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Financial Residency

Business & Economics Podcasts

As 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.

Location:

United States

Description:

As 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.

Language:

English


Episodes

Financial Vitals - Avoiding COVID Forbearance Lifestyle Creep

2/23/2024
Are you struggling with the temptation related to student loan perks? What are the intended consequences of student loans and associated COVID forbearance programs? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about saving money to avoid the COVID-19 forbearance lifestyle creep. Topics Discussed: • COVID Forbearance: No payments, no interest on student loans until Aug. 31 • Good news? Yes, for PSLF, but what are people doing with the money? • Average American Person: Temptation is to spend all or more money in pocket • Consumption Effect and Awareness: Student loan payments will begin again LINKS: www.WrenneFinancial.com

Duration:00:09:25

Coffee & Contracts - The Race to Acquire Physicians

2/22/2024
In the article titled "The Race to Acquire Physicians," Jon from Contract Diagnostics discusses the implications of the growing demand for physicians and the challenges surrounding their employment. He highlights the ongoing mismatch between physician supply and patient care needs, noting the increasing consolidation of healthcare organizations and the potential legal ramifications of monopolizing the physician marketplace. Jon explores the complexities faced by physicians in choosing between employment with large entities, joining private practices, or pursuing independent contractor opportunities. He emphasizes the importance of considering individual preferences, long-term goals, and compensation packages when evaluating employment options. While Jon acknowledges the uncertainty surrounding the future of physician employment and the potential impact of lawsuits and regulatory scrutiny, he encourages physicians to explore diverse opportunities and exercise negotiating power in contract discussions. Ultimately, Jon emphasizes the need for thorough due diligence and contract review to ensure alignment with personal and professional objectives. As the healthcare landscape continues to evolve, Contract Diagnostics remains committed to supporting physicians in navigating employment decisions and advocating for their best interests. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com Article : https://www.beckersasc.com/asc-news/the-race-to-acquire-physicians.html

Duration:00:08:08

Coffee & Contracts - AI and Patient care

2/21/2024
The Wall Street Journal article discusses the potential of chatbots for medical advice, highlighting their benefits such as aiding in initial assessments of x-rays, pathology reports, and lab values. However, it emphasizes the necessity for human oversight to ensure accuracy and to avoid overlooking critical details. While chatbots hold promise for streamlining administrative tasks and improving efficiency in healthcare settings, they may lack the personalized approach and nuanced understanding required for complex medical decisions. Contract Diagnostics, represented by Jon, stresses the importance of considering individual patient and physician stories, asserting that while AI can enhance productivity, it should not replace human judgment in medical care. Looking ahead to 2024 and 2025, the article anticipates significant advancements in the integration of artificial intelligence in healthcare while maintaining the essential role of human expertise and empathy in patient care. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Duration:00:05:08

Mortgage Minute - Picking the right realtor

2/20/2024
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. In this segment of "The Mortgage Minute" with Doug Crouse from BMO Bank, the focus is on the importance of selecting the right real estate agent when purchasing a home. Doug emphasizes that while securing a favorable mortgage rate is crucial, the choice of agent can significantly impact the overall cost of buying a home. He cautions against hastily choosing an agent based on referrals alone and highlights how a skilled agent can save buyers more money than simply securing the best interest rate. Doug warns against emotional decisions in home buying, stressing the importance of ensuring that the chosen house is worth its market value and that buyers have the necessary funds to cover any discrepancies. He anticipates a highly competitive buying season ahead and underscores the long-term impact of selecting the right agent, as opposed to the temporary commitment of a mortgage interest rate. Doug encourages thorough research, seeking feedback from previous clients, and advises on how to contact him for further assistance. You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS).

Duration:00:05:51

Grand Rounds - In Person Summit and Online Resources for Physicians Who Want to Work Independently

2/19/2024
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. Many physicians are interested in contracting independently versus continuing as an employed physician, but don't know where to start. Dr. Corinne Rao and Dr. Holly Shen share information about the Flex Med Staff 2024 Physician Summit April 7-10 in Las Vegas where there will be 20 CME about locums strategies, direct contracting, creative income options, business and tax planning, and more. You can also go to www.FlexMedStaff.com for online resources to help you navigate information and opportunities to be successful as an independent contractor.

Duration:00:22:40

Financial Vitals - Hire Or Fire Your Financial Advisor with Dr, Jim Dahle and Alan Moore

2/17/2024
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. Are you a physician tired of getting ripped off and wanting a fair shake on Wall Street? Rather than getting mad, understand how the financial services industry works. Do the right thing by knowing when and why to hire or fire your financial advisor. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Jim Dahle, a practicing emergency room physician and founder of The White Coat Investor, and Alan Moore, co-founder and CEO of the XY Planning Network about DIY financial planning versus hiring a financial advisor to help. Topics Discussed: • Making and Managing Money: Decide to hire help or do-it-yourself (DIY)? • Seeking financial advice: Stigma, status symbol, or too busy • Should a good advisor be saving you time and money? Good advice at fair price • Getting stuff done: Do you struggle to get those not so fun financial tasks done? • Mental energy: Are you fried and dreading financial chores? • Therapy and Financial Advice: Why financial planning often intertwines the two • Best and Worst Advisors: Compensation, commission, fee, CFP®, fiduciary? • Are you working with a broker or insurance agent posing as a “financial advisor”? • Conflict of Interest: Get a second opinion when pitched permanent life insurance • Financial Advice Future: Financial planning as a profession LINKS: www.WrenneFinancial.com

Duration:00:53:26

Financial Vitals - How Laura Yost Is Living A Richer Life

2/16/2024
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. How do you plan for a child who has a disability? Overcome the initial fear and concern for the unknown and focus on the positive blessing they are to your family. Learn to live a fuller and richer life by turning lemons into lemonade. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Laura Yost, who is married to an internal medicine physician. They have four children. The youngest, Scarlett, has Down’s Syndrome. Topics Discussed: • Lemonade Stand: Where teamwork and kind people give back to the community • Blessing or cross to bear? Biggest challenge is lack of support, misconceptions • Step in the right direction? Only willing to go where Scarlett’s welcomed, wanted • Before and After: Reality of what it means to have a child with Down syndrome • Guilty: Parents blame themselves for allowing their child to have Down syndrome • Healthwise: 50% of babies with Down syndrome have a heart defect, not Scarlett • Learn to Exist: What do I do and how do I do it to help my child live their best life • The Lucky Few: Scarlett is a gift, treat her that way and not as a burden • Growth Mindset: No pressure to be perfect; learn to do your best, make progress • Money doesn’t buy happiness, but makes life better and easier up to a point • Inclusion: Best education for kids with disabilities and their same-age peers LINKS: www.WrenneFinancial.com

Duration:00:52:42

Coffee & Contracts - Mistakes - on me and on a system!

2/15/2024
In this segment, Jon from Contract Diagnostics reflects on a significant error regarding disability insurance and emphasizes the importance of seeking professional advice. He clarifies misunderstandings about disability policies and acknowledges the necessity of expert guidance. Jon then discusses a case involving an Indianapolis-based health system that faced a $345 million settlement due to compensation mistakes for physicians. He underscores the seriousness of fair market value and compliance with regulations in physician contracts, urging physicians to ensure clarity and fairness in their agreements. Jon encourages professionals to consult Contract Diagnostics for expert analysis and negotiation support regarding compensation structures and contract terms. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Duration:00:05:52

Coffee & Contracts - RN vs. NP vs. PA pay: Key comparisons

2/14/2024
In this discussion, Jon from Contract Diagnostics explores the current landscape of salaries for nurse practitioners (NPs), physician assistants (PAs), and registered nurses (RNs). He highlights the growing wage trends and the differences in compensation among these roles, citing average annual salaries and hourly rates. Jon emphasizes the negotiating capital that NPs, PAs, and physicians possess in their employment contracts compared to RNs. He also touches on the variation in salaries across different states and encourages individuals engaged in contract discussions to leverage Contract Diagnostics' expertise for maximizing compensation packages and understanding the contracting process. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Duration:00:03:55

Mortgage Minute - Free credit report

2/13/2024
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. In this episode Doug Crouse urges listeners to check their free credit reports regularly. He highlights a case where a borrower with assumed 800 credit scores discovered issues, emphasizing the importance of monitoring credit for errors or fraudulent activity. Doug encourages listeners to utilize free credit reports to safeguard against identity theft and ensure financial well-being. You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS).

Duration:00:04:27

Grand Rounds - Purchasing your First Home with Doug Crouse

2/12/2024
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. In this episode, host Tammy introduces Doug Crouse, a seasoned physician mortgage lender, on navigating the competitive housing market for first-time physician homebuyers. They discuss the importance of securing the right loan and introduce their book, "Hippocratic House," aimed at assisting physicians in home buying. Doug offers insights on the current housing market, emphasizing the need for careful consideration before making offers, especially in competitive situations. He also highlights the significance of pre-approval in the homebuying process and shares tips for finding the right realtor. You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS).

Duration:00:30:04

Financial Vitals - How Perfectionism In Medicine Spills Over Into Your Personal Finances

2/10/2024
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. Nobody’s perfect. Everyone needs to take care of their mental health, including physicians. Perfectionism in medicine can spill over into physicians’ personal finances. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Michael Myers about physician perfectionism. Michael is professor of clinical psychiatry at SUNY-Downstate Medical Center and author of eight books covering everything from physician suicide and mental health to physician marriages. Topics Discussed: • Tyranny of Perfectionism: Extreme perfection can affect productivity • Good Enough: Strive for excellence, but find and accept balanced portion • Human Humor: Welcome to medical school, you’re (not) the best and brightest • Imposter Syndrome: Message of perfectionism leads to inferiority • Survive and Thrive: Perfectionism is expected, to err is human • Demographics and Diagnoses: Diverse physician and patient population • Signs: Worry too much, stay too late, struggle with competence and confidence? • House of Medicine Stigma: Should doctors ask for or need help? • Physician Personalities and Psychiatry: Self-resolve or seek help with triggers • Money Management: Most physicians are not gifted in economics/business • Marriage and Money: Keeping up with the Joneses linked to perfectionism • Privilege or Poverty: Physician’s upbringing is pressure to maintain or do better • Married to Doctors: Say and do something in a loving manner; listen and get help • Co-parenting: Compliment and cut back on child’s activities; time is not unlimited LINKS: www.WrenneFinancial.com

Duration:00:58:13

Financial Vitals - How to Use Real Estate to Build Wealth

2/9/2024
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. Even with your own home, have you noticed that real estate prices have been a bit hectic? How do you build wealth with real estate? Not with your primary residence. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about real estate as an investment outside of your primary residence. You are building wealth with your home, but it is hard to realize that wealth. Topics Discussed: • Real Estate Market Prices: Massive increases in short periods of time • Crazy Market: What are the reasons? Nobody really knows underlying causes • Supply and Demand: Low supply and high demand drives up real estate prices • Why is demand high? People still want to buy or invest in real estate • Why is supply low? Cautious builders, lumber costs, lack of skilled labor, rules • Real Estate Investing - Alternative approaches to make money: ◦ Appreciation: Own property that increases in value ◦ Rent: Own property that is rented out to others to generate income ◦ Loan: Charge interest on money loaned for real estate deals • Ways to Own Real Estate: Short- or long-term rentals, flips, multi-units, raw land • Real Estate Responsibilities: Do you want to be an investor or more involved? • Why people write/talk about real estate: Hype, interest, and money to be made • Big Benefits: Diversify, passive income, tax shelters, and better returns • Downsides: Time, dealing with people, risks, returns, complexity, and alternatives • Purpose: Why do you want to invest in real estate and build a portfolio? Links: https://www.reit.com/ https://www.vrbo.com/ https://financeforphysicians.co/

Duration:00:43:22

Coffee & Contracts - Let us help - free education

2/8/2024
In this message, Jon from Contract Diagnostics emphasizes the company's commitment to physician education. He highlights the lack of formal training for physicians in contract evaluation, negotiation, and other crucial aspects of professional development. Jon invites individuals and organizations to reach out for educational opportunities, including training programs, free talks, and webinars. He introduces Dr. Catherine Sarnowski as the National Director of Physician Education, emphasizing her role in providing non-branded educational content tailored to physicians' needs. Jon encourages listeners to consider hosting educational discussions within their programs or associations and invites them to connect with Contract Diagnostics for assistance. He concludes by expressing gratitude and reiterating the company's dedication to supporting physicians' career advancement. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Duration:00:05:21

Mortgage Minute - Lock your Rate

2/7/2024
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. In this episode of the Mortgage Minute, host Doug Crouse discusses recent fluctuations in mortgage rates driven by economic reports such as the jobs and manufacturing data. He advises listeners to consider locking in their rates within 60 days to secure the best possible rate amid uncertainty. Doug warns against waiting to lock rates as unexpected market changes can lead to higher rates, emphasizing the importance of staying informed through resources like Mortgage News Daily. He concludes by offering his contact information for further inquiries. You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS).

Duration:00:05:16

Coffee & Contracts - 100k signing bonus for a NURSE!

2/6/2024
In California, a healthcare system faced a staffing crisis during the pandemic and resorted to costly temporary nurses. To tackle this, the CEO and team offered $100,000 signing bonuses for new RNs and retention bonuses for existing ones over three years. This innovative approach succeeded in retaining staff and reducing reliance on expensive locums. The case underscores the importance of investing in staff and considering retention bonuses as a cost-effective strategy. As such, healthcare professionals negotiating contracts should explore such options for fair treatment and long-term organizational benefits. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Duration:00:05:44

Grand Rounds - Passive investing in real estate with Dr. Steve Suh

2/5/2024
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. Dr. Steve Suh is a co-founder of Left Field Investors and author of "Avoiding Rookie Errors as a Left Field Investor." He shares his successes and mistakes with us today about syndication and real estate investing. He encourages everyone to educate themselves before investing to avoid unnecessary losses. He also talks about the benefit of having a network of investors around you to learn more about your interests. You can learn more about syndications and real estate investing at www.LeftFieldInvestors.com.

Duration:00:31:01

Financial Vitals - It's Ok Not To Be Ok

2/3/2024
Does the medical profession make you feel like you got to have everything together because everyone around you is perfect? Everything and everyone has flaws, including physicians who are far from perfect but pretend everything is all good all the time. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Christine Runyan, co-founder of Tend Health, which brings a team of clinicians to the intersection of clinical care, health professions, and technology. Christine understands and views clinician well-being through the lens of a psychologist. Topics Discussed: • How perfectionism negatively affects physicians’ mental health • Ways for physicians to address perfectionism proactively • Physicians’ Mental Health: Getting to the point of it’s ok to not be ok • Tend Health: All work done via video telehealth platform and care for physicians • Barriers: Licensing and credentialing process asks about mental health history • Stigma and Culture: Amplifies sense of self-determination to get through anything • Be Human First: Maximize privacy, confidentiality, access to mental health care • Physician Stereotype: Paradox that they need help, but too often suffer in silence • What’s expected? Know the right answer, be curious/authentic, ask questions • Financial Aspects: Average resident/fellow has six-figure student loan balance • Coping Strategies: Self-awareness is super power to being honest with yourself LINKS: www.WrenneFinancial.com

Duration:00:44:12

Financial Vitals - Using Your HSA To Build Wealth

2/2/2024
If you already have or plan to set up or start a health savings account (HSA), how do you make sure it is efficient to build wealth and possibly invest? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to best manage HSAs. Topics Discussed: • HSA: Best tax shelter that exists as a vehicle to put your money into • HSA vs. Flex Spending Account (FSA): What’s the difference? • HSA Strategy: ◦ Rule #1: It’s best not to spend out of your HSA ◦ Rule #2: If using HSA to build wealth, make sure to invest cash ◦ Rule #3: As you have healthcare expenses, save the receipts • When to start using your HSA? Balance equals future expected healthcare costs • HSA Beneficiaries: Make sure to identify spouse or dependents • When is the best time to fund HSA? Max out sooner than later • Cafeteria Plan: Better to funnel money through employer HSA for matching funds • Switching Providers: Keep up with transfers and minimize number of HSAs LINK: www.WrenneFinancial.com

Duration:00:25:31

Coffee & Contracts - 1 in 5 doctors will become disabled

2/1/2024
Today, Jon from Contract Diagnostics discusses the unsettling statistic that one in five physicians may become disabled during their career. While Jon admits to lacking expertise in disability insurance specifics, he underscores the importance of understanding one's coverage. He points out that employer-provided disability policies often have limitations that may not adequately support physicians and their families in the event of disability. Jon encourages physicians to explore supplemental disability insurance options to ensure sufficient coverage. Although Contract Diagnostics doesn't offer disability insurance, Jon emphasizes the critical role of understanding benefits and negotiating contract terms related to insurance. He concludes by inviting physicians to reach out for contract reviews, compensation analyses, and benefit evaluations provided by Contract Diagnostics. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Duration:00:05:41