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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: Special Needs Planning Basics Sep 23, 2023

Show notes

How can special needs planning positively change your family's life when you have a child or children with a disability? It really depends on their needs, so map out the plan for them.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the basics of special needs planning and available tools.

Topics Discussed: • Worst Case Scenario: Unexpected death or disability

• FAQs:

◦ Who is going to take care of my child or adult with a disability?

◦ How will they know how to take care of my child with a disability?

◦ Will my child have enough financial support for lifetime care?

◦ How do I save for my child with a disability?

• Tools:

◦ Will is a legal document that names a guardian and outlines care needs

◦ Letter of Intent (LOI): Document that outlines key components of care

◦ Special Needs Trust: Direct funds to child's care; get government benefits

◦ Change beneficiary designations to reflect the special needs plan

◦ Communicate plan with identified and designated beneficiaries

◦ Create ABLE account to save for qualified expenses for disabled children

Links: Letter of Intent (LOI) Template Contact Finance for Physicians Finance for Physicians

Financial Vitals: Mo Money, Mo Problems Sep 22, 2023

Show notes

Do you remember the late Notorious B.I.G.'s song, Mo Money Mo Problems? Physicians can probably relate to it. On the flip side, some people believe that having more money makes you benefit from fewer problems.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about how making more money often leads to more problems.

Topics Discussed:

• Does money make you happy? Depends on how you define problems

• $1 or $1 Million: More money makes simple things complex choices, decisions

• More assets means more checking, savings, credit card accounts go unclaimed

• Temptation: Easy to add something, but more painful to take something away

• What happens to your money? Be responsible and organized; not out of control

• Perceived Target: Doctors are rich, even residents with $400,000 in student loans

• Moral of the Story: Use money to improve and have less problems, happier life

• Slippery Slopes: Choose wisely between buying nice things or being generous

• Time: More money can buy time to prioritize and outsource tasks, responsibilities

Links: Jeff Wenger on LinkedIn Wrenne Financial Planning Finance For Physicians

Coffee & Contracts - Are contracts Inflation adjusted? Sep 21, 2023

Show notes

In this informative message, Jon from Contract Diagnostics discusses the topic of inflation and its impact on salary. He emphasizes the importance of understanding compensation not only in the present but also how it may change in the future.

While contracts typically do not include automatic adjustments for inflation, Jon suggests that negotiating for annual raises or cost-of-living adjustments could be beneficial. He further highlights the significance of considering the employer's needs and the market dynamics when discussing compensation.

Jon encourages individuals to reach out to Contract Diagnostics for assistance with contract and compensation-related matters.

LINKS:

www.ContractDiagnostics.com

Coffee & Contacts: What is TCC in MGMA edited Sep 20, 2023

Show notes

In this message, Jon from Contract Diagnostics discusses the total compensation data from the MGMA survey, which is considered the gold standard for physician compensation.

The MGMA survey gathers data from a large number of physicians and their employers each year, but participation is relatively low, so the accuracy of the inputs is uncertain. The data includes various types of compensation such as salary, bonus, incentives, stipends, and distributions of profits, but excludes expense reimbursements and employer contributions to benefits like retirement plans and insurance.

Jon emphasizes the complexity of interpreting the data, as it does not account for factors like call stipends, signing bonuses, or variations in workload.

Despite its shortcomings, Contract Diagnostics can help physicians make sense of the MGMA data and consider it alongside their individual situations.

LINKS:

www.ContractDiagnostics.com

Mortgage Minute: What does ESCROW mean? Sep 19, 2023

Show notes

The term can mean different things in different markets. It can also be used to describe an account versus the stage you are in when buying a house. Doug explains the differences and when it can be waived by the buyer.

He also talks about why people sometimes want to waive escrow and whether it benefits them or not.

To request a free copy of Doug's free book "Hippocratic House: Do No Harm When Purchasing Your First Physician Home" go to www.HippocraticHouse.com.

Grand Rounds: Dr. Kristine Scruggs talks about her work as a screenwriter and novelist Sep 18, 2023

Show notes

Dr. Kristine Scruggs shares her journey as a novelist turned screenwriter. Exploring her creative side has helped her overcome and avoid burnout as a hospitalist physician.

She is able to use her medical knowledge to help write scenes and themes in her works.

She talks about conferences and competitions that have been beneficial to her in getting her work noticed and making contacts in the industry.

You can learn more about her and her work at www.KVScruggs.com.

Coffee & Contracts: Inflation Sep 16, 2023

Show notes

Jon from Contract Diagnostics discusses the topic of inflation and its impact on physicians' contracts. He emphasizes the importance of proactively addressing the issue of rising costs and suggests several strategies for physicians to consider.

One strategy is to negotiate for periodic raises built into the contract, either as fixed amounts or tied to an inflationary index. Another option is to negotiate for a cost-of-living increase, which could be tied to a specific metric or capped at a certain percentage.

Jon also mentions the possibility of negotiating for shorter contract terms with the opportunity to renegotiate at the end. He highlights the need to take into account factors such as inflation, CMS changes, production, and profitability when seeking future compensation increases.

Jon invites physicians to reach out to Contract Diagnostics for assistance here is the link www.ContractDiagnostics.com

Financial Vitals: Should You Incorporate Social Security Into Your Planning Projections Sep 15, 2023

Show notes

In this discussion, we will be exploring the topic of social security and its importance in financial planning. There are often misconceptions surrounding social security, leading to negative perceptions about its funding and benefits. However, it is crucial to consider the potential advantages and whether it should be included in one's planning.

For individuals with above-average incomes, such as physicians, it is likely that a significant amount will be contributed towards social security throughout their careers. Currently, the income threshold for contributions is set at $160,200 in 2023. Both employees and employers are required to contribute 6.2% each, totaling 12.4% of income. Self-employed individuals also contribute the full 12.4%.

Given these contribution levels, it is essential to understand the potential benefits of social security. At present, the maximum benefit at full retirement age is $3,627 per month, with variations depending on birth year. The maximum benefit can reach $4,555 per month at age 70. It is plausible that individuals with full careers and maximum social security contributions would receive these benefits.

Considering the substantial lifetime payments and the potential return on investment, social security might not be as unfavorable as some may believe. However, it is crucial to analyze and project the future implications. While it may be satisfactory to receive benefits at current levels or during the later stages of one's life, the question arises regarding the future sustainability of social security and potential tax implications.

By discussing these aspects, we aim to provide a comprehensive understanding of social security, how it operates, and its potential application in financial planning. Whether it is a worthwhile benefit to consider for the future depends on individual circumstances, and we will explore these further to provide a clearer perspective on the matter.

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

Mortgage Minute: Should you ever waive an appraisal contingency? Sep 14, 2023

Show notes

Sometimes buyers make the decision to waive appraisal contingency in a competitive market. Basically that means you will buy the house even if it doesn't appraise for what you offered. But what does that mean when it comes to getting a loan? Does that put you or your earnest money at risk? Learn more about this on today's episode. Doug is a physician lender with BMO Bank. To learn more about him or to request a free copy of his book, go to www.DougCrouse.com.

Coffee & Contacts: Medical Directorship Pay - How much? Sep 13, 2023

Show notes

Today, Jon Appino from Contract Diagnostics provides insights into medical directorships. He discusses the compensation structure of medical directorships, which varies based on the amount of work and scope required.

Typically, medical directors are compensated per hour and there may be monthly or annual caps on compensation. The dollar amount usually ranges from $120 to $200+ per hour.

Jon emphasizes the importance of understanding the requirements and expectations of the medical directorship, as it may involve uncompensated time and additional hours beyond the cap.

Keeping track of hours is crucial to ensure accurate payment. For specific data and guidance on medical directorships, Contract Diagnostics is available to assist.

LINKS:

www.ContractDiagnostics.com

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