Physician Finance Minute
272 episodes - English - Latest episode: about 3 years ago - ★★★★★ - 13 ratingsAs a doctor, you have spent decades in school to get where you are. Unfortunately, during all those years in medical school and residency, you probably didn't receive a financial education. Don't worry, that's where we come in. This podcast is will deliver quick digestible tips to you daily! It will guide you through a financial education resulting in higher confidence in managing your money and help you take back the financial freedom you deserve.
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Episodes
Your Credit Score Isn't Something To Fear
January 17, 2020 06:05 - 1 minute - 1.93 MBThinking about your credit score usually elicits one of two reactions- it either makes you confident that you’re in command of your finances or it makes you want to hide under the covers and wish you’d never needed credit in the first place. Well, it’s time to relax and realize that your credit score is a tool and an asset, and not something to be feared.
Average Student Loan Debt Is Insane
January 17, 2020 06:00 - 1 minute - 1.77 MBYou 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! 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
Why Are Fee Only Financial Advisors Trusted By Physicians
January 16, 2020 06:15 - 1 minute - 2.27 MBWhen your patients come to your office, one of the first questions they are probably asking is whether or not your office accepts their health insurance coverage. As much as they might love being seen by you and all of your advice, they have to accept the terms of payment at your office. It’s a similar question you should be asking whenever you’re interviewing a potential financial advisor, or maybe even ask your current one.
Your Financial Advisor Needs To Protect You
January 16, 2020 06:10 - 1 minute - 1.7 MBIt seems almost weekly that we find out about another big company with some type of data breach. It’s become so common that many people assume that it’s only a matter of time of when, not if, that happens to them. Sure, maybe you’ve contemplated what would happen if your bank account were hacked. If you’re living on a resident’s salary then they might not be able to wipe out as much as some other people, but that’s hardly a comforting thought either.
What Questions Would You Ask A Financial Planner?
January 16, 2020 06:05 - 1 minute - 1.92 MBIf you’ve ever interviewed a potential financial advisor, then chances are you’ve had your list of questions ready to go. After all, as a physician your time is valuable, so you need to be able to get right to the point, especially when it comes to your money. You’re probably prepared to ask about the big topics such as which licenses they carry, their fee structure, and what is their investing philosophy.
It's Not Easy Finding a Financial Planner Who Has Your Interests At Heart
January 16, 2020 06:00 - 1 minute - 2.09 MBIf 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! 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
Should I refinance during residency?
January 15, 2020 06:15 - 1 minute - 2.52 MBYou may be wondering if it is wise to consider a student loan refinance while you are completing your residency for medical school. Refinancing during your residency is not recommended unless it is for your private student loans only. The main reason for this is because while you are a resident, you may not have decided if you will take part in the PSLF program of which you will need to be in an income-driven repayment to take advantage of this.
Finding The Right Financial Planner Starts With The Right Questions
January 15, 2020 06:10 - 1 minute - 2.07 MBFinding a financial advisor may seem like a daunting task. You’re basically trying to find someone to not only manage your portfolio, but also guide you through life’s biggest milestones. There are certain questions you should be asking up front in order to ensure you’re working with someone that you can trust.
Achieving Financial Freedom with TSP Plans
January 15, 2020 06:05 - 1 minute - 1.79 MBBy funding your retirement now, you are ensuring that you’ll be able to have multiple financial options later in life. For many of you, your employer can provide access to retirement accounts and I encourage you to maximize the amount that you can contribute with each paycheck.
How Physicians Can Reach Their Golden Years With Ease
January 15, 2020 06:00 - 1 minute - 1.92 MBWe 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 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
Get Rid of Consumer Debt
January 14, 2020 06:15 - 2 minutes - 3.06 MBMost people assume that if you’re a physician it must mean your income allows you to purchase anything your heart desires and live whatever type of lifestyle you want. But not all physicians are able to earn that type of salary and they have to learn to manage what they make as wisely as possible. One of the smartest ways to stretch a salary and get the most out of pay is to reduce your tax liability.
What Should You Know About Refinancing Your Student Debt
January 14, 2020 06:10 - 1 minute - 2.46 MBHow many times have you heard someone mention the word refinancing when talking about student loans? Many companies are quick to offer this option. Does it leave you wondering if this is something you should be looking into for your own medical student loans? Often times you will hear people use the words “consolidation” and “refinance” interchangeably.
Be Aware of IRA Distributions to Supplement Your Retirement
January 14, 2020 06:05 - 1 minute - 2 MBNothing gets you more excited than hearing the words “IRA Distributions” right? Ok, probably not. But this is a topic to be aware of when it comes to supplementing your retirement accounts. As physicians, keeping your eye on the goal of retirement is important, no matter what stage of your medical career you are in. So what do IRA distributions have to do with anything right now?
Making Your Money Work For You
January 14, 2020 06:00 - 1 minute - 2.2 MBFor more great resources on how to manage your finances better than you have, go to 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!
Consider These Factors When Planning For Retirement
January 13, 2020 06:15 - 1 minute - 1.92 MBA common rule of thumb in planning for retirement is that you need 70% of your current income to live the same or similar lifestyle during retirement. While this will not be the same across all professions, the good news for doctors is that the actual number is probably much less. How can that possibly be? Well for many doctors, your tax burden is likely to be far lower in retirement, based on several large factors.
It's In Your Best Interest To Find a Financial Advisor
January 13, 2020 06:10 - 1 minute - 2.32 MBInterviewing a potential financial advisor may seem like the least of your worries, but it’s in your best interest to find an advisor that you completely trust. After all, not only are they managing your hard-earned money, but they are also guiding you through some of life’s biggest milestones such as college, weddings, and retirement.
Consolidate Student Loans Or To Not Consolidate?
January 13, 2020 06:05 - 1 minute - 1.83 MBJust when you think you’ve been hit with all the advice you can possibly stand, you hear yet another piece when it comes to your student loans. Has anyone ever mentioned the idea of loan consolidation to you? Or have you been researching ways to manage your student loan debt and then were quickly bombarded with offers for consolidation or refinancing? Well, like so much of the information you find on the internet, it can be hard to separate fact from fiction when it comes to loans.
It's Wise To Max Out Your 401(k) and 403(b) Plans
January 13, 2020 06:00 - 1 minute - 2.12 MBI know as a physician you have a lot of medical terminology you have to memorize and digest. And when it comes to planning for your retirement, well, there are several terms you should get familiar with too. I’m sure you hear quite a bit about 401(k) plans offered by employers, but many of you actually have a different type of retirement plan option, which is called a 403(b) plan.
Ask These Questions of a Prospective Financial Advisor
January 12, 2020 06:15 - 1 minute - 2.14 MBYour patients come to you for help solving a medical condition. They trust that you have the education and knowledge to be able to diagnose and treat whatever symptom needs attention. But there are times that as a physician, you need your questions answered, and advice from other professionals. This is especially true when it comes to dealing with finances. A financial advisor can help you through some of life’s biggest moments.
Eliminating The Element of Surprise: Forecasting Gift-Giving
January 12, 2020 06:10 - 1 minute - 2.26 MBNothing can wreak havoc on a budget quicker than buying gifts for birthdays and holidays. The amazing thing is, the dates are the same every year and yet somehow they still sneak up on us. Whether you’re a resident on a ramen budget or a physician in the middle of a thriving career, it’s important to make a plan in your budget for purchasing gifts.
That Magic Retirement Number That You Don't Have To Chase
January 12, 2020 06:05 - 1 minute - 1.92 MBFor many physicians, retirement is a big number that you feel as if you’re constantly chasing. But there are two main thoughts that I want to share with you when it comes to finding that magical retirement number. If you were to wait just one more year until you started saving for retirement, it could add almost two years to your overall plan.
Choosing the Best Solution for Loan Consolidation
January 12, 2020 06:00 - 1 minute - 2.27 MBHave you been searching for ways to reduce your student loan debt and been inundated with offers for loan consolidation? You’re not alone. Lots of companies out there are quick to offer services for consolidating your federal and your private student loans. But what exactly is a loan consolidation? Be sure not to mix this up with refinancing, they are two separate things. So, is this something you should be taking advantage of?
Types of IRAs for Physicians
January 11, 2020 06:15 - 1 minute - 2.16 MBLet’s say you have a patient that you could treat in two different ways. One option has a shorter duration of treatment but the side effects are typically more severe. The other option has a longer treatment period but it’s usually gentler on the system. Either choice should have a positive result that the patient is looking for, but there are two different ways of achieving it. The same is true for choosing an IRA in your financial planning. There are two types of IRA accounts and many peop...
Individual Retirement Accounts_ Grow Your Retirement Tax Free
January 11, 2020 06:10 - 1 minute - 2.05 MBAs physicians, you probably feel as if you’re constantly paying taxes. And with as many hours as you put in, this can definitely feel like a drag. Luckily, when it comes to your retirement accounts, there is a way to grow your retirement money tax free, allowing you to keep a significant amount of your gains over the years. Under current law, the government allows individuals to place their money into an account that grants their investments the ability to grow tax deferred or tax free.
Understand Your Cashflow Like The Pros
January 11, 2020 06:05 - 1 minute - 2.45 MBA budget for your finances is one of those things you know you should do but maybe you’ll tackle someday. After all, who has time for something like a budget? Truthfully, it doesn’t take a lot of time to create a budget but the payoff can be tremendous. The first step in setting it up is to monitor your expenses for one month. Track everything you spend. You can do this by pulling your bank statement or credit card info.
Childcare In Residency Doesn't Have to Be a Total Drain on The Wallet
January 11, 2020 06:00 - 1 minute - 1.97 MBBeing a resident and working the crazy, unpredictable hours can put any relationship to the test. Trying to juggle childcare during these years is no easy task either. Fortunately though, with careful planning, there are several options available to you and your family as you try to balance daycare and life as a resident. For instance, have you considered hiring an Au Pair?
Refinancing Student Loans During Residency Is Not In Your Best Interest
January 10, 2020 06:15 - 1 minute - 1.85 MBSeveral financial terms are thrown around when it comes to student loans, especially as you’re financing your medical career. One of them you will hear quite often is a reference to refinancing. Similar to a refinance of your home mortgage, you can potentially combine all of your loans into one payment with the goal of having a lower interest rate or a lower monthly payment.
Choosing The Wrong Repayment Plan During PSLF
January 10, 2020 06:10 - 1 minute - 1.88 MBTo really maximize your financial success while you’re in residency, you should choose an income-driven repayment option for your federal student loan payments. A repayment plan is calculated by taking your annual income, family size, and location into account. This can mean a much lower monthly payment towards your debt.
Not Submitting PSLF Forms Annually Is a Costly Mistake to Make During Residency
January 10, 2020 06:05 - 1 minute - 2.17 MBAn important step in receiving loan forgiveness through PSLF is to submit an Employee Certification form annually. You can find all of the information for filling out the form, where to send it, what information is needed, etc. by going through the Department of Education website. The form is simple to fill out and shouldn’t take too much of your time.
Going Into Residency Is a Costly Mistake to Make During Residency
January 10, 2020 06:00 - 1 minute - 2.06 MBThe word “forbearance” just sounds depressing and like something you want to avoid altogether. Think of forbearance as a temporary suspension of payments towards your federal student loans. Many physicians who are completing their residency will qualify for the forbearance option of their federal loans because it falls under the “financial hardship” category.
Not Consolidating Medical Student Loans Is a Costly Mistake to Make During Residency
January 09, 2020 06:15 - 1 minute - 1.58 MBAs a physician, you probably receive a lot of financial advice about what you should be doing. But does anyone ever tell you what you need to avoid in order to potentially save thousands? For those of you that are in your residency program, there are several financial decisions you can make to keep you from costly mistakes – especially when it comes to student loans. The first mistake you want to avoid while you’re a resident is not consolidating your medical student loans.
Shoot for the REPAYE Stars to Pay Off Your Medical Student Loans
January 09, 2020 06:10 - 1 minute - 1.63 MBWhen you took out your student loans years ago to pay for your medical education, did you spend much time thinking about how you would actually repay the amount you owe? Chances are probably not but eventually, you will have to have a plan to repay your loans.
Rid Yourself of Frivolous Spending Mistakes
January 09, 2020 06:05 - 2 minutes - 2.63 MBWe all know sometimes you have to learn from your mistakes. But that advice hardly makes you feel better when you feel your circumstances are stacked against you. When it comes to tackling credit card debt it’s important to know that you can learn from your mistakes. In order to retire, you need to destroy all bad debt from your life and rid yourself of the frivolous spending that got you there in the first place.
Wishing Away Debt Isn't A Strategy
January 09, 2020 06:00 - 1 minute - 1.81 MBWhether it’s credit card debt or even student loan debt, the way you think about debt can have a great impact on your overall financial success. Once you pay off your credit card debt, it’s important to change your outlook on money to avoid falling back into the familiar debt trap again.
Free Up Your Finances By Removing The Expense Shackles
January 08, 2020 06:15 - 1 minute - 2.16 MBTackling the credit card debt is not an easy task, but it’s one of the best things you can do to set yourself up for financial success. Fortunately there are several steps you can take to help you tackle the debt once and for all. We’ve talked before about analyzing your spending habits and cutting out unnecessary expenses. After that it’s on to creating a budget that you can realistically live within.
Credit Card Debt Doesn't Have to Be a Financial Death Sentence
January 08, 2020 06:10 - 1 minute - 2.17 MBWe spend a lot of time talking about student loan debt. But if I had to guess, I would bet that student loans aren’t the only type of debt you are carrying. Many physicians just starting out also carry a balance on their credit cards. It’s not surprising. Your income is tiny, your debt is gigantic, and sometimes you need the plastic in order to buy groceries or for your interviews.
The Right Way to PAYE For Your Medical Student Loans
January 08, 2020 06:05 - 1 minute - 1.5 MBYou know how the federal government loves to use acronyms. And that’s definitely the case when it comes to talking about federal student loans and different types of repayment plans available. Since it’s likely that as a physician you are already living on a shoestring budget, I think you may want to hear about this one. Have you ever heard of the term PAYE?
Your Retirement Portfolio Needs to Be as Healthy as Possible!
January 08, 2020 06:00 - 1 minute - 2.14 MBWhat if I told you that you actually don’t need a three to six-month emergency fund? Now, before you completely dismiss my idea as ludicrous, just hear me out. Truthfully, if you are a resident and still in your training, then you should absolutely have some sort of contingency fund- preferably enough to cover three to six months of living expenses should some big emergency arise.
Do Yourself a Favor, Actually Have a Plan For Your Loans
January 07, 2020 06:15 - 1 minute - 2.04 MBToday’s medical education not only includes undergraduate work, med school, residency, and potentially fellowships, but a big part of it also includes student loan debt. And unfortunately, no one is teaching you in how to manage your finances while trying to balance your work and personal life. But truthfully the early years of your medical career are a perfect time to set yourself up for financial success down the road.
Why Do Physicians Even Need to Budget?
January 07, 2020 06:10 - 1 minute - 2.22 MBYou hear me mention the “B” Word quite often. I’m talking about everyone’s favorite subject- BUDGETING. But there’s a reason why it’s discussed so often, and that’s because it truly is a useful tool as you’re navigating through both your medical career and financial path. Many physicians hear the word ‘budget’ and they want to run the opposite direction.
The Hidden Insurance Fees You Never Knew About
January 07, 2020 06:05 - 1 minute - 2.04 MBAsking an insurance agent just how much money they’re making off of you might make some of you cringe. While it’s not the most comfortable subject to broach with someone you’re doing business with, it’s a question you should definitely be asking. Doctors have quite a bit of insurance needs, from term life insurance to disability insurance to umbrella.
What Is An Income Driven Repayment Plan?
January 07, 2020 06:00 - 1 minute - 1.72 MBWe know you have a lot on your plate when it comes to learning new terms and definitions. And yes, I’m about to add one more thing I would like you to take time to consider. As you have been working towards a repayment plan for your student loans, have you ever come across the term “income driven repayment plan?”
Childcare Options For New Attendings
January 06, 2020 06:15 - 1 minute - 1.76 MBThe moment you’ve been waiting for has finally arrived. You’ve survived the grueling residency program, managed to scrape by on the measly salary, and now you’re beginning the medical career you’ve always dreamed of. Oh but wait, there’s one slight issue.
Why Goal Planning is Critical for Doctors
January 06, 2020 06:10 - 1 minute - 2.13 MBIf you’re in your residency then most likely you have one singular goal and that’s to survive the week in front of you. It’s understandable that during this time in your career it’s hard to focus on other goals. But regardless of where you are in your career, one thing I encourage you to consider is to set aside a dedicated amount of time and really think about your financial goals.
Lifestyle Inflation and Giving Yourself a Killer Raise
January 06, 2020 06:05 - 1 minute - 2.44 MBI’m taking a chance and giving you financial advice that’ll probably make you uncomfortable. We’ve already discussed that establishing a budget, analyzing your spending habits, and contributing to a retirement fund are great first steps to financial health and wealth. But there’s another thing you should consider if you want to get yourself on the right track financially speaking. The biggest step you can take is avoiding lifestyle inflation.
Establishing an Emergency Fund
January 06, 2020 06:00 - 1 minute - 1.9 MBIf there’s one bit of financial advice that most folks agree on, it’s that you need to have a minimum of three to six months of salary stashed away for an emergency fund. In theory this is a great idea, but how do you set this money aside when you can barely cover the cost of your ramen noodle dinner? Ok maybe an exaggeration for new attendings or residents, but you get the idea. An emergency fund is especially important for a physician and here’s why.
The Good, The Bad, The Latest on PSLF
January 05, 2020 06:15 - 1 minute - 2.37 MBAre you working towards qualification of forgiveness of your federal student loans through the PSLF program? Maybe you are one of the many physicians who are just now realizing the potential advantages of participating in the federally funded program. You may also have recently heard about the latest set of statistics released by the government regarding participation within PSLF.
Digestible Finance Tips For Physicians
January 05, 2020 06:10 - 1 minute - 1.78 MBWhen your patient present their symptoms to you, you immediately establish the first line of treatment that makes the most sense for them. The same is true of your nest egg. There are several items that should be considered as part of your first line treatment for financial growth – even during the ultra lean years of residency.
When Are Physician Mortgage Loans a Bad Idea?
January 05, 2020 06:05 - 1 minute - 1.83 MBIf I were to tell the average person they could secure a home loan without putting any money down, and they wouldn’t have to pay the PMI, AND their student loan debt might not be factored in, they’d probably jump all over the chance. Since this is the case with Physician Mortgage Loans, it almost seems like a no brainer if you’re a resident or just starting your medical career.
What Is Umbrella Insurance?
January 05, 2020 06:00 - 1 minute - 2.02 MBA little research on the subject can go a long ways in making sure you are covered financially. So what is umbrella insurance? Also known as personal liability insurance, umbrella insurance is a back-up insurance plan that kicks in after your other insurance coverage has been paid out or covering accidents that occur on your premises.