cents Apr 13, 2024

Show notes

Ever felt overwhelmed about not knowing what you don't know as it relates to money?

Perhaps even a bit frustrated that of the hundreds of thousands of dollars you spent and countless hours in training, there was little to no real-world training about money? I have great news, if you're reading this now, you're here for a reason. And though your medical school or training program is unlikely to do anything about, we here at Financial Residency are here to help you make sense of your cents. Take the first step by tuning into this episode!

Trying to qualify for PSLF and unsure if you're on track? Get James's 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more.

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

A Physician's Guide to Wealth - The #1 Investment You Can Make Apr 12, 2024

Show notes

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

Warning: don't be the richest one in the graveyard. A wise investor named Warren Buffet once quoted "Investing in yourself is the most important investment you'll ever make in your life. There's no financial investment that'll ever match it, because if you develop more skill, more ability, more insight, more capacity, that's what's going to really provide economic freedom. It's those skill sets that really make that happen." - Warren Buffet, Billionaire American Investor. You've already invested hundreds of thousands of dollars into your superpower skillsets as a clinician, what are you doing to invest into yourself now?

Trying to qualify for PSLF and unsure if you're on track? Get James's 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more.

Source 2 https://www.cnbc.com/2017/04/07/tony-robbins-and-warren-buffett-recommend-thisinvestment

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

Coffee & Contracts - Probationary Periods and Risk Apr 11, 2024

Show notes

Jon from Contract Diagnostics highlights the risks associated with physician employment contracts, particularly emphasizing a case with a stark imbalance in termination notice periods and the risks during a probationary period. Physicians face unfair termination clauses, such as needing to provide 120 days' notice to leave, while employers can terminate with only 30 days' notice. Additionally, during a six-month probationary period, employers can terminate immediately without cause.

Jon advocates for mutual termination notice periods and suggests that contracts should offer safeguards like severance packages or compensation for unworked notice periods to mitigate the physician's risks. He underscores the importance of reviewing employment contracts carefully to avoid costly nuances and ensure they meet industry standards.

Contract Diagnostics offers thorough reviews and educational resources to help physicians navigate these complex agreements.

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

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