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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: Physician and author Dr. Debra Blaine talks about getting started writing medical thrillers Aug 07, 2023

Show notes

Move over Michael Crichton, it's Dr. Debra Blaine's time to shine! Debra is a three-time published author and getting ready to publish her fourth novel in September 2023.

She talks about using her knowledge of medicine to weave intricate political and social thrillers that happen both on and off our planet. She learned how to self-publish and now helps other physicians who want to do the same.

You can learn more about Debra, her books and her coaching at www.DebraBlaine.com or www.AllThingsWriting.com.

Financial Vitals: Safety Net Check Aug 05, 2023

Show notes

Life doesn't always go as planned. It's full of twists, turns, and curveballs. Cover all your bases in the event of a worst-case scenario because it can come out of left field. You never see it coming or know when something could happen.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about performing a safety net check as part of your financial vitals.

Topics Discussed:

• What is a safety net check? Checking coverage for worst-case scenario

• When to plan for unexpected, unplanned events? Now—before it's too late

• What are the odds? Based on large groups of people, not individuals

• What's your other financial vitals? Safety net coverage takes more than assets

• Important Info: What to document/track for life, disability, other insurance policies

• Who is covered (insured)? You, your spouse, children, or beneficiaries

• Estate Plan: Who needs it and why? Indicates who handles and gets what

• What are worst-case scenarios? Unexpected death, disability, or emergency

• Is your safety net adequate? If not, increase or decrease coverage, reserves

Links:

https://financeforphysicians.co/

https://financeforphysicians.co/2021/08/12/what-you-need-to-know-about-estate-planning/

https://financeforphysicians.co/contact/

Financial Vitals: Save, Spend and Give Ratio Aug 04, 2023

Show notes

Once you clarify your values, financial vitals are used similarly to health vitals to quickly check if you are making progress toward your goals and what's most important to live a better life. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to measure specific financial vitals based on your values.

Topics Discussed:

• Save, Spend, Give Ratio: Percentage-wise, where is your money going? • True Spending: Budget is always underestimated; total spending is more realistic • Strategy: DIY vs. work with financial planners, others to calculate numbers • Key to Success: Quick financial vitals checks measured against your values

Links: https://financeforphysicians.co/

https://financeforphysicians.co/contact/

Coffee & Contracts: Salary Negotiation in the Middle of a Contract Term Aug 03, 2023

Show notes

Today Jon answers this question from physician in a surgical subspecialty. What are the pros and cons of salary negotiation in the middle of a contract term? And is there a best time to do this?

Stay tuned to find out!

To book a free 15 min call go to contractdiagnostics.com

Coffee & Contracts: How to question private practice owned by PE? Aug 02, 2023

Show notes

Today Jon answers a question he got from an orthopedic surgeon. What types of questions should be asked on the private equity deal and what types of things should be in the contract.

To book a free 15 min call go to contractdiagnostics.com

Mortgage Minute: Why getting a Loan Preapproval will make your offer stronger and save you stress in the long run Aug 01, 2023

Show notes

Doug Crouse explains why talking to your lender before you shop for homes can make your offer stronger when you find the perfect house.

Your lender can run your credit and send your application through underwriting before you make your offer to get Loan Preapproval.

This helps to ensure you will not have any hiccups in getting the loan closed. It does require several days though, so planning ahead is key.

You can get a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your First Physician Home at www.DougCrouse.com.

Grand Rounds: Dr. Jonathan Vitale talks about remote careers in Utilization Management Jul 31, 2023

Show notes

Dr. Jonathan Vitale is the founder of Remote Careers for Physicians on Facebook and a physician transition & career coach. His area of expertise is in Utilization Management, which can be a lucrative career with a lot of flexibility as it can be done remotely.

He talks about what is needed to break into this field and we explore what this type of career looks like day-to-day. We briefly talk about other remote career opportunities available to physicians as well.

If you would like a personal career coach, you can learn more at www.DrJonathan.com or join Remote Careers for Physicians, which is a group of 13,000+ physicians on Facebook.

Financial Vitals: Net Worth Jul 29, 2023

Show notes

If you have clarified your values and determined your saving, spending, giving ratio, the final financial vital to measure is your net worth. What is your net worth? What do you track with your net worth? How do you track your net worth? What can you use it for and why is it beneficial?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to calculate, track, and increase your net worth and decrease your debt.

Topics Discussed: • Net Worth = Total Assets - Total Liabilities • Adding to assets or subtracting debt increases net worth • Negative Net Worth: Part of the medical career track for physicians • Compound Interest: Exponential growth when earning interest on your interest • Net Worth: Changes over time, track it to monitor inefficiencies and progression • Debt-to-Income Ratio: How high is your debt relative to your earning potential? • Values/Goals: Net worth should depend on your plan for what's most important

Links: Monthly Net Worth Tracker Template https://financeforphysicians.co/ https://financeforphysicians.co/contact/

Financial Vitals: Clarify Values Jul 28, 2023

Show notes

Physicians and their patients know that vitals are measurements of the body's most important basic functions. Checking and tracking vitals indicate how your health is now and maybe in the future. Vitals are a progress check to prevent potential problems.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about checking your financial vitals. He discusses how medical vitals are similar to financial ones because they tell you how you're doing and what goals to set to improve your health and well-being.

Financial Vitals: How To Get Started As A Physician Entrepreneurship Jul 27, 2023

Show notes

What is one of the best opportunities you have to take back control of your professional life and avoid burnout from happening? Physician entrepreneurship. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Myrdalis Diaz-Ramirez about how to get started as a physician entrepreneur. Dr. Díaz-Ramírez is a fellowship-trained, board-certified pain medicine physician and anesthesiologist with more than 20 years of experience. One of her passions is to help other physician entrepreneurs and future physicians design their lives to avoid burnout and be happy physicians practicing under their terms. She is the founder of maxAllure Mastermind and host of the Design Your Physician Life Podcast. Topics Discussed: • Physician Entrepreneurship: What is it, and why is it beneficial? • maxAllure Mastermind: Physicians talk, advance, and acquire momentum • Either entrepreneurs or not? Everything can be taught and learned • Happiness = Significance, control, and contribution of what you do in life • Entrepreneurship Opportunities: Investor, inventor, coach, etc., to regain control • Mission/Vision: Treat your life as a business and find/define your 'what' and 'why' • Plan Priorities: Burnout is unsustainable and makes you unhappy, miserable • Action Items: ◦ Recognize the problem and that change is needed ◦ Surround yourself with those who are successful and willing to help ◦ Join and participate in Facebook physician groups and masterminds ◦ Read/listen to Rich Dad Poor Dad and The Ultimate Jim Rohn Library Links: Dr. Myrdalis Diaz-Ramirez on LinkedIn maxAllure Leverage and Growth Summit for Physicians White Coat Investor Rich Dad Poor Dad by Robert Kiyosaki The Ultimate Jim Rohn Library Breaking Away From Traditional Primary Care to Start a Concierge Medical Practice Contact Finance for Physicians Finance for Physicians

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