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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 - Investing in multifamily units with Veena Jetti Dec 04, 2023

Show notes

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Veena Jetti has been very successful in investing in multifamily properties for more than a decade. Her company Vive Funds has transacted over $1 billion in real estate. She shares how she got started, finds investors and chooses properties.

She also talks about surviving in the real estate market despite higher acquisition costs and interest rates that have doubled. She offers sound advice for choosing a real estate syndication for those looking to invest.

To learn more about Veena, go to www.ViveFunds.com or you can join her FaceBook group Mastering Multifamily with Veena Jetti.

Financial Vitals - Improving Medicine With Vulnerability Dec 02, 2023

Show notes

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Physicians feel the pressure to be perfect, and sometimes hide or fail to address their own mental wellness. Medicine's intense focus on the quality of patient care is generally a good thing, but in some cases has unintended negative consequences. It takes courage for a physician to be vulnerable.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. John Budin, an accomplished physician, speaker, and blogger. John discusses why he chose to practice medicine and what he describes as the mental health closet.

Topics Discussed: • John's Case: Pressure to hide mental health flaws that make physicians human • Mental Health Closet: Why John finally publicly shared bipolar disorder diagnosis • Culture of Medicine: Vulnerability is opposite of professionalism and success • Caregivers vs. Receivers: Difficult for doctors to acknowledge need, ask for help • License at Risk: Career consequences, repercussions for revealing mental health • Stigma Solution: Support and care for colleagues struggling with mental health • Community: Increased mental health awareness with doctors, residents, students • Physician's Financial Path: Scary, uncertain aspects of being destabilized in life • First Step: Get treatment publicly or behind closed doors to remain confidential • Accept Humanness: Ways to become who you are, authentic, and vulnerable

Links: Physician Living with Bipolar Disorder Poll: Workplace Stigma, Fear of Professional Consequences Prevent Emergency Physicians from Seeking Mental Health Care International Society for Bipolar Disorders American Psychological Association (APA) Contact Finance for Physicians Finance for Physicians

Financial Vitals - How Physician Moms Can Have It All Without Giving It All Dec 01, 2023

Show notes

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Why are so many female physicians dropping out of the profession? It's extremely challenging to achieve balance as a physician mom. Not only are you a mom who is raising your own children, but a physician taking care of patients—besides having to deal with gender discrimination issues and the global pandemic. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Bonnie Koo, founder of Wealthy Mom MD. Her business is dedicated to helping physician moms have it all without giving it all. Bonnie empowers physician moms by providing financial literacy through her podcast, coaching, and courses. Also, Bonnie is a board-certified dermatologist, certified life coach, mother, step-mother, and fiancée. Topics Discussed: • Wealthy Mom MD: Teaches female physicians financial strategies to overcome • Taboos: Don't talk about money to handle and deal with anxiety, stress, and guilt • Perfectionism and Money: Female physicians are afraid to fail and lose • Promise Land? Money doesn't mean physicians live happily ever after • Purpose of Money: Helps you live the life you want and do good in the world • Compensation: Females navigating and negotiating in patriarchal society • COVID and Corporate Medicine: Magnified cracks to figure out money, stability • Financial Independence, Retire Early (FIRE): Money is resource to buy back time • Coaching: Download new software updates to your brain when behind financially • Thought Loops: You are what you think—being on auto-pilot vs. becoming aware Links: Wealthy Mom MD Weathy Mom MD's Podcast on Negotiation Guest Post on Miss Bonnie MD: A Woman's Guide to Becoming Financially Independent How Perfectionism In Medicine Spills Over Into Your Personal Finances Finance For Physicians

Mortgage Minute - What does it mean to recast your loan? Nov 30, 2023

Show notes

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com Many people wonder if it is a good thing to pay a lump sum to pay down their loan. If you do that, your bank may allow you to do two things. You can simply continue to make the previously determined monthly payments, which will allow you to pay off your loan early. Or you can ask the bank to recalculate based on the new owed balance and give you a lower monthly payment for the duration of your loan. To request a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your Physician Home, go to www.HippocraticHouse.com.

Coffee & Contracts - CMS changes and what it means Nov 29, 2023

Show notes

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

In this podcast segment, Jon discusses the recent announcements from CMS (Centers for Medicare & Medicaid Services) regarding new guidelines for 2024. He highlights a global reduction of 1.25 in overall payment rates, affecting various medical specialties.

Despite the decrease, there are significant increases for primary care and direct patient care services.

Jon emphasizes the importance of staying informed about CMS changes, as they can impact compensation structures and contract terms for healthcare professionals.

He encourages listeners to reach out to Contract Diagnostics for assistance in understanding and navigating these shifts, ensuring that physicians have a voice in negotiations and are fully aware of the implications for their practice.

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

Coffee & Contracts - PCP pay them more Nov 28, 2023

Show notes

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Today, Jon from Contract Diagnostics discusses the shortage of primary care physicians in the United States and attributes it to lower compensation compared to specialists. He emphasizes the need to pay primary care physicians more to attract and retain talent.

Jon mentions the recent CMS rule for 2024, noting a decrease in the Medicare reimbursement rate for some services. He also encourages primary care physicians to negotiate with their employers and offers assistance in compensation analysis and contract reviews at Contract Diagnostics.

Ultimately, the goal is to address the shortage in primary care physicians, improve access to care, and ensure fair compensation.

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

Grand Rounds - How do investments and taxes change as you approach retirement with Daniel Wrenne Nov 27, 2023

Show notes

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Daniel Wrenne talks about planning for retirement and how your mindset and goals for retirement can affect your investments and depletion of assets. The main takeaway from today's episode is: Make a plan, make a plan, make a plan!

If you are in need of a financial advisor, you can learn more about Daniel Wrenne at www.WrenneFinancial.com or email him at Daniel@WrenneFinancial.com You can also listen to his podcast Financial Vitals on the Financial Residency network.

Financial Vitals - What Type Of Life Insurance Should You Own Nov 25, 2023

Show notes

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Life Insurance: How does it work and do you really need it? Are you worth more or less alive or dead? What you need to know to protect yourself and your loved ones.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about what type of life insurance you should own. When you are young and healthy, cover your life or earning potential because the risk of untimely death happening is extremely low, but the costs of income loss are extremely high.

Topics Discussed:

• Life Insurance Recommendations: Understand conflicts, know what to look for

• Why get it? Tomorrow isn't guaranteed, avoid leaving family in a financial pinch

• When to get it? Before you urgently need it, when everything is good

• How much does it cost? Depends on health and age

• How much will you need? Enough, but always told to buy more

• How long will you need it? Longer the lock-in period, the more expensive

• Insurance Industry: Agents receive a high percentage of premiums for policies

• Advisor vs. Agent: What are the differences? Incentives? Disincentives?

• Coverage Calculations: Identify the correct amount of death benefits based on goals

• Types of Life Insurance Coverage:

◦ Human Life Value: Wrongful death determines lost earnings

◦ Financial Need Analysis: Maintain specific lifestyle, goals, assets, liabilities

◦ Term Life: Temporary death benefits for a set time period

◦ Permanent: Combines cost of term plus investment component

◦ Conditional: Secure coverage immediately before underwriting

Links: Contact Finance For Physicians Finance For Physicians

Financial Vitals - The Key Process Behind Using Money To Live Better Lives with Jennifer Quire Nov 24, 2023

Show notes

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

Money isn't always the key to happiness. What are the key financial planning processes for using your money to live a better life?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks with his colleague, Jennifer Quire, a fellow Certified Financial Planner CFP®. As financial planners, Daniel and Jennifer's goal is to help physicians use their money to live better lives. This starts with working through the financial planning process. Listen in to find out what this looks like.

Topics Discussed:

• What is a financial plan? Roadmap of where you are and want to be

• How to create a financial plan?

◦ Organize financial affairs

◦ Clarify values and goals

◦ Analyze options

◦ Decide best path forward

◦ Execute next steps

• What's most important to you? Money isn't always the answer

• Life Planning Questions: If financially independent…

◦ I want you to imagine that you are financially secure, that you have enough money to take care of your needs, now and in the future. The question is, how would you live your life? What would you do with the money? Would you change anything? Let yourself go. Don't hold back your dreams. Describe a life that is complete, that is richly yours.

◦ This time, you visit your doctor who tells you that you have five to ten years left to live. The good part is that you won't ever feel sick. The bad news is that you will have no notice of the moment of your death. What will you do in the time you have remaining to live? Will you change your life, and how will you do it?

◦ This time, your doctor shocks you with the news that you have only one day left to live. Notice what feelings arise as you confront your very real mortality. Ask yourself: What dreams will be left unfulfilled? What do I wish I had finished or had been? What do I wish I had done? [Did I miss anything]?

• Analysis Paralysis: Focus on one thing at a time to make progress

• Deadlines: Time gets in the way and people don't like change, ask for help

• A financial plan becomes worthless if you never execute on it

LINKS:

www.WrenneFinancial.com

Coffee & Contracts - CMS changes for 2024 Nov 23, 2023

Show notes

This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com

In the 2024 Medicare payment rule, the CMS has announced a 1.25 percent reduction in overall payment rates. However, there are notable increases in payment rates for primary care and direct patient care services.

The changes aim to balance healthcare quantity and access, and further analysis of the impact on various specialties will be provided by Contract Diagnostics in upcoming content.

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

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