851 episodes
Financial Residency Financial Residency Network
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- Business
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4.5 • 298 Ratings
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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.
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A Physician’s Guide to Wealth - Maximizing Time: Audit Your Life to Create More Joy
In this episode of "A Life Well Lived: A Physician's Guide to Wealth," James Nutter emphasizes the importance of time and how it is the most valuable resource we have. He shares an exercise he does every year to audit his time and evaluate how he spent it.
By categorizing things to leave behind, people to leave behind, things to bring forward, and the best moments and people of the previous year, he is able to prioritize joy and fulfillment in his life. Nutter encourages listeners to schedule time to do this exercise and experience the rewards of intentional time management.
Timestamp
Summary
0:00:03
Introduction: The value of time
0:00:32
Importance of using money to create more time
0:01:37
Annual exercise: Auditing your time
0:03:39
How to conduct the exercise
0:08:49
Scheduling time for the exercise
0:09:54
Personal growth through the exercise
0:10:37
Conclusion: Taking control of your life
Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. -
Mortgage Minute - Interest Rates and How They Are Quoted
Welcome back to the Mortgage Minute with your host Doug Crouse from BMO Bank. In this episode, Doug demystifies interest rate quotes, explaining the basics of how rates are quoted, the concept of discount points, and how rates are typically broken down into eighths of a point.
He uses practical examples to illustrate the difference between paying for a lower rate and receiving rebates for a slightly higher rate, helping listeners make informed decisions in the current economic environment. Tune in for clear, actionable insights on navigating your mortgage options.
If you have questions, Doug is available at DougKraus.com. -
Grand Rounds - Everything real estate with Zoe Cangas of Moving Medicine Partners
Zoe Cangas is the founder of Moving Medicine Partners, which is a network of realtors who specialize in physician properties and who are also married to physicians. They understand the special needs that physicians face because they are part of physician families themselves.
Zoe talks to us about finding the right realtor, how legislation may affect buying/selling in the future, and the advantages of having rental properties to offset high physician incomes.
You can learn more about Zoe or find a realtor who works with physicians at www.MovingMedicinePartners.com. -
A Physician’s Guide to Wealth - The Challenges and Lessons of Being a Stay-at-Home Dad in a Medical Family
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. -
A Physician’s Guide to Wealth - The Economic Worth of a Physician: Maximizing Your Hourly Rate
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. -
Coffee & Contracts - Group negotiations successes!
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
Customer Reviews
Great Show!
Every episode they’ve got another interesting topic. I’ve learned so much from this podcast. It really is like going through a financial residency!
Too sales-y, undercuts the sincerity
This podcast was sold out to a different podcaster who is only a financial adviser and not an MD, while keeping the branding and theme music. The result is a totally generic, bland, and useless podcast that is, at best a retread of what is already out there, and at worst a sales pitch for these financial planners to get your business. I just sat through my last episode, where I wasted 15 minutes while hearing an overly simplistic and frankly uninformed “calculation” on what my physician hourly rate is, only to be told that I should give my financial planning over to “the experts” (ie these podcasters) instead of learning enough to do it myself. Their argument is that, after all, they wouldn’t try to set their own broken femur or do their own appendectomy, so we physicians shouldn’t try to do our own financial planning or taxes. What a specious argument. If you are a physician who is trying to learn financial basics so that you don’t get hosed by predatory financial planners who describe your medical education as “sunk” cost (their word choice, not mine), I suggest you go elsewhere. You can’t even find the older basic episodes (by the prior podcaster) that were actually useful. I regret the time I’ve spent listening to this book. Go try the audiobook versions of some of the classic physician finance books (Google it, there’s like 4 of them that are commonly recced) and be respected for your intelligence and not taken for a sales job.
What happened?
Financial Residency was one of the best shows out there—especially because they periodically released shows where they went deep on a family’s finances and gave advice on what they did well (and where they needed to improve). Without warning, they took all of those episodes down and stopped running them. What they now run is generic, recycled, and often out-of-date. This went from a gem to a dud. What went wrong?