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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:

Coffee & Contracts - What is the best paying job in healthcare Jan 31, 2024

Show notes

In this episode, Jon from Contract Diagnostics discusses the notion of the best-paying job in healthcare based on an article he read. While traditional high-paying roles like executive positions and CEOs are acknowledged, Jon focuses on the surprising revelation from an anesthesia journal that anesthesiology is deemed the best-paying job in healthcare.

He scrutinizes the data presented in the study, highlighting discrepancies and questioning its validity. Jon contemplates various factors beyond monetary compensation that define the best-paying job, including stress levels, work-life balance, and vacation time.

He invites listeners to share their perspectives and emphasizes Contract Diagnostics' commitment to helping physicians secure contracts that align with their individual needs and circumstances.

Jon concludes by encouraging physicians to reach out for guidance in navigating contract negotiations and ensuring they receive optimal compensation packages.

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

Mortgage Minute - Plan ahead if you are looking for a mortgage in the next 6-8 months Jan 30, 2024

Show notes

It's almost Match Season and Graduation Time for med students, residents and fellows. That means that thousands of doctors will be looking to move and get a mortgage at the same time.

This year is different in that many banks have pulled out of the Physician Mortgage space over the past year, which means there will be fewer loan officers to handle the influx of doctors needing assistance. So plan ahead.

Make contact with banks, get the information you need and questions answered, apply for preapproval early so when you find the house of your dreams you can move fast and make an offer.

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).

Grand Rounds - Real Estate Residency with Brett Riggins Jan 29, 2024

Show notes

Brett Riggins is the owner of Physician Wealth Systems and podcast host of Real Estate Mogul MD. He talks to us today about the BURRR method of investing (Buy, Renovate, Rent, Refinance, Repeat) and stackable returns of residential real estate. We briefly explore the tax benefits of developing a real estate portfolio to offset active income from W2 employment. To learn more about Brett at www.PhysicianWealthSystems.com.

Financial Vitals - 5 Signs You're Working With An Insurance Agent Posing As An Advisor Jan 27, 2024

Show notes

Insurance agents posing as advisors is more common than you may realize and can create conflicts of interest. The key is having better awareness. Don't get fooled again!

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five ways to identify whether you are working with an insurance person who is posing as a financial advisor.

Topics Discussed:

• Sign #1: Aggressive posers seek you out after making contact or via referrals

• Sign #2: Posers offer you free or low-cost financial "advice"

• Sign #3: Posers act as trusted advisors; don't refer to themselves as salespeople

• Sign #4: Advice and product solutions offered by posers are similar across clients

• Sign #5: Agents posing as advisors make it difficult to leave them/their products

LINK:

w ww.WrenneFinancial.com

Financial Vitals - Charitable Giving Strategies To Reduce Taxes Jan 26, 2024

Show notes

It's that time of year again where many of you are considering giving generously to help others. What are some of the best tax strategies for giving?

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a fellow Certified Financial Planner (CFP®) and founder of Anesthesia Success—a planning firm and podcast dedicated to helping anesthesia and pain physicians make successful career and financial decisions.

Topics Discussed:

• Charitably inclined? Uncle Sam encourages contributions to help everyone

• Science of Giving: Feels good when faith shapes financial plan/philosophy

• Giving Forms: Generously invest time, money, emotion for observable impact

• Is giving important? When? Giving imperfectly is better than not giving at all

• Standard vs. Itemized Deduction(s): Cultivate desire and mechanics of giving

• Charitable Contributions: Change from above- to below-the-line tax deduction

• Appreciated Securities: Giving a security that has unrealized taxable gains

• Taxable Accounts: Investment account type that has no inherent tax advantage

• Donor Advised Fund: Pros and cons of using the DAF strategy for giving

• Batched Giving: Strategically think about timing of gift based on tax situation

• Internal vs. External Factors: How will tax situations, brackets, policies change?

• Tax Impact: Qualified Charitable Distribution vs. Required Minimum Distribution

• Private Foundations: Give more meaningfully charitably to express generosity

LINKS:

www.WrenneFinancial.com

Coffee & Contracts - Hospital mergers and acquisitions Jan 25, 2024

Show notes

In this episode, Jon from Contract Diagnostics explores the trends in hospital mergers and acquisitions, highlighting recent examples and contemplating whether this trend will continue.

He mentions the increasing number of deals and the involvement of non-traditional players like Microsoft, Amazon Health, and Walmart in healthcare partnerships. Jon anticipates more technology-driven collaborations and partnerships, emphasizing the potential impact on physicians.

While immediate effects on physicians may be minimal, Jon suggests that downstream changes could include alterations to benefits, electronic health systems, and potentially compensation. He sees potential benefits for physicians in terms of better negotiating capital, improved technology, and streamlined operations.

Jon concludes by emphasizing the importance of staying informed and seeking guidance, particularly when facing contract amendments or changes in compensation schedules due to organizational consolidations. Physicians are encouraged to reach out to Contract Diagnostics for assistance in navigating such changes.

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

Coffee & Contracts - How much does EMR cost? Jan 24, 2024

Show notes

In this brief episode, Jon from Contract Diagnostics discusses the significant expenses associated with electronic health record (EHR) systems for healthcare facilities.

Using examples from a published article, he highlights the substantial costs, such as a Cleveland-based hospital expecting its EHR installation to cost $400 million. Jon emphasizes that these costs are typically covered by employers, and physicians need not worry about directly paying for EHR systems.

However, he suggests that physicians inquire about the type of EHR system their potential employer uses during interviews or site visits. Jon also encourages physicians to be adaptable to different systems and leverage their knowledge of various EHRs as a negotiating point for compensation.

He stresses the importance of understanding the employer's perspective while negotiating, acknowledging their investment in technologies that should ideally enhance efficiency and billing.

Jon concludes by reminding physicians to engage in open and effective communication with their employers regarding compensation and contract details, offering Contract Diagnostics' assistance in maximizing compensation.

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

Mortgage Minute - Match Season is coming up and finding a physician loan officer may be more difficult Jan 23, 2024

Show notes

Match Season and Graduation Season for residents and fellows brings an influx of new home buyers. Over the past year, there have been several banks that have gotten out of the physician mortgage business so there will be fewer loan officers to handle the thousands of physicians who are looking for a loan at the same time.

If you think you might be buying a house in the next 6 months, Doug recommends that you start reaching out to banks now to start getting prequalified and approved for a home. With physician mortgages, you can generally purchase your new home and get moved in before you start your residency or new attending job.

To learn more about Doug or to get a copy of his free book "The Hippocratic House: Do No Harm When Purchasing Your First Physician Home," go to www.DougCrouse.com. You can also schedule a free call with him on this website.

Grand Rounds - What is Fair Market Value with Jon Appino of Contract Diagnostics Jan 22, 2024

Show notes

Employers refer to Fair Market Value in conversations and contracts when negotiating fair compensation, but who determines FMV and how is it calculated?

Jon Appino with Contract Diagnostics tries to shed light on FMV and talks about how you can get third-party information to ensure you agree with the FMV calculation being used to determine your compensation.

To learn more or get a Compensation Review for yourself or your group with Jon's team, go to www.ContractDiagnostics.com.

Financial Vitals - Investing During Wild Markets with David Blanchett Jan 20, 2024

Show notes

Have you been paying attention to the financial news? Most of it is covering all the craziness around stocks. GameStop, AMC, and others went way up only to go way back down. These days, everyone has a Robinhood account and is trading stocks on margin. Plus, the COVID pandemic has added all sorts of volatility to the stock market.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to David Blanchett about investing during the craziness of a wild market. David is the Head of Retirement Research for Morningstar's Investment Management Group and an Adjunct Professor of Wealth Management at The American College.

Topics Discussed: COVID: How the pandemic and being isolated at home has affected investing • Day Trading: For better or worse, people want to invest in, buy individual stocks • Today's Market: Everyone wants to buy and trade to make money, not possible • False Confidence: How long until the bubble bursts because it will, eventually • Winners and Losers: Problem with day traders is they report one, not the other • Can you beat the stock market? First, learn from mistakes made from investing • Smarter than...? Good investing is boring, advisors don't and can't time market • Utility Grievance: How much do you like something and quantify preferences? • Weigh Outcomes: Downside of doing it yourself is much worse than upside • Short Selling: Put on your blinders and don't follow what everybody else does

LINKS:

www.WrenneFinancial.com

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