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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:

Mortgage Minute: What is the difference between Prequalification and Preapproval? Jul 06, 2022

Show notes

Today I wanted to give you a quick overview of the difference between getting prequalified and preapproved.

Link to website:

https://dougcrousephysicianloans.com/

Coffee and Contracts: NonCompetes Jul 02, 2022

Show notes

Join me as I talk about non-competes and understanding the difference between term and after term.

LINKS:

www.ContractDiagnostics.com

Financial Vitals: Should You Payoff Debt Or Invest with Jeff Wenger Jul 01, 2022

Show notes

Should you pay off debt or invest? It's a straightforward question. Yet, the answer is often not so straightforward and really depends on your situation.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger about the proper way to think through this question so that you can begin making more educated decisions about debt and investing.

Topics Discussed:

• Assumptions and Assessment Factors:

◦ What's more important right now—financial independence or flexibility?

◦ Are you saving enough or have enough to invest or pay off debt?

◦ Mitigate Risks: Why consider return rates, interest rates, taxes, cash flow?

• Mortgage Myths: Pre-payments can actually create loss of flexibility with funds

• Be strategic: Consider refinancing debts to change the variables in your favor

• Financial Stress: What makes you happy versus what makes you worry?

LINKS:

www.WrenneFinancial.com

Coffee and Contracts: Upfront dollars and repayment Jun 30, 2022

Show notes

Today we're gonna talk about signing bonuses, relocation, amounts, maybe student loans, stipends, retention and bonuses. Also money that a company or a hospital or a practice would give you to sign a contract and move to work with them.

LINKS:

www.ContractDiagnostics.com

Financial Vitals: Throw Out The Rent Vs Buy Rules Of Thumb Jun 29, 2022

Show notes

Are you buying or renting? What are the perks of being a homeowner? Think through and focus on both financial and non-financial reasons.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about the rules of thumb when deciding whether to buy or rent a home.

Topics Discussed:

• Why buy? Live in it 3-5 years to break even and recoup upfront transaction costs

• Why rent? The best option if you plan to live there only a couple of months or years

• Numbers: Mortgage closing, realtor commissions, improvement costs, and ROI

• Taxes: Deduct ownership expenses; can't deduct property/mortgage insurance

• Insurance: Renter's insurance is less expensive than homeowner's insurance

• Homeowners' Association (HOA) Fees: Added costs for homeownership

• Uncertainty and Overestimation: Bias of living in a home longer than expected

• Lifestyle Creep: Living beyond your means and not analyzing home prices

• Headache Factor: Rent-not your problem; buy-home ownership increases issues

• The joy of Ownership: Cultural and cool factors to owning your own home

• Renting: Gets old not being able to do what you want with your place

• Rent vs. Buy Examples:

◦ 2362 Heather Way, Lexington, KY

◦ 8704 Grand Ferry Dr., Austin, TX

LINKS:

www.WrenneFinancial.com

Mortgage Minute: Is it better to have inflation on home prices or higher interest rates? Jun 28, 2022

Show notes

Today I wanted to give you a quick overview of which costs more. I am going to compare for you an $800,000 house and then compare raising rate versus raising prices.

Link to website:

https://dougcrousephysicianloans.com/

Grand Rounds: How long has it been since you've had a raise? Jun 27, 2022

Show notes

Today Jon Appino and I talk about getting that raise you deserve and understanding if you're getting the correct compensation from your employer. We talk about the differences of pay and how to ask for that raise!

Link:

https://www.info@contractdiagnostics.com/

Financial Vitals: The Key Process Behind Using Money To Live Better Lives with Jennifer Quire Jun 24, 2022

Show notes

Money isn't always the key to happiness. What are the key financial planning processes for using your money to live a better life?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks with his colleague, Jennifer Quire, a fellow Certified Financial Planner CFP®. As financial planners, Daniel and Jennifer's goal is to help physicians use their money to live better lives. This starts with working through the financial planning process. Listen in to find out what this looks like. Topics Discussed:

• What is a financial plan? Roadmap of where you are and want to be

• How to create a financial plan?

◦ Organize financial affairs

◦ Clarify values and goals

◦ Analyze options

◦ Decide best path forward

◦ Execute next steps

• What's most important to you? Money isn't always the answer

• Life Planning Questions: If financially independent…

◦ I want you to imagine that you are financially secure, that you have enough money to take care of your needs, now and in the future. The question is, how would you live your life? What would you do with the money? Would you change anything? Let yourself go. Don't hold back your dreams. Describe a life that is complete, that is richly yours.

◦ This time, you visit your doctor who tells you that you have five to ten years left to live. The good part is that you won't ever feel sick. The bad news is that you will have no notice of the moment of your death. What will you do in the time you have remaining to live? Will you change your life, and how will you do it?

◦ This time, your doctor shocks you with the news that you have only one day left to live. Notice what feelings arise as you confront your very real mortality. Ask yourself: What dreams will be left unfulfilled? What do I wish I had finished or had been? What do I wish I had done? [Did I miss anything]?

• Analysis Paralysis: Focus on one thing at a time to make progress

• Deadlines: Time gets in the way and people don't like change, ask for help

• A financial plan becomes worthless if you never execute on it

Coffee and Contracts: W2 vs 1099 Jun 23, 2022

Show notes

Does it matter If you're on a W2 job or a 10 99 independent contractor? Some physicians think one's better than the other. Join me as I discuss the differences between the W2 and 1099.

LINKS:

www.ContractDiagnostics.com

Financial Vitals: Mo Money, Mo Problems Jun 22, 2022

Show notes

Do you remember the late Notorious B.I.G.'s song, Mo Money Mo Problems? Physicians can probably relate to it. On the flip side, some people believe that having more money makes you benefit from fewer problems.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about how making more money often leads to more problems.

Topics Discussed:

• Does money make you happy? Depends on how you define problems

• $1 or $1 Million: More money makes simple things complex choices, decisions

• More assets means more checking, savings, credit card accounts go unclaimed

• Temptation: Easy to add something, but more painful to take something away

• What happens to your money? Be responsible and organized; not out of control

• Perceived Target: Doctors are rich, even residents with $400,000 in student loans

• Moral of the Story: Use money to improve and have less problems, happier life

• Slippery Slopes: Choose wisely between buying nice things or being generous

• Time: More money can buy time to prioritize and outsource tasks, responsibilities

LINK:

www.WrenneFinancial.com

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