Financial Residency

Buying a home is a big decision. It's one of the biggest purchases that you are ever going to make in your life, and it's the #1 error or issue that causes financial challenges for people. Everyone is susceptible, including physicians.    In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to his colleague, Jennifer DeLorbe Quire, a Certified Financial Planner CFP®, about ho...

In this episode, John from Contract Diagnostics answers a question about the commonality of severance packages in physician contracts. He explains that severance packages are not typically found in standard physician contracts. However, termination clauses are common, allowing either party to terminate the contract without cause, given a certain notice period. If a physician gives a 90-day notice...

Today Jon talks about the importance of negotiating a contract, even if it's for a short-term. To book a free 15 min call go to contractdiagnostics.com

Many people wonder if it is a good thing to pay a lump sum to pay down their loan. If you do that, your bank may allow you to do two things.   You can simply continue to make the previously determined monthly payments, which will allow you to pay off your loan early.    Or you can ask the bank to recalculate based on the new owed balance and give you a lower monthly payment for the duration of you...

Dr. Gelerie Stenbakken started investing in real estate in 2010 and has been able to leverage her cash flow to purchase multiple properties since that time. Not only has she been able to replace her income as an anesthesiologist, but she has gained significant equity in each of her properties due to appreciation.  She talks about analyzing properties to determine if she wants to add them to her po...

If you don't do anything or take action by following up on your financial vitals plan, it's not of any value to you. The purpose is to make progress and improve sooner by staying on track and measuring success. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about steps to move forward by planning, checking, and tracking your financial vitals. Happiness is when your valu...

Do you have an investment plan in place? You may have more than one fund, such as for retirement or charitable giving. Maybe you want to save or invest money for college or a vacation home. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about having an investment plan (also known as an investment policy statement) that is organized based on a specific purpose or goal. T...

Jon talks about group contract negotiations. To book a free 15 min call go to contractdiagnostics.com

Today Jon talks about a question he got on side gigs and if they're permitted. To book a free 15 min call go to contractdiagnostics.com

It's important to do your due diligence and shop before you apply for a loan. Start early to make sure you don't have surprises when you find the home of your dreams. Doug also talks about getting a preapproval to make your offer even stronger and ways to ensure your credit doesn't take a dive by doing things you "think" should help your credit. If you want to learn more about Doug Crouse or get a...

Move over Michael Crichton, it's Dr. Debra Blaine's time to shine! Debra is a three-time published author and getting ready to publish her fourth novel in September 2023. She talks about using her knowledge of medicine to weave intricate political and social thrillers that happen both on and off our planet. She learned how to self-publish and now helps other physicians who want to do the same. You...

Life doesn't always go as planned. It's full of twists, turns, and curveballs. Cover all your bases in the event of a worst-case scenario because it can come out of left field. You never see it coming or know when something could happen. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about performing a safety net check as part of your financial vitals. Topics Discussed:...

Once you clarify your values, financial vitals are used similarly to health vitals to quickly check if you are making progress toward your goals and what's most important to live a better life. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to measure specific financial vitals based on your values. Topics Discussed: • Save, Spend, Give Ratio: Percentage-wise,...

Today Jon answers this question from physician in a surgical subspecialty. What are the pros and cons of salary negotiation in the middle of a contract term? And is there a best time to do this? Stay tuned to find out! To book a free 15 min call go to contractdiagnostics.com

Today Jon answers a question he got from an orthopedic surgeon.  What types of questions should be asked on the private equity deal and what types of things should be in the contract. To book a free 15 min call go to contractdiagnostics.com

Doug Crouse explains why talking to your lender before you shop for homes can make your offer stronger when you find the perfect house. Your lender can run your credit and send your application through underwriting before you make your offer to get Loan Preapproval.  This helps to ensure you will not have any hiccups in getting the loan closed. It does require several days though, so planning ahea...

Dr. Jonathan Vitale is the founder of Remote Careers for Physicians on Facebook and a physician transition & career coach. His area of expertise is in Utilization Management, which can be a lucrative career with a lot of flexibility as it can be done remotely. He talks about what is needed to break into this field and we explore what this type of career looks like day-to-day. We briefly talk about...

If you have clarified your values and determined your saving, spending, giving ratio, the final financial vital to measure is your net worth. What is your net worth? What do you track with your net worth? How do you track your net worth? What can you use it for and why is it beneficial? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to calculate, track, and in...

Physicians and their patients know that vitals are measurements of the body's most important basic functions. Checking and tracking vitals indicate how your health is now and maybe in the future. Vitals are a progress check to prevent potential problems. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about checking your financial vitals. He discusses how medical vitals...

What is one of the best opportunities you have to take back control of your professional life and avoid burnout from happening? Physician entrepreneurship.   In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Myrdalis Diaz-Ramirez about how to get started as a physician entrepreneur.   Dr. Díaz-Ramírez is a fellowship-trained, board-certified pain medicine physician...

Today Jon talks about, what to consider when comparing and evaluating job offers for a new position. LINK: www. ContractDiagnostics.com

Interest rates are twice as high as they were a year ago, but house prices were much higher in most markets then as well. You might actually come out ahead by getting your dream home for a much lower price today, especially if interest rates go down as expected in 1-3 years. Doug Crouse explains the logic in today's episode.   You can get a free copy of Doug's book Hippocratic House: Do No Harm Wh...

Brian McCook is a CPA with Anders CPA & Advisors. He leads the health care practice side of the firm. He talks today about how you can use 1099 employment to your advantage with tax benefits, write offs and deductions. He explains how being a 1099 employee can give you more control over your career, but does require some planning to protect yourself and your practice.  He spells out the reporting...

Once you clarify your values, financial vitals are used similarly to health vitals to quickly check if you are making progress toward your goals and what's most important to live a better life. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to measure specific financial vitals based on your values. Topics Discussed: • Save, Spend, Give Ratio: Percentage-wise,...

In this episode, we sit down with Dr. Renee Dua, the Chief Medical Officer of Heal and the visionary behind Renee, a virtual assistant designed to help chronic disease patients achieve better health. Driven by her belief that great healthcare is a human right, Dr. Dua has dedicated her career to making healthcare more accessible and convenient for everyone. During the conversation, we learn about...