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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 & Contacts: Employer breach on minimum number of shifts Aug 30, 2023

Show notes

In this message, Jon from Contract Diagnostics shares a situation where a physician has relocated for a job that promised a minimum of 14 shifts per month.

However, the employer is now only scheduling the physician for seven to eight shifts per month, causing a significant decrease in their expected income.

Jon emphasizes that it is important for physicians to hold employers accountable for the terms stated in their contracts. He advises the physician to communicate with the employer, presenting the contract that guarantees a minimum number of shifts and addressing the discrepancy.

Jon also offers assistance and referral to a local attorney if necessary, reaffirming the commitment of Contract Diagnostics to guide physicians in contract-related matters. He encourages physicians not to remain passive and to assert their rights in such situations.

LINK:

www.ContractDiagnostics.com

Mortgage Minute: If I buy a home that needs repairs or my new construction is not complete, can I escrow for these things? Aug 29, 2023

Show notes

The short answer is no except for sod or weather-related items such as sprinklers.

Sometimes realtors will write a contract that states you want to escrow for a roof that needs repaired or the counter tops haven't been installed yet, but the banks no longer allow for this. The bank is writing a loan for a "completed house."

They don't allow you to escrow for future items to be completed. If you want to learn more about Doug Crouse or get a free copy of his book, check out www.DougCrouse.com.

Grand Rounds: Interest rates are up - is there any silver lining to buying a home now? Aug 28, 2023

Show notes

Interest rates are up and buying a home can seem daunting. Doug Crouse with BMO Bank talks about ways to plan now for the future if rates should go down. Is it worth paying points to get a lower rate? What is a loan modification? He also talks about some shake-ups in the physician mortgage space with several banks pulling out of the market or cutting back dramatically.

If you have questions for Doug, you can find him at www.DougCrouse.com. You can also get a free copy of his book: Hippocratic House: Do No Harm When Purchasing Your First Physician Home.

Coffee & Contacts: Webinar Invitation Aug 26, 2023

Show notes

Jon Appino and Dr. Catherine will be answering questions from physicians that want to learn about contracts, compensation, and negotiations.

I'm sure many physicians will find it valuable, especially with the opportunity to ask questions and get expert guidance.

If anyone needs any assistance or has any questions about signing up for the webinar, feel free to reach out.

LINK:

www.ContractDiagnostics.com

Coffee and Contracts: Benefits of Automatically Renewing Contracts Versus Expiring Contracts Aug 25, 2023

Show notes

Today we discuss contracts with Jon Appino as he launches his new segment called Coffee and Contracts. Jon talks about the benefits of automatically renewing your contract.

LINK:

www.ContractDiagnostics.com

Financial Vitals: Mastering the Latest Student Loan Changes - Insight on Repayment, Forgiveness and Programs with Jeffery Wenger Aug 24, 2023

Show notes

Welcome to "Finance For Physicians," the podcast dedicated to equipping medical professionals with the knowledge they need to navigate the world of personal finance.

In this episode, Daniel Wrenne is joined by Jeff Wenger to tackle the ever-changing landscape of student loans, providing valuable insights into the latest updates that impact physicians. Dive into the intricacies of repayment strategies, loan forgiveness options, and the range of programs designed to assist medical professionals in managing their student debt. Whether you're a seasoned physician, a resident, or a recent graduate, this episode offers a comprehensive understanding of the recent changes that affect your financial journey.

Join us on "Finance For Physicians" as we help you master the latest student loan changes and empower you to make informed financial decisions.

Links: Connect with Jeffrey on LinkedIn Connect with me on my LinkedIn Contact Finance for Physicians Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Financial Vitals: Using The 4% Rule To Calculate Your Retirement Number Aug 23, 2023

Show notes

In this episode of Finance For Physicians, hosted by financial advisor Daniel Wrenne, we demystify the often daunting question: "How do you know when you have enough to retire?" Tailored to physicians, this insightful discussion delves into the widely used 4% rule—a simple yet powerful tool for gauging retirement readiness. Daniel expertly breaks down the mechanics of the 4% rule, providing practical examples and insights into its application. Beyond the calculations, he explores the real-world implications for physicians, considering factors like lifestyle changes, investment strategies, and future earnings growth. Discover how to personalize the rule to your unique circumstances. Whether you're a seasoned medical professional approaching retirement or a young physician planning ahead, this episode offers actionable advice to align your financial goals with your aspirations. Tune in to Finance For Physicians to confidently navigate retirement planning, leverage the 4% rule, and pave the way for a secure financial future. Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links Connect with me on my LinkedIn Contact Finance for Physicians Finance for Physicians To schedule a call with one of our awesome planners, book HERE.

Mortgage Minute: Can you have more than one physician loan at a time? Aug 22, 2023

Show notes

Depending on the bank, likely yes but with caveats. Most banks require that you have equity (20%+) in the first home or money down on the second home.

They cannot be used as investment property loans. You also cannot have three homes financed at one time to qualify for the second physician mortgage.

Each bank has its own rules, but these are fairly common amongst banks that allow two physician loans.

If you want to learn more about Doug Crouse or get a free copy of his book, check out www.DougCrouse.com.

Grand Rounds: Maximize your income by looking at billing practices with Dr. Heather Signorelli Aug 21, 2023

Show notes

Dr. Signorelli is a pathologist, healthcare executive for a major corporation and owner of National Revenue Consulting.

Her company helps other physicians and practice owners maximize billing & coding, minimize denial rates, reduce days in accounts receivable and increase net collections.

She talks today about some of the common metrics practices should be implementing to increase their bottom line and mistakes to avoid.

If you want to learn more about Dr. Signorelli, you can go to www.NationalRevenueConsulting.com or listen to her podcast RevMD.

Financial Vitals: Starting A Direct Specialty Care Practice From Scratch Because It's Best For Patients with Dr. Diana Girnita Aug 19, 2023

Show notes

Are you a medical professional seeking financial advice to design your ideal life? In this episode, we dive into the world of direct specialty care and its immense potential for transforming healthcare.

Our special guest, Dr. Diana Girnita, a trailblazing rheumatologist, shares her inspiring journey from the traditional healthcare system to launching her successful direct specialty care practice, Rheumatologist on Call.

Here are the key takeaways you can expect from this episode: - Unveiling the Direct Specialty Care Mode - Overcoming Fears and Navigating Change - The Impact on Patient Care - Building a Thriving Direct Specialty Care Practice - Resources for Exploring Direct Specialty Care - Many more!

Ready to unlock the potential of direct specialty care and enhance your financial well-being as a physician?

Don't miss this enlightening episode of Finance For Physicians with Dr. Diana Girnita. Gain valuable insights, inspiration, and practical tips for incorporating direct specialty care into your own medical practice.

Listen now to this game-changing conversation and start your journey toward a fulfilling and financially empowering medical career

Remember, the power to shape your financial future is in your hands. Join us on this enlightening episode and let's empower ourselves to use money as a tool to live our best lives as physicians!

Links: Dr. Diana's practice DSC Alliance Website Direct Specialty Care Alliance Facebook Group Diana's article on Direct Care vs Concierge Medicine Direct Specialty Care Alliance Stories & Resources on YouTube Channel Diana's article on understanding direct specialty care

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

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