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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:

Financial Vitals: Physician Mortgage Loan Pros and Cons With Doug Crouse Nov 10, 2023

Show notes

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

Today I'm excited to talk with Doug about some of this craziness that's going on with the mortgage industry in mortgage rates in particular in the past few months, if you hadn't been paying attention rates have been skyrocketing.

We're gonna talk a little bit about what's going on there and what you might expect in the future. We're also gonna get into primarily talking about the pros and cons of a physician loan.

LINKS:

www.WrenneFinancial.com

Coffee & Contracts - PA_NP's growing in popularity Nov 09, 2023

Show notes

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

Jon from Contract Diagnostics discusses a report from AMN, the parent company of Merritt Hawkins, focusing on the increasing demand and salaries for nurse practitioners (NPs) and physician assistants (PAs).

He highlights the importance of physicians understanding clauses in their contracts related to supervising NPs and PAs, emphasizing factors such as the number of assigned practitioners, compensation, and the nature of the physician's role.

Jon encourages physicians to be aware of these details and offers Contract Diagnostics' expertise in contract reviews and compensation analysis for physicians, PAs, and NPs.

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

Coffee & Contracts - The cost of physician turnover Nov 08, 2023

Show notes

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

Jon from Contract Diagnostics highlights the financial impact of physician turnover on organizations and emphasizes the importance of proactive discussions about compensation and other job-related factors.

He advises physicians to be vocal, aware, and well-prepared during contract renewals to ensure their needs are addressed.

Contract Diagnostics offers assistance in evaluating contracts and providing talking points for negotiations, recognizing the significant cost organizations incur when losing valuable healthcare professionals.

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

Mortgage Minute - How a 89.9% loan may save you money over a 90% loan Nov 07, 2023

Show notes

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

Doug offers a tip to help you get a better interest rate or save on fees when getting quotes from different lenders.

To learn more about Doug Crouse or to get a free copy of his book, go to www.DougCrouse.com.

Grand Rounds - Locums and Independent Contracting with Dr. Holly Shen Nov 06, 2023

Show notes

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

Dr. Holly Shen is an OB/GYN doc who decided to forego being employed and venture out as an independent contractor. She started a group on Facebook to help educate and empower other OB docs who are thinking of doing the same.

She shares her experiences in finding jobs, securing insurance (both malpractice and health), getting licensed in multiple states, transferring DEA licenses, and talking with other doctors to ensure she is always paid fair market value when taking a new job.

This episode is not just limited to OBs who are thinking of making the switch.

Financial Vitals - Throw Out The Rent Vs Buy Rules Of Thumb Nov 04, 2023

Show notes

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

Are you buying or renting? What are the perks of being a homeowner? Think through and focus on both financial and non-financial reasons.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about the rules of thumb when deciding whether to buy or rent a home.

Topics Discussed:

• Why buy? Live in it 3-5 years to break even and recoup upfront transaction costs

• Why rent? The best option if you plan to live there only a couple of months or years

• Numbers: Mortgage closing, realtor commissions, improvement costs, and ROI

• Taxes: Deduct ownership expenses; can't deduct property/mortgage insurance

• Insurance: Renter's insurance is less expensive than homeowner's insurance

• Homeowners' Association (HOA) Fees: Added costs for homeownership

• Uncertainty and Overestimation: Bias of living in a home longer than expected

• Lifestyle Creep: Living beyond your means and not analyzing home prices

• Headache Factor: Rent-not your problem; buy-home ownership increases issues

• The joy of Ownership: Cultural and cool factors to owning your own home

• Renting: Gets old not being able to do what you want with your place

• Rent vs. Buy Examples:

◦ 2362 Heather Way, Lexington, KY

◦ 8704 Grand Ferry Dr., Austin, TX

Links: Real Estate Home Price Indexes Price To Rent Ratio Austin Rental Example Lexington Rental Example Research on Renting vs Buying Finance For Physicians

Financial Vitals - How will the Russian and Ukraine War Affect your Planning Nov 03, 2023

Show notes

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

How was the U.S. economy before the war between Russia and Ukraine started? How have things changed and what will they look like in the future? Expect a ripple effect!

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how the Russian and Ukraine War will affect financial planning and economic adjustments in the United States and other countries.

Topics Discussed:

• 9% Inflation Rate: Changes associated with war do not play a role, yet

• Work: Inflation should not be too big of a deal for those with a job/income

• 8% Unemployment Rate: Extremely low—people are working, plenty of jobs

• Interest Rates: Will continue to be increased to keep inflation under control

• Vanguard Total Stock Market: Index fund gauge indicates modest downturn

• Supply and Demand: War sanctions and restrictions result in prices increasing

• Economic Seasons: Difficult to predict what's going to happen in the future

• Reverse Globalization: Economic impact due to isolated sections and countries

• Actions to Consider: Diversify portfolio, stay the course, take protective measures

Links: Contact Finance for Physicians Finance for Physicians

www.WrenneFinancial.com

Coffee & Contracts - Different Contract Review firms? Nov 02, 2023

Show notes

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

In this message, Jon from Contract Diagnostics highlights the importance of contract reviews for physicians. He discusses various aspects of contract reviews, such as the percentage of non-negotiable contracts and the need for changes in physician contracts.

Jon emphasizes the differences between contract review firms, including their services and pricing structures. He points out that Contract Diagnostics offers nationwide services focusing on compensation and benefits, with the ability to pay over time and no hidden fees.

They do not sell client data and provide personal, detailed assistance from a professional with extensive experience.

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

Coffee & Contracts - How Often should you have a raise? Nov 01, 2023

Show notes

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

Jon from Contract Diagnostics is addressing the question of how often one should expect an increase in pay. He explains that pay increases can vary depending on the employer and the terms outlined in the employment agreement. Some employers offer annual pay increases, while others may base it on factors such as MGMA data or blended survey data.

Jon emphasizes that if an employer does not proactively offer pay increases, it may be necessary for the employee to raise the topic themselves.

He encourages individuals on auto-renewing contracts to reach out to Contract Diagnostics for assistance in evaluating their compensation and determining if adjustments can be made.

Jon highlights the importance of understanding one's income potential and ensuring fair compensation. He mentions that transparent access to relevant information like RVU numbers, collections, and efficiency rankings is crucial for evaluating one's compensation.

Contract Diagnostics offers coaching and guidance for having discussions about compensation with employers.

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

Mortgage Minute - What are points and when does it make sense to pay them? Oct 31, 2023

Show notes

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

Doug explains how points are calculated. Sometimes you can pay points to buy down your interest rate, but should you?

Doug talks about how to determine how long it would take to "break even" by paying money up front to get a lower rate. He then talks about forecasts in the mortgage industry about whether rates will go down.

To learn more about Doug Crouse or to get a free copy of his book, go to www.DougCrouse.com.

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