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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: What Is Financial Therapy With Ed Coambs Nov 17, 2022

Show notes

What is your relationship like with money? Are you always trying to keep up with the Joneses? Would you and your partner benefit from financial therapy? Don't judge, because everybody can benefit from therapy.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Ed Coambs, a licensed marriage and family therapist, certified financial planner (CFP), and founder of Charlotte Couples Counseling. Ed shares practical tips to improve your financial behaviors and relationship with money.

Topics Discussed: • Couples Around Money: Mix of emotion, experiences, and desire to connect • Why financial therapy? Financial stress due to thoughts, emotions, behaviors • Pain Points: Spending versus saving is challenging and problematic for couples • Power Control: What does money mean and represent? What is valued most? • Equal Partnership? Understand social meaning of professional identity • Converted Skeptic: Everybody can benefit from therapy with ability to heal • Male Psyche: Character defect or discomfort doesn't make a narcissist • Financial Flashpoints: Partner's experiences and expectations around money • Money Management: Yours, mine, or our money in separate or joint accounts • Money Egg Exercise: Is your relationship with money positive or negative?

Links:

www.WrenneFinancial.com

Coffee & Contracts: Inflation Nov 16, 2022

Show notes

Today I want to talk about inflation.

LINKS:

www.ContractDiagnostics.com

Mortgage Minute: Why the Fed raises rates and what it impacts Nov 15, 2022

Show notes

Today I wanna talk a little bit about why the Fed raises rates.

Link to website:

https://dougcrousephysicianloans.com/

Grand Rounds: Why asset protection is vitally important to financial independence with Ike Devji Nov 14, 2022

Show notes

Today I have on Ike Devji. He's an attorney who's been working with affluent individuals across the US to protect personal assets. He's worked with thousands of physicians to provide risk management and wealth preservation planning. He's also been a contributing author to three books and published over 300 articles on the topic throughout the last decade.

Link:

www.proassetprotection.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Financial Vitals: Tomorrow Is Never Guaranteed Nov 11, 2022

Show notes

Sometimes, it takes an unexpected wake-up call to remind you to take care of yourself, family, and finances. You never know when it could be your last day, and tomorrow is not guaranteed.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about a recent personal medical experience and what went through his mind at the time. You don't know what the future holds. Make sure that your financial planning is in place before it's too late.

Topics Discussed: Optic Disc Edema: Minor eye issue, nothing serious turns into something major • No Joke: Physicians change their tone, confirm serious situation, and trip to ER • Thought #1: Is my family going to be okay financially if I am not around? • Thought #2: Have I been a good steward of my money? • Thought #3: Have I led a meaningful life and taught my values? • Thought #4: Is the business going to be okay if I am not around? • Consider the following: Am I covered financially and independent? • Legal Logistics: How everything gets sorted out and settled • Financial Organizer: Save time and effort with access and passwords • God is first, others second, I am third - culture pushes it the other direction

Links:

www.WrenneFinancial.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Financial Vitals: How Physician Moms Can Have It All Without Giving It All Nov 10, 2022

Show notes

Why are so many female physicians dropping out of the profession? It's extremely challenging to achieve balance as a physician mom. Not only are you a mom who is raising your own children, but a physician taking care of patients—besides having to deal with gender discrimination issues and the global pandemic.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Bonnie Koo, founder of Wealthy Mom MD. Her business is dedicated to helping physician moms have it all without giving it all. Bonnie empowers physician moms by providing financial literacy through her podcast, coaching, and courses. Also, Bonnie is a board-certified dermatologist, certified life coach, mother, step-mother, and fiancée.

Topics Discussed: • Wealthy Mom MD: Teaches female physicians financial strategies to overcome • Taboos: Don't talk about money to handle and deal with anxiety, stress, and guilt • Perfectionism and Money: Female physicians are afraid to fail and lose • Promise Land? Money doesn't mean physicians live happily ever after • Purpose of Money: Helps you live the life you want and do good in the world • Compensation: Females navigating and negotiating in patriarchal society • COVID and Corporate Medicine: Magnified cracks to figure out money, stability • Financial Independence, Retire Early (FIRE): Money is resource to buy back time • Coaching: Download new software updates to your brain when behind financially • Thought Loops: You are what you think—being on auto-pilot vs. becoming aware

Links:

www.WrenneFinancial.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Mortgage Minute: More on ARMS Nov 09, 2022

Show notes

Today I want to talk about adjustable rates becoming quite popular with current rate environment.

Link to website:

https://dougcrousephysicianloans.com/

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Coffee & Contracts: Stipend Agreements Nov 08, 2022

Show notes

Today we are talking about stipend agreements because we see physicians sign stipend agreements all the time.

LINKS:

www.ContractDiagnostics.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Grand Rounds: The Frugal Physician...words of advice from Disha Spath Nov 07, 2022

Show notes

I think our guests story resonates with everyone coming outta residency with this crushing debt, they've lived this horrible resident lifestyle and they're ready to go live the doctor lifestyle.

Link:

www.TheFrugalPhysician.com

Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support.

https://weatherbyhealthcare.com/

Financial Vitals: Stories From The Trenches Of Financial Planning For Physicians Nov 04, 2022

Show notes

When you run across something weird or strange, how do you avoid major mistakes and minimize errors? Get a second opinion, especially when it comes to the good, the bad, and the ugly of financial planning for physicians.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a Certified Financial Planner (CFP®), about stories and experiences with physician families. Sometimes, the best and juiciest ones are difficult to change substantive facts enough to preserve client confidentiality.

Topics Discussed: Good: Immense value from financial advisors who understand physician finances • Bad: Save documents and keep records on servicer when third-part is paying • Ugly: Ultra high-risk investment activities—bordering on gambling • Understand the Deal: Perform due diligence and review contracts for red flags • Compensation: What money are you leaving on table based on how you're paid? • Accurate Alignment: Involve spouse for honest answers about financial security • Life Lessons: Follow money, understand incentive/stakes, deal w/ consequences • Moral of the Story: Sometimes, it's worthwhile to pay a fair fee for a CPA

Links:

https://apm-wealth.com/

www.WrenneFinancial.com

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