28 episodes

Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make.

The FinancialMD Show FinancialMD

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Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make.

    Ep 028 - Setting Up For Success - Essential Checklist for the New Attending

    Ep 028 - Setting Up For Success - Essential Checklist for the New Attending

    Summary:
    Transitioning Into Practice: Focus On The W.I.N. Principle [0:01:23]
    Stephen Covey’s Four Quadrant: Important, Not Important, Urgent, Not Urgent [0:02:32]
    From Taxable To Tax-Free: The Art Of Roth Conversion [0:04:58]
    Plan For The Unexpected: Disability Insurance [0:07:32]
    Healthy Financial Habits: Budgeting And Managing Surplus [0:09:02]
    Financial MD's Resident Roadmap: Securing Your Future [0:10:44]
    We Want To Hear From You! Share Your Two Cents With Us [0:12:22]
     
     
    Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make. Your hosts, Jon and Trevor, explore a different topic with each episode. Jon Solitro is a financial planner and certified financial education instructor. He’s been working with young physicians for the better part of the decade and lectures to graduate medical programs around the country. Dr. Trevor Smith is a board-certified ophthalmologist with a full-time practice and he has learned the ins and outs first-hand what it takes to make smart financial decisions as a young physician. And now here’s your hosts, Jon and Trevor.
     
     
    Hey everybody and welcome to today's episode of the Financial MD Show. I, as always, am your host, Jon Solitro, CFP. Today is going to be a solo show but I'm excited because Trevor's not going to interrupt me all the time – I'm kidding. We do a great job chatting together. Dr. Trevor Smith is very busy with opening his practice and if you want to know more about that, listen to our last episode. That will be the best place to get a quick synopsis and rundown of what Dr. Smith is up to and what it takes to open your own practice. At least so far as we know, he's right in the thick of it; not quite launched yet – building, putting stuff together, getting financing – all that stuff; so that part is… that was a really great show to do.
     
    But today, top of mind for us right now in the finance world and in the doctor world, if I'm talking to you and you are a younger physician just new into your career, you might be wrapping up your training right now. As we record the show, it's October. You may be a couple of months just into your first attending position and I wanted to put out a show to those of you that are the podcast subscribers, and maybe, this is something that you can share with your fellow residents or new attendings to talk about what are some of the things that you should be doing.
     
    Transitioning Into Practice: Focus On The W.I.N. Principle [0:01:23]
     
    If you had to boil it down to just a few things that you should be doing when you first transition into practice, what are those things? Because you can be bombarded with so many different possibilities and options that it is crucial that you weed that out and focus on the most major on the major. You do the important things first. Because if you look at Stephen Covey's book, The 7 Habits of Highly Effective People, there's a lot of great stuff in there. I do suggest that. We'll post a link in the show notes, but when you see that one of the chapters is going to be about focusing your time. You're going to see a lot thrown at you. You got to make benefits decisions. You got to figure out your money's going and buying a house and budget and all these kind of things. One of the things that Covey talks about in the book is "beginning with the end in mind," so that helps you to focus on what things are important now. I talked to my boys about the W.I.N. principle – W.I.N. (What's Important Next) – because they're not great at focusing on what they should be doing right now, when it's getting ready for school in the morning or getting ready for bed at night – all those things is, hey, buddy, what's important next? Oh, okay. And sometimes that helps and sometimes it doesn't.
     
    Stephen Covey’s Four Quadrant: I

    • 15 min
    Ep 027 - From Vision To Reality, Launching A Solo Private Practice

    Ep 027 - From Vision To Reality, Launching A Solo Private Practice

    Summary:
    Update On Trevor's Newest Business Endeavor [0:00:52]
    Embarking On A Journey: A Solo Private Practice [0:04:22]
    Protect Your Practice: Invest In Disability Insurance [0:06:26]
    Leading With Ownership: More Responsibility, More Satisfaction, More Rewards [0:10:44]
    The Trigger: Taking The Leap Into Solo Private Practice [0:13:16]
    The Perfect Timing For Your Business: Meeting Organic Needs [0:19:56]
    To Own Or Not To Own: The Practice Dilemma [0:24:00]
    Private Equity Knocking? Standing Strong In Independence [0:27:13]
    Best Of Both Worlds: The W-2/1099 Combo [0:29:39]
    The Latest Buzz In The Cryptocurrency Universe [0:35:33]
    Don't Let Go Of Your Value; It's Your Voice And Power [0:36:51]
     
     
    Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make. Your hosts, Jon and Trevor, explore a different topic with each episode. Jon Solitro is a financial planner and certified financial education instructor. He’s been working with young physicians for the better part of the decade and lectures to graduate medical programs around the country. Dr. Trevor Smith is a board-certified ophthalmologist with a full-time practice and he has learned the ins and outs first-hand what it takes to make smart financial decisions as a young physician. And now here’s your hosts, Jon and Trevor.
     
     
    Jon: Well, welcome again to the Financial MD Show. We are so honored to have back in the co-host seat, Dr. Trevor Smith, after some time getting busy doing some things. Trevor had a ton of stuff going on and we continued to try to get some content out, but always left his co-host seat open here. So, Trevor, super glad to have you back and sitting in and chatting and making this – I mean, you're the reason that people listen to the Financial MD Show, so our listenership has been dropping drastically and we're so glad to have you back.
     
    Trevor: That's hilarious. Appreciate, appreciate that ego boost.
     
    Jon: Yup, yup. So, what's going on man? How you've been? What have you been up to for the last – I don't know – this year? Let's say that.
     
    Update On Trevor's Newest Business Endeavor [0:00:52]
     
    Trevor: Oh man, yeah. So, I'm sitting here in my office. I'm over in Wyoming, Michigan, just opening up a practice. So that has been the primary busy item of the year. Yeah, I was just looking back on my calendar of when things have happened or like even just like when bills were paid for, you know, different projects I've been working on and I couldn't believe some of the things that felt like last year were like three months ago.
     
    Jon: Okay, wow.
     
    Trevor: It's one of those where I'm like, wow. I didn't know I was… I knew I was busy, but I didn't know – I was like mentally squeezing so much in. So, yeah, I'm here over Wyoming, Michigan. It's just south of Grand Rapids. It's kind of more like Granville, Wyoming, Byron Center. We're all kind of in the same area, just south of Grand Rapids. So, yeah, I decided to launch my own practice, been looking into that for years – two, three years – and finally decided to pull the trigger. So I was evaluating the practice where I still operate. I still do surgery over in Ionia, Michigan with another practice, and so, I'm still doing that and that's supporting me, starting the practice at the same time, so it's nice. I get to talk about it. I don't have to secretly, you know, be like opening a practice.
     
    Jon: That's great.
     
    Trevor: Even throughout the whole process, I was really transparent with my boss, Dr. Mike Flohr, a great guy. I've been in the Ophthalmology world practicing. He's a solo guy for like 40 years so he gets it, so that was nice.
     
    Jon: Yeah.
     
    Trevor: Lots of hurdles of like how do I handle this situation, how do I evaluate this, so that was one of the big ones. I was like, you know. I just

    • 44 min
    Ep 026 - Tax Tips for Young Docs From A CPA

    Ep 026 - Tax Tips for Young Docs From A CPA

    Summary:
    What Does Cory Do? [0:02:08]
    The Moment Cory Decided To Become An Accountant [0:04:04]
    Critical Key Components: Psychology of Money and Behavioral Finance [0:06:13]
    Tip: Take Advantage Of That Lower Interest Rate – Invest! [0:10:59]
    All The Things You Need To Know About Being A CPA [0:11:42]
    The Start Of The Financial MD "Dinners" [0:14:52]
    Most Often Asked Question: What Is The Best Tax Deduction? [0:19:04]
    You Can Do A 401(k) And An IRA At The Same Time [0:24:36]
    Find Yourself The Right Financial Advisor [0:32:54]
    Cory’s Piece Of Advice To Residents [0:35:50]
    Do What You Do Best And Delegate The Rest [0:37:56]
     
     
    Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make. Your hosts, Jon and Trevor, explore a different topic with each episode. Jon Solitro is a financial planner and certified financial education instructor. He’s been working with young physicians for the better part of the decade and lectures to graduate medical programs around the country. Dr. Trevor Smith is a board-certified ophthalmologist with a full-time practice and he has learned the ins and outs first-hand what it takes to make smart financial decisions as a young physician. And now here’s your hosts, Jon and Trevor.
     
     
    Jon: Welcome everybody to today's episode of the Financial MD Show. We're so excited to be back. Dr. Trevor Smith is off, starting his own practice, and I'm sure he'll jump back on and fill us in there. But, today, we've got a special guest/co-host. My good buddy, Cory Lee, a well-established CPA tax expert in the area, is joining us today and I'm super excited. We've got a long history going back that I'm sure we'll dig into a little bit and do some nostalgia recall but, Cory, it's so good to have you today.
     
    Cory: Yeah, I'm happy to be here. Thanks for having me.
     
    Jon: Yeah, so, guys, I'll tell you a little bit about Cory from my perspective. I think Cory, you and I, were introduced by – I can't believe I'm remembering this now – I bet it was 2015 or 16 and I think – I remember who it is, for confidentiality's sake, but it was an ER physician and his wife. He was just getting out of residency, pretty sure, and Cory was a friendly guy that was really great at helping this couple and we met through just in the financial planning world. At least, at Financial MD, we try to get to know our clients' other professionals and establish a good working relationship to try to coordinate the whole comprehensive picture. And so, along that way, I met Cory and I was just two or three years in the profession and learning a lot and Cory and I have done a ton of stuff together in the last six, seven years. Cory has been probably the CPA to whom I've sent the majority of my clients by far, and even before then, Cory was working a lot with physicians and probably now a little bit more – thanks to us – over the last six, seven years. But, as you guys know, there's a unique financial situation that young physicians are in and residents and those just starting out and attending that you want to work with somebody that you know and you like and you trust and they know your situation. So that's where Cory comes in here and we'll talk about some of the things we've done together and what Cory's been up to. But, yeah, Cory, tell us about where you came from and what brought you to what you're doing today.
     
    What Does Cory Do? [0:02:08]
     
    Cory: It's like you said, I work a lot with physicians; probably, 70 percent of my businesses is with physicians. I do a lot of tax planning, tax consulting; you know, set up practice-type help; exit strategy planning type of help. I also do business valuation; you know, people who are looking to merge for sell or buy a practice – I help with that. I've just really been CPA for, you know, about 25 year

    • 42 min
    Ep 025 - Real Estate Investing

    Ep 025 - Real Estate Investing

    Summary:
    Dave Hall's Journey Into The Real Estate World [0:03:26]
    One Can Make As Much Money Doing Easy Flips [0:07:13]
    How And Where To Find Profitable Deals: The Process [0:09:57]
    Your Network Is Your Net Worth [0:13:52]
    For A Novice Investor, Should You Get Into Flips Or Into Rentals? [0:20:22]
    Let's Talk About Tax Benefits [0:24:07]
    Things That Dave Wished He Knows Then What He Knows Now [0:29:42]
    Here Are The Numbers On Some Of The Deals [0:32:26]
    Advice To Would-be Investors [0:35:28]
     
     
    Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make. Your hosts, Jon and Trevor, explore a different topic with each episode. Jon Solitro is a financial planner and certified financial education instructor. He’s been working with young physicians for the better part of the decade and lectures to graduate medical programs around the country. Dr. Trevor Smith is a board-certified ophthalmologist with a full-time practice and he has learned the ins and outs first-hand what it takes to make smart financial decisions as a young physician. And now here’s your hosts, Jon and Trevor.
     
     
    Jon: Welcome everybody to the Financial MD Show. This episode is a little different. Dr. Trevor Smith is not joining us today. He's a super busy guy with a lot of fun exciting things going on. But today, we have the pleasure of hearing firsthand answers to some questions that a lot of you have – a lot of you asked me directly or through social media or comment or whatever – real estate investing. We see a ton of articles about that from the different bloggers whether it's White Coat Investor or Physician on FIRE or any of those wonderful guys. It's a huge topic when it comes to physicians and financial planning and the reason is physicians are quickly reaching limits on things like 401(k)s or backdoor Roths or any of those things that we typically do recommend and then it becomes the question in two parts: Number one, where else can I put my money that's tax-advantaged and going to grow and be a good investment, and number two, in addition or just on its own, the question of where can I generate passive income; that's again, especially in the FIRE Movement of becoming financially independent and retiring early. Passive income is always the question. So I thought a little treat for you guys would be to bring in someone I know well; somebody I trust that could give us some real answers and firsthand experience and you'll get to peek under the hood, so to speak, and see how is a real estate investment made and not in a huge syndicated end yet as far as like Fundrise or some of those things, but let's look at a local real estate investor that's putting together deals offering to investors. Some of our clients at Financial MD have looked at and you'll be able to maybe get some answers; maybe it creates more questions, but that's okay. That's what we're here for. So, again, full disclosure: This is not a financial recommendation or personal advice. We can talk about that individually, but this is purely informational purposes only but let's jump into it. My guest today is Dave Hall with Achieve Real Estate. How is it going, my man?
     
    Dave: Good, thanks for having me.
     
    Jon: Yeah, absolutely. Well, I'm excited because this is something I love to talk about…something I'm involved in…and you and I have had several conversations about it and we've known each other for, I mean, really, 20, 25 years anyway; probably, if we were to really go back. But I've seen you grow and I've seen you start from scratch and grow, I think, even though you may not recognize it, a pretty legitimate successful real estate empire. So, you know, as you look back over the last seven or eight years, I'm sure you see that now but along the journey it's not necessarily easy to see, so as op

    • 40 min
    Ep 024 - Employee Benefits

    Ep 024 - Employee Benefits

    Summary:
    The Gist Of Employee Benefits [0:01:30]
    Trevor's Thoughts And Opinions [0:03:12]
    Low Paycheck/With Benefits Vs High Paycheck/No Benefits [0:06:38]
    Basic Things To Know Regarding Employee Benefits [0:10:31]
    HSAs Are Awesome! [0:12:12]
    Another Option: Flexible Spending Account (FSA) [0:19:38]
    Retirement Plans: 401(k) vs 403(b) [0:23:04]
    Other Ancillary Benefits: Group Life Insurance [0:34:30]
    General Recommendation: Get Enough Life Insurance Outside Of Work [0:36:48]
    Disability Insurance: Get It As Soon As You Possibly Can While You're Young And Healthy And It's Cheap [0:39:07]
    A Little Tidbit: If You Pay Your Own Personal Disability Insurance, It's Tax-Free Upon Claiming And Collecting Benefits [0:45:13]
     
     
    Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make. Your hosts, Jon and Trevor, explore a different topic with each episode. Jon Solitro is a financial planner and certified financial education instructor. He’s been working with young physicians for the better part of the decade and lectures to graduate medical programs around the country. Dr. Trevor Smith is a board-certified ophthalmologist with a full-time practice and he has learned the ins and outs first-hand what it takes to make smart financial decisions as a young physician. And now here’s your hosts, Jon and Trevor.
     
     
    Jon: Well, I'm excited to dive into today's show. We're going to get caught up with myself and Dr. Smith and go on a very diversified journey into employee benefits with nothing necessarily pre-planned other than our own experiences and opinions and that will be enough to fill an episode. So, how are you Trevor?
     
    Trevor: I'm doing great. I'm excited to learn from you on this topic as well as contribute my biased opinions.
     
    Jon: Okay, great and I will learn something from you as well because I know the house, I guess, but we always learn when we hear other perspectives and I think I know what might be good, bad, valuable, pros, cons to some people but I'd love to hear your take on it, and for those of you that are watching this on YouTube or listening to snippets or checking it out on just the audio podcast, this is the time where you can start to pull up the comments and get some interaction. Let us know what you think, what questions you got, what the heck are some of the things we're talking about, so keep that open. This is not a live show, but we are going to respond to comments as soon as we possibly can, and whether we agree with you or not or have the answer or not, we're going to let you know that. So, employee benefits – what are employee benefits? I'll preface with that and then we can start on a little bit, understanding employee benefits.
     
    The Gist Of Employee Benefits [0:01:30]
     
    So, the gist of it is employee benefits – or you'll also hear the term group benefits, group insurance, group disability, group like whatever all these other kind of things – it basically means an employer has enough people – enough employees – to go and get discount rates on insurance products, get guaranteed insurability on most things, because they have a large enough sample size so they'll get discounts and then they'll also typically pay a portion – not always – and you have to understand throughout this whole conversation that not all employers include any or all the benefits that we talk about. There's no hard and fast rule necessarily until Obamacare and the Affordable Care Act and there were some rules about if you have a certain-sized number of employees, you have to have a certain type of health insurance, etcetera.
     
    Trevor: If I could jump in, just from a higher level like as a potential employer – almost employer – looking at starting my own practice here in Ophthalmology, the ones I hear about are retirement and t

    • 50 min
    Ep 023 - How Things Are Going In Your Finances

    Ep 023 - How Things Are Going In Your Finances

    Summary:
    What Happened To The Silicon Valley Bank? [0:02:13]
    FDIC: Where Do They Come In? [0:05:33]
    Other News: Stocks Are Holding Steady [0:07:10]
    As A Resident, What Does This Mean To You And Your Personal Finances? [0:08:05]
    Should You Buy A House? Student Loan Status During These Times [0:11:21]
    Interest Rates Keep Rising – A Good Time To Put Your Money In A High-Yield Savings Account [0:14:25]
    Download The Financial MD App – Its Free! [0:16:49]
     
     
    Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make. Your hosts, Jon and Trevor, explore a different topic with each episode. Jon Solitro is a financial planner and certified financial education instructor. He’s been working with young physicians for the better part of the decade and lectures to graduate medical programs around the country. Dr. Trevor Smith is a board-certified ophthalmologist with a full-time practice and he has learned the ins and outs first-hand what it takes to make smart financial decisions as a young physician. And now here’s your hosts, Jon and Trevor.
     
    Welcome to the Financial MD show. Today, your host is me, Jon Solitro. Today, we will be without Dr. Smith. He's a busy guy and I think just the effort to put something out because it has been way too long, we're going to go ahead and get something out. So, welcome to today's episode. Today, we're going to talk about how things are going in the market today, how things are going in your finances, and how things are just going. We need an update; a lot has happened in the world of finances. Some changes in personal finance, some changes in the economy as a whole, but updates are always good. So, let's dive in.
     
    First, we're going to touch on some of the more pressing things in terms of banking industry right now so if you're listening to this – I don't know what the date is in your time – so, hello future you. Hopefully, things are going better when you're hearing this, but they're not going terrible right now.
     
    What Happened To The Silicon Valley Bank? [0:02:13]
     
    But the most news in the last couple of weeks has been Silicon Valley Bank essentially going belly up. First Republic Bank – same thing – but a little bit different thing happened. So, the gist of it is in terms of Silicon Valley Bank, the regulators came in and essentially bailed them out. The FDIC insurance, which is the Federal Deposit Insurance Corporation, which is sort of a government agency; that's where all of your cash is insured at the banks. Ever since the Great Depression essentially, you've had insurance on cash in the bank, so if the bank had gone out of business and your account balance said zero, you'd get reimbursed up to 250,000 per account type per account holder. So, we won't go super in-depth on that but if you had a joint account, you had a single account then you had an IRA and then you had a bunch of other things at this bank, that's how it would be protected. So, the FDIC came in and did that but there were a lot of other issues with Silicon Valley Bank that weren't necessarily as public but they all contributed to what happened to the bank. The bank was mainly involved with startup companies and venture capital as their clients so they had a lot of cash sitting; they had cash moving in and out at any given point in time; and so that being the case, banks are required to have a certain amount of cash on hand or some sort of assets to stay liquid because what they do with most of your cash – which, if you don't know this, you should – when you put cash at a bank, that bank is able to lend out that cash. They'll show you in your account that they have it and they can get to it but they're in the business of lending out money, and Silicon Valley Bank is no exception. And so they were a little upside down

    • 19 min

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