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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: Financing a Second Home Jun 21, 2022

Show notes

Join me as I talk about financing a second home. With loan level price adjustments added it has just drastically made pricing, meaning rates or closing costs on second homes, considerably worse.

Link to website:

https://dougcrousephysicianloans.com/

Grand Rounds: Terminating a Contract Jun 20, 2022

Show notes

Today we talk about terminating a contact. Jon Appino gives insight on terminating a contract and what to watch out for.

Check out his website and learn more in depth about Jon and his team!

Link:

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

Coffee and Contracts: Benefits Jun 16, 2022

Show notes

Today we're talking benefits. So as you look at your contract and you're looking at your benefits that may change year to year, First off. Does it say anything in the contract about benefits? We usually don't see too much in there. We might see something that says you'll be offered benefits. Join me as I discuss more on benefits!

LINKS:

www.ContractDiagnostics.com

Financial Vitals: Charitable Giving Strategies To Reduce Taxes Jun 15, 2022

Show notes

It's that time of year again where many of you are considering giving generously to help others. What are some of the best tax strategies for giving?

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a fellow Certified Financial Planner (CFP®) and founder of Anesthesia Success—a planning firm and podcast dedicated to helping anesthesia and pain physicians make successful career and financial decisions.

Topics Discussed:

• Charitably inclined? Uncle Sam encourages contributions to help everyone

• Science of Giving: Feels good when faith shapes financial plan/philosophy

• Giving Forms: Generously invest time, money, emotion for observable impact

• Is giving important? When? Giving imperfectly is better than not giving at all

• Standard vs. Itemized Deduction(s): Cultivate desire and mechanics of giving

• Charitable Contributions: Change from above- to below-the-line tax deduction

• Appreciated Securities: Giving a security that has unrealized taxable gains

• Taxable Accounts: Investment account type that has no inherent tax advantage

• Donor Advised Fund: Pros and cons of using the DAF strategy for giving

• Batched Giving: Strategically think about timing of gift based on tax situation

• Internal vs. External Factors: How will tax situations, brackets, policies change?

• Tax Impact: Qualified Charitable Distribution vs. Required Minimum Distribution

• Private Foundations: Give more meaningfully charitably to express generosity

LINKS:

www.WrenneFinancial.com

Coffee and Contracts: Visa Contracts need to Know Jun 14, 2022

Show notes

So we've got a quick blurb today on visa physicians and what they need to consider as they look at their employment contract and how they've differ than a traditional W2 physician.

Link:

www.ContractDiagnostics.com

Grand Rounds: Tips for Negotitating Your First Attending Contract Jun 13, 2022

Show notes

Come and join us as Jon Appino talks on physician contracts, when to start the process, if you're getting paid enough and what red flags to be on alert about. Jon Appino and his team have been helping physicians for over a decade and they really know there stuff!

Check out his website and learn more in depth about Jon and his team!

Link:

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

Financial Vitals: Can Money Buy Happiness Jun 10, 2022

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

link:

www.WrenneFinancial.com

Coffee and Contracts: Benefits of Automatically Renewing Contracts Versus Expiring Contracts Jun 09, 2022

Show notes

Today we discuss contracts with Jon Appino as he launches his new segment called Coffee and Contracts. Jon talks about the benefits of automatically renewing your contract.

LINK:

www.ContractDiagnostics.com

Financial Vitals: Aligning Your Time And Money Management With Your Values Jun 08, 2022

Show notes

You can have all the money in the world and be completely unhappy. Everybody wants to move closer toward living out their version of an ideal life. Yet, the daily grind we all face tends to push us away from this.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks with his colleague Jeff Wenger, about how physicians can better align time and money management with their values.

Topics Discussed: Where to begin? Start with a plan to align financial actions with values

• Two Mindsets: Auto-pilot thinking versus deliberate thinking

• Awareness: Start with gaining awareness of your actions

• Time and Money Management Exercise: Find ways to track what you've done

• Awkward Conversations/Characteristics: Plan for success, write your obituary

• Life Planning: Kinder's 3 questions about living out your ideal life

• New Day-to-Day Decisions: Say 'no' to things that don't align with your values

• Ideal Calendar: Prioritize values by making time and space on your calendar

• Should you stay on auto-pilot? No, do something, take action to help your wealth

link:

www.WrenneFinancial.com

Mortgage Minute: What's going on with Interest Rates on Home Loans Jun 07, 2022

Show notes

Join me as I discuss interest rates and where they could be headed. As an expert in the industry I will tell you where I think interest rates are headed.

Link to website:

https://dougcrousephysicianloans.com/

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