816 episodes

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.

Financial Residency Financial Residency Network

    • Business
    • 4.5 • 297 Ratings

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.

    Coffee & Contracts - Closed another Renegotiation

    Coffee & Contracts - Closed another Renegotiation

    This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. 
    Jon from Contract Diagnostics shared the successful renegotiation of a family practice sports physician's contract, extending it for four years with improved terms. 
    Through thorough analysis and communication with the employer, they reached a mutually beneficial agreement, addressing compensation, retention bonuses, RVU rates, staffing issues, time away, reporting problems, and equipment needs. Despite some delays, both parties were satisfied with the outcome. 
    Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

    • 5 min
    Coffee & Contracts - Alternative Career options for Physicians?

    Coffee & Contracts - Alternative Career options for Physicians?

    This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. 
    In a recent discussion, Jon from Contract Diagnostics highlighted the growing concern of physician burnout and the increasing interest among physicians in exploring careers outside of patient care. 
    He outlined various alternative career paths for doctors, including roles in education, academia, healthcare administration, and pharmaceutical, biotech, or medical device companies. 
    Other options mentioned were medical writing, informatics, corporate wellness, forensics, and legal consultation. Jon emphasized that physicians possess valuable skills such as critical thinking, problem-solving, and adaptability, making them attractive candidates for diverse non-patient care roles. 
    With the advent of artificial intelligence, opportunities in non-patient care fields are expected to expand further, offering physicians new avenues for professional growth and fulfillment.
    Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

    • 6 min
    Mortgage Minute - Credit Myths

    Mortgage Minute - Credit Myths

    This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets.
    There are several misconceptions surrounding credit, which could hurt your score if you don’t have the correct information. Doug explores several of those today. He also gives some tips to help you improve your credit score. 
    For more information about Doug, go to www.DougCrouse.com.

    • 4 min
    Grand Rounds - Direct Specialty Care Model with Dr. Lara Kenney

    Grand Rounds - Direct Specialty Care Model with Dr. Lara Kenney

    This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. 
    Many primary care physicians have moved to a direct patient care model where the physician works for him/herself and does not accept insurance. It helps eliminate many of the burdens that lead to burnout amongst doctors. But can specialists do it as well? 
    Dr. Lara Kenney is a hematologist-oncologist who says yes you can! She moved to this model in 2019 and talks about her practice. She also is the co-founder of Direct Specialty Care Alliance, which is an organization that is trying to help other specialists who are interested in changing their practice model as well as helping patients/physicians find resources for those who need referrals/resources. 
    You can learn more about direct specialty care at DSCalliance.org or join the Facebook group Specialists for Direct Care.

    • 54 min
    Financial Vitals - The First Step To Reduce Your Taxes

    Financial Vitals - The First Step To Reduce Your Taxes

    This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. 
    Who wants to reduce their taxes? The first step requires educating yourself on the basics. 
    In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to David Glenn, a Certified Public Accountant (CPA) and founder of Glenn Advisory and the basics of how income taxes work.  They also chat about some of the most common tax savings strategies that begin to appear when you start to understand how this all works.  
    Topics Discussed:
    • Baseline Knowledge:
    ◦ How does the federal tax return work?
    ◦ What are progressive taxes?
    ◦ How does income flow through the tax return?
    ◦ What are itemized deductions and credits?
    ◦ How do tax withholdings, deductions and credits affect tax refund or payment?
    • Form 1040: Main section of your income tax return where everything comes together
    • Why compensation doesn’t always equal federal taxable wages
    • Qualified dividends are preferred over nonqualified dividends
    • What to look for to avoid back-door Roth IRA taxation mistakes
    • Social Security: Can be taxed up to 85%
    • Capital Gains/Losses: Recognize sale of stocks, real estate, other capital assets
    • Adjusted Gross Income (AGI) Adjustments: HSA, self-employment, and others
    • Tax Deductions: Itemized or standard deduction(s) based on filing status
    • Use taxable income and tax tables to determine total tax due
    • Tax Credits are great because they directly offset tax due dollar for dollar
    LINKS:
    www.WrenneFinancial.com

    • 42 min
    Financial Vitals - How Do You Know Which Type Of Financial Planner To Look For

    Financial Vitals - How Do You Know Which Type Of Financial Planner To Look For

    This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. 
    Have you ever worked with a financial planner? Do you have enough money saved for a financial planner to help? When are you ready to hire a financial planner? Depends on the situation or preference. If you want help, the sooner the better.
    In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about when to hire a financial planner. 
    Topics Discussed:
    • Use Cases: When to start working with a financial planner
    • Human Capital Habits: How do you accumulate your wealth? Income
    • Life Transitions: Get finances right in the beginning by planning for the future
    • Finances and Investments: What are your options? Inefficiencies?
    • Backdoor Roth IRA: Involves all different facets of financial planner tasks
    • Reasons to Hire a Financial Planner:
    ◦ Don’t have time to handle your finances.
    ◦ Unsure if things are getting done correctly.
    ◦ Complexity of your finances is intimidating.
    ◦ Struggling to keep finances organized.
    • Ways to Engage a Financial Planner:
    ◦ 95% of the industry has a sales/commission component.
    ◦ Verify terminology given by business to know if it is misleading.
    ◦ Pay for financial planner’s advice.
    ◦ You’re not locked in to work with the same financial planner forever.
    • When to Seek Help from a Financial Planner:
    ◦ Educate yourself to make the best decision.
    ◦ Know the pros and cons of finding a financial planner.
    ◦ Figure out if now is the right time or not.
    LINKS:
    www.WrenneFinancial.com

    • 14 min

Customer Reviews

4.5 out of 5
297 Ratings

297 Ratings

PaigeBPodcasting ,

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!

Jackie in GA ,

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?

dashuaige ,

Hit or miss with sometimes outdated content

This used to be a great podcast with Ryan Inman, with useful, well-delivered content. Now it’s hit or miss, and for some reason in 2024, they are playing content that is clearly at least 2 years old and completely out of date. Dr. Tammy interviews are interesting and more wellness rather than finance related - that could be a plus or minus depending on what you’re looking for. I’ll keep listening, but if another piece that was recorded 2+ years ago airs, I think I’m done.

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