854 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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Coffee & Contracts - Maximizing Your Earnings - Your Most Important Asset
Jon from Contract Diagnostics emphasizes the critical importance of proactively managing one's financial future, especially for physicians. He highlights the significance of maintaining a strong income as the cornerstone for achieving financial independence, early retirement, and the ability to support charitable causes.
Jon provides insights on the necessity of regular compensation reviews to ensure fair pay and discusses strategies for negotiating better terms in employment contracts. His advice extends beyond mere salary discussions, urging physicians to consider all aspects of their contracts to enhance their financial stability and overall job satisfaction.
Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com -
Coffee & Contracts - Non-Compete Agreements: A Game-Changer and TIME to renew
Jon from Contract Diagnostics discusses the potential impacts of a new regulation banning non-compete agreements, particularly focusing on physicians and Wall Street professionals.
He delves into the broader implications for 30 million U.S. employees currently bound by non-competes, emphasizing the opportunity for physicians to renegotiate their contracts. The conversation covers the urgent need for financial firms to restructure contracts, the unique challenges for low-income workers, and strategic advice for physicians to proactively address their contract terms in anticipation of changes.
Jon encourages a comprehensive review of contract details beyond just compensation, advising on negotiation tactics and the importance of understanding contract renewal terms and malpractice insurance obligations.
Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com -
A Physician’s Guide to Wealth - Critical Physicians Home Buying Mistakes and Myths Debunked With Darlene Dresch
Real estate expert Darlene Dresch provides valuable insights on the home buying process for physicians. She emphasizes the importance of finding the right realtor and getting pre-approved quickly. Darlene debunks common myths and offers advice on physician loans, debt-to-income ratios, and building wealth through real estate.
She highlights the significance of choosing the right community and understanding the local market. Listeners are encouraged to interview multiple real estate agents, ask about their experience with physician relocations, and inquire about their communication style. Darlene provides a comprehensive guide to help physicians navigate the home buying process successfully.
Timestamp
Summary
0:01:02
Common mistakes physicians make in the home buying process
0:04:21
Importance of getting pre-approved before falling in love with a house
0:09:35
Find a real estate agent who is fiduciary to protect your best interests.
0:11:17
Factors to consider when choosing a neighborhood include walkability, school district, and amenities.
0:19:48
Paying off student loans first may not always be the best option.
0:20:18
Having no debt can be a disadvantage when applying for a mortgage.
0:23:53
Start building credit early by putting small expenses in your child's name.
0:28:57
Ideal step-by-step process for buying a house as a physician
0:35:14
Steps to follow: avoiding debt, talking to lender, interviewing realtor
0:38:49
The importance of choosing a lender and realtor carefully
0:40:10
Questions to ask when interviewing real estate agents
0:49:00
How realtors negotiate commission and credits from sellers.
Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. -
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 DougCrouse.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.
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?