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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 - Purchasing your First Home with Doug Crouse Feb 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!

In this episode, host Tammy introduces Doug Crouse, a seasoned physician mortgage lender, on navigating the competitive housing market for first-time physician homebuyers.

They discuss the importance of securing the right loan and introduce their book, "Hippocratic House," aimed at assisting physicians in home buying. Doug offers insights on the current housing market, emphasizing the need for careful consideration before making offers, especially in competitive situations.

He also highlights the significance of pre-approval in the homebuying process and shares tips for finding the right realtor.

You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS).

Financial Vitals - How Perfectionism In Medicine Spills Over Into Your Personal Finances Feb 10, 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!

Nobody's perfect. Everyone needs to take care of their mental health, including physicians. Perfectionism in medicine can spill over into physicians' personal finances.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Michael Myers about physician perfectionism. Michael is professor of clinical psychiatry at SUNY-Downstate Medical Center and author of eight books covering everything from physician suicide and mental health to physician marriages.

Topics Discussed: • Tyranny of Perfectionism: Extreme perfection can affect productivity • Good Enough: Strive for excellence, but find and accept balanced portion • Human Humor: Welcome to medical school, you're (not) the best and brightest • Imposter Syndrome: Message of perfectionism leads to inferiority • Survive and Thrive: Perfectionism is expected, to err is human • Demographics and Diagnoses: Diverse physician and patient population • Signs: Worry too much, stay too late, struggle with competence and confidence? • House of Medicine Stigma: Should doctors ask for or need help? • Physician Personalities and Psychiatry: Self-resolve or seek help with triggers • Money Management: Most physicians are not gifted in economics/business • Marriage and Money: Keeping up with the Joneses linked to perfectionism • Privilege or Poverty: Physician's upbringing is pressure to maintain or do better • Married to Doctors: Say and do something in a loving manner; listen and get help • Co-parenting: Compliment and cut back on child's activities; time is not unlimited

LINKS:

www.WrenneFinancial.com

Financial Vitals - How to Use Real Estate to Build Wealth Feb 09, 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!

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/

Coffee & Contracts - Let us help - free education Feb 08, 2024

Show notes

In this message, Jon from Contract Diagnostics emphasizes the company's commitment to physician education. He highlights the lack of formal training for physicians in contract evaluation, negotiation, and other crucial aspects of professional development.

Jon invites individuals and organizations to reach out for educational opportunities, including training programs, free talks, and webinars. He introduces Dr. Catherine Sarnowski as the National Director of Physician Education, emphasizing her role in providing non-branded educational content tailored to physicians' needs.

Jon encourages listeners to consider hosting educational discussions within their programs or associations and invites them to connect with Contract Diagnostics for assistance.

He concludes by expressing gratitude and reiterating the company's dedication to supporting physicians' career advancement.

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

Mortgage Minute - Lock your Rate Feb 07, 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!

In this episode of the Mortgage Minute, host Doug Crouse discusses recent fluctuations in mortgage rates driven by economic reports such as the jobs and manufacturing data. He advises listeners to consider locking in their rates within 60 days to secure the best possible rate amid uncertainty.

Doug warns against waiting to lock rates as unexpected market changes can lead to higher rates, emphasizing the importance of staying informed through resources like Mortgage News Daily. He concludes by offering his contact information for further inquiries.

You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS).

Coffee & Contracts - 100k signing bonus for a NURSE! Feb 06, 2024

Show notes

In California, a healthcare system faced a staffing crisis during the pandemic and resorted to costly temporary nurses. To tackle this, the CEO and team offered $100,000 signing bonuses for new RNs and retention bonuses for existing ones over three years.

This innovative approach succeeded in retaining staff and reducing reliance on expensive locums. The case underscores the importance of investing in staff and considering retention bonuses as a cost-effective strategy.

As such, healthcare professionals negotiating contracts should explore such options for fair treatment and long-term organizational benefits.

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

Grand Rounds - Passive investing in real estate with Dr. Steve Suh Feb 05, 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!

Dr. Steve Suh is a co-founder of Left Field Investors and author of "Avoiding Rookie Errors as a Left Field Investor." He shares his successes and mistakes with us today about syndication and real estate investing.

He encourages everyone to educate themselves before investing to avoid unnecessary losses.

He also talks about the benefit of having a network of investors around you to learn more about your interests. You can learn more about syndications and real estate investing at www.LeftFieldInvestors.com.

Financial Vitals - It's Ok Not To Be Ok Feb 03, 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!

Does the medical profession make you feel like you got to have everything together because everyone around you is perfect? Everything and everyone has flaws, including physicians who are far from perfect but pretend everything is all good all the time.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Christine Runyan, co-founder of Tend Health, which brings a team of clinicians to the intersection of clinical care, health professions, and technology. Christine understands and views clinician well-being through the lens of a psychologist.

Topics Discussed: • How perfectionism negatively affects physicians' mental health • Ways for physicians to address perfectionism proactively • Physicians' Mental Health: Getting to the point of it's ok to not be ok • Tend Health: All work done via video telehealth platform and care for physicians • Barriers: Licensing and credentialing process asks about mental health history • Stigma and Culture: Amplifies sense of self-determination to get through anything • Be Human First: Maximize privacy, confidentiality, access to mental health care • Physician Stereotype: Paradox that they need help, but too often suffer in silence • What's expected? Know the right answer, be curious/authentic, ask questions • Financial Aspects: Average resident/fellow has six-figure student loan balance • Coping Strategies: Self-awareness is super power to being honest with yourself

LINKS:

www.WrenneFinancial.com

Financial Vitals - Using Your HSA To Build Wealth Feb 02, 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!

If you already have or plan to set up or start a health savings account (HSA), how do you make sure it is efficient to build wealth and possibly invest?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to best manage HSAs.

Topics Discussed:

• HSA: Best tax shelter that exists as a vehicle to put your money into

• HSA vs. Flex Spending Account (FSA): What's the difference?

• HSA Strategy:

◦ Rule #1: It's best not to spend out of your HSA

◦ Rule #2: If using HSA to build wealth, make sure to invest cash

◦ Rule #3: As you have healthcare expenses, save the receipts

• When to start using your HSA? Balance equals future expected healthcare costs

• HSA Beneficiaries: Make sure to identify spouse or dependents

• When is the best time to fund HSA? Max out sooner than later

• Cafeteria Plan: Better to funnel money through employer HSA for matching funds

• Switching Providers: Keep up with transfers and minimize number of HSAs

LINK:

w ww.WrenneFinancial.com

Coffee & Contracts - 1 in 5 doctors will become disabled Feb 01, 2024

Show notes

Today, Jon from Contract Diagnostics discusses the unsettling statistic that one in five physicians may become disabled during their career. While Jon admits to lacking expertise in disability insurance specifics, he underscores the importance of understanding one's coverage.

He points out that employer-provided disability policies often have limitations that may not adequately support physicians and their families in the event of disability. Jon encourages physicians to explore supplemental disability insurance options to ensure sufficient coverage.

Although Contract Diagnostics doesn't offer disability insurance, Jon emphasizes the critical role of understanding benefits and negotiating contract terms related to insurance.

He concludes by inviting physicians to reach out for contract reviews, compensation analyses, and benefit evaluations provided by 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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