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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 - Cash Flow at hospitals to SURGE in 2024 Dec 27, 2023

Show notes

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Today, Jon from Contract Diagnostics discusses a recent article by Moody's projecting a surge in hospital margins and cash flows in 2024. He highlights key points from the article, indicating that median operating cash flow is expected to increase by 10 to 20 percent, with operating cash flow margins reaching 7%, a 1 percent increase from the previous year.

The video suggests that nonprofit hospitals may turn positive in 2024, providing potential opportunities for physicians to negotiate better deals.

Jon emphasizes the impact of labor costs on hospital expenses and encourages physicians to leverage the positive projections when renegotiating contracts in the coming year.

He invites healthcare professionals to reach out to Contract Diagnostics for assistance with contract and compensation-related matters.

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

Mortgage Minute - Should you look for a house or a mortgage first? Dec 26, 2023

Show notes

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

The fun part is looking for the house, but doing the legwork beforehand to know how much house you can afford (especially with interest rates being so high) can save you a lot of heartache.

Talking to your lender first can solidify how much house you will qualify to purchase and allow you to get a preapproval letter, which will make your offer stronger and more likely to be accepted by a seller.

Grand Rounds - Managing debt with Leslie Tayne, Esq Dec 25, 2023

Show notes

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

Leslie Tayne is an experienced financial attorney who helps individuals and businesses that find themselves overwhelmed with debt.

She discusses working with creditors to find manageable payoff strategies, explores when bankruptcy might be the right option and explains that as a consumer you do have rights when it comes to debt collectors.

She talks about changing your mindset to avoid financial pitfalls in the future and reassures us that debt is not a death sentence.

You can learn more about Leslie at www.TayneLaw.com. You can also follow her on X, LinkedIn, Facebook or Instagram.

Financial Vitals - Second Opinion On AUM Financial Advisor Dec 23, 2023

Show notes

On this episode, Daniel addresses common questions from potential and new clients regarding financial advisors, focusing on the AUM (Assets Under Management) model. He explains that AUM advisors charge a percentage (typically 1%) of the assets they manage, highlighting the potential impact on fees as clients' balances grow.

Daniel discusses issues related to low attention for small accounts, minimum account size requirements, and potential conflicts of interest, such as the disincentive to recommend reducing balances or advising against additional savings.

He emphasizes the importance of understanding the fee structure, potential conflicts, and the character of the advisor when considering the AUM model.

Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Financial Vitals - Don't Let Your Parents Get Hosed By Their Advisor Dec 22, 2023

Show notes

Today, Daniel discusses the importance of scrutinizing financial advisors, especially for individuals with aging parents who may be vulnerable to potential exploitation. He shares a case involving a couple, Josh and Mary, whose advisor raised concerns due to inefficient investment strategies.

The advisor held a substantial amount of cash in an IRA, with questionable high fees and poor interest rates. Additionally, the couple invested in high-cost mutual funds and expensive annuities, resulting in substantial extra expenses.

Daniel emphasizes the need for second opinions and encourages viewers to be vigilant, particularly when their parents are experiencing cognitive decline or health issues.

He advises against blind trust in advisors and suggests looking out for warning signs such as complexity, high fees, and excessive cash balances.

LINKS:

Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Coffee and Contracts - Hospitals are dropping Medicare Advantage plans left and right - 13 updates - 29 November 2023 Dec 21, 2023

Show notes

Jon discusses the increasing trend of hospitals dropping Medicare Advantage plans, emphasizing the importance of understanding how healthcare providers get paid.

Jon from Contract Diagnostics, highlights the potential impact on clinics and providers, as Medicare Advantage covers a significant portion of seniors.

The article quotes Scripps Health, stating that hospitals are adopting a strategy of "delay, deny, and not pay" for Medicare Advantage. Jon urges healthcare providers to be aware of the potential consequences on patient volumes, income, and compensation schedules, emphasizing the uncertainty of the situation.

Contract Diagnostics, a consulting service, offers assistance in navigating such challenges and promises ongoing support for healthcare professionals. Jon also mentions the relevance of this issue in an election year and encourages staying informed about future developments.

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

Coffee and Contracts - Changing landscape - Amazon - Walmart - etc... Dec 20, 2023

Show notes

Today, Jon from Contract Diagnostics, discusses the changing landscape of healthcare with major players like Amazon, Google, Apple, and Berkshire Hathaway entering the field. He anticipates the impact of artificial intelligence on healthcare in 2024 but notes the challenges faced by these companies in executing their plans.

Jon believes that while technology may play a role, the personal relationship between patients and physicians will endure, especially in private practices. He suggests that despite advancements, the traditional model of healthcare, with a focus on personal service, will persist.

Jon concludes by promoting Contract Diagnostics' personalized approach to physician contract care and compensation analysis.

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

Mortgage Minute - What happens when you apply for a mortgage? Dec 19, 2023

Show notes

Applying for a mortgage does involve pulling credit. Many are worried about their credit score going down after pulling credit, but it is usually a minimal and temporary impact to your credit score. He also cautions against making any big purchases while in the process of getting a mortgage.

He explains how secure portals work for uploading your supporting documents and goes into details about which documents may be requested.

For more information about Doug Crouse, go to www.DougCrouse.com.

Grand Rounds - Exploring passive and residual income with Clint Harris Dec 18, 2023

Show notes

Clint Harris is a partner with Nomad Capital and podcast host of Truly Passive Income. He explains how "independence of purpose" can mean more than just financial freedom. We also explore active versus passive income.

Any good investment requires time, experience and money, but the purpose of passive investments is to "buy" someone else's time and experience to increase your return on investment.

We talk in depth about syndications and how they can not only boost your retirement, but can also unlock your golden handcuffs to allow you more freedom throughout your career as well.

To learn more about Clint Harris, go to www.NomadCapital.us or listen to his podcast Truly Passive Income.

Financial Vitals - How To Navigate New Practice, New House, New Job, New Location Dec 16, 2023

Show notes

This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart!

In this discussion, Daniel addresses a common question from individuals entering a new stage in life or transitioning into a new job with a higher income. The main concern is how to navigate the overwhelming array of decisions that come with these changes, such as managing finances, paying off debt, saving for the future, and balancing personal life.

Daniel emphasizes the importance of taking it easy on oneself and not succumbing to the pressure of making all decisions hastily. He advises against giving in to various temptations, such as taking on excessive work, buying a forever home, or succumbing to lifestyle inflation. Instead, he encourages individuals to reflect on their values and priorities before making significant decisions, particularly in terms of family, personal fulfillment, and long-term goals.

By aligning major decisions with core values, Daniel suggests a more thoughtful and intentional approach to navigating this transitional phase. He warns against the potential pitfalls of succumbing to societal pressures and encourages individuals to focus on what truly brings fulfillment in the long run.

LINKS:

Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

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