Financial Residency | The money lessons you never received in medical school-logo

Financial Residency | The money lessons you never received in medical school

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Invest in a Single Family Real Estate Like Yesterday

5/20/2019
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Dustin Heiner tells us how he jumped into the business of investing in single family real estate without any prior experience or knowledge. He became a single family real estate investor in the school of hard-knock learning. Imagine having to update the entire electrical system in a house without any experience! That is one of the many things that Dustin had to face on his journey from novice to pro! Check it out here:...

Duration:00:44:22

Pause on the Investments to Tackle a Debt Pay Down Plan

5/17/2019
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Doc OBG and Mr. Brewer have plans to try for a second kiddo towards the end of the year, but they want to get a better handle on their finances first. Noticing that they’re bringing in about $200k a year, looks like they should approach their expenses with a focus of reducing where they can. But, first, they should do these things, including putting a pause on their investments.

Duration:00:05:46

An Explanation On How to Save Your Credit Reputation

5/13/2019
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There is a lot to know about building our credit, but it’s not a topic that is rarely talked about or taught. In this episode, Doug Crouse talks to us about our report card--I mean credit report. We will talk about everything from your credit score to credit repair. You don’t want to miss it. Check it out here: https://financialresidency.com/podcast/an-explanation-on-how-to-save-your-credit-reputation

Duration:00:36:06

Staying Within Your Range: Preventing Lifestyle Inflation

5/10/2019
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Kayse and I talk through how Robert and Susan can continue doing a great job at managing their expenses. They are well on their way to achieving their goals, two goals of which include investing wisely and being generous. Great perspective here on how to save and invest wisely to prevent the potential of lifestyle inflation.

Duration:00:16:07

Effects of Student Loan Debt on The Economy

5/6/2019
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You go to medical school, and come out buried in student debt. You ask yourself: How will I ever achieve a life of financial freedom? Rebecca Maurer knows first hand all about student debt! We talk about getting on the right path to conquering your student loans and we discuss the growing controversy regarding the economic impact that surrounds them--and us. Check it out here: https://financialresidency.com/podcast/effects-of-student-loan-debt-on-the-economy

Duration:00:34:15

Optimize Your Spending So You Can Be At Your Happiest

5/3/2019
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Married couple, Peter and Gwen, are raking in the money, but their biggest risk is that they’re not on the same page. This disconnect has brought a focus on the need to do some life planning.

Duration:00:30:32

Financial Literacy: How to Fail in America

4/29/2019
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What do consumer debt, student loans and saving for retirement have in common? The answer is they are all a part of the looming financial crisis that America is facing. If you are wondering what that looming crisis might look like, check out this show with Kayse Kress and I as we discuss. Read More: https://financialresidency.com/podcast/financial-literacy-how-to-fail-in-america

Duration:00:31:45

Rethinking Your Budget For The Sake of Your Future

4/26/2019
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Sergio and Kara are heading down a great financial path. Reviewing their top goals, Kayse and I talk about lifestyle factors - like work-life balance, traveling, and a new baby, but our focus really surrounds their budgeting habits-- which even surprises us on how they keep their expenses down. Considering the future, these are our recommendations.

Duration:00:20:35

What You Need to Know About Crypto Currency

4/22/2019
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It’s hard to arm yourself for financial freedom when you are a busy, new doctor. Amy Wan with Legal Hackers LA gives you the tools to protect and grow your assets in this episode. Our financial challenge from her is to tie together Blockchain, Bitcoin, and examine the world of cryptocurrency. Check it out here: https://financialresidency.com/podcast/what-you-need-to-know-about-crypto-currency

Duration:00:39:00

Opportunities Missed: Why The Heck Are You Paying That Crappy Advisor?

4/19/2019
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In this Friday Segment, Emma and Jack share their low hanging fruit and, indirectly, the opportunities missed by their financial advisor. Both Kayse and I are a bit offended and hope to square things away for this married couple. We talk about not having access to group health insurance and why they’re not saving more in taxes. Kayse and I also talk about the positives and explore potential ways Emma and Jack can capitalize.

Duration:00:23:48

How to Overcome Being Cheap

4/15/2019
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In this episode, the Frugal Physician sets the record straight about being frugal. Frugal is cool and you can be cool, too. Keep a tally right along with Ryan to find out if you’ve ever been a cheapskate! Check it out here: https://financialresidency.com/podcast/how-to-overcome-being-cheap

Duration:00:46:00

How Your Finances Are Impacted While Transitioning Into Your First Attending Job

4/12/2019
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Eric and Amy are in a positive position going into their first attending job. But there’s more to understand about their cash flow. A few tips from Kayse and I fluctuate between good cop and bad cop, but to summarize what Eric and Amy should be doing, we talk through having a formal savings rate, getting out of debt, all the while ensuring they have fun in the process.

Duration:00:23:52

How to Understand Behavioral Finance In the Pursuit of FIRE

4/8/2019
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Imagine your dream life by realizing two goals: financial independence and retiring early. In this episode, Doctor Money Matters AKA Dr. Tarang Patel and I are going to give you a special treat with a joint show. My co-host Dr. Tarang Patel is a radiologist from Phoenix, Arizona. He and I cover similar topics in our podcasts. It will be interesting being in the role of interviewer and interviewee while we discuss our favorite topics! Check it out here:...

Duration:00:55:20

Classic Red Flags For Physician Insurance

4/5/2019
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Ken and Regina have a universal life policy, but it’s not a great idea. While Regina is in training as an OBGYN resident, she needs something quite different like disability. As far as estate planning, car payments, and cash flow, Ryan and Kayse talk about why it’s important for them to take action sooner than later.

Duration:00:27:09

Top 10 Financial Insights People Have Told Me I Wish Were April Fools Jokes

4/1/2019
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It’s April Fools Day and that means that today is special. So special that we can’t even tell you who the guest is. But what we can tell you is this… it’s got a lot of humor around the 10 funny financial insights I wish were fiction than fact. Read more: https://financialresidency.com/podcast/top-10-financial-insights-people-have-told-me-i-wish-were-april-fools-jokes

Duration:00:23:33

How to Make Your Consumer Debt a Thing of the Past and Increase Wealth

3/25/2019
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Imagine being free from the stress and worry of consumer debt. Now imagine all the money spent in making credit card payments is going toward building your wealth. My next guest Marcus Garrett, author of Debt Free or Die Trying, How I Buried Myself in $30,000 Dollars in Debt and Dug My Way Out, talks to us about eradicating your consumer debt, so you can begin to build wealth and plan the life you truly want to live. Read more:...

Duration:00:50:10

How to Improve Your Mindset When Paying Down Debt

3/18/2019
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Dr. Cory Fawcett enjoys guiding healthcare professionals toward living healthy and debt-free lives by teaching them personal finance techniques. Working with the snowball notion of concentrating on paying off smallest debts first, then applying the same principle to other debt, the concept is incredibly important to unshackle the debt cuffs. How can you improve your mindset when paying down debt? Read more:...

Duration:00:52:25

How to Use Investment Clubs to Your Advantage

3/11/2019
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What the heck is an investment club? Plainly, it’s a group or a club who learns about stock investing together and invests in the same fashion. Not really a fan of them myself, I bring Dr. John Jurica to go back and forth with me about how physicians can learn, make some money and have some fun (?) with them. Check out the debate between he and I in this episode. Read more: https://financialresidency.com/podcast/how-to-use-investment-clubs-to-your-advantage

Duration:00:33:14

How to Boost Your Wealth by Investing in Gold and Silver

3/4/2019
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Imagine having an opportunity to invest in gold and silver. Now imagine not really knowing the purpose or motivation behind the investment. Peter Hug, Director of Global Trade of Kitco Metals, Inc., talks to us about the psychology and perceived reasoning for building a successful portfolio.Interested in making the investment? Learn more about it in the blog. https://financialresidency.com/podcast/how-to-boost-your-wealth-by-investing-in-gold-and-silver

Duration:00:43:40

Give Yourself the Freedom to Fail with Your Finances

2/25/2019
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This guest has a ton to say about the philosophy of financial independence. And according to physician finance blogger, Doc G, FI at its most basic, is a tool for the mind. To share some about the background and behavioral aspects of FI that physicians struggle with, Doc G talks about how to overcome the force of debilitative thinking and fear of the unknown. This is a super interesting episode, so be sure to tune in. Read more:...

Duration:00:41:11