Financial Residency

In this heartfelt episode of "The Life Well Lived, the Physicians Guide to Wealth" podcast, host James Nutter invites Todd Spencer, a devoted husband to surgeon Amy Spencer, to share his deeply personal experiences and learnings from life as part of a medical family. Todd's engaging storytelling provides an intimate glimpse into the life of a physician's spouse, highlighting the joys, challenges, and profound lessons learned along the way. Todd Spencer delves into the importance of being intentional with time, the practice of grace within the relationship, and the nuances of navigating schedules and responsibilities with a partner who is deeply immersed in the medical field. His candid discussions about adapting to the role of a stay-at-home dad, the critical nature of self-care for the well-being of the entire family, and managing finances in a high-demand household are punctuated with wisdom and transparency. For any individual or family connected to the medical profession, this episode offers a treasure trove of relatable anecdotes and actionable advice, all while underscoring the value of cohesive partnership throughout the journey Timestamp Summary 0:02:44 Todd and Amy's medical journey together 0:06:11 Challenges of being in a relationship with a physician 0:09:03 Balancing work and family life during residency 0:10:20 The challenges of breastfeeding and being a female surgeon 0:12:20 Importance of being intentional and thoughtful in a medical family 0:13:53 Being selfless and putting oneself in the other person's shoes 0:19:24 Todd's experience as a stay-at-home dad for six and a half years 0:24:01 Mental games and managing expectations as a stay-at-home dad 0:27:37 Importance of sleep, food, and self-care for executing the mission 0:29:21 Recognizing and diagnosing stress and burnout 0:37:26 Managing time and resources as a busy family 0:39:04 Managing conflicts in time and money resources 0:43:35 Setting aside dedicated time for financial discussions 0:51:36 Advice for young Todd and Amy: Recognize and manage stress and burnout Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Discover your economic worth as a physician in this episode of "The Life Well Lived: A Physician's Guide to Wealth" podcast. Host James Nutter breaks down the concept of your hourly rate as a physician and challenges you to consider the opportunity cost of spending time on tasks you're not a professional in. Learn how prioritizing rest, recovery, and leveraging your strengths can increase your worth and bring more joy to your life. Don't miss this insightful episode that will help you take control of your time and live a more meaningful life. Timestamp Summary 0:01:06 Calculating the ROI on medical school investment 0:02:21 Determining your hourly rate as a physician 0:03:47 Importance of understanding and negotiating contractual duties 0:05:01 Shifting mindset to prioritize rest and recovery 0:06:29 Opportunity cost of DIY financial planning 0:08:16 Recommended time commitment for managing finances 0:10:44 Importance of surrounding yourself with a capable team 0:11:13 Increasing hourly rate by focusing on professional skills 0:12:14 Prioritizing rest, family time, and pursuing joy. 0:12:41 The opportunity cost of spending time on non-professional areas. 0:13:13 Reflection on strengths, weaknesses, and finding help. 0:14:17 How to spend time wisely and do what brings joy. Trying to qualify for PSLF and unsure if you’re on track? Get James’s 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more. Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Jon from Contract Diagnostics emphasizes the effectiveness of group negotiations among physicians and announces the launch of the Group Negotiation Division. He shares a success story of a group of surgeons renegotiating their compensation and highlights the complexities involved in the process. Jon encourages physicians to seek assistance in navigating group negotiations to ensure fair market value for their services. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Jon from Contract Diagnostics provides an update on non-compete agreements following a recent FTC vote. While the vote leaned towards a national ban on non-competes, challenges and lawsuits are expected. Jon advises physicians to stay informed and review their contracts. He suggests utilizing this time to renegotiate contracts and discuss compensation with employers. Contract Diagnostics is available to assist physicians in navigating these changes. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Doug Crouse from BMO Bank introduces the Rate Modification Option, a convenient program for borrowers. This option allows borrowers to relock their closed loan to the current market rate without the need for refinancing, saving time and money for both parties. Doug explains the flat fee structure and highlights the differences between rate modification and refinancing. He emphasizes the benefits of the program, such as the opportunity to adjust rates based on changes in loan-to-value ratios. Doug invites listeners to reach out for more information or assistance with loan estimates. If you have questions, Doug is available at DougKraus.com.

Many of us are told that our employer has one contract for a group of physicians and it is nonnegotiable. But what if the entire group collectively negotiated for changes? Groups can negotiate for salary, of course, but they can also request improvements to staffing, equipment, time off or other things. Jon Appino with Contract Diagnostics talks about the impactfulness and success of collective negotiations. He has started an entire division to focus on this type of bargaining and has even hired folks who previously represented "the other side" to increase physicians' chances of success in negotiations. To learn more about Jon and his team, go to www.ContractDiagnostics.com. You can also listen to his podcast Coffee and Contracts right here on Financial Residency.

Doug Kraus from BMO Harris Bank shares insights on the evolving mortgage market. With significant shifts in interest rates, he advises listeners to research their mortgage options thoroughly. Doug highlights potential challenges in the industry and encourages caution when selecting lenders or brokers. He emphasizes the importance of working with established professionals to navigate the changing landscape. If you have questions, Doug is available to assist and offers a free book on HippocraticHouse.com or DougKraus.com.

On today’s episode of A Life Well Lived James Nutter is joined by his mentor, great friend, business partner, and founder of his company Jeff McPherson, CFP®. There’s a difference between taking action with your money and fully taking control of your money. In today’s episode James and Jeff talk from a high-level overview of common mistakes they see physicians make with their money. How to unsubscribe from rules of thumb like live like a resident. Student loan tips and tricks and Jeff’s personal experience having his wife Michaela in Medical School from the perspective of a financial planner. Today they only scratch the surface of what will be many podcasts to come. Please email podcast@financialresidency.com if you have a topic you would like James and Jeff to explore AMA (ask me anything) style. IM Wealth currently works for 86 families and 70+ Physicians. To learn more about IM Wealth please visit www.imwealth.com To schedule a 100% free financial wellness diagnostic with James or Jeff visit www.imwealth.com and click join. To be the first to get notified for IM Wealth’s free physician financial wellness masterclasses and other free resources visit https://www.imwealth.com/im-nest-signup

In this episode, James Nutter explores the concept of time versus money and how it relates to physicians' lives. He discusses the common belief that time is money and how physicians often equate more time worked with more money earned. However, he also highlights the negative consequences of this mindset, such as burnout and a lack of work-life balance. James encourages physicians to reflect on how they are spending their time and to consider whether they can delegate tasks that don't bring them joy or hire a capable team to help them complete their mission in life. He emphasizes the importance of valuing time as the most precious resource and using money to buy back time and create a more fulfilling life. Timestamp Summary 0:00:04 Introduction and Will Smith quote 0:01:13 The correlation between time, money, and burnout 0:02:34 The surplus of time and money as an attending physician 0:03:48 The value of time and conducting a calendar audit 0:05:37 Investing resources for high leverage on time 0:07:01 The art of delegation and buying back time 0:08:49 Examples of areas to delegate and hire help 0:10:52 Self-assessment questions and fear of delegation 0:11:44 Evaluating income requirements and working hours 0:12:13 Conclusion and closing remarks

Jon from Contract Diagnostics discusses the disparity in contract offers for physicians within the same organization but different divisions. He emphasizes the importance of clarifying decision-making processes and reasons behind rejections when negotiating compensation. Jon advises physicians to seek multiple offers, understand policies, and persist in negotiations to achieve favorable outcomes. He highlights Contract Diagnostics' role in providing data-driven guidance and support throughout the negotiation process. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Jon from Contract Diagnostics discusses the FDA's evolving role in regulating AI in healthcare. As AI-powered medical devices become more prevalent, the FDA must adapt its processes to ensure safety and efficacy. Jon highlights the potential impact of AI on physician workflows and suggests that employers will need to update policies accordingly. He emphasizes the importance of staying informed about AI advancements and encourages annual policy reviews. Jon is optimistic about AI's potential to enhance productivity in healthcare and invites further discussion on the topic. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Dr. Bernard has literally written the book on physician wellness and shares her insights to help us find our love of medicine again while maintaining our own happiness and well-being. She advocates for physicians to have autonomy and control the things they can in their practice. She offers simple tips for running an efficient practice and setting limits on the time you allocate for work so that you have more time for yourself. She also promotes motivational interviewing to help patients become true partners in decision making and goal setting, which leads to more successful outcomes. You can learn more about Dr. Bernard, listen to her podcast or discover the books she has written at www.RebekahBernard.com.

In this episode of the "Life Well Lived: A Physician's Guide to Wealth" podcast, host James Nutter discusses the importance of taking extreme ownership and full responsibility for one's life. He shares his personal journey of blaming others for his circumstances and how he learned to take control and liberate himself. James emphasizes that blaming external factors such as the government, the economy, or other people only hinders personal growth and financial success. He encourages listeners to reflect on their own lives and assess whether they are taking full responsibility for their outcomes. James provides examples of individuals who have overcome adversity and achieved great success by taking ownership of their lives. He also introduces the formula "e + r = o" (experience + reaction = outcome) to illustrate the power of choosing how to respond to life's challenges. By taking responsibility and responding positively, individuals can create the outcomes they desire. Timestamp Summary 0:00:03 Introduction and the importance of taking full responsibility 0:01:04 How taking responsibility relates to money and personal circumstances 0:03:21 The importance of choosing how to respond to unforeseen events 0:04:13 Personal examples of successful individuals who took responsibility 0:07:21 Formula for taking responsibility: experience + reaction = outcome 0:09:22 The speaker's personal journey and the importance of taking control 0:10:49 Action item: self-assessment questions to promote positive change Do you take full 100% responsibility for all your outcomes in life? At the end of the day, taking control of our lives is perhaps the most important choice we can make. The result? Full freedom and liberation to know that all of your outcomes, where you are, and most importantly where you choose to go now are 100% your responsibility Trying to qualify for PSLF and unsure if you’re on track? Get James’s 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more.

Have you ever taken time to review your contract and negotiate terms that are favorable to both you and the team? Just like a pro athlete negotiates for the most favorable contract, you as a superstar physician can to. Every time you renew your contract, you have a chance to get a better deal, especially your 2nd contract as an attending after you’ve proven yourself as an invaluable asset to the team. In today’s episode, we are joined by Health Law Attorney Spencer Licktieg. You deserve to have the right tools and skills to get an equitable contract that aligns with your lifestyle, and indispensable contributions. Tune in to learn how. To connect with Spencer for a free consult, visit https://shrr.com/our-people/spencer-k-lickteig/ Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This recording is for the exclusive use by Financial Residency Podcast and used solely as an educational tool for the limited podcast interview by Spencer Lickteig on April 19, 2024 and any recorded replays of that presentation. This commentary was not provided with any intent for actual use by individuals or entities and does not reflect the legal opinions or advisement of Spencer Lickteig or Smith, Haughey, Rice, and Roegge. The information presented in this podcast itself does not, and is not intended to, constitute legal advice. Instead, all information and content are for the limited informational purposes only. The receipt or listening of this information does not create an attorney-client relationship, nor does it represent any intention of seeking or providing legal counsel. No user or listener should act or refrain from acting based on the information provided in this document or presentation without first seeking legal or professional advice from counsel in the relevant jurisdiction. This presentation does not represent the practice of law pursuant to state licensing authorities. This interview audio shall not be reproduced by any parties without the express consent of Spencer Lickteig and Smith, Haughey, Rice, and Roegge.

Jon from Contract Diagnostics discusses the impact of hospital and clinic closures on employees, comparing the situation to retail franchise closures like Kmart or Bed Bath & Beyond. He highlights potential outcomes for physicians, such as reassignment or termination, based on the terms of employment contracts. Jon emphasizes the importance of understanding contract stipulations regarding termination pay, benefits, notice periods, non-compete clauses, and tail insurance. He advises healthcare professionals to be fully aware of their contract details at signing to prepare for possible closures, terminations, or relocations, ensuring they know their options and risks. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Jon from Contract Diagnostics recently attended the American College of Cardiology's annual convention in Atlanta, a large and engaging event where he provided talks on contract renegotiation and changes in compensation structures post-pandemic, specifically for cardiologists. Amid the pleasant setting of Atlanta, Jon, joined by colleagues Anu, Jennifer, and Selena, enjoyed interacting with many cardiologists at their booth and during presentations. They addressed various concerns related to fair compensation, leveraging their experiences to offer tailored advice for renegotiating contracts and understanding compensation dynamics. Jon emphasized the difference between earning a high income and being fairly compensated, citing an analogy with football player Patrick Mahomes to highlight the point. Contract Diagnostics aims to educate and assist physicians in navigating their careers and contracts effectively, offering free educational resources and personalized consultations to help physicians achieve fair compensation and job satisfaction. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Appraisals are completed by an independent third-party provider so neither your realtor nor loan officer have any input over the value. They typically take 5-7 days once ordered by the bank, but Doug recommends putting in a 10 day appraisal contingency when writing your contract to purchase your home. You can only use comparable houses (comps) for those that closed before your home was inspected. You can reach Doug at Doug.Crouse@BMO.com or go to www.DougCrouse.com.

Budgeting can be a difficult task for physician families, especially when one spouse is a stickler for budgets and the other isn't. But Nate Reineke, CFP with Physician Family Financial Advisors, explains how couples can develop budgets in a nonconfrontational way by discussing their short and long term goals. He encourages families to pay off debt while saving for kids' college and/or retirement. And most importantly, he doesn't want physicians to miss out on enjoying their lives because they are so focused on saving for retirement. With a little forethought, there can be a happy balance between work and the rest of your life. You can learn more about Nate or hear his podcast at www.PhysicianFamily.com.

Ever felt overwhelmed about not knowing what you don’t know as it relates to money? Perhaps even a bit frustrated that of the hundreds of thousands of dollars you spent and countless hours in training, there was little to no real-world training about money? I have great news, if you’re reading this now, you’re here for a reason. And though your medical school or training program is unlikely to do anything about, we here at Financial Residency are here to help you make sense of your cents. Take the first step by tuning into this episode! Trying to qualify for PSLF and unsure if you’re on track? Get James’s 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Warning: don’t be the richest one in the graveyard. A wise investor named Warren Buffet once quoted “Investing in yourself is the most important investment you’ll ever make in your life. There’s no financial investment that’ll ever match it, because if you develop more skill, more ability, more insight, more capacity, that’s what’s going to really provide economic freedom. It’s those skill sets that really make that happen.” - Warren Buffet, Billionaire American Investor. You’ve already invested hundreds of thousands of dollars into your superpower skillsets as a clinician, what are you doing to invest into yourself now? Trying to qualify for PSLF and unsure if you’re on track? Get James’s 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more. Source 2 https://www.cnbc.com/2017/04/07/tony-robbins-and-warren-buffett-recommend-thisinvestment Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.