Financial Residency

Rhea Watson joins us to talk about the 5 easy steps to finding scholarship money. She helps individuals and families through this journey from "womb to tomb." She is the author of "The Scholarship Doctor is In! 5 Easy Steps to a Free Degree." You can find more about her at www. MyScholarshipSolutions.com .

Today I'm talking about visa physicians and what they need to consider as they look at their employment contract and how they've differ than a traditional W2 physician. Link: www. ContractDiagnostics.com

As physicians, it's easy to feel like there are too many people to help with not enough time. On top of that, most physicians have other responsibilities at home, plus passions they pursue to fill their own buckets. But just because you're extremely busy, doesn't mean you need to sacrifice your joy or risk burning out. That's why we're bringing on a physician with multiple businesses and hobbies t...

Today I want to talk about who you should have review your contract. LINKS: www. ContractDiagnostics.com  

Today I want to talk about common questions around, how you should be reviewing your tax return. Link: www. WrenneFinancial.com

As you know, interest rates are higher now than they have been in years. If your mortgage has a loan modification option, you may be able to go back to your bank and ask for a lower interest rate without going through the hassle and cost of refinancing the loan. Doug tells you more about this option and how it might benefit you. For a free copy of Doug's book on buying a home, go to  www. DougCrou...

Dr. Latifat Akintade from The MoneyFitMD podcast shares her philosophy on "living your life with both butt cheeks." Not only does she help others with money and finance, but teaches us how internal and external wealth can help us be our authentic selves, which may actually be a key way to overcome burnout. Her new book "Done with Broke" will be available 5/2/23. You can get more information about...

Today we're talking benefits. So as you look at your contract and you're looking at your benefits that may change year to year, First off. Does it say anything in the contract about benefits? We usually don't see too much in there. We might see something that says you'll be offered benefits. Join me as I discuss more on benefits! LINKS: www. ContractDiagnostics.com

Today I want to talk about what it means to get a contract reviewed. LINKS: www. ContractDiagnostics.com

With interest rates on the rise, I want to talk about buying a house or upgrading to a bigger one. Links referenced:  https://financeforphysicians. co/2023/03/07/the-most-common- financial-planning-mistakes- physicians-make-w-daniel- wrenne/ https://financeforphysicians. co/2022/04/14/renting-your- home-is-the-key-to-building- wealth/ https://financeforphysicians. co/2021/05/06/throw-out-the- rent...

Today I want to talk about compensation data and answer some questions I have been asked. LINKS: www. ContractDiagnostics.com

As you know, interest rates are higher now than they have been in years. If your mortgage has a loan modification option, you may be able to go back to your bank and ask for a lower interest rate without going through the hassle and cost of refinancing the loan. Doug tells you more about this option and how it might benefit you. For a free copy of Doug's book on buying a home, go to www. DougCrous...

Drs. Cherisa and Alex Sandrow help coach other physicians to be able to transition from a traditional clinical career to one in virtual medicine. Cherisa was able to double her income in half the hours. They have a new cohort of physicians who will learn more about virtual medicine careers over a 10-week course starting on 4/23/23.  You can learn more at www. SandrowConsulting.com . Alex and Cheri...

Today I want to talk about the banks that have recently failed. I will talk about some questions I have gotten about that.   Links referenced:  https://financeforphysicians. co/2022/09/01/investing- behaviors-that-will-wreck- your-financial-plan/    https://financeforphysicians. co/2022/08/25/how-market- downturns-look-and-feel/ https://financeforphysicians. co/2022/08/18/what-to-do-when- your-inv...

Today I am talking about what I see in many contracts about repayment provisions. LINKS: www. ContractDiagnostics.com

Today I want to talk about some common questions about real estate for physicians.   Links referenced:  https://financeforphysicians. co/2021/04/15/how-to-use-real- estate-to-build-wealth/ https://investor.vanguard.com/ investment-products/etfs/ profile/vti#portfolio- composition https://investor.vanguard.com/ investment-products/etfs/ profile/vnq#portfolio- composition

Today I want to talk about the equation of time and money on a contact. LINKS: www. ContractDiagnostics.com

APR is the annual cost of your loan including any fees, which can include mortgage insurance, closing costs, points or loan origination fees. An interest rate is only what the loan is costing you. Some banks may list a very low interest rate but charge you huge fees to get that rate. Other banks may offer you a higher interest rate but with little or no extra fees.  In order to compare all of your...

Dr. John Jurica, podcast host of Physician Nonclinical Careers, joins us today to talk about all the different types of careers available to doctors who are looking to do something outside of the traditional clinic. He and his partner Dr. Tom Davis will be hosting a free, live Virtual Summit on 4/11/13-4/13/23 from 7p-11p CST each evening in which you can hear from 12 different speakers about nonc...

What is a health savings account (HSA), and why are so few people utilizing it? The HSA is one of the best tax shelters that exists to build wealth.    In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about how the HSA works, how to decide if it is a good fit for you, and ways to manage an HSA to maximize its efficiency.    Topics Discussed:  • Two Groups of People:  ◦ Th...

Today let's talk about what your contract says when you need to take time off. LINKS: www. ContractDiagnostics.com

If you have been watching the markets lately, like I have, it's gotten a little dicey. It's been a while since we've had volatile down markets.  What should you do when your investments get shaky? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about what to do when your investments start tanking. Markets do go up and down. If you've been investing long enough, you reali...

In order to get accurate rate quotes, you need to provide the lender with the purchase price vs the loan amount and your credit score. Doug talks about how banks price their loans, specifically their doctor loans as compared to conventional loans. For a free copy of Doug's book on buying a home, go to  www. DougCrouse.com . 

Today I want to talk about physician burnout and what changes are being made to help prevent physician burnout. LINKS: www. ContractDiagnostics.com

Dr. Tammy and Jon talk today about contract term lengths and how they might affect bonuses, tail coverage, termination of your employment and other aspects of your contracts. They also talk briefly about noncompete agreements and how the credentialing process can sometimes delay your start date.  You can get more free education about contracts and negotiations at  www. ContractDiagnostics.com .