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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 - Tax Strategies for Physicians with Alexis Gallati Aug 05, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Alexis Gallati is the owner of Cerebral Tax Advisors and author of Advanced Tax Strategies for Medical Professionals. She works with physicians to legally shelter money from taxes.

She shares several ideas with us today that independent contractors, business owners and those with side gigs can utilize to not only lower their tax burden but also potentially add to their retirement plan. You can learn more about Alexis and her Cerebral Wealth Academy at www.CerebralTaxAdvisors.com.

A Physician's Guide to Wealth - Financial Wellness 101: Trust Your Gut! Aug 04, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

James Nutter continues the Financial Wellness 101 series on "Life Well Lived." This episode focuses on aligning financial decisions with personal values rather than following generic advice. Nutter shares a decision-making framework inspired by Jeff Bezos and Darren Hardy, emphasizing the importance of speed, gut intuition, and classifying decisions into reversible and irreversible types.

He integrates insights from Oprah Winfrey, Steve Jobs, and Richard Branson to illustrate the significance of trusting one's intuition. Tune in to learn how to leverage core values and unique strengths for making impactful financial choices.

Key Takeaways:

Follow Your Gut: Trusting your intuition can lead to better decision-making and greater personal fulfillment.
Values-Based Decisions: Financial and life decisions should align with your core values and unique strengths to prevent long-term dissatisfaction.
Decision Classification: Differentiate between reversible (type two) and irreversible (type one) decisions to make faster, more confident choices.
Expert Counsel: Seek advice from proven experts but ultimately make decisions based on your own analysis and alignment with your core values.
Regret Minimization Framework: Consider future regrets and align decisions with what your 80-year-old self would appreciate.

Timestamp

Summary

0:01

Making Financial Decisions Aligned With Your Core Values

2:48

Trusting Your Gut Over Cookie-Cutter Financial Advice

6:50

Decision-Making Frameworks and the Importance of Following Your Gut

11:16

Aligning Financial Decisions with Core Values and Unique Strengths

14:42

Framework for Making Tough Decisions Using Gut Instinct and Expert Advice

Register for our upcoming physician homebuying masterclass here

Resources

PSLF Hacks Checklist

Follow James Nutter

Book a free financial wellness diagnostic with James here

Follow IM Wealth

www.imwealth.com

Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Mortgage Minute - Real Estate Contracts: What Not to Include Aug 02, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of Mortgage Minute, Doug Crouse of BMO Bank shares essential tips on handling purchase contracts. Learn what to avoid when asking for closing cost concessions, how to manage seller contributions effectively, and the importance of accurate contract terms to avoid complications with underwriters.

Doug emphasizes the need for thorough planning and lender consultation to ensure a smooth home-buying process. To learn more about Doug, go to www.DougCrouse.com.

Mortgage Minute - APR vs. Note Rate Aug 01, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of the Mortgage Minute, host Doug Crouse from BMO Bank revisits the critical comparison between APR and interest rates. Doug explains that while APR reflects the total cost of borrowing including fees, the interest rate is the basic cost of the loan itself.

He highlights the importance of comparing these figures to evaluate mortgage offers and warns that the lowest interest rate may not always be the best deal if you're planning to refinance soon. Tune in for insights on how to make informed mortgage decisions and understand the nuances of APR versus interest rates. To learn more about Doug, go to www.DougCrouse.com.

A Physician's Guide to Wealth - Financial Wellness 101: Empowering Financial Decisions Aligned with Your Values! Jul 31, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

DisCover how to align your financial decisions with your personal and family core values in today's episode with James Nutter. Navigate life's choices by identifying the three values that resonate most with you.

Learn from the examples of admired figures and understand the importance of making aligned decisions to avoid burnout and achieve fulfillment.

James shares his own values of growth, impact, and experiences, and guides you through a process to find yours. Use your newfound values as guideposts for a life well lived. Listen in for a transformative journey to Epiphany City.

Click here to discover your core values

Click here to access your free financial wellness 101 playbook

Resources

PSLF Hacks Checklist

Follow James Nutter

Book a free financial wellness diagnostic with James here

Follow IM Wealth

www.imwealth.com

Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Coffee & Contracts - Compensation Is Not Straightforward Jul 30, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Join Jon as he delves into the complexities of compensation structures, highlighting why understanding your contract is crucial. From salary versus bonuses to RVU calculations and proration, Jon explains how different compensation models—whether salary, shift rates, or collections—can impact your earnings.

Discover the importance of clear contract terms, the role of data sets in fair market value, and how benefits like vacation and retirement plans can affect your overall compensation. Tune in for essential insights to navigate and negotiate your compensation effectively.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Grand Rounds - Setting yourself up for financial success with John Dameron Jul 29, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. John Dameron, financial advisor with Spaugh Dameron Tenny, joins Dr. Tammy to share insights on how residents and new attendings can set themselves up for financial success by determining early on what is important. Setting short, mid and long-term goals is vital to a physician's success. John explains "Money Dysmorphia" and how to avoid it. He talks about various factors in financial planning, such as asset protection, debt management and investing. You can learn more about John at www.SDTplanning.com.

A Physician's Guide to Wealth - Dr. Lisha Taylor MD, MD Merges Medicine and Finance for Physician Wellness Jul 27, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

James Nutter hosts Dr. Lisha Taylor, a primary care sports medicine physician with a passion for personal finance. They delve into merging medicine and money, financial wellness for physicians, and their program Upgrade, aimed at teaching financial literacy in medical schools.

Dr. Taylor shares personal anecdotes, including an inspiring story of planning a trip to the Paris Olympics. The episode also covers valuable insights on managing finances as a new attending, negotiating income, and leveraging credit card points for luxury travel.

Timestamp

Summary

0:02

Merging Medicine and Finance: Dr. Lisha Taylor's Unique Journey

7:29

Lessons on Money, Family, and Priorities from a Father's Influence

12:51

Finding Balance Between Spending and Saving for Financial Goals

15:35

Balancing Financial Planning and Living in the Present

17:09

Finding Fulfillment Without Excessive Wealth

22:12

Boosting Physician Income and Living Luxuriously on a Budget

27:43

Creative Programs for Physicians and Financial Wellness

31:14

Maximizing Credit Card Rewards for Luxury Travel

37:30

Navigating Financial Transitions for New Medical Attendees

40:10

Financial Planning and Protection for New Medical Attendees

44:34

Balancing Financial Planning and Personal Fulfillment for New Attendees

47:14

Optimal Timing for Life Experiences and Inheritance

50:56

Aligning Wealth with Personal Fulfillment and Meaningful Experiences

53:41

Financial Wellness Curriculum for Physicians by Dr. Lisha Taylor

55:58

Manifesting a Dream: From Heartbreak to the Paris Olympics

1:00:05

Finding Balance and Gratitude in Life's Journey

Resources

PSLF Hacks Checklist

Follow James Nutter

Book a free financial wellness diagnostic with James here

Follow IM Wealth

www.imwealth.com

Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

A Physician's Guide to Wealth - Your Health is Your Wealth: Exploring Osteopathic Wellness with Dr. Amelia Buech, DO Jul 26, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

James Nutter hosts Dr. Amelia Bueche, an osteopathic physician, yoga instructor, and wellness coach, in a conversation about holistic health, physician burnout, and financial well-being.

Exploring the integration of mind, body, and spirit, Dr. Bueche shares insights from her specialty in neuromusculoskeletal and osteopathic manipulative medicine.

They discuss the importance of balance, identity outside of medicine, and practical tips for managing burnout and finances. Tune in for actionable advice and a unique perspective on living a fulfilling life amidst the demands of a medical career.

Timestamp

Summary

0:02

Integrating Health and Finance for Physician Well-Being

4:34

From Osteopathic Medicine to Coaching During the Pandemic

8:44

Balancing Rational Thought and Emotions in Medical Coaching

11:55

A Journey from Veterinary Aspirations to Osteopathic Medicine

15:56

Integrating Fitness and Medicine for Holistic Health

21:49

Balancing Professional Identity and Personal Fulfillment for Physicians

27:10

Addressing Physician Burnout Through Individual Autonomy and Systemic Change

29:52

The Activation Process: Overcoming Burnout and Finding Clarity

38:25

Distinguishing Facts from Stories in Medical Assessments

39:47

The Power of Clarity and Controlling What You Can

43:51

Understanding Physicians' Money Mindset and Financial Coaching

52:42

Unifying Body, Mind, and Spirit for Holistic Success

Resources

PSLF Hacks Checklist

Follow James Nutter

Book a free financial wellness diagnostic with James here

Follow IM Wealth

www.imwealth.com

Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Mortgage Minute - Wire Fraud Alert: What You Need to Know Before Closing on Your Home Jul 25, 2024

Show notes

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of 'Mortgage Minute,' Doug Crouse from BMO Bank discusses how to protect yourself from mortgage and real estate fraud. Learn about recent incidents of wire fraud, how email hacking can affect your closing process, and why it's crucial to verify wire instructions with your title company and lender to ensure a secure transaction. To learn more about Doug, go to www.DougCrouse.com.

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