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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 - How your medical background can inspire entrepreneurship with Dr. Ramon Lizardo Mar 18, 2024

Show notes

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

Dr. Ramon Lizardo trained as an ER physician, but has pivoted to a career as a successful entrepreneur in the tech field. His background in medicine led to some of his million dollar ideas.

His passion for knowledge and willingness to make contacts and learn new skills brought those million dollar ideas to fruition.

He talks about his successes and failures, but also shares helpful insights about how you can take your dream and turn it into a reality.

You can connect with Ramon R. Lizardo, MD via LinkedIn or via email at Lizardo@tele911.com.

Financial Vitals - How To Help Your Children Maximize Their College Education Mar 16, 2024

Show notes

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

College costs money, and it continues to increase. The actual price that you pay is difficult to understand because it has become progressively more expensive for those that have more financial resources—especially physicians who have or plan to have children in the future.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Joe Messinger about how college costs work and how to start planning sooner than later. Joe is a Certified Financial Planner, CFP®, and Founder of Capstone Wealth Partners and College Aid Pro.

Topics Discussed: • Tuition Costs: Different levels for in- versus out-of-state students • 3X or Greater: How college costs have changed in the past 20 years • Why? Supply and demand led to out-of-control costs for college • Inflation: State colleges level off, but private colleges continue to increase costs • Price Transparency: Private colleges equate value to higher or discounted costs • Analogy: College cost is similar to medical bills because it's different for everybody • College Funding Philosophy: Best way to pay for college is to save for college • 3 Key Financial Aid Components: ◦ Family's finances ◦ Student's academics ◦ School's business model • High-income Hurdle: Family finances impact student's ability to get financial aid • Sticker Price Shock: Some schools give money for merit, not just for need • Budget: Use school's money first, then federal aid, and set limitations • Rule of Thumb: Save for one-third, pay for a third, and take out a third in loans • College Aid Pro: Changing the way America shops smart for college

LINKS:

www.WrenneFinancial.com

Financial Vitals - Breaking Away From Traditional Primary Care to Start a Concierge Medical Practice Mar 15, 2024

Show notes

This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

When you're miserable or not satisfied with your traditional primary care position at a major hospital, it's time for a big change to live your best life and values. Focus on your future goals and dreams.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Drs. Cady and Ryan Brown, who started their own concierge medical practice, Downtown Drs. Brown, located in Lexington, Kentucky.

Topics Discussed: • Cady and Ryan's concierge medical practice and career progression • Primary Care Patient Load: From honeymoon period to fast track to burning out • PTO Requirements: Physicians not valued as people, professionals in practice • Reassurance and Education: Patients need to know if things are okay or not • How and why Cady and Ryan created concierge medical practice from scratch • Tradeoff: More security, less setup work for autonomy, independence, finances • Competition: Not many concierge medical practices, but demand definitely exists • Pressures/Stressors: Different now, feels better being in control of own destiny

LINKS:

www.WrenneFinancial.com

Mortgage Minute - It's Match Time! Mar 14, 2024

Show notes

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

Congratulations to all those med students who will be matching this week and to those getting ready to graduate and become attendings. We appreciate you and your sacrifice. If you have questions about a mortgage, you can reach out to Doug Crouse at www.DougCrouse.com or text 816-728-3631.

Coffee & Contracts - Don't Delay the Negotiation Process Mar 13, 2024

Show notes

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

The right time to move negotiations along is as soon as possible. Delaying discussions with employers can result in missed opportunities for salary increases or beneficial contract changes. Employers may be hesitant to make updates, hoping the issue will be forgotten.

Seeking assistance from a third party or maintaining regular communication can help ensure progress and avoid unnecessary delays. It's essential to stay proactive and persistent in negotiating employment terms to achieve desired outcomes.

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

Coffee & Contracts - Year-End or Beginning Compensation Changes? Mar 12, 2024

Show notes

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

In early Q1 of 2024, physicians often receive updates or changes to their compensation, typically in the form of addendums to their contracts. These changes may be related to fiscal budgets, CMS regulations, or simply the timing of the year. It's crucial not to hastily sign any addendum without fully understanding its implications.

Take time to evaluate fairness and consider negotiating with your employer, especially if the changes are significant or affect multiple physicians. Ensure that you have ample time to review, discuss with colleagues, and potentially seek professional advice before making any decisions.

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

Grand Rounds - Raising Money for a Medical Mission Trip with Jon Appino of Contract Diagnostics Mar 11, 2024

Show notes

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

Going on a medical mission trip is a noble thing that many physicians and other health professionals do each year, but many people don't realize that going on those trips is usually an out-of-pocket expense to the physician for thousands of dollars. It also means time away from work and family.

So Jon at Contract Diagnostics is raising money to help Dr. Kathryn Sarnoski, his national director of education, defray expenses. She goes on at least one medical mission trip per year. If he is able to raise enough money, then he is hoping to send more than one physician on this trip and make it an annual program.

If you would like to contribute to this noble cause, you can contact Jon Appino at Jon@ContractDiagnostics.com. He will match every dollar donated so even a small gift will go a long way to helping those in need.

Financial Vitals - 5 Of The Most Overlooked Tax Breaks For Doctors Mar 09, 2024

Show notes

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts.

Do you love to save on your taxes? One of the most overlooked or common mistakes is the failure to maximize tax breaks that are available to physicians.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five of the most overlooked tax breaks for doctors. Personal finance is about avoiding errors or when it comes to filing income taxes with the Internal Revenue Service (IRS).

Topics Discussed: • 5 of the Most Overlooked Tax Breaks for Doctors: ◦ Health Savings Account (HSA): Build wealth and avoid income tax ◦ Tax Loss Harvesting: Capital gains and losses are taxable investments ◦ Backdoor Roth IRA: Indirectly fund Roth IRA if income is above threshold ◦ Business Expenses: For side-hustle or self-employed with 1099 income ◦ Work Retirement Plans: Max out 401(k), 403(b), 457(b), and pensions

LINKS:

www.WrenneFinancial.com

Financial Vitals - Are You In For A Major Financial Surprise When Your Children Start College Mar 08, 2024

Show notes

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts.

Go with eyes wide open or be in for a major financial surprise when your children start college.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about you or your children funding their education.

Topics Discussed: • Who should pay for college? You, your children, student loans, or scholarships • What has changed? Tuition costs, direct student loan cap, and responsibility • Little to No Financial Aid: Based on physician's above-average income • Other Options: 529 Plan, investments/cash accounts, income, student loans

LINKS:

www.WrenneFinancial.com

Coffee & Contracts - Lowest Paid Specialties Mar 07, 2024

Show notes

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.

Jon from Contract Diagnostics discusses the lowest paying specialties in medicine based on 2023 data. He highlights public health and preventive medicine, pediatrics, family medicine, infectious disease, and endocrinology as the lowest five, with salaries ranging from $249,000 to $267,000 annually.

Jon emphasizes the importance of regular salary evaluations and negotiations for physicians in these specialties, noting that many individuals have successfully negotiated higher salaries. He encourages physicians to understand their compensation structures and engage in discussions with their employers to ensure fair compensation.

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

Link: https://www.beckersasc.com/

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