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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.
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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.
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.
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.
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! You may know Dr. Lisha Taylor from Money Meets Medicine or her new podcast Wealth Minded MD. She joins us today to share her Top 5 Financial Tasks to help new attendings get out of debt, protect themselves and build wealth. For more information on Dr. Lisha or to sign up for one of her financial wellness workshops, go to www.WealthMindedMD.com.
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! James Nutter with IM Wealth joins Dr. Tammy to discuss his 7 Critical Steps to Argue Less with Your Significant Other About Money. He helps physician families learn how to understand themselves so they can communicate more effectively as couples, discover what their "love language" is when it comes to money, and develop a plan as a team to accomplish their financial goals. You can learn more about James at www.IMwealth.com or turn into his new podcast on Financial Residency called "A Life Well Lived: A Physician's Guide to Wealth" debuting this week. One size planning does not fit all. To learn more about James, you can go to www.IMWealth.com. To download a free PSLF checklist, you can go to https://info.imwealth.com/pslf. You can also email James at James@IMWealth.com.
This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Many primary care physicians have moved to a direct patient care model where the physician works for him/herself and does not accept insurance. It helps eliminate many of the burdens that lead to burnout amongst doctors. But can specialists do it as well? Dr. Lara Kenney is a hematologist-oncologist who says yes you can! She moved to this model in 2019 and talks about her practice. She also is the co-founder of Direct Specialty Care Alliance, which is an organization that is trying to help other specialists who are interested in changing their practice model as well as helping patients/physicians find resources for those who need referrals/resources. You can learn more about direct specialty care at DSCalliance.org or join the Facebook group Specialists for Direct Care.
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.
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.
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.
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! 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.
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! 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.
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! 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).
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! 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.
Brett Riggins is the owner of Physician Wealth Systems and podcast host of Real Estate Mogul MD. He talks to us today about the BURRR method of investing (Buy, Renovate, Rent, Refinance, Repeat) and stackable returns of residential real estate. We briefly explore the tax benefits of developing a real estate portfolio to offset active income from W2 employment. To learn more about Brett at www.PhysicianWealthSystems.com.
Employers refer to Fair Market Value in conversations and contracts when negotiating fair compensation, but who determines FMV and how is it calculated? Jon Appino with Contract Diagnostics tries to shed light on FMV and talks about how you can get third-party information to ensure you agree with the FMV calculation being used to determine your compensation. To learn more or get a Compensation Review for yourself or your group with Jon's team, go to www.ContractDiagnostics.com.
We all went into medicine to care for patients, but for some more of our time is spent on the EMR than with our patients. Erez Druk invented AI software that listens to your appointments and generates a SOAP note for you. It learns your style over time so less edits are necessary with each interaction. It's like a scribe that will never quit on you, not to mention more affordable. It may save you 10+ hours per week in administrative tasks. You can learn more at www.Freed.AI. You can try the software for free and don't need to purchase any equipment. If you decide you want to subscribe to the service, you can get 50% off the first month by using code FR50.
This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! James Nutter is a financial planner with IM Wealth. He talks with us in depth today about student loan repayment strategies with a strong focus on PSLF. His firm specializes in approaching financial planning from a behavioral perspective. Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. One size planning does not fit all. To learn more about James, you can go to www.IMWealth.com. To download a free PSLF checklist, you can go to https://info.imwealth.com/pslf. You can also email James at James@IMWealth.com.
This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Scott Royal Smith is an asset protection attorney. His firm specializes in tax deductions, shelters, depreciation analysis and real estate planning. Today we explore protecting yourself through a combination of anonymity trusts and LLCs, establishing private foundations to create a tax shelter, investing in oil and gas to gain beneficial depreciation to offset W2 income and becoming a real estate professional to boost investment return and depreciation against taxes. To learn more about Scott Royal Smith and his firm, go to www.RoyalLegalSolutions.com.
This episode is sponsored by Freed.AI - Get 50% off your first month of using their AI-powered medical scribe software! Add FR50 to your cart! Leslie Tayne is an experienced financial attorney who helps individuals and businesses that find themselves overwhelmed with debt. She discusses working with creditors to find manageable payoff strategies, explores when bankruptcy might be the right option and explains that as a consumer you do have rights when it comes to debt collectors. She talks about changing your mindset to avoid financial pitfalls in the future and reassures us that debt is not a death sentence. You can learn more about Leslie at www.TayneLaw.com. You can also follow her on X, LinkedIn, Facebook or Instagram.
Clint Harris is a partner with Nomad Capital and podcast host of Truly Passive Income. He explains how "independence of purpose" can mean more than just financial freedom. We also explore active versus passive income. Any good investment requires time, experience and money, but the purpose of passive investments is to "buy" someone else's time and experience to increase your return on investment. We talk in depth about syndications and how they can not only boost your retirement, but can also unlock your golden handcuffs to allow you more freedom throughout your career as well. To learn more about Clint Harris, go to www.NomadCapital.us or listen to his podcast Truly Passive Income.
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