Physician Finance Minute

What Tax Deferment Has to Do with Health Savings Accounts

February 05, 2020 06:00 - 1 minute - 1.38 MB

You want to be better at managing your money. We’re here to help! Please go to www.financialresidency.com/tip for interesting information on how to keep your good habits going! Need a bit more info about how having a disability insurance policy can help protect your income in the event of a career crisis? Ask Larry: www.financialresidency.com/pfs

Your Student Debt and Homeownership Don't Mix, Or Do They?

February 04, 2020 06:00 - 1 minute - 1.25 MB

If you haven’t yet, go to www.financialresidency.com/tip for more great tips on student loan paydown, physician mortgage loans, investing, insurance, and more! Disability insurance doesn’t have to be hard to get, but for some, it is. Larry Keller of Physician Financial Services can help. Let Larry know what you’re looking for: www.financialresidency.com/pfs

How to Save Money In Residency

February 03, 2020 06:15 - 1 minute - 1.71 MB

There are a few painless ways to stretch out your resident salaries. Focus on making these adjustments to your spending and watch your financial situation change for the better. Heard the Financial Residency Podcast yet? Get the full version of the Physician Finance Minute there. Just find and subscribe!

The True Cost of Homeownership

February 03, 2020 06:00 - 1 minute - 1.4 MB

We want you to succeed as badly as you do! That’s why you’re here. For more great tips on how to get your finances in order, go to www.financialresidency.com/tip Finding out that your search for disability is more difficult than you thought? Larry Keller of Physician Financial Services can ease the process for you. Find out what he can do at www.financialresidency.com/pfs

Review Your Credit Report

February 02, 2020 06:00 - 1 minute - 1.45 MB

For more great resources on how to manage your finances better than you have, go to www.financialresidency.com/tip Need disability insurance? One of our longest standing supporters, Larry Keller of Physician Financial Services, wants to help you. Check out what he can do for you at www.financialresidency.com/pfs

Simple Money Saving Hacks for Meal Planning

February 01, 2020 06:00 - 1 minute - 1.79 MB

If you're feeling financially frisky, check out all of our resources on www.financialresidency.com/tip This show is brought to you by Larry Keller of Physician Financial Services. Need help navigating your term or disability insurance. Let Larry help. Find him here: www.financialresidency.com/pfs

Should I Ever Cancel My Disability Insurance Policy

January 31, 2020 06:10 - 1 minute - 1.68 MB

I think it’s safe to say there are lots of opinions out there when it comes to personal finance. For every person that suggests you should be doing something one way, there are even more telling you to do the complete opposite. When it comes to disability insurance for physicians, there are a few things we can almost all agree on, especially when it comes to cancelling your coverage.

Can Money Buy Happiness?

January 31, 2020 06:05 - 1 minute - 1.65 MB

Physicians have a unique relationship with money, and it’s not an easy one to always understand. A lot of your perspective on money will come from the environment in which you were raised in and how your family handled their finances. The influence money has over a physician’s life can be huge—in either a positive or negative way. A resident starts in a position of physical and mental stress where every goal is a high-stakes event.

Simple Money Saving Hacks for Smartphones

January 31, 2020 06:00 - 1 minute - 1.6 MB

Joined our FB community yet? Let’s get you over there! www.facebook.com/groups/physicianfinance We’ve seen a trend of physicians asking about home loans, but they’re aren’t sure who to go to for help. Doug Course helped my family get into our home. Find him here: www.financialresidency.com/dc

Difference Between a CPA and Financial Planner

January 30, 2020 06:10 - 1 minute - 1.83 MB

You’ve probably heard there are few things in life that are certain other than death and taxes. While that’s a rather depressing thought, unfortunately there is truth to it. And if you know you have to pay taxes - and as a physician you could have to pay quite a bit - then it stands to reason you need to hire a professional for tax help. Often times I’m asked the difference between a CPA and a financial advisor. It’s simple really.

457 and 401k contributions

January 30, 2020 06:05 - 1 minute - 1.51 MB

Many of you are in the early stages of your medical career but hopefully you’ve already started to take advantage of an employee sponsored retirement plan. Perhaps you have access to setting aside funds in either a 401k or 403b account too. Generally speaking, a 401k is the type of account when you work with a for-profit company, whereas the 403b is for those of you working with a non-profit organization. But some of you may even have access to an additional retirement account called a 457 P...

Scarcity and Pressure can Lead to Impulsive Spending

January 30, 2020 06:00 - 1 minute - 1.53 MB

Have you bought our book yet?! No? Learn how to build your own financial plan without paying thousands of dollars for a professional. Go to www.financialresidency.com/book Need a home loan? Let us help you find the right person to help! We know, like, and trust Doug Crouse. Connect with him here: www.financialresidency.com/dc

What Does Being A Fiduciary Really Mean?

January 29, 2020 06:10 - 1 minute - 1.8 MB

If you have started researching someone to handle your financial planning for you, then you’ve probably come across the word “Fiduciary” - but what exactly does this mean? A fiduciary is a professional financial advisor who has a stated and legal responsibility to dispense sound financial advice that is in your best interest as the client. Not all financial planners are fiduciaries. These types of fiduciaries will continually follow your investments and ensure they are meeting your needs.

Feed your financial brain

January 29, 2020 06:05 - 1 minute - 1.48 MB

There are multiple steps to building wealth, especially when you’re a physician and you’re able to command a higher than average salary. But the road to wealth can suddenly become confusing and even overwhelming when you stop to think about the responsibility that comes with a bigger salary. So what if you take a step back and approach wealth building the way you approach a treatment plan for a patient?

Assigning Your Dollars

January 29, 2020 06:00 - 1 minute - 1.55 MB

You want to be better at managing your money. We’re here to help! Please go to www.financialresidency.com/tip for interesting information on how to keep your good habits going! You want a home but you also need a lender. Doug Crouse, one of our recommended mortgage loan experts, can help. Find him here: www.financialresidency.com/dc

How to Combat Lifestyle Inflation

January 28, 2020 06:10 - 1 minute - 1.9 MB

I know you hear a lot of financial terms thrown at you on a regular basis. But what comes to mind when I mention the words “Lifestyle creep or lifestyle Inflation” to you? Does it conjure up images of shady people waiting in the alley, watching your every move? Hopefully not, because today I’m referring to the lifestyle creep with finances that physicians are especially prone to once they’re out of residency.

Doctors Need Side Hustles Too

January 28, 2020 06:05 - 1 minute - 1.53 MB

As physicians, most people would assume you’d be the last group of people to ever need to take on a side hustle. But of course we know it’s not as simple when you factor in all the financial obligations you’re likely facing. Whether it’s massive student loan debt, a mortgage, high cost of living expenses, or a combination of all of these – you get the idea. So this brings me to the idea of a side hustle, and what a physician can do to bring in additional income if necessary.

When You Should Pay Someone Else

January 28, 2020 06:00 - 1 minute - 1.68 MB

If you haven’t yet, go to www.financialresidency.com/tip for more great tips on student loan paydown, physician mortgage loans, investing, insurance, and more! If you’re in the market for a home loan, you need someone you trust in your corner. Check out one of our recommended lenders, Doug Crouse, at www.financialresidency.com/dc

How FOMO causes impulse spending

January 27, 2020 06:10 - 1 minute - 1.99 MB

At financial residency dot com, not only do we like to help physicians understand how to manage their money to reach their financial goals, but we also want to help you understand why you spend money the way you do. Knowing the motivation behind your actions can help identify areas you can improve or stop bad habits all together. For instance, when it comes to impulse spending, what do you think are the biggest causes of buying something on a whim?

What Is the Average Time it Takes Americans to Pay Off Their Student Loans?

January 27, 2020 06:05 - 1 minute - 1.5 MB

What do you think the average amount of time it takes Americans to pay off their student loans these days is? One year? Five Years? Although the exact number is a little hard to nail down, we know tens of thousands of people in their fifties are still making monthly payments towards their student loans. When it comes to federal student loans, many income driven repayment plans have payments stretched out over 10 years, even 25 years in some cases.

What Other Income Driven Repayment Options Are Available?

January 27, 2020 06:00 - 1 minute - 1.56 MB

We want you to succeed as badly as you do! That’s why you’re here. For more great tips on how to get your finances in order, go to www.financialresidency.com/tip Doug Crouse is a mortgage lender who has helped thousands of physicians get into the home of their dreams! Will you be next? Contact Doug here: www.financialresidency.com/dc

Outsmart the Credit Card Companies for a Free Trip? Yep.

January 26, 2020 06:10 - 1 minute - 1.59 MB

If you’ve flown on an airplane from a major carrier recently, they probably tried to entice you with some unbelievable credit card offer. With as many points as they promise, it practically makes it a no-brainer to take them up on the offer. But are the points worth the hassle to maintain the credit card? For many people, including physicians, this seems like a chance to outsmart the credit card company and earn a free trip with bonus points.

Alas! You Can Start Contributing To Your Retirement

January 26, 2020 06:05 - 1 minute - 1.66 MB

Now with your improved paycheck, you can finally start to build your retirement fund. Even though you’re at the beginning of your medical career, now is the time you can make a substantial impact for the end of your career. Retirement may seem like the furthest distance right now, but instead of that luxury car you’ve been eyeing, consider the long term impact if you bought something less expensive but put additional money towards your retirement.

Choosing The Right Realtor When Buying Your First Home

January 26, 2020 06:00 - 1 minute - 1.53 MB

For more great resources on how to manage your finances better than you have, go to www.financialresidency.com/tip Wish you knew of a knowledgeable mortgage broker? No worries! We’ve got your back. Check out Doug Crouse at: www.financialresidency.com/dc

Formulate 3 Steps to Positive Impact Your Retirement Nest Egg

January 25, 2020 06:10 - 1 minute - 1.55 MB

The first step is to sit down and develop a financial strategy or plan to help guide your finances through life’s biggest milestones. The second step is to make sure you’re maximizing your retirement accounts and tax benefits offered through your employer, even if you’re making the lean resident salary.

Accessing Your Retirement Fund Without a Tax Penalty

January 25, 2020 06:05 - 1 minute - 1.69 MB

When does the IRS allow you to do so without a tax penalty? Generally speaking, there are six different hardship circumstances that allow you do so. If you have an unexpected medical expense, need a down payment on a home, or need to fund a college education then you can withdraw funds without the tax penalty.

Credit Cards May or May Not Be Worth The Hassle

January 25, 2020 06:00 - 1 minute - 1.88 MB

If you're feeling financially frisky, check out all of our resources on www.financialresidency.com/tip Your dream home awaits you… but wait, you got to finance it. Let Doug Crouse be your mortgage lender. He’s someone we know will hook you up! www.financialresidency.com/dc

Avoiding Lifestyle Inflation Is The Best Financial Advice You Will Receive

January 24, 2020 06:10 - 1 minute - 1.67 MB

Avoiding lifestyle inflation once you’re an attending physician is one of the best pieces of financial advice you could receive in your years after training. Is it the most popular idea? Nope. Is it easy for you to adhere to as you go from making fifty thousand to two hundred thousand? Definitely not. But chances are, you’ve made a lot of sacrifices over the years and your financial house has taken a hit.

Lifestyle Inflation Is Tempting

January 24, 2020 06:05 - 1 minute - 2.12 MB

For many of you, you’ve gone from making 50,000 a year as a resident to now making well over 200,000 a year. A very common temptation is for physicians to run out and buy new things- whether it’s a nicer car or a bigger home. But before you make these big purchases, you need to ask yourself a few questions to determine if this is really where you should be spending your hard-earned money.

Good Debt Versus Bad Debt

January 23, 2020 06:10 - 1 minute - 1.75 MB

You probably also have quite a lot of debt, as most doctors do. Have you ever thought of it as good debt versus bad debt? Think about it this way: cars are not good investments. Cars are almost always liabilities in the financial sense, but that doesn’t mean they are not valuable. They simply have a value in terms of their function but not in terms of monetary value.

Maximizing Retirement Benefits

January 23, 2020 06:05 - 1 minute - 1.56 MB

As an attending physician, chances are you’re finally earning the salary you knew you’d someday make. And even though it’s not the only reason you choose to practice medicine, it definitely helps when you start receiving those larger paychecks. But with the larger salary comes another question. How do you justify setting aside chunks of your paycheck for retirement savings instead of putting all your money towards student loan or credit card debt?

Just Get Started with Your Student Loans

January 23, 2020 06:00 - 2 minutes - 2.33 MB

Look here! I want you to know what it takes to build the life your dream of. In order to do that, you need to have your finances in order! Keep learning, keep growing: www.financialresidency.com/tip Need a home loan? Let us help you find the right person to help! We know, like, and trust Doug Crouse. Connect with him here: www.financialresidency.com/dc

Long Term Disability Through Work Isn’t Enough

January 22, 2020 06:10 - 1 minute - 1.71 MB

Here at financial residency dot com, we like to devote a lot of time talking to you about the basic building blocks of financial success for physicians. One of the pillars of our philosophy is that you have to make sure you have adequate long term disability insurance. Yes, it’s that important of a topic that all physicians need to make a plan for.

Know Your Net Worth

January 22, 2020 06:05 - 1 minute - 1.82 MB

Many people assume being a physician automatically means you have a high net worth. But what exactly does that number even mean? Net worth isn’t quite as simple as looking at one particular number, but the good news is, it isn’t very hard to figure out either. Knowing your net worth is important to help you keep track of your financial progress. If nothing else,

Preparing For Your Medical Career Like a Business

January 22, 2020 06:00 - 1 minute - 1.67 MB

More free resources on our website! Here’s where to start: www.financialresidency.com/tip You want a home but you also need a lender. Doug Crouse, one of our recommended mortgage loan experts, can help. Find him here: www.financialresidency.com/dc

Topics Your Financial Planner Might Not Think About

January 21, 2020 06:10 - 1 minute - 1.39 MB

Interviewing a potential financial advisor may sound like another thing on your ever-growing to-do list, but I promise you that it’s a task you’ll want to make a priority. Even if you are already working with someone, it never hurts to ask them important questions along the way to make sure the two of you are still working well together.

Making Payments Based on Manageable Parts

January 21, 2020 06:05 - 1 minute - 1.61 MB

For each of your financial goals as a physician, whether they’re short term or long-term, you need financial capital. Yet, it can be difficult (or feel impossible) to come up with extra money when you have such large medical student loan payments every month- not to mention the bills you have to pay.

Being Rich Isn't About Income, It's About Net Worth

January 21, 2020 06:00 - 1 minute - 1.84 MB

Managing your money well not really a strength of yours? It’s a matter of time before it is! Find more tips like these here: www.financialresidency.com/tip If you’re in the market for a home loan, you need someone you trust in your corner. Check out one of our recommended lenders, Doug Crouse, at www.financialresidency.com/dc!

How Do I Know What Type of Student Loans I Have

January 20, 2020 06:10 - 1 minute - 1.6 MB

If you're a physician, chances are you have a combination of federal and private debt. You've worked hard through medical school, but now you have to equally as hard understanding what type of loans you have.

What Does My Credit Score Have To Do With My Student Loans

January 20, 2020 06:05 - 1 minute - 1.73 MB

If you need to take out a loan, your student loans affect you more than you realize.

Da-Ding: Set Yourself Reminders for Paying Your Bills

January 20, 2020 06:00 - 1 minute - 1.45 MB

Grab a copy of our book, “Financial Residency: Without the Long Hours and Sleepless Nights”. Build your own financial plan for the price of a book! www.financialresidency.com/book Doug Crouse is a mortgage lender who has helped thousands of physicians get into the home of their dreams! Will you be next? Contact Doug here: www.financialresidency.com/dc

What Do the Words "Forbearance" and "Deferment" Mean With Student Loans?

January 19, 2020 06:10 - 1 minute - 1.72 MB

What do the words "forbearance" and "deferment" have in common? They both can cost you tens of thousands of dollars in the long run. Both situations are on the rise and it's important to know the impact of each.

What The Heck Does Pay Yourself First Mean?

January 19, 2020 06:05 - 1 minute - 2.22 MB

You probably have heard about paying yourself first, but you aren't quite sure exactly what it means. The concept is more simple than you think. You just need to create the mindset to sustain it.

Two Factors to Help Improve Your Credit Score

January 19, 2020 06:00 - 1 minute - 1.63 MB

Joined our FB community yet? Let’s get you over there! www.facebook.com/groups/physicianfinance Wish you knew of a knowledgeable mortgage broker? No worries! We’ve got your back. Check out Doug Crouse at: www.financialresidency.com/dc

What You Should Know About Disability Insurance Statistics

January 18, 2020 06:15 - 1 minute - 2.05 MB

Having adequate disability coverage is truly a must for physicians. The Social Security Administration estimates that one in four people will need to file a disability claim before age 65. No one likes to live their life on hypotheticals, but you do need to make sure you're covered.

Regular Monthly Payments Can Make a Big Impact

January 18, 2020 06:10 - 1 minute - 1.7 MB

With the help of a financial planner, you'll be able to take advance of the various student loan products. Although, you have the ability to think strategically and tackle your student loans by yourself as well.

What Does Defaulting on a Student Loan Mean

January 18, 2020 06:05 - 1 minute - 2.07 MB

Let's talk about student loan default. It means a failure to make payments on your student loans at their regularly scheduled intervals. And this is becoming more and more common. Statistics have doubled since 2013. It's tempting to skip payments, but these are the risks.

No Regrets For Your Student Loan Debt

January 18, 2020 06:00 - 1 minute - 1.73 MB

Have you bought our book yet?! No? Learn how to build your own financial plan without paying thousands of dollars for a professional. Go to www.financialresidency.com/book Your dream home awaits you… but wait, you got to finance it. Let Doug Crouse be your mortgage lender. He’s someone we know will hook you up! www.financialresidency.com/dc

Living Your Best Financial Life Takes A Village

January 17, 2020 06:15 - 1 minute - 1.64 MB

We’ve all heard it takes a village, especially when it comes to raising children. But children aren’t the only ones who need the benefit of a larger community. For those of us who are physicians or partners to those who are practicing, it can feel a bit lonely sometimes. You have the reality of a demanding career, a growing family, crazy hours, all while trying to figure out how to pay back the student loans you owe and manage your new income.

These Are The Reasons To Lock In Your Disability Policy

January 17, 2020 06:10 - 1 minute - 1.96 MB

When you were a resident or fellow, chances are you were bombarded with solicitations to purchase a long term disability plan and for whatever reason, maybe you thought you could put off dealing with a disability policy. Hopefully, you took advantage of purchasing a policy at that time, but if not, let’s talk about why now is the time to make sure you have adequate coverage.

Physician Finance Minute

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