868 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 • 298 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.

    Mortgage Minute - Don’t Consolidate to a New Account

    Mortgage Minute - Don’t Consolidate to a New Account

    This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.
    This week, Doug clarifies the often misunderstood concept of loan contingency in real estate offers. Learn the difference between a loan commitment and a clear to close, and why understanding this distinction is crucial when writing offers. 
    Doug explains what it means to meet your loan contingency and what realtors should expect during the process. Tune in to gain valuable insights into navigating loan approvals and ensuring a smooth path to closing.
    If you have questions, Doug is available at DougCrouse.com

    • 3 min
    Grand Rounds - More in depth on noncompetes and fair market value with Jon Appino

    Grand Rounds - More in depth on noncompetes and fair market value with Jon Appino

    This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.
    The FTC issued it's final rule on noncompetes, but multiple lawsuits and challenges have been filed. Jon Appino with Contract Diagnostics talks about how this may affect physicians, but acknowledges that many things may change before it makes its way to implementation.
    We also talk about how noncompetes may or may not affect compensation and nonmonetary aspects of contract negotiations. And finally, Jon talks more about fair market value and puts to bed the myth that there is a magic number that employers must use when putting forth contracts to their physicians. 
    You can get a free 15-minute consultation with Contract Diagnostics for yourself or a 30-minute consultation for your group. Go to www.ContractDiagnostics.com to learn more. 

    • 34 min
    A Physician’s Guide to Wealth - 15 Physician PSLF Hacks Checklist

    A Physician’s Guide to Wealth - 15 Physician PSLF Hacks Checklist

    This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.
    ​​In this episode of "A Life Well Lived: A Physician's Guide to Wealth," James Nutter provides a comprehensive checklist for pursuing Public Service Loan Forgiveness (PSLF) for physicians. He breaks down the steps to understanding the requirements, confirming if PSLF is right for you, getting organized and doing it consistently, building a contingency plan, and what to expect when you reach 120 payments. With insights from a client who had over $200,000 in loans forgiven, James offers valuable tips and resources to help physicians navigate the PSLF process successfully.
            Timestamp
    Summary
    1:06
    Essential PSLF Tips for Physicians Seeking Loan Forgiveness
    6:30
    Determining Employer Eligibility for Public Service Loan Forgiveness
    11:23
    Evaluating Public Service Loan Forgiveness Suitability and Strategies
    16:48
    Strategic Income Reporting for Lower Loan Repayments
    19:40
    Strategies for Timely Student Loan IDR Recertification
    25:53
    Mastering PSLF Through Organized Documentation and Regular Submissions
    28:51
    Identifying an Authorized Official for Employment Verification

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

    • 43 min
    A Physician’s Guide to Wealth - 5 SHOCKING Ways Financial Advisors Get Paid

    A Physician’s Guide to Wealth - 5 SHOCKING Ways Financial Advisors Get Paid

    This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.
    In this episode of "The Life Well Lived: A Physician's Guide to Wealth" podcast, host James Nutter delves into the lack of transparency surrounding how financial advisors get paid. He highlights the absence of financial education for physicians and the potential conflicts of interest that arise when working with advisors who may not have their clients' best interests at heart.
    Nutter breaks down the different ways financial advisors are compensated, including robo-advisors, commission-based products, assets under management models, flat fee-based fiduciary financial planning, and flat fee-only fiduciary financial planning. He emphasizes the importance of finding a fiduciary advisor and provides insights into his own fee-only approach.
    Timestamp
    Summary
    2:39
    Fiduciary vs Suitable Financial Advisors Explained
    5:09
    Exposing Financial Advisor Secrets and Ensuring Fiduciary Transparency
    6:51-
    Robo Advisors Versus Human Financial Guidance
    9:21
    Navigating the Pitfalls of Commission-Based Financial Advising
    10:54
    Insurance Products Disguised as Investments
    11:23
    Captive Advisors and Their Impact on Young Physicians
    12:21
    High Turnover and Sales Quotas in Finance Careers
    13:08
    Understanding Commission-Based Products
    13:42
    Unveiling Hidden Investment Fees and Conflicts of Interest
    17:08
    Understanding Conflicts in Asset Management Fees
    19:26
    Understanding Flat Fee-Based Fiduciary Financial Planning
    21:12
    Transitioning to Transparent Fee-Only Financial Planning
    25:58
    Choosing a Fiduciary Financial Advisor Is Crucial

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

    • 27 min
    Coffee & Contracts - What is Fair Market Value?

    Coffee & Contracts - What is Fair Market Value?

    This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.
    Jon from Contract Diagnostics dives deep into the concept of fair market value (FMV) and why it matters for physicians. He unpacks the complexities of FMV, how it's determined, and why there's no one-size-fits-all answer. 
    Learn about the different factors that influence FMV, from regional data to specific job duties, and discover how hospitals and employers might define it differently. Jon also discusses the importance of questioning and understanding these valuations to ensure you're getting a fair deal.
    Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

    • 11 min
    Coffee & Contracts - Non-Compete Language Updates: But What to Do Now

    Coffee & Contracts - Non-Compete Language Updates: But What to Do Now

    This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.
    Hi everyone, it's Jon with Contract Diagnostics, providing a quick update on non-competes, a hot topic lately. We're in a waiting period for the new FTC rule, anticipated around early July. While it's not official yet, now is the perfect time to discuss non-competes with your employer. 
    With potential changes on the horizon, it's crucial to renegotiate terms to ensure fair compensation and optimal working conditions. Engage in conversations about staffing, efficiency, and compensation to stay ahead. 
    Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

    • 6 min

Customer Reviews

4.5 out of 5
298 Ratings

298 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!

StuC1234567890 ,

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.

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?

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