289 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
    • 4.6 • 284 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.

    Financial Vitals: The Key Process Behind Using Money To Live Better Lives with Jennifer Quire

    Financial Vitals: The Key Process Behind Using Money To Live Better Lives with Jennifer Quire

    Money isn’t always the key to happiness. What are the key financial planning processes for using your money to live a better life? 
    In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks with his colleague, Jennifer Quire, a fellow Certified Financial Planner CFP®. As financial planners, Daniel and Jennifer’s goal is to help physicians use their money to live better lives.  This starts with working through the financial planning process.  Listen in to find out what this looks like. 
    Topics Discussed:
    • What is a financial plan? Roadmap of where you are and want to be
    • How to create a financial plan?
    ◦ Organize financial affairs
    ◦ Clarify values and goals
    ◦ Analyze options
    ◦ Decide best path forward
    ◦ Execute next steps
    • What’s most important to you? Money isn’t always the answer
    • Life Planning Questions: If financially independent…
    ◦ I want you to imagine that you are financially secure, that you have enough money to take care of your needs, now and in the future. The question is, how would you live your life? What would you do with the money? Would you change anything? Let yourself go. Don’t hold back your dreams. Describe a life that is complete, that is richly yours.
    ◦ This time, you visit your doctor who tells you that you have five to ten years left to live. The good part is that you won’t ever feel sick. The bad news is that you will have no notice of the moment of your death. What will you do in the time you have remaining to live? Will you change your life, and how will you do it?
    ◦ This time, your doctor shocks you with the news that you have only one day left to live. Notice what feelings arise as you confront your very real mortality. Ask yourself: What dreams will be left unfulfilled? What do I wish I had finished or had been? What do I wish I had done? [Did I miss anything]?
    • Analysis Paralysis: Focus on one thing at a time to make progress
    • Deadlines: Time gets in the way and people don’t like change, ask for help
    • A financial plan becomes worthless if you never execute on it

    • 26 min
    Coffee and Contracts: W2 vs 1099

    Coffee and Contracts: W2 vs 1099

    Does it matter If you're on a W2 job or a 10 99 independent contractor? Some physicians think one's better than the other. Join me as I discuss the differences between the W2 and 1099.
    LINKS:
    www.ContractDiagnostics.com

    • 5 min
    Financial Vitals: Mo Money, Mo Problems

    Financial Vitals: Mo Money, Mo Problems

    Do you remember the late Notorious B.I.G.’s song, Mo Money Mo Problems? Physicians can probably relate to it. On the flip side, some people believe that having more money makes you benefit from fewer problems.    
    In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about how making more money often leads to more problems.
    Topics Discussed:
    • Does money make you happy? Depends on how you define problems
    • $1 or $1 Million: More money makes simple things complex choices, decisions
    • More assets means more checking, savings, credit card accounts go unclaimed
    • Temptation: Easy to add something, but more painful to take something away
    • What happens to your money? Be responsible and organized; not out of control
    • Perceived Target: Doctors are rich, even residents with $400,000 in student loans
    • Moral of the Story: Use money to improve and have less problems, happier life
    • Slippery Slopes: Choose wisely between buying nice things or being generous
    • Time: More money can buy time to prioritize and outsource tasks, responsibilities
    LINK:
    www.WrenneFinancial.com

    • 39 min
    Mortgage Minute: Financing a Second Home

    Mortgage Minute: Financing a Second Home

    Join me as I talk about financing a second home. With loan level price adjustments added it has just drastically made pricing, meaning rates or closing costs on second homes, considerably worse.
    Link to website: 
    https://dougcrousephysicianloans.com/

    • 4 min
    Grand Rounds: Terminating a Contract

    Grand Rounds: Terminating a Contract

    Today we talk about terminating a contact. Jon Appino gives insight on terminating a contract and what to watch out for.
    Check out his website and learn more in depth about Jon and his team!
    Link:
    https://www.info@contractdiagnostics.com/ 

    • 16 min
    Financial Vitals: How to Save Money on home and Auto Insurance with Andrew Wethall

    Financial Vitals: How to Save Money on home and Auto Insurance with Andrew Wethall

    If you drive a car and/or rent or own a home, do you know how to purchase and save money on home and auto insurance while maintaining adequate coverage?   
    In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Andrew Wethall, an independent home and auto insurance agent for Energy Insurance Company. Andrew lives in Louisville, Kentucky, but works with customers all over the country. He makes clients’ insurance experiences easier all while maintaining adequate coverage at a fair price.  
    Topics Discussed:
    • Most Common Pitfalls: Re-evaluate insurance every 3 years after residency
    • Cheapest Option: Understanding the bones policy with state minimum coverage
    • Basic Auto Policy: Physical damage, comprehensive and collision, liability limits
    • Agent/Client Relationship: Pay attention to policy and continue to grow
    • Risks: Insurance works great for high cost and very unlikely risks
    • Umbrella Policy: Additional liability insurance to cover your assets
    • No-Fault States: Who's at fault for the accident or damage?
    • Car Rentals: What should you do when they’re pushing the insurance add on?
    • Insurance Pricing: Depends on credit, driving record, claims history, act of God
    • Structure: Differences between homeowner’s and renter’s insurance?
    • Out-of-Control Catastrophes: Earthquakes and floods are not usually covered
    • Attractive Nuisance: Umbrella policy for fun things—from pools to trampolines
    • Denied! Seek multiple opinions and work with an agent to get claims paid
    LINKS:
    www.WrenneFinancial.com

    • 45 min

Customer Reviews

4.6 out of 5
284 Ratings

284 Ratings

Mariann!! ,

GREAT SHOW!

I really enjoy your show, after listening to a few episodes I was totally hooked, it has great direction, it deals with very instructive and interesting topics. I really love this program!

Ccookdo ,

Wish I knew this long ago

Nothing like this was available 30 years ago. Concise and practical information in a easy to understand language.

Lizz1966 ,

Bring back financial information

I used to be a giant fan.. now the show doesn’t provide financial information nor have Ryan hosting. It’s just weird, and is another podcast airing here. Disappointed ex fan

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