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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: Options for Investing with guest Danel Wrenne Jun 06, 2022

Show notes

Where do I go from here?

As a physician have you ever asked yourself that question?

Join us as I discuss this with the ONLY financial planner that works for physicians I trust! Daniel Wrenne discusses the ins and outs and what steps to take.

Check out his website to learn more about him and his team!

www.WrenneFinancial.com

Financial Vitals: Why I Drive an 18-Year-Old Car Jun 03, 2022

Show notes

What make, model, and year is the car you drive? Thinking about buying a new one? Why? Consider all factors to make the right, not wrong buying decision.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about why he drives an 18-year-old Toyota Avalon. The 2003 vehicle has heated leather seats and a 6-disc CD changer—it's still in good condition and comfortable to drive.

Topics Discussed:

• Car Buying: How to make a good, solid, level-headed decision

• Practical Perspective: Base decision on purpose, need, safety, reliability

• Mechanical Issues: Tend to trigger alternative options for an upgrade

• Identity and Psychology: What drives car-buying marketing decisions?

• Timeout: Do your priorities align with buying a new car?

• Key Purposes:

◦ Get from Point A to Point B

◦ Comfort level

◦ Makes you look better

◦ Economic and environment friendly

◦ Consider alternatives

link:

www.WrenneFinancial.com

Financial Vitals: How will the Russian and Ukraine War Affect your Planning Jun 01, 2022

Show notes

How was the U.S. economy before the war between Russia and Ukraine started? How have things changed and what will they look like in the future? Expect a ripple effect!

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how the Russian and Ukraine War will affect financial planning and economic adjustments in the United States and other countries.

Topics Discussed:

• 9% Inflation Rate: Changes associated with war do not play a role, yet

• Work: Inflation should not be too big of a deal for those with a job/income

• 8% Unemployment Rate: Extremely low—people are working, plenty of jobs

• Interest Rates: Will continue to be increased to keep inflation under control

• Vanguard Total Stock Market: Index fund gauge indicates modest downturn

• Supply and Demand: War sanctions and restrictions result in prices increasing

• Economic Seasons: Difficult to predict what's going to happen in the future

• Reverse Globalization: Economic impact due to isolated sections and countries

• Actions to Consider: Diversify portfolio, stay the course, take protective measures

link:

www.WrenneFinancial.com

Grand Rounds: The Buisness Side of Medicine May 30, 2022

Show notes

Have you heard the perks of working locums? Today, I have Danielle Cataxinos, and Kathryn Sarnoski, MD. They discuss the perks that come with working locums.

They will also share what to watch out for and things you should make sure you do, so you get what you want out of locums work.

Mortgage Minute: How to get an Accurate Interest Rate Quote May 30, 2022

Show notes

Today I will tell you what is needed when applying for a mortgage! I will share some tips on what to watch out for as well as what you will need for the applying process! Link to website:

https://dougcrousephysicianloans.com/

Financial Vitals: How to Use Real Estate to Build Wealth May 27, 2022

Show notes

Even with your own home, have you noticed that real estate prices have been a bit hectic? How do you build wealth with real estate? Not with your primary residence. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about real estate as an investment outside of your primary residence. You are building wealth with your home, but it is hard to realize that wealth.

Topics Discussed:

• Real Estate Market Prices: Massive increases in short periods of time

• Crazy Market: What are the reasons? Nobody really knows underlying causes

• Supply and Demand: Low supply and high demand drives up real estate prices

• Why is demand high? People still want to buy or invest in real estate

• Why is supply low? Cautious builders, lumber costs, lack of skilled labor, rules

• Real Estate Investing - Alternative approaches to make money:

◦ Appreciation: Own property that increases in value

◦ Rent: Own property that is rented out to others to generate income

◦ Loan: Charge interest on money loaned for real estate deals

• Ways to Own Real Estate: Short- or long-term rentals, flips, multi-units, raw land

• Real Estate Responsibilities: Do you want to be an investor or more involved?

• Why people write/talk about real estate: Hype, interest, and money to be made

• Big Benefits: Diversify, passive income, tax shelters, and better returns

• Downsides: Time, dealing with people, risks, returns, complexity, and alternatives

• Purpose: Why do you want to invest in real estate and build a portfolio?

Links:

https://www.reit.com/

https://www.vrbo.com/

https://financeforphysicians.co/

Vitals Check Part 6: Taking Action May 25, 2022

Show notes

If you don't do anything or take action by following up on your financial vitals plan, it's not of any value to you. The purpose is to make progress and improve sooner by staying on track and measuring success.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about steps to move forward by planning, checking, and tracking your financial vitals. Happiness is when your values are in alignment with your actions.

Topics Discussed: • Goal: Come up with a game plan based on an individual's vitals and customize it • Financial Vitals Recap: ◦ Part 1: Clarify values ◦ Part 2: Save, spend, give ratio ◦ Part 3: Net worth ◦ Part 4: Safety net check ◦ Part 5: Investment plan • Annually or As Needed: How often to check if financial vitals are in alignment • Other Financial Vitals: Consider education funding and business-related items • Key Takeaway: Create plan to take action for checking financial vitals

Links:

https://financeforphysicians.co/

https://financeforphysicians.co/2021/08/12/what-you-need-to-know-about-estate-planning/

Mortgage Minute: Brokers vs Banks May 24, 2022

Show notes

Ever wonder what the difference is between a broker and a bank?

I will discuss the different options brokers and banks offer. Let me tell you why I think banks have the better doctor loan for you!

Check out my website where you can get a free copy of my book "Hippocratic House". You can also learn more about me and my team. Come check us out!

https://dougcrousephysicianloans.com/

Grand Rounds: Learning about Locums with Dr. Nick Kusnezov May 23, 2022

Show notes

Have you thought about working for Locums? Do you have questions about working for Locums?

There are many areas that cover about Locums and if it is something you would like to do. Tammy Crouse, MD and Nick Kusnezov, MD discuss how to start working for Locums and what to expect while working for Locums.

Vitals Check Part 5: Investment Plan May 20, 2022

Show notes

Do you have an investment plan in place? You may have more than one fund, such as for retirement or charitable giving. Maybe you want to save or invest money for college or a vacation home. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about having an investment plan (also known as an investment policy statement) that is organized based on a specific purpose or goal.

Topics Discussed:

• What is an investment plan? High-level but simple summary/outline of goal

• What's the benefit of working with a financial planner vs. doing it yourself?

• What are the key parts of an investment plan?

◦ Purpose and Responsibility

◦ Investment Philosophy

◦ Summary of Review Process

◦ Summary of Accounts/Asset Allocation Target

Links:

https://financeforphysicians.co/

https://financeforphysicians.co/2021/08/12/what-you-need-to-know-about-estate-planning/

https://financeforphysicians.co/contact/

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