Financial Residency
988 episodes - English - Latest episode: 4 days ago - ★★★★★ - 295 ratingsAs 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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Episodes
3 biggest mistakes physicians make with their student debt with Travis Hornsby
March 27, 2018 07:00 - 21 minutes - 15 MBStudent loan expert Travis Hornsby and I discuss the 3 biggest mistakes that physicians make with their student debt. For more information, visit the show notes at http://financialresidency.com
How to Crush Your Student Loan Debt with Robert Farrington
March 13, 2018 07:00 - 41 minutes - 28.7 MBStudent loan debt expert Robert Farrington and I answer 5 listener questions, helping them understand their options concerning their student loans and hopefully inspiring all of you to get organized and take control over your finances. We discuss in detail the best student loan forgiveness program available for physicians, public service loan forgiveness (PSLF) as well as our opinions on when you should look at refinancing out of the federal loan program. In this show we answer: Vivek as...
How to Crush Your Student Loan Debt
March 13, 2018 07:00 - 41 minutes - 28.7 MBWe take on 5 listener questions, helping them understand their options concerning their student loans and hopefully inspiring all of you to get organized and take control over your finances. Robert Farrington and I discuss in detail the best student loan forgiveness program available for physicians, public service loan forgiveness (PSLF) as well as our opinions on when you should look at refinancing out of the federal loan program. In this episode, we answer the following questions. 1...
How to Eliminate $500,000 of Debt as a Physician
March 06, 2018 08:00 - 46 minutes - 32 MBWhether you are going for public service loan forgiveness or looking to pay down your mortgage, we have some great insights on how to tackle all of your outstanding debt. Dr. Cory Fawcett and I discuss how he went through a major mindset shift that allowed him to crush $500,000 of his own debt in less than 6 years. We also answer this question on how to become debt free. If a physician wants to be debt free, what are some steps they can take if they just finished training? How would yo...
How to Eliminate $500,000 of Debt as a Physician with Dr. Cory Fawcett
March 06, 2018 08:00 - 46 minutes - 32 MBWhether you are going for public service loan forgiveness or looking to pay down your mortgage, Dr. Cory Fawcett has some great insights on how to tackle all of your outstanding debt. We discuss how he went through a major mindset shift that allowed him to crush $500,000 of his own debt in less than 6 years. I appreciate his honesty and openness of how he incorrectly approached his own debt early in his career and how he was able to right himself and eventually eliminate all of his debt with...
How To Make The Most Of Your Health Savings Account
February 27, 2018 08:00 - 36 minutes - 33.6 MBWe discuss in depth what is an HSA and who qualifies for an HSA. If you have a high deductible health plan (HDHP), you could qualify to open an HSA, which could be used as a great financial planning tool for healthcare related costs in retirement. Shobin Uralil and I tackle the terminology that you need to know to understand what are HSA qualified medial expenses and what is covered under a health savings account. If you are looking to make the most out of your health savings account, this...
Curbside Consult – February 2018
February 23, 2018 13:39 - 30 minutes - 27.5 MBTime to answer listener questions about HSA’s, 529’s and investing. Enjoy! If you have a question keeping you up at night and would like to be featured on the podcast, click here to record your question today. Some of the questions featured on this episode are listed below. 1. Do you have any tips for how to save for a down payment on a house? 2. Looking into investing for my child’s education. What are your thoughts on 529 plans, specifically California 529 plan? 3. How do I deci...
How to Travel Hack using Credit Card Rewards with Holly Johnson
February 06, 2018 13:26 - 34 minutes - 15.9 MBTravel expert Holly Johnson from ClubThrifty.com about the best ways to travel and the best credit cards. It’s amazing to hear how a real pro travels, how she searches and finds the best deals that allows her and her family to travel the world affordably. While some of this may have sounded like a paid endorsement for Chase credit cards (it wasn’t ☺), they really do just provide the most benefit when used together. Knowing how much Holly and her family travel, it’s quite impressive that sh...
How to Travel Hack using Credit Card Rewards
February 06, 2018 13:26 - 34 minutes - 15.9 MBIn this episode, we cover the best ways to travel and the best credit cards. While some of this may have sounded like a paid endorsement for Chase credit cards (it wasn’t ☺), they really do just provide the most benefit when used together. Holly Johnson joins in to tell us how she searches and finds the best deals that allows her and her family to travel the world affordably. Make sure to subscribe to get our free templates!
What you need to know about physician mortgage loans with Doug Crouse
January 30, 2018 15:23 - 42 minutes - 19.4 MBDoug Crouse and I jump into everything you need to know about physician mortgage loans. Doug has nearly 2 decades of experience helping physicians obtain financing for their home purchases and throughout the show helps explain the intricacies of physician mortgage loans, FHA loans, VA loans and conventional financing. We tackle how physicians qualify for physician’s mortgages and if doctors should still utilize conventional loans over physician mortgages. Every wonder how banks price int...
What you need to know about physician mortgage loans
January 30, 2018 15:23 - 42 minutes - 19.4 MBIn this episode, we jump into everything you need to know about physician mortgage loans. Doug Crouse and I tackle how physicians qualify for physician’s mortgages and if doctors should still utilize conventional loans over physician mortgages. Every wonder how banks price interest rates or why they use lock in periods for the rates that they quote? We dive into those answers and more in today's show. Make sure to subscribe to get our free templates!
Curbside Consult – January 2018
January 23, 2018 18:03 - 30 minutes - 28.3 MBToday’s show is another curbside consult but with a twist. Instead of hearing listener questions, you will be hearing some of the questions asked in the latest panel discussion that I was invited to be on. I was honored to be an expert panelist for the NEJM Financial Planning 101 series. There were so many great questions that I decided to have today’s show highlighting 9 of the questions asked in the discussion. 1. Is it prudent to pay on student loan debt conservatively or begin aggres...
What Physicians Should Know About the Tax Cuts and Jobs Act
January 16, 2018 08:00 - 29 minutes - 40.1 MBThe Tax bill is final; did you get a tax cut? The Tax Cuts and Jobs Act (TCJA) was signed by President Trump on Dec 15 2017, and there has been a lot of confusion around what changed and how that will affect the taxpayers. On today’s show, I talk with John McCarthy CPA, as we do a high level walk through on the tax bill and highlight some of the important things physicians need to be aware of right away. Take control of your finances with our free financial audit checklist.
What Physicians Should Know About the Tax Cuts and Jobs Act with John McCarthy CPA
January 16, 2018 08:00 - 29 minutes - 40.1 MBThe Tax bill is final; did you get a tax cut? The Tax Cuts and Jobs Act (TCJA) that was signed by President Trump on Dec 15 2017, and there has been a lot of confusion around what changed and how that will affect the taxpayers. On today’s show, I talk with John McCarthy CPA, as we do a high level walk through on the tax bill and highlight some of the important things physicians need to be aware of right away. While the list isn’t exhaustive, it would be hard to summarize 1100 pages of ta...
What's it like to be married to a Financial Planner?
January 09, 2018 08:00 - 36 minutes - 17 MBCurious what it’s like to be married to a financial planner?We cover the good and bad that apparently comes with marrying someone who loves to geek out over numbers. Dr. Taylor Inman (my better half) and I also discuss a bit of our backstory, how we ended up creating our own financial life plan and how we have been living out our ideal life for the past few years. Make sure to subscribe to get our free templates!
6 Proven Behaviors That Increase Wealth
January 02, 2018 08:00 - 48 minutes - 22.1 MBIt’s simply hard work, dedication and increasing your knowledge that will cause you to truly transform your income to net worth and build lasting wealth. Sarah Fallaw and I break down the 6 scientifically proven behavioral factors that influence the likelihood of success of transforming one’s income into net worth. These are the important factors of building wealth on your own and maintaining that wealth. Take control of your finances with our free financial audit checklist.
6 Proven Behaviors That Increase Wealth with Sarah Fallaw
January 02, 2018 08:00 - 48 minutes - 22.1 MBSarah Fallaw, owner of DataPoints, a technology company that provides financial planners with psychometric assessments based on the data and research from her father, Dr. Thomas Stanley, author of The Millionaire Next Door and The Millionaire Mind. We break down the 6 scientifically proven behavioral factors that influence the likelihood of success of transforming one’s income into net worth. These are the important factors of building wealth on your own and maintaining that wealth, elimin...
The Best Way To Save For Your Kid’s College
December 18, 2017 11:47 - 35 minutes - 16.1 MBIf you want to save for your kid’s education but have no idea how or are confused by all the different plans out there, then this show is a must listen. Abby Chao joins me to discuss the pros and cons for Coverdell, UGMA (Uniform Gift to Minor Act) and 529 accounts. With each state pretty much having their own plan, we highlight a few 529 plans that are our top recommendations based on some general assumptions. College Backer was kind enough to give all listeners a $25 match into the acc...
The Best Way To Save For Your Kid’s College with Abby Chao
December 18, 2017 11:47 - 35 minutes - 16.1 MBIf you want to save for your kid’s education but have no idea how or are confused by all the different plans out there, then this show is a must listen. Did you know that over $1 trillion dollars have been saved for college education and nearly 70% of that is saved in a checking or savings accounts? Wow! With several options out there, it can be overwhelming to understand what is available and how to narrow down the best options for your kiddos. Today we talk with Abby Chao from College ...
Curbside Consult - December 2017
December 11, 2017 18:53 - 27 minutes - 24.8 MBIn this episode, I answer 4 listener questions. If you have a question keeping you up at night and would like to be featured on the podcast, go to http://financialresidency.com and record your question today. 1. How do you balance paying off your medical student loans, saving for retirement as a slightly older physician and rewarding yourself and your family? 2. How did you decide how much of your income to save each month? Did you both agree on the number right away or was there some c...
How One Resident Saves 60% of Their Income
December 04, 2017 08:00 - 32 minutes - 15.1 MBWe talk about tools to track your net worth and why it is important to pay attention to your finances. We discuss the idea of paying yourself first which is a different way of thinking about managing your finances and is essentially a mind trick that is immensely helpful to building net worth. Dr. Bo Liu joins me to discuss the basics of personal finance for young physicians. His biggest piece of advice for young physicians is to pay attention to your finances! Take control of your finan...
How One Resident Saves 60% of Their Income with Future Proof MD
December 04, 2017 08:00 - 32 minutes - 15.1 MBDr. Bo Liu, physician and creator of FutureProofMD.com talks about the basics of personal finance for young physicians. He is a 4th year radiology resident and his blog tackles topics such as student loan management, retirement planning, investing and he even discusses how to invest without a lot of income and/or with a low net worth. We talk about tools to track your net worth and why it is important to pay attention to your finances. We discuss the idea of paying yourself first which is ...
How Doctors Can Reach Financial Independence in Their 40’s with Physician on FIRE
November 27, 2017 08:00 - 47 minutes - 21.9 MBWe talk about what behaviors and steps you can take today to reach an early retirement. One day you will realize that work is optional, and you will be able to build a life around your personal interests and passions. Physician on Fire joined me to talk about becoming Financially Independent & Retiring Early (FIRE). Financial independence can be reached in a reasonable amount of time, it all comes down to choices, and certain choices will help you reach your goals faster. Even if you a...
Curbside Consult with Ryan Inman
November 21, 2017 08:00 - 30 minutes - 14 MBHave a question that’s keeping you up at night? Today I answer 5 listener questions out of many amazing questions that I think will really help build a foundation of finance knowledge that will help you take control over your finances and set you down the right financial path. 1. Should I pay off my home loan early? 2. What are your recommendations on investing for retirement, putting away funds for kids college or general savings for your life goals when you have credit card debt? 3. ...
Leveraging Your Medical Degree to Earn Side Income
November 13, 2017 08:00 - 44 minutes - 20.3 MBWe discuss crowd funding, real estate investing and different ways you can use a medical degree to earn extra income. Passive Income MD shares his own story on how he got started and what he has learned from his first real estate investment. He also gives advice on how to manage a busy schedule while maintaining a healthy work/life balance. We all want to enjoy life, and passive income is one way you can start a gradual retirement now while cutting back on clinical hours. Take control...
Leveraging Your Medical Degree to Earn Side Income with Passive Income MD
November 13, 2017 08:00 - 44 minutes - 20.3 MBPassive Income MD, physician and creator of PassiveIncomeMD.com, joined me to talk about the many opportunities to create passive income to help you reach an early retirement. We discuss crowd funding, real estate investing and different ways you can use a medical degree to earn extra income. You can even start while in residency, by creating blogs, writing books or participating in peer-to-peer lending. Passive Income MD shares his own story on how he got started and what he has learned...
Why You Need to Have Joint Accounts
October 30, 2017 20:57 - 29 minutes - 13.4 MBRecorded live from the Ally booth at FinCon 2017 in Dallas! We discuss the pros and cons of combining your bank accounts, budgeting and our views on how student debt will affect your view on your finances. There are many different ways to become a master of your family’s finances. Catherine Alford and I go behind the scenes a bit to see how her family manages their finances and where her philosophy and my philosophy around budgeting differ. From savings buckets, to cash flow systems to c...
Why You Need to Have Joint Accounts, with Catherine Alford
October 30, 2017 20:57 - 29 minutes - 13.4 MBRecorded live from the Ally booth at FinCon 2017 in Dallas! Catherine Alford, a family finance expert at CatherineAlford.com and wife of a second year resident, sat down with me to discuss the pros and cons of combining your bank accounts, budgeting and our views on how student debt will affect your view on your finances. There are many different ways to become a master of your family’s finances. Cat and I go behind the scenes a bit to see how her family manages their finances and where ...
The Answer to Your Student Loan Problem with Travis Hornsby
October 23, 2017 07:00 - 1 hour - 28.3 MBTravis Hornsby, founder of StudentLoanPlanner.com, tells us all about student loan debt and offers critical advice on how to manage it. With the average debt of graduating med students surpassing $180k, it is becoming more important than ever to have a solid game plan, and Travis is here to help. Travis became an expert and dedicated his entire career to helping people with their loans after he went through the very same struggles with his fiancé. Every situation is unique and depends ...
The Answer to Your Student Loan Problem
October 23, 2017 07:00 - 1 hour - 28.3 MBWith the average debt of graduating med students surpassing $180k, it is becoming more important than ever to have a solid game plan. Travis Hornsby joins me to tell us all about student loan debt and offers critical advice on how to manage it. Every situation is unique and depends on your life goals, but no matter what, he assures us that you do not need to be ashamed of your debt, and instead you should embrace it with confidence. Jump start your financial residency with these free r...
How to Find A Financial Planner You Can Actually Trust
October 16, 2017 07:00 - 42 minutes - 19.5 MBRecorded live from the FinCon booth at the XYPN Conference in Dallas, we discuss fee-only advisers and how they provide unbiased advice that is truly in the best interest of their clients. Sadly, only 3% of all financial advisers are fee-only, leaving most advisers out there with interests of their own when it comes to your financial well-being. Tim Baker pulls back the curtain in this episode, exposing the nasty truths on how most planners make money. We will break it all down so you ca...
How to Find A Financial Planner You Can Actually Trust with Tim Baker
October 16, 2017 07:00 - 42 minutes - 19.5 MBTim Baker, owner of Script Financial - a fee-only financial planning firm. Recorded live from the FinCon booth at the XYPN Conference in Dallas, Tim and I discuss fee-only advisers and how they provide unbiased advice that is truly in the best interest of their clients. Sadly, only 3% of all financial advisers are fee-only, leaving most advisers out there with interests of their own when it comes to your financial well-being. Tim was once a fee-based adviser, and he pulls back the curtai...
You Don’t Really Have a Financial Plan Until You Do This
October 09, 2017 07:00 - 50 minutes - 46.4 MBOur discussion is one that most people want to avoid having, but nonetheless necessary, what will happen to you and your assets when you die. Chris Burke joins me to examine the four pillars of Estate Planning: Wills, Power of Attorney, Healthcare Directives and Revocable Living Trusts. Whether you are single with no kids or married with a large family, estate planning is something we all need to plan for. Make sure to subscribe to get our free templates!
Make Your First Investment the Right Way
September 30, 2017 07:03 - 28 minutes - 26 MBWe discuss stocks, bonds, mutual funds and what to look out for when creating your own investment portfolio. Bobby Lee and I also get into 401k’s and 403b’s and explain why you need to take full advantage of your company match. We will help you to understand some of the basic tools necessary for a healthy retirement. Take control of your finances with our free financial audit checklist.
Make Your First Investment the Right Way with Bobby Lee
September 30, 2017 07:03 - 28 minutes - 26 MBBobby Lee, founder of 2minutefinance.com, sat down with me to discuss stocks, bonds, mutual funds and what to look out for when creating your own investment portfolio. We also get into 401k’s and 403b’s and explain why you need to take full advantage of your company match. Similar to his vlog, this is a bite sized episode helping you to understand some of the basic tools necessary for a healthy retirement. For more information, visit http://physicianwealthservices.com
What You Don’t Know About Home Ownership
September 30, 2017 07:02 - 48 minutes - 44.8 MBWe will take you on the journey step by step of buying a new home, offering valuable tips along the way. Mindy Jensen is an expert in real estate and was happy to share some of her insight on the process. From physician loans to how to avoid being scammed, we will take you behind the scenes of buying your first home with confidence. Make sure to subscribe to get our free templates!
What You Don’t Know About Home Ownership with Mindy Jensen
September 30, 2017 07:02 - 48 minutes - 44.8 MBMindy Jensen is Community Manager for BiggerPockets.com, a popular social network for the real estate investing community. Mindy is an expert in real estate and was happy to share some of her insight on the process of buying a new home. Together we will take you on the journey step by step, offering valuable tips along the way. From physician loans to how to avoid being scammed, we will take you behind the scenes of buying your first home with confidence. For more information, includ...
Introduction to the Financial Residency Podcast
September 28, 2017 03:00 - 13 minutes - 12.6 MBYou’ve spent decades in school, but did not receive a financial education. This podcast is your financial residency - but without the long hours and sleepless nights! In this episode, I share my story and what you can expect from the Financial Residency podcast. Jump start your financial residency with these free resources!