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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: Dr. Nerissa Kreher shares her expertise about nonclinical careers in the pharma/biotech industry Jul 03, 2023

Show notes

Dr. Nerissa Kreher transitioned from a traditional role as a pediatric endocrinologist to a nonclinical career in the pharma/biotech industry. She has moved up in that world and today is CMO of a biotech company.

She talks about different career paths available to physicians, gives advice to those considering a change, and talks about compensation as it compares to a clinical physician. She also coaches physicians who are contemplating a new career path.

You can learn more about Dr. Kreher and pharmaceutical/biotech careers at www.IndustryMDCoach.com.

Financial Vitals: How Much Cash Should You Save For A Rainy Day Jul 01, 2023

Show notes

Do you have enough money in the bank for your rainy day fund? What amount is too low or too much just in case you need it?\

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about setting the cash target. Ideally, you're not over or under. By knowing what you need to get to, you're empowered to make better decisions to reduce stress and risks, and increase return on your dollar.

Topics Discussed:

• Before Building Emergency Reserves:

◦ Have at least one month of expenses in checking account

◦ Pay off prior credit card debt and loan balances

• Start Building Up Reserves:

◦ Set the target by saving three to six months of income/expenses

◦ Personalize range based on your situation (1 to 12 months)

• Risk Factors and Reasons for Reserves:

◦ What do you own that has upkeep costs? Houses, cars, and boats

◦ How large is your household? Single, married, and children

◦ What is your insurance deductible? Change if necessary

◦ How much does your household earn and how secure are earnings?

◦ What percentage of income is being spent versus saved?

◦ How diversified are your income sources?

• Ideal Target: Establish emergency reserves and put in a bank savings account

• Common Mistakes:

◦ Commingling rainy day savings with other savings accounts

◦ View as insurance policy, not as a return or way to maximize investment

◦ Don't use credit card or HELOC debt as alternative to emergency reserves

◦ Revisit and adjust ideal target; don't set it and forget it

◦ Get some kind of return on your reserves, just don't get greedy

◦ Use actual, not estimated expenses to calculate your rainy day reserves

LINKS:

www.WrenneFinancial.com

Financial Vitals: Why I Drive an 18-Year-Old Car Jun 30, 2023

Show notes

What make, model, and year is the car you drive? Thinking about buying a new one? Why? Consider all factors to make the right, not wrong buying decision. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about why he drives an 18-year-old Toyota Avalon. The 2003 vehicle has heated leather seats and a 6-disc CD changer—it's still in good condition and comfortable to drive. Topics Discussed: • Car Buying: How to make a good, solid, level-headed decision • Practical Perspective: Base decision on purpose, need, safety, reliability • Mechanical Issues: Tend to trigger alternative options for an upgrade • Identity and Psychology: What drives car-buying marketing decisions? • Timeout: Do your priorities align with buying a new car? • Key Purposes: ◦ Get from Point A to Point B ◦ Comfort level ◦ Makes you look better ◦ Economic and environment friendly ◦ Consider alternatives Links: Edmunds: Cost of Car Ownership Tool (5-Year Cost Calculator) Why Drive Old Cars? Finance For Physicians

Financial Vitals: How to Use Real Estate to Build Wealth Jun 29, 2023

Show notes

Even with your own home, have you noticed that real estate prices have been a bit hectic? How do you build wealth with real estate? Not with your primary residence.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about real estate as an investment outside of your primary residence. You are building wealth with your home, but it is hard to realize that wealth.

Topics Discussed:

• Real Estate Market Prices: Massive increases in short periods of time

• Crazy Market: What are the reasons? Nobody really knows underlying causes

• Supply and Demand: Low supply and high demand drives up real estate prices

• Why is demand high? People still want to buy or invest in real estate

• Why is supply low? Cautious builders, lumber costs, lack of skilled labor, rules

• Real Estate Investing - Alternative approaches to make money:

◦ Appreciation: Own property that increases in value

◦ Rent: Own property that is rented out to others to generate income

◦ Loan: Charge interest on money loaned for real estate deals

• Ways to Own Real Estate: Short- or long-term rentals, flips, multi-units, raw land

• Real Estate Responsibilities: Do you want to be an investor or more involved?

• Why people write/talk about real estate: Hype, interest, and money to be made

• Big Benefits: Diversify, passive income, tax shelters, and better returns

• Downsides: Time, dealing with people, risks, returns, complexity, and alternatives

• Purpose: Why do you want to invest in real estate and build a portfolio?

Links:

https://www.reit.com/

https://www.vrbo.com/

https://financeforphysicians.co/

Coffee & Contracts: Comp - wRVU ratio - MGMA explanation Jun 28, 2023

Show notes

Today Jon continues his discussion on the new MGMA data.

Link:

www.ContractDiagnostics.com

Coffee and Contracts: New MGMA 2023 Trends and insights Jun 27, 2023

Show notes

Today Jon talks abut the new MGMA data that just came out. He shares some information for physicians.

Link:

www.ContractDiagnostics.com

Grand Rounds: Attorney Nic McGrue talks about real estate syndications Jun 26, 2023

Show notes

Nic McGrue is a transactional attorney who specializes in real estate matters. He is well versed in syndication and financing issues.

He talks about the steps to forming a syndication, finding investors, underwriting the deal, putting together a team and some tax advantages of being the syndicator or investor.

You can learn more about Nic at www.PolymathLegal.com

Financial Vitals: When To Hire A Financial Planner Jun 24, 2023

Show notes

Have you ever worked with a financial planner? Do you have enough money saved for a financial planner to help? When are you ready to hire a financial planner? Depends on the situation or preference. If you want help, the sooner the better.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about when to hire a financial planner.

Topics Discussed: • Use Cases: When to start working with a financial planner • Human Capital Habits: How do you accumulate your wealth? Income • Life Transitions: Get finances right in the beginning by planning for the future • Finances and Investments: What are your options? Inefficiencies? • Backdoor Roth IRA: Involves all different facets of financial planner tasks • Reasons to Hire a Financial Planner: ◦ Don't have time to handle your finances. ◦ Unsure if things are getting done correctly. ◦ Complexity of your finances is intimidating. ◦ Struggling to keep finances organized. • Ways to Engage a Financial Planner: ◦ 95% of the industry has a sales/commission component. ◦ Verify terminology given by business to know if it is misleading. ◦ Pay for financial planner's advice. ◦ You're not locked in to work with the same financial planner forever. • When to Seek Help from a Financial Planner: ◦ Educate yourself to make the best decision. ◦ Know the pros and cons of finding a financial planner. ◦ Figure out if now is the right time or not.

LINKS:

www.WrenneFinancial.com

Coffee and Contracts: Physician's Unpaid call: A Story of Unfulfilled Promises Jun 23, 2023

Show notes

Today Jon talks about a story involving a surgeon and how her shifts were increasing but she was not being compensated for it.

Link:

www.ContractDiagnostics.com

Financial Vitals: What Do Your Finances Say About Your Options, Flexibility, Security Or Lack Thereof Jun 22, 2023

Show notes

Today Daniel Wrenne covers flexibility, security, and how your finances can really push you towards that or the opposite of that.

Links:

www.WrenneFinancial.com

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