Financial Residency Financial Residency Network

In this heartfelt episode of "The Life Well Lived, the Physicians Guide to Wealth" podcast, host James Nutter invites Todd Spencer, a devoted husband to surgeon Amy Spencer, to share his deeply personal experiences and learnings from life as part of a medical family. Todd's engaging storytelling provides an intimate glimpse into the life of a physician's spouse, highlighting the joys, challenges, and profound lessons learned along the way.
Todd Spencer delves into the importance of being intentional with time, the practice of grace within the relationship, and the nuances of navigating schedules and responsibilities with a partner who is deeply immersed in the medical field. His candid discussions about adapting to the role of a stay-at-home dad, the critical nature of self-care for the well-being of the entire family, and managing finances in a high-demand household are punctuated with wisdom and transparency. For any individual or family connected to the medical profession, this episode offers a treasure trove of relatable anecdotes and actionable advice, all while underscoring the value of cohesive partnership throughout the journey
 
    Timestamp
Summary
0:02:44
Todd and Amy's medical journey together
0:06:11
Challenges of being in a relationship with a physician
0:09:03
Balancing work and family life during residency
0:10:20
The challenges of breastfeeding and being a female surgeon
0:12:20
Importance of being intentional and thoughtful in a medical family
0:13:53
Being selfless and putting oneself in the other person's shoes
0:19:24
Todd's experience as a stay-at-home dad for six and a half years
0:24:01
Mental games and managing expectations as a stay-at-home dad
0:27:37
Importance of sleep, food, and self-care for executing the mission
0:29:21
Recognizing and diagnosing stress and burnout
0:37:26
Managing time and resources as a busy family
0:39:04
Managing conflicts in time and money resources
0:43:35
Setting aside dedicated time for financial discussions
0:51:36
Advice for young Todd and Amy: Recognize and manage stress and burnout

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

Discover your economic worth as a physician in this episode of "The Life Well Lived: A Physician's Guide to Wealth" podcast. Host James Nutter breaks down the concept of your hourly rate as a physician and challenges you to consider the opportunity cost of spending time on tasks you're not a professional in.
Learn how prioritizing rest, recovery, and leveraging your strengths can increase your worth and bring more joy to your life. Don't miss this insightful episode that will help you take control of your time and live a more meaningful life.
    Timestamp
Summary
0:01:06
Calculating the ROI on medical school investment
0:02:21
Determining your hourly rate as a physician
0:03:47
Importance of understanding and negotiating contractual duties
0:05:01
Shifting mindset to prioritize rest and recovery
0:06:29
Opportunity cost of DIY financial planning
0:08:16
Recommended time commitment for managing finances
0:10:44
Importance of surrounding yourself with a capable team
0:11:13
Increasing hourly rate by focusing on professional skills
0:12:14
Prioritizing rest, family time, and pursuing joy.
0:12:41
The opportunity cost of spending time on non-professional areas.
0:13:13
Reflection on strengths, weaknesses, and finding help.
0:14:17
How to spend time wisely and do what brings joy.

Trying to qualify for PSLF and unsure if you’re on track? Get James’s 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more. 
Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Jon from Contract Diagnostics emphasizes the effectiveness of group negotiations among physicians and announces the launch of the Group Negotiation Division. He shares a success story of a group of surgeons renegotiating their compensation and highlights the complexities involved in the process.
Jon encourages physicians to seek assistance in navigating group negotiations to ensure fair market value for their services.
Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Jon from Contract Diagnostics provides an update on non-compete agreements following a recent FTC vote. While the vote leaned towards a national ban on non-competes, challenges and lawsuits are expected. Jon advises physicians to stay informed and review their contracts.
He suggests utilizing this time to renegotiate contracts and discuss compensation with employers. Contract Diagnostics is available to assist physicians in navigating these changes.
Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Doug Crouse from BMO Bank introduces the Rate Modification Option, a convenient program for borrowers. This option allows borrowers to relock their closed loan to the current market rate without the need for refinancing, saving time and money for both parties.
Doug explains the flat fee structure and highlights the differences between rate modification and refinancing. He emphasizes the benefits of the program, such as the opportunity to adjust rates based on changes in loan-to-value ratios. Doug invites listeners to reach out for more information or assistance with loan estimates.
If you have questions, Doug is available at DougKraus.com. 

Many of us are told that our employer has one contract for a group of physicians and it is nonnegotiable. But what if the entire group collectively negotiated for changes? Groups can negotiate for salary, of course, but they can also request improvements to staffing, equipment, time off or other things.
 
Jon Appino with Contract Diagnostics talks about the impactfulness and success of collective negotiations. He has started an entire division to focus on this type of bargaining and has even hired folks who previously represented "the other side" to increase physicians' chances of success in negotiations. 
To learn more about Jon and his team, go to www.ContractDiagnostics.com. You can also listen to his podcast Coffee and Contracts right here on Financial Residency.