Financial Residency-logo

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

Grand Rounds - How your medical background can inspire entrepreneurship with Dr. Ramon Lizardo

3/18/2024
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Dr. Ramon Lizardo trained as an ER physician, but has pivoted to a career as a successful entrepreneur in the tech field. His background in medicine led to some of his million dollar ideas. His passion for knowledge and willingness to make contacts and learn new skills brought those million dollar ideas to fruition. He talks about his successes and failures, but also shares helpful insights about how you can take your dream and turn it into a reality. You can connect with Ramon R. Lizardo, MD via LinkedIn or via email at Lizardo@tele911.com.

Duration:00:32:50

Financial Vitals - How To Help Your Children Maximize Their College Education

3/16/2024
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. College costs money, and it continues to increase. The actual price that you pay is difficult to understand because it has become progressively more expensive for those that have more financial resources—especially physicians who have or plan to have children in the future. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Joe Messinger about how college costs work and how to start planning sooner than later. Joe is a Certified Financial Planner, CFP®, and Founder of Capstone Wealth Partners and College Aid Pro. Topics Discussed: • Tuition Costs: Different levels for in- versus out-of-state students • 3X or Greater: How college costs have changed in the past 20 years • Why? Supply and demand led to out-of-control costs for college • Inflation: State colleges level off, but private colleges continue to increase costs • Price Transparency: Private colleges equate value to higher or discounted costs • Analogy: College cost is similar to medical bills because it’s different for everybody • College Funding Philosophy: Best way to pay for college is to save for college • 3 Key Financial Aid Components: ◦ Family’s finances ◦ Student’s academics ◦ School’s business model • High-income Hurdle: Family finances impact student’s ability to get financial aid • Sticker Price Shock: Some schools give money for merit, not just for need • Budget: Use school’s money first, then federal aid, and set limitations • Rule of Thumb: Save for one-third, pay for a third, and take out a third in loans • College Aid Pro: Changing the way America shops smart for college LINKS: www.WrenneFinancial.com

Duration:00:41:27

Financial Vitals - Breaking Away From Traditional Primary Care to Start a Concierge Medical Practice

3/15/2024
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. When you’re miserable or not satisfied with your traditional primary care position at a major hospital, it’s time for a big change to live your best life and values. Focus on your future goals and dreams. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Drs. Cady and Ryan Brown, who started their own concierge medical practice, Downtown Drs. Brown, located in Lexington, Kentucky. Topics Discussed: • Cady and Ryan’s concierge medical practice and career progression • Primary Care Patient Load: From honeymoon period to fast track to burning out • PTO Requirements: Physicians not valued as people, professionals in practice • Reassurance and Education: Patients need to know if things are okay or not • How and why Cady and Ryan created concierge medical practice from scratch • Tradeoff: More security, less setup work for autonomy, independence, finances • Competition: Not many concierge medical practices, but demand definitely exists • Pressures/Stressors: Different now, feels better being in control of own destiny LINKS: www.WrenneFinancial.com

Duration:00:41:24

Mortgage Minute - It's Match Time!

3/14/2024
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Congratulations to all those med students who will be matching this week and to those getting ready to graduate and become attendings. We appreciate you and your sacrifice. If you have questions about a mortgage, you can reach out to Doug Crouse at www.DougCrouse.com or text 816-728-3631.

Duration:00:04:38

Coffee & Contracts - Don't Delay the Negotiation Process

3/13/2024
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. The right time to move negotiations along is as soon as possible. Delaying discussions with employers can result in missed opportunities for salary increases or beneficial contract changes. Employers may be hesitant to make updates, hoping the issue will be forgotten. Seeking assistance from a third party or maintaining regular communication can help ensure progress and avoid unnecessary delays. It's essential to stay proactive and persistent in negotiating employment terms to achieve desired outcomes. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Duration:00:04:15

Coffee & Contracts - Year-End or Beginning Compensation Changes?

3/12/2024
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. In early Q1 of 2024, physicians often receive updates or changes to their compensation, typically in the form of addendums to their contracts. These changes may be related to fiscal budgets, CMS regulations, or simply the timing of the year. It's crucial not to hastily sign any addendum without fully understanding its implications. Take time to evaluate fairness and consider negotiating with your employer, especially if the changes are significant or affect multiple physicians. Ensure that you have ample time to review, discuss with colleagues, and potentially seek professional advice before making any decisions. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Duration:00:04:18

Grand Rounds - Raising Money for a Medical Mission Trip with Jon Appino of Contract Diagnostics

3/11/2024
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Going on a medical mission trip is a noble thing that many physicians and other health professionals do each year, but many people don't realize that going on those trips is usually an out-of-pocket expense to the physician for thousands of dollars. It also means time away from work and family. So Jon at Contract Diagnostics is raising money to help Dr. Kathryn Sarnoski, his national director of education, defray expenses. She goes on at least one medical mission trip per year. If he is able to raise enough money, then he is hoping to send more than one physician on this trip and make it an annual program. If you would like to contribute to this noble cause, you can contact Jon Appino at Jon@ContractDiagnostics.com. He will match every dollar donated so even a small gift will go a long way to helping those in need.

Duration:00:18:03

Financial Vitals - 5 Of The Most Overlooked Tax Breaks For Doctors

3/9/2024
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. Do you love to save on your taxes? One of the most overlooked or common mistakes is the failure to maximize tax breaks that are available to physicians. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five of the most overlooked tax breaks for doctors. Personal finance is about avoiding errors or when it comes to filing income taxes with the Internal Revenue Service (IRS). Topics Discussed: • 5 of the Most Overlooked Tax Breaks for Doctors: ◦ Health Savings Account (HSA): Build wealth and avoid income tax ◦ Tax Loss Harvesting: Capital gains and losses are taxable investments ◦ Backdoor Roth IRA: Indirectly fund Roth IRA if income is above threshold ◦ Business Expenses: For side-hustle or self-employed with 1099 income ◦ Work Retirement Plans: Max out 401(k), 403(b), 457(b), and pensions LINKS: www.WrenneFinancial.com

Duration:00:29:38

Financial Vitals - Are You In For A Major Financial Surprise When Your Children Start College

3/8/2024
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. Go with eyes wide open or be in for a major financial surprise when your children start college. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about you or your children funding their education. Topics Discussed: • Who should pay for college? You, your children, student loans, or scholarships • What has changed? Tuition costs, direct student loan cap, and responsibility • Little to No Financial Aid: Based on physician’s above-average income • Other Options: 529 Plan, investments/cash accounts, income, student loans LINKS: www.WrenneFinancial.com

Duration:00:21:51

Coffee & Contracts - Lowest Paid Specialties

3/7/2024
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Jon from Contract Diagnostics discusses the lowest paying specialties in medicine based on 2023 data. He highlights public health and preventive medicine, pediatrics, family medicine, infectious disease, and endocrinology as the lowest five, with salaries ranging from $249,000 to $267,000 annually. Jon emphasizes the importance of regular salary evaluations and negotiations for physicians in these specialties, noting that many individuals have successfully negotiated higher salaries. He encourages physicians to understand their compensation structures and engage in discussions with their employers to ensure fair compensation. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com Link: https://www.beckersasc.com/

Duration:00:06:13

Coffee & Contracts - Advertised signing bonuses

3/6/2024
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Jon from Contract Diagnostics discusses signing bonuses in healthcare, citing an article revealing average bonuses across various professions. While physicians top the list with an average of $47,993, other roles like pharmacists and optometrists also receive significant bonuses. Jon emphasizes the importance of understanding the terms of signing bonuses, including clawback provisions and tax implications. He encourages physicians to leverage their negotiating power and offers guidance on navigating contract complexities. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com Link: https://www.beckershospitalreview.com/

Duration:00:06:31

Mortgage Minute - Mortgage Scams

3/5/2024
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Today on the Mortgage Minute, Doug Crouse from BMO Bank warns about mortgage scams targeting recent homebuyers. He cautions against overpriced services offering copies of deed records and emphasizes that such documents can be obtained independently. Additionally, he highlights the prevalence of deceptive emails from "bottom feeder" lenders posing as the borrower's actual lender. Crouse advises vigilance and encourages borrowers to scrutinize communication for disclaimers indicating non-affiliation with their original lender. He concludes by offering his contact information for further inquiries or assistance. Links: usmortgagebanker.bmo.com/fl/marco-island/dc-363861/

Duration:00:03:30

Grand Rounds - Buying your first home with Doug Crouse of BMO Bank

3/4/2024
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Match & Graduation Season is almost here, which means we will have many doctors looking for a new home. Doug Crouse with BMO Bank joins us today to explain what makes a physician loan different from other types of loans, discuss the importance of choosing a lender and realtor, caution about putting appropriate contingencies into your contract so you don't put your earnest money at risk, avoid common mistakes made by home buyers and offer suggestions on how to improve your credit score. He defines several acronyms and terms used by lenders to help you understand their jargon. He also offers to mail listeners a free copy of his book, "The Hippocratic House: Do No Harm When Purchasing Your First Physician Home." You can email him at Doug.Crouse@BMO.com, text him at 816-728-3631 or go to www.DougCrouse.com to get more information.

Duration:00:29:57

Coffee & Contracts - Residents/Fellows Unionize

3/2/2024
The article discusses the unionization of 1300 medical residents and fellows at Northwestern University, reflecting a growing trend in collective action within the medical field. Jon from Contract Diagnostics shares insights on the importance of group negotiation and reevaluating compensation structures. While acknowledging the benefits of unions, he emphasizes that collective action can be pursued independently or with professional assistance. Contract Diagnostics aims to empower physicians to advocate for fair compensation and address concerns within their organizations. Ultimately, Jon encourages individuals to explore their options and take proactive steps toward achieving their professional goals. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com Link: https://www.modernhealthcare.com/

Duration:00:06:03

Financial Vitals - Are You Viewing Money As A Tool Or The End Goal

3/1/2024
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. What’s your perspective on money? Do you view it as a tool? Do you know how to use that tool? Is it like a hammer that you use to build a house, murder somebody, or that sits on the shelf and collects dust? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about using money as a tool and what happens when people don't view money as a tool. Topics Discussed: • Money Spectrum: Some people go to extremes, but most are in the middle • Temptation: What is more important—more money or more time with family? • Money is a tool that does not buy happiness but helps you attain happiness • 3 Ways to Recognize Money as a Tool: ◦ A tool for what? What are you building? ◦ Learn to use the tool. Are you using money to build your ideal life? ◦ Maintain awareness about the outcome. Are you using money effectively? • Key Takeaway: Money should not be the end goal—you can't take it with you LINKS: www.WrenneFinancial.com

Duration:00:19:48

Financial Vitals - Can You Max Out Both Your 403b and 457b Plans

2/29/2024
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. If you are employed and work for a hospital system or plan to work for one in the future, do you have access to a 401(k), 403(b), and/or 457(b) retirement plans? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how different retirement plans interact collectively. Can you max out both your 403(b) and 457(b) plans? Topics Discussed: Tax shelter limits for 401(k), 403(b), and 457(b) retirement plans • Maximum for Employees: ◦ 401(k)/403(b) is $20,500 combined per year ◦ 457(b) is $20,500 separate limit • Retirement plans with mandatory and required contributions • 457(b): Governmental or non-governmental plan, which is better and why? LINKS: www.WrenneFinancial.com

Duration:00:12:38

Coffee & Contracts - Medicare Fees Cut

2/28/2024
Jon from Contract Diagnostics highlights the 2024 Medicare fee schedule, revealing a 1.5% decline in overall reimbursements due to a 3.4% cut in the conversion factor from CMS. The impact varies based on contract structure, employer policies, patient demographics, and payment models. Despite limited influence, understanding these changes is crucial for physicians and hospitals striving to maintain patient care standards amidst increasing challenges. Contract Diagnostics offers support in navigating contract amendments related to Medicare adjustments, recognizing the importance of fair compensation alignment. They encourage reaching out for personalized assistance and anticipate further updates on specialty-specific implications. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com Links: https://www.modernhealthcare.com/

Duration:00:03:24

Mortgage Minute - My mind “ New build vs Resale”

2/27/2024
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. Today Doug Crouse of BMO Bank discusses the differences between buying a new build and a resale home. While the processes are similar, new builds come with uncertainties such as fluctuating completion dates and potential rate lock issues. Crouse advises adding a 30-day buffer to rate locks for new builds to avoid expensive extensions if completion is delayed. He also emphasizes coordinating changes with appraisals to prevent unexpected costs. Ultimately, careful planning is crucial when choosing between a resale and a new build to avoid disappointments and expenses.

Duration:00:08:02

Grand Rounds - Physician wellness, suicide and change with Dr. Dominick Corrigan of Physicians Anonymous

2/26/2024
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. Dr. Dominick Corrigan founded Physicians Anonymous to help physicians who are somewhere along the spectrum between burnout and depression all the way to suicidal. His organization provides free, anonymous peer support. He joined Dr. Tammy to share his journey that led to starting Physicians Anonymous, discussing the unique pressures that physicians face ranging from microtraumas caused by administration to the major traumas of facing death & dying on a daily basis, and the culture that keeps physicians from seeking the help they need to stay healthy. He talks about the "Burn Out Vaccine" training program his organization has created, which includes providing peer support, teaching physicians to say no and dealing with imposter syndrome. To learn more, please go to www.PhysiciansAnonymous.org.

Duration:00:40:12

Financial Vitals - Should I Change Jobs For More Money

2/24/2024
This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. Are you looking for another job, or are recruiters seeking you out for opportunities? If you were offered a different job, would you think about taking it? Why, or why not? There’s a lot to consider. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about whether to accept another job. It can be difficult to make a decision and navigate your priorities as an in-practice physician. Topics Discussed: • Temptations: Financial aspect—try to not first look at the money/compensation • Values and Goals: What’s most important? Family, work/life balance, pay? • Coworkers: Who will you work with and for? What kind of lives do they live? • Position: Is it a job you enjoy? Are the pay/benefits decent? What are the hours? • Student Aid: Confirm if the employer is Public Service Loan Forgiveness qualified • Insurance Coverage: Are malpractice insurance and tail coverage provided? • Employment Law: Hire a consultant or employment attorney to review contracts LINKS: www.WrenneFinancial.com

Duration:00:23:12