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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: Using Your HSA To Build Wealth Aug 10, 2022

Show notes

If you already have or plan to set up or start a health savings account (HSA), how do you make sure it is efficient to build wealth and possibly invest?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to best manage HSAs.

Topics Discussed:

• HSA: Best tax shelter that exists as a vehicle to put your money into

• HSA vs. Flex Spending Account (FSA): What's the difference?

• HSA Strategy:

◦ Rule #1: It's best not to spend out of your HSA

◦ Rule #2: If using HSA to build wealth, make sure to invest cash

◦ Rule #3: As you have healthcare expenses, save the receipts

• When to start using your HSA? Balance equals future expected healthcare costs

• HSA Beneficiaries: Make sure to identify spouse or dependents

• When is the best time to fund HSA? Max out sooner than later

• Cafeteria Plan: Better to funnel money through employer HSA for matching funds

• Switching Providers: Keep up with transfers and minimize number of HSAs

LINK:

w ww.WrenneFinancial.com

Mortgage Minute: Common Terminology Used When Applying for a Mortgage Aug 09, 2022

Show notes

Today I just wanna give a quick overview of a little bit of terminology on the lender forms that you're looking at throughout the process. So by that I'm obviously talking about the, fees for when you're shopping lenders.

Link to website:

https://dougcrousephysicianloans.com/

Grand Rounds: International Locums with Dr. Rachael Consoli Aug 08, 2022

Show notes

Today we are joined with Dr. Rachel Consoli, who has traveled just the entire globe as an OB GYN provider. Dr. Consoli shares her story working with Locums and her experiences.

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locumstory.com is the perfect place to start.

https://locumstory.com/

Coffee and Contracts: How to negotiate for extra pay to the group to cover shifts instead of paying locums. Aug 06, 2022

Show notes

Today we are answering questions that were sent in. The next one that we're gonna do today, how to negotiate for extra pay to the group to cover shifts instead of paying locums?

LINK:

www.ContractDiagnostics.com

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start.

https://locumstory.com/

Financial Vitals: 5 Signs You're Working With An Insurance Agent Posing As An Advisor Aug 05, 2022

Show notes

Insurance agents posing as advisors is more common than you may realize and can create conflicts of interest. The key is having better awareness. Don't get fooled again!

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five ways to identify whether you are working with an insurance person who is posing as a financial advisor.

Topics Discussed:

• Sign #1: Aggressive posers seek you out after making contact or via referrals

• Sign #2: Posers offer you free or low-cost financial "advice"

• Sign #3: Posers act as trusted advisors; don't refer to themselves as salespeople

• Sign #4: Advice and product solutions offered by posers are similar across clients

• Sign #5: Agents posing as advisors make it difficult to leave them/their products

LINK:

w ww.WrenneFinancial.com

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start.

https://locumstory.com/

Coffee and Contracts: Talk about compensation and liability for managing mid level providers. Aug 04, 2022

Show notes

Hey, this is John with contract diagnostics. I want to give a quick message on nurse practitioners and PAs. We had a couple of questions that were sent in, and one of them was about compensation for managing mid-level providers. Join me as I answer this question!

LINK:

www.ContractDiagnostics.com

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start.

https://locumstory.com/

Financial Vitals: How Conflicts Of Interest Muddy the Financial Advice Waters with Donovan Sanchez Aug 03, 2022

Show notes

Physicians seeking independent financial planning advice at a fair price should find financial advisors who mitigate conflicts of interest that cause more harm than good.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Donovan Sanchez, a Certified Financial Planner (CFP) and founder of Skyview Financial Planning. Donovan covers different conflicts of interest that most people are unaware of and the importance of disclosure requirements to find a quality financial advisor.

Topics Discussed:

• Financial Advisor Types: Anybody working in the financial services industry

• Compensation Models: Pay for services via commission, fee-only, or fee-based

• Challenging Conflict: Provide advice in advisor's and client's best interest

• Teaching/Training: How to make sales and do financial planning to offer advice

• Major Manufacturers: Research proprietary products, means of distribution to sell

• Learn Language: Talk like a financial advisor to focus on quality or make sales

• Clients and Referrals: How many to make sales and create custom plan/advice

• Disclosure: Put client's interests first and disclose/manage conflicts of interest

• Space and Stability: Become a good financial advisor before giving advice

• Find Financial Advisor: Reach out to identify training, guidance, and get paid

• Future of Financial Advice: Take step forward to regulate financial advisor title

LINKS:

www.WrenneFinancial.com

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start.

https://locumstory.com/

Mortgage Minute: More on Interest Rates after the Fed Meeting Aug 02, 2022

Show notes

Today I wanna talk to you a little bit more about interest rates. Interest rates ended up being a three quarter point move, which was kind of on the low side of what we expected.

Link to website:

https://dougcrousephysicianloans.com/

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start.

https://locumstory.com/

Grand Rounds: Negotiating Contracts with Large Corporations Aug 01, 2022

Show notes

Jon Appino joins us today. He gives some really good insight on national employers and whether or not it's worth having a contract reviewed when you go to work for one of the big boys.

Have you ever considered a different way of practicing medicine, whether you are burned out, need a change at pace, or are looking to supplement your income? Locums story.com is the perfect place to start.

https://locumstory.com/

Financial Vitals: How To Avoid Lifestyle Creep Jul 30, 2022

Show notes

Everyone has suffered from lifestyle creep to some extent. Somewhere along the way, you go from eating ramen noodles to the finer things in life. You become used to spending your entire salary.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about how to avoid lifestyle creep. What is it? How does it happen? How do you prevent it?

Topics Discussed: Tricky Transitions: Going from little income to being paid the big bucks

• Keep up with the Joneses: When you make more money, you tend to splurge

• Lifestyle Creep: Taking on obligations and a million tiny spending decisions

• Hedonic Adaptation: Making progress and adding little pleasures leads to pain

• 'Drug' of Choice: Easier to add comfortable things, than to take them away

• Why is lifestyle creep so dangerous? Lack of awareness creates conflict

• Symptoms: What you want, not what you need; how disposable income is spent

• Risk Factors: Are you a spender? Listen to others and seek expert guidance

• 'B' Word: Be intentional and aware of budget by checking your cash balances

• Team Effort: Resist temptation, finger pointing; be accountable about spending

• Lifestyle Creep Challenges:

◦ Acknowledge underlying financial issues

◦ Be intentional before spending

◦ Identify highest priorities to align finances

• Alternatives: Time, dedication, and intentionality to find free options

LINKS:

www.WrenneFinancial.com

Just as the right advice helps you thrive financially. The right support team allows you to Excel professionally. Whether be healthcare's Locums experts will match you with the best jobs, prepare you for success and provide 24 7 support.

https://weatherbyhealthcare.com/

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