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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 & Contracts: How to ask for pay if you are being asked to work with no extra pay Jun 09, 2023

Show notes

Today Jon talks about the different type of pay structures and what you need to know.

LINKS:

www.ContractDiagnostics.com

Financial Vitals: Can Money Buy Happiness Jun 08, 2023

Show notes

Can money buy happiness? You can have all the money in the world and be completely unhappy. How can they use money and time to live happier lives. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about the science behind using money and time to attain happiness. In the previous episode, Jeff discussed how physicians can better align time and money management with their values. Topics Discussed: • Psychology and the Good Life: Laurie Santos's scientific research on happiness • Laurie's Lesson 1: Our minds are really bad at predicting happiness • Tangible vs. Intangible Things: What brings you the greatest happiness? • Laurie's Lesson 2: Circumstances don't play as big a role as people think they do • What drives happiness? 50% genes, 10% circumstances, 40% thoughts, actions, and attitudes • Laurie's Lesson 3: Time versus money, which do you value more? • Spare Time: Spend money on things that save time for best return on happiness • Trade Offs: Delegate to make time and gain back time that brings happiness Links: Wrenne Financial Planning The Science of Happiness and How to Improve Your Happiness (Free Course by Dr. Laurie Santos) How to Be Happy: A Cheat Sheet Free Tests to Help Measure Happiness The Happiness Lab Podcast The GI Joe Fallacy: knowing is not half the battle How Much of Your Happiness Is Under Your Control? The How of Happiness: A New Approach to Getting the Life You Want High income improves evaluation of life but not emotional well-being by Daniel Kahneman and Angus Deaton Fire Your Financial Advisor (WCI Online Course) Finance for Physicians

Coffee & Contracts: How to negotiate for more if you are experienced Jun 07, 2023

Show notes

Jon got a question question from an experienced physician, and their question was, how do I negotiate a higher salary that lines up with my experiences and qualifications? Today Jon answers that question.

LINKS:

www.ContractDiagnostics.com

Mortgage Minute: How did the looming Debt Ceiling affect mortgage rates? Jun 06, 2023

Show notes

Doug talks about how the looming debt ceiling and the risk of defaulting on debt affected mortgage rates over the past few weeks.

Now that a new agreement has been reached by the senate and the house, Doug makes some educated guesses about how mortgage rates may adjust.

You can learn more about Doug or get a free copy of his book at www.DougCrouse.com.

Grand Rounds: Dr. Jeep & Vanessa Naum talk about challenges physician marriages face Jun 05, 2023

Show notes

Dr. Jeep & Vanessa Naum wrote "What's Forever For - A Physician's Guide for Everlasting Love and Success in Marriage." They also coach physician families to help them have stronger, more intimate relationships.

Jeep & Vanessa open up about their own marriage and talk about how admitting mistakes, being vulnerable to our partners and communication are key.

They also discuss how compartmentalization and decompression are important factors to identify and manage in a marriage.

You can learn more about Dr. Jeep & Vanessa Naum at www.BestFriendsAgain.com.

Financial Vitals: File Progress How to Save Money on home and Auto Insurance with Andrew Wethall Jun 03, 2023

Show notes

If you drive a car and/or rent or own a home, do you know how to purchase and save money on home and auto insurance while maintaining adequate coverage? In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Andrew Wethall, an independent home and auto insurance agent for Energy Insurance Company. Andrew lives in Louisville, Kentucky, but works with customers all over the country. He makes clients' insurance experiences easier all while maintaining adequate coverage at a fair price. Topics Discussed: • Most Common Pitfalls: Re-evaluate insurance every 3 years after residency • Cheapest Option: Understanding the bones policy with state minimum coverage • Basic Auto Policy: Physical damage, comprehensive and collision, liability limits • Agent/Client Relationship: Pay attention to policy and continue to grow • Risks: Insurance works great for high cost and very unlikely risks • Umbrella Policy: Additional liability insurance to cover your assets • No-Fault States: Who's at fault for the accident or damage? • Car Rentals: What should you do when they're pushing the insurance add on? • Insurance Pricing: Depends on credit, driving record, claims history, act of God • Structure: Differences between homeowner's and renter's insurance? • Out-of-Control Catastrophes: Earthquakes and floods are not usually covered • Attractive Nuisance: Umbrella policy for fun things—from pools to trampolines • Denied! Seek multiple opinions and work with an agent to get claims paid Links: Energy Insurance Company Andrew Wethall's Email Andrew Wethall's Phone: 859-797-4384 Finance For Physicians

Financial Vitals: What DIY Investment Management Looks Like In Year One Jun 02, 2023

Show notes

What does do-it-yourself (DIY) investment management look like? Taking this route isn't for everyone. It depends on your situation and personal interest. Just because you can do it, doesn't mean you should do it. If you want to do investment management yourself, learn how to do it right.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Kris Roach, a financial planning client who talks about what it's like to take this on during his first year of practice. Kris has quickly and accurately implemented high-level investment advice. He's doing it for the right way for the right reasons.

Topics Discussed: • Investing Knowledge and Experience: ◦ Before: Basic but vague understanding of the stock market ◦ After: Create and execute a financial plan to manage investments • Why follow the DIY vs. professional path? Interest, curiosity, and inherent satisfaction • Getting Started: Commit to learning portfolio process and motivated to achieve • Analysis Paralysis? Plenty of options makes picking perfect funds intimidating • Asset Allocation: Stick with active or passively managed funds, not both • Information Overload: So much, so sort and shortcut through invaluable sources • Time Investment: Takes a few months to set up accounts and select securities • Downturn Temptations: Buy and invest in different stocks? Stick to your plan • Ongoing Tasks: Fund accounts, rebalance, tax law harvesting, invest in the market • Suggestions: If not interested in DIY, find a fiduciary to dedicate time to finances • Fiduciary vs. Financial Advisor: Watch out for wine-and-dine opportunities

Links:

Bogleheads Investing Advice and Info

White Coat Investor

Finance For Physicians

LINKS:

www.WrenneFinancial.com

Coffee & Contracts: Academic Contracts and how they are different Jun 01, 2023

Show notes

Today Jon talks about a quick question on how academic contracts are set up differently.

LINKS:

www.ContractDiagnostics.com

Financial Vitals: Thriving In An Imperfect System As A Physician with Dr. Jimmy Turner May 31, 2023

Show notes

For today's edition of the Finance For Physicians podcast, we're bringing Dr. Jimmy Turner.

Jimmy is the host of the Physician Philosopher podcast and Money Meets Medicine podcast. He's also the author of Determined: How Burned Out Doctors Can Thrive in a Broken Medical System.

Jimmy made it early into his career. He built a six-figure business, received numerous awards, and became well-respected among his colleagues. He was practically living the dream many physicians never reach in their lives.

But something was missing. He was more miserable than ever.

Our podcast will illustrate the story of how he escaped that place and found his true passion: coaching other physicians on how to achieve their financial and professional objectives.

Dr. Turner is quickly turning into a legend amongst physician circles, so we're extremely excited to provide you with this interview!

Enjoy!

Links:

The Physician Philosopher Podcast

Money Meets Medicine Podcast

Contact Finance for Physicians

Finance for Physicians

Coffee & Contracts: How long does the negotiation process take? May 30, 2023

Show notes

Today, we're talking about negotiations and timing. How long does this whole thing take when you get your physician contract and you start the negotiation process? Join us today to learn more!

LINKS:

www.ContractDiagnostics.com

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