Financial Residency
988 episodes - English - Latest episode: 3 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
Coffee & Contacts: Employer breach on minimum number of shifts
August 30, 2023 08:00 - 3 minutes - 2.69 MBIn this message, Jon from Contract Diagnostics shares a situation where a physician has relocated for a job that promised a minimum of 14 shifts per month. However, the employer is now only scheduling the physician for seven to eight shifts per month, causing a significant decrease in their expected income. Jon emphasizes that it is important for physicians to hold employers accountable for the terms stated in their contracts. He advises the physician to communicate with the employer, p...
Mortgage Minute: If I buy a home that needs repairs or my new construction is not complete, can I escrow for these things?
August 29, 2023 08:00 - 4 minutes - 3.19 MBThe short answer is no except for sod or weather-related items such as sprinklers. Sometimes realtors will write a contract that states you want to escrow for a roof that needs repaired or the counter tops haven't been installed yet, but the banks no longer allow for this. The bank is writing a loan for a "completed house." They don't allow you to escrow for future items to be completed. If you want to learn more about Doug Crouse or get a free copy of his book, check out www.DougCrouse...
Grand Rounds: Interest rates are up - is there any silver lining to buying a home now?
August 28, 2023 08:00 - 21 minutes - 15.3 MBInterest rates are up and buying a home can seem daunting. Doug Crouse with BMO Bank talks about ways to plan now for the future if rates should go down. Is it worth paying points to get a lower rate? What is a loan modification? He also talks about some shake-ups in the physician mortgage space with several banks pulling out of the market or cutting back dramatically. If you have questions for Doug, you can find him at www.DougCrouse.com. You can also get a free copy of his book: Hippocra...
Coffee & Contacts: Webinar Invitation
August 26, 2023 08:00 - 1 minute - 1.23 MBJon Appino and Dr. Catherine will be answering questions from physicians that want to learn about contracts, compensation, and negotiations. I'm sure many physicians will find it valuable, especially with the opportunity to ask questions and get expert guidance. If anyone needs any assistance or has any questions about signing up for the webinar, feel free to reach out. LINK: www.ContractDiagnostics.com
Coffee and Contracts: Benefits of Automatically Renewing Contracts Versus Expiring Contracts
August 25, 2023 08:00 - 6 minutes - 4.64 MBToday we discuss contracts with Jon Appino as he launches his new segment called Coffee and Contracts. Jon talks about the benefits of automatically renewing your contract. LINK: www.ContractDiagnostics.com
Financial Vitals: Mastering the Latest Student Loan Changes - Insight on Repayment, Forgiveness and Programs with Jeffery Wenger
August 24, 2023 08:00 - 51 minutes - 32.4 MBWelcome to "Finance For Physicians," the podcast dedicated to equipping medical professionals with the knowledge they need to navigate the world of personal finance. In this episode, Daniel Wrenne is joined by Jeff Wenger to tackle the ever-changing landscape of student loans, providing valuable insights into the latest updates that impact physicians. Dive into the intricacies of repayment strategies, loan forgiveness options, and the range of programs designed to assist medical profession...
Financial Vitals: Using The 4% Rule To Calculate Your Retirement Number
August 23, 2023 08:00 - 23 minutes - 17.9 MBIn this episode of Finance For Physicians, hosted by financial advisor Daniel Wrenne, we demystify the often daunting question: "How do you know when you have enough to retire?" Tailored to physicians, this insightful discussion delves into the widely used 4% rule—a simple yet powerful tool for gauging retirement readiness. Daniel expertly breaks down the mechanics of the 4% rule, providing practical examples and insights into its application. Beyond the calculations, he explores the real-wo...
Mortgage Minute: Can you have more than one physician loan at a time?
August 22, 2023 08:00 - 4 minutes - 2.49 MBDepending on the bank, likely yes but with caveats. Most banks require that you have equity (20%+) in the first home or money down on the second home. They cannot be used as investment property loans. You also cannot have three homes financed at one time to qualify for the second physician mortgage. Each bank has its own rules, but these are fairly common amongst banks that allow two physician loans. If you want to learn more about Doug Crouse or get a free copy of his book, check ou...
Grand Rounds: Maximize your income by looking at billing practices with Dr. Heather Signorelli
August 21, 2023 08:00 - 21 minutes - 13.4 MBDr. Signorelli is a pathologist, healthcare executive for a major corporation and owner of National Revenue Consulting. Her company helps other physicians and practice owners maximize billing & coding, minimize denial rates, reduce days in accounts receivable and increase net collections. She talks today about some of the common metrics practices should be implementing to increase their bottom line and mistakes to avoid. If you want to learn more about Dr. Signorelli, you can go to w...
Financial Vitals: Starting A Direct Specialty Care Practice From Scratch Because It's Best For Patients with Dr. Diana Girnita
August 19, 2023 08:00 - 1 hour - 38.4 MBAre you a medical professional seeking financial advice to design your ideal life? In this episode, we dive into the world of direct specialty care and its immense potential for transforming healthcare. Our special guest, Dr. Diana Girnita, a trailblazing rheumatologist, shares her inspiring journey from the traditional healthcare system to launching her successful direct specialty care practice, Rheumatologist on Call. Here are the key takeaways you can expect from this episode: - Unve...
Financial Vitals: How To Not Be Housepoor
August 18, 2023 08:00 - 19 minutes - 15.5 MBBuying a home is a big decision. It’s one of the biggest purchases that you are ever going to make in your life, and it’s the #1 error or issue that causes financial challenges for people. Everyone is susceptible, including physicians. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to his colleague, Jennifer DeLorbe Quire, a Certified Financial Planner CFP®, about home-buying decisions. Topics Discussed: • Do’s and Don’ts: How to make sure you s...
Coffee & Contracts: Severance Packages in Physician Contracts
August 17, 2023 08:00 - 4 minutes - 2.95 MBIn this episode, John from Contract Diagnostics answers a question about the commonality of severance packages in physician contracts. He explains that severance packages are not typically found in standard physician contracts. However, termination clauses are common, allowing either party to terminate the contract without cause, given a certain notice period. If a physician gives a 90-day notice but the employer asks them to stop working after 5 days, the contract may stipulate that the p...
Coffee & Contracts: Short Term Contracts - Worth Negotiating?
August 16, 2023 08:00 - 3 minutes - 2.4 MBToday Jon talks about the importance of negotiating a contract, even if it's for a short-term. To book a free 15 min call go to contractdiagnostics.com
Mortgage Minute: What does it mean to recast your loan?
August 15, 2023 08:00 - 3 minutes - 2.65 MBMany people wonder if it is a good thing to pay a lump sum to pay down their loan. If you do that, your bank may allow you to do two things. You can simply continue to make the previously determined monthly payments, which will allow you to pay off your loan early. Or you can ask the bank to recalculate based on the new owed balance and give you a lower monthly payment for the duration of your loan. To request a free copy of Doug's book Hippocratic House: Do No Harm When ...
Grand Rounds: Dr. Gelerie Stenbakken talks about her success with short term rentals
August 14, 2023 08:00 - 24 minutes - 15.7 MBDr. Gelerie Stenbakken started investing in real estate in 2010 and has been able to leverage her cash flow to purchase multiple properties since that time. Not only has she been able to replace her income as an anesthesiologist, but she has gained significant equity in each of her properties due to appreciation. She talks about analyzing properties to determine if she wants to add them to her portfolio, managing her STRs from afar and leveraging past purchases for future investments. ...
Financial Vitals: Taking Action
August 12, 2023 08:00 - 28 minutes - 22.7 MBIf you don’t do anything or take action by following up on your financial vitals plan, it’s not of any value to you. The purpose is to make progress and improve sooner by staying on track and measuring success. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about steps to move forward by planning, checking, and tracking your financial vitals. Happiness is when your values are in alignment with your actions. Topics Discussed: • Goal: Come up with a game plan b...
Financial Vitals: Investment Plan
August 11, 2023 08:00 - 26 minutes - 21.1 MBDo you have an investment plan in place? You may have more than one fund, such as for retirement or charitable giving. Maybe you want to save or invest money for college or a vacation home. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about having an investment plan (also known as an investment policy statement) that is organized based on a specific purpose or goal. Topics Discussed: • What is an investment plan? High-level but simple summary/outline of go...
Coffee & Contracts: Group Negotiations - Maximizing your value
August 10, 2023 08:00 - 5 minutes - 4.26 MBJon talks about group contract negotiations. To book a free 15 min call go to contractdiagnostics.com
Coffee & Contracts: Side Gigs - permitted?
August 09, 2023 08:00 - 4 minutes - 3.36 MBToday Jon talks about a question he got on side gigs and if they're permitted. To book a free 15 min call go to contractdiagnostics.com
Mortgage Minute: Dos and Don'ts when applying for a mortgage
August 08, 2023 08:00 - 6 minutes - 4.43 MBIt's important to do your due diligence and shop before you apply for a loan. Start early to make sure you don't have surprises when you find the home of your dreams. Doug also talks about getting a preapproval to make your offer even stronger and ways to ensure your credit doesn't take a dive by doing things you "think" should help your credit. If you want to learn more about Doug Crouse or get a free copy of his book, check out www.DougCrouse.com.
Grand Rounds: Physician and author Dr. Debra Blaine talks about getting started writing medical thrillers
August 07, 2023 08:00 - 28 minutes - 18.2 MBMove over Michael Crichton, it's Dr. Debra Blaine's time to shine! Debra is a three-time published author and getting ready to publish her fourth novel in September 2023. She talks about using her knowledge of medicine to weave intricate political and social thrillers that happen both on and off our planet. She learned how to self-publish and now helps other physicians who want to do the same. You can learn more about Debra, her books and her coaching at www.DebraBlaine.com or www.AllThi...
Financial Vitals: Safety Net Check
August 05, 2023 08:00 - 30 minutes - 23.3 MBLife doesn’t always go as planned. It’s full of twists, turns, and curveballs. Cover all your bases in the event of a worst-case scenario because it can come out of left field. You never see it coming or know when something could happen. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about performing a safety net check as part of your financial vitals. Topics Discussed: • What is a safety net check? Checking coverage for worst-case scenario • When to plan ...
Coffee & Contracts: Salary Negotiation in the Middle of a Contract Term
August 03, 2023 08:00 - 7 minutes - 5.6 MBToday Jon answers this question from physician in a surgical subspecialty. What are the pros and cons of salary negotiation in the middle of a contract term? And is there a best time to do this? Stay tuned to find out! To book a free 15 min call go to contractdiagnostics.com
Coffee & Contracts: How to question private practice owned by PE?
August 02, 2023 08:00 - 6 minutes - 5.49 MBToday Jon answers a question he got from an orthopedic surgeon. What types of questions should be asked on the private equity deal and what types of things should be in the contract. To book a free 15 min call go to contractdiagnostics.com
Mortgage Minute: Why getting a Loan Preapproval will make your offer stronger and save you stress in the long run
August 01, 2023 08:00 - 6 minutes - 4.44 MBDoug Crouse explains why talking to your lender before you shop for homes can make your offer stronger when you find the perfect house. Your lender can run your credit and send your application through underwriting before you make your offer to get Loan Preapproval. This helps to ensure you will not have any hiccups in getting the loan closed. It does require several days though, so planning ahead is key. You can get a free copy of Doug's book Hippocratic House: Do No Harm When Purch...
Grand Rounds: Dr. Jonathan Vitale talks about remote careers in Utilization Management
July 31, 2023 08:00 - 33 minutes - 24.5 MBDr. Jonathan Vitale is the founder of Remote Careers for Physicians on Facebook and a physician transition & career coach. His area of expertise is in Utilization Management, which can be a lucrative career with a lot of flexibility as it can be done remotely. He talks about what is needed to break into this field and we explore what this type of career looks like day-to-day. We briefly talk about other remote career opportunities available to physicians as well. If you would like a pers...
Financial Vitals: Net Worth
July 29, 2023 08:00 - 19 minutes - 14.1 MBIf you have clarified your values and determined your saving, spending, giving ratio, the final financial vital to measure is your net worth. What is your net worth? What do you track with your net worth? How do you track your net worth? What can you use it for and why is it beneficial? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to calculate, track, and increase your net worth and decrease your debt. Topics Discussed: • Net Worth = Total Assets ...
Financial Vitals: Clarify Values
July 28, 2023 08:00 - 23 minutes - 16.8 MBPhysicians and their patients know that vitals are measurements of the body’s most important basic functions. Checking and tracking vitals indicate how your health is now and maybe in the future. Vitals are a progress check to prevent potential problems. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about checking your financial vitals. He discusses how medical vitals are similar to financial ones because they tell you how you’re doing and what goals to set to ...
Financial Vitals: How To Get Started As A Physician Entrepreneurship
July 27, 2023 08:00 - 43 minutes - 27.3 MBWhat is one of the best opportunities you have to take back control of your professional life and avoid burnout from happening? Physician entrepreneurship. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Myrdalis Diaz-Ramirez about how to get started as a physician entrepreneur. Dr. Díaz-Ramírez is a fellowship-trained, board-certified pain medicine physician and anesthesiologist with more than 20 years of experience. One of her passions is to he...
Coffee and Contracts: Comparing and Evaluating Job Offers - A Guide for Physicians
July 26, 2023 08:00 - 4 minutes - 2.95 MBToday Jon talks about, what to consider when comparing and evaluating job offers for a new position. LINK: www.ContractDiagnostics.com
Mortgage Minute: Interest rates are higher, but home prices are down. Is there a silver lining?
July 25, 2023 08:00 - 4 minutes - 3.36 MBInterest rates are twice as high as they were a year ago, but house prices were much higher in most markets then as well. You might actually come out ahead by getting your dream home for a much lower price today, especially if interest rates go down as expected in 1-3 years. Doug Crouse explains the logic in today's episode. You can get a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your First Physician Home at www.DougCrouse.com.
Grand Rounds: Benefits of 1099 employment with Brian McCook, CPA
July 24, 2023 08:00 - 32 minutes - 25.5 MBBrian McCook is a CPA with Anders CPA & Advisors. He leads the health care practice side of the firm. He talks today about how you can use 1099 employment to your advantage with tax benefits, write offs and deductions. He explains how being a 1099 employee can give you more control over your career, but does require some planning to protect yourself and your practice. He spells out the reporting requirements to the IRS for this type of income. If you are looking for a CPA, you can re...
Financial Vitals: Save, Spend and Give Ratio
July 22, 2023 08:00 - 14 minutes - 11.6 MBOnce you clarify your values, financial vitals are used similarly to health vitals to quickly check if you are making progress toward your goals and what’s most important to live a better life. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to measure specific financial vitals based on your values. Topics Discussed: • Save, Spend, Give Ratio: Percentage-wise, where is your money going? • True Spending: Budget is always underestimated; total spendin...
Financial Vitals: Save, Spend and Give Ratio
July 22, 2023 08:00 - 14 minutes - 11.6 MBOnce you clarify your values, financial vitals are used similarly to health vitals to quickly check if you are making progress toward your goals and what’s most important to live a better life. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to measure specific financial vitals based on your values. Topics Discussed: • Save, Spend, Give Ratio: Percentage-wise, where is your money going? • True Spending: Budget is always underestimated; total spendin...
Financial Vitals: How Dr. Renee Dua Is Using Entrepreneurship To Help Solve Major Healthcare Challenges
July 21, 2023 08:00 - 52 minutes - 35.1 MBIn this episode, we sit down with Dr. Renee Dua, the Chief Medical Officer of Heal and the visionary behind Renee, a virtual assistant designed to help chronic disease patients achieve better health. Driven by her belief that great healthcare is a human right, Dr. Dua has dedicated her career to making healthcare more accessible and convenient for everyone. During the conversation, we learn about Dr. Dua's journey in healthcare, from building a successful nephrology practice to leading t...
Coffee and Contracts: Analyzing MGMA Data: Comprehensive Benchmarks and Negotiation Strategies
July 20, 2023 08:00 - 4 minutes - 3.5 MBToday Jon continues his talk on MGMA data. LINK: www.ContractDiagnostics.com
Financial Vitals: Start A Direct Care Side Hustle Today Without All The Risks. with Dr. Paula Muto
July 19, 2023 08:00 - 52 minutes - 32.6 MBThe busy lives that physicians lead rarely allow for side hustles and projects. But this guest made it work. Dr. Paula Muto is a 25+ year vascular surgeon veteran with an extensive array of methods of work that put her and her team amongst the best treaters of vein disease in the world. It'd have been awesome if we stopped at that, but Dr. Paula is also the founder and CEO of UberDoc - an online booking platform that helps patients find the best doctors in their zip code area. If you...
Mortgage Minute: What is a Loan Modification and why you want the option when rates go down
July 18, 2023 08:00 - 5 minutes - 3.92 MBInterest rates are very high right now, but most experts expect them to go down in the next 1-3 years. Some banks offer Loan Modifications, which allow you to pay a flat fee when rates go down to lower the rate on your existing loan. This saves you the money and hassle of refinancing your loan. You do not have to go through underwriting again (i.e. providing all your financial data), new appraisals or pay closing costs. Doug goes into more detail here and advises you to check with your ...
Grand Rounds: Dr. Melissa Leimkuehler talks about her venture called Belvoir Winery and Inn
July 17, 2023 08:00 - 28 minutes - 23.5 MBDr. Melissa Leimkuehler and her family started a labor of love many years ago, which is a winery, inn and event space. She talks to us about how she had to learn about business, obtain loans to renovate their property, juggle the demands of being a physician and business owner, while carefully balancing the personal relationships with her husband & other family members who are involved with the endeavor. She shares the joy of being able to give back to the community and charities that ha...
Coffee and Contracts: Talk about compensation and liability for managing mid level providers.
July 15, 2023 08:00 - 4 minutes - 3.02 MBHey, this is John with contract diagnostics. I want to give a quick message on nurse practitioners and PAs. We had a couple of questions that were sent in, and one of them was about compensation for managing mid-level providers. Join me as I answer this question! LINK: www.ContractDiagnostics.com
Financial Vitals: It's Time For Physicians To Learn Healthcare Economics To Save The Profession with Thomas Campanella
July 14, 2023 08:00 - 1 hour - 47.8 MBThomas Campanella is a healthcare executive focused on educating the wider healthcare community on how the industry really works. Thomas is also a voracious writer, podcaster, and regular webinar host regarding the topic of healthcare economics. If you're a physician just now starting in the industry and want to learn how the healthcare machine works - this is the episode for you and Thomas is the man to talk to! Enjoy! Links: Thomas Bio Articles referenced: ...
Financial Vitals: What Do Your Finances Say About Your Options, Flexibilty, Security Or Lack Thereof
July 13, 2023 08:00 - 6 minutes - 5.22 MBToday Daniel talks about, what your finances say about your options. When it comes to flexibility, security or what you are falling short in. Links: www.WrenneFinancial.com
Coffee and Contracts: Latest MGMA Data: Compensation Comparison for Hospitalists and Internists
July 12, 2023 08:00 - 4 minutes - 3.15 MBToday Jon is talking about M G M A data. Feel free to reach out to Jon Appino and his team for more a copy of the MGMA data. Link: www.ContractDiagnostics.com
Mortgage Minute: How is APR calculated in an ARM?
July 11, 2023 08:00 - 7 minutes - 5.85 MBConfused by annual percentage rates? They are even more complicated in an adjustable rate mortgage. Doug Crouse tries to clarify why your APR may look higher on an ARM than your fixed rate loan. You can get a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your First Physician Home at www.DougCrouse.com.
Grand Rounds: Colin Carr talks about common pitfalls in negotiating commercial real estate
July 10, 2023 08:00 - 28 minutes - 25.8 MBColin Carr is the CEO of CARR, which is a company of approximately 150 real estate experts across the country who help physicians and other healthcare providers negotiate purchase and lease contracts for commercial real estate. He talks about the most common pitfalls when negotiating a contract and describes how these mistakes can cost a physician several hundred thousand dollars over the term of the contract. He goes into some detail about the financial analysis needed before entering a l...
Coffee and Contracts: Essential Checklist for Job Hunting and Contract Review
July 08, 2023 08:00 - 5 minutes - 4.45 MBToday Jon goes over what should be on your checklist you should be looking for, when you're job hunting. Link: www.ContractDiagnostics.com
Coffee and Contracts: Should the patient census be in the agreement?
July 07, 2023 08:00 - 4 minutes - 3.51 MBToday Jon addresses a question he got from a hospitalist. "What if the census is higher than expected"? Link: www.ContractDiagnostics.com
Financial Vitals: Using Money As a Tool To Live Regret Free Lives with Dr. Jordan Grumet
July 06, 2023 08:00 - 56 minutes - 39.7 MBIn life, many people think they have to choose what they can have. They should choose happiness over wealth, family over career aspirations, etc. Today's guest proves that it's possible to have it all! Andy Hill is the founder and CEO of Marriage, Kids and Money - an online brand dedicated to helping people achieve the pillars of family health and well-being: Happiness and Wealth. This podcast won't give you all the answers - but it will instead guide you toward the right direction f...
Coffee and Contracts: Understanding Indemnification Clauses in Contracts
July 05, 2023 08:00 - 3 minutes - 2.17 MBToday Jon speaks about Indemnification clauses. Link: www.ContractDiagnostics.com
Mortgage Minute: When is "the best interest rate" not really the best deal?
July 04, 2023 08:00 - 8 minutes - 5.85 MBLenders sometimes offer their clients the opportunity to buy down an interest rates by adding on points to the cost of the loan. This means you are paying money up front to get a lower interest rate for the life of the loan. However, it may end up costing you more money if interest rates drop over the next one or two years. Learn more about how to decide whether you may or may not want to buy down your rate today. Doug Crouse is a physician loan lender with BMO Bank. He has over 20 years e...