Financial Residency

As a physician, there are things that you may not be aware of that can help make tax preparation easier. Have you started to prepare your taxes... and wonder where is that random receipt? You didn't know you needed it until right then! There are pitfalls, but what can you do to avoid them? There are things you may be missing, but how do you know what they are? Ryan and Jon talk about the things yo...

Have you thought about how you are going to save to pay for your child's college education? College tuition is going up every year. It is imperative to have a plan for paying college expenses. The most common way parents pay for their child's education is a 529. What is a 529? What do you need to know about a 529? Some options can be just as effective as a 529. Today Ryan and Amy Chao, one of the...

Impulse buying can be good in rare situations. Most often, a rushed buying decision ends badly. On top of that, it can lead to many financial issues, such as debt. Good money management is essential and takes a well-thought-out strategy. In this episode, Ryan and Jennifer discuss how someone can unknowingly fall victim to impulsive spending and steps to take that slow down impulsive buying habits....

Ways to generate passive income is a question many people have. You may be interested in investing in the stock market. Additionally, you may look at real estate as a way to generate passive income. What are the advantages and disadvantages of both? What are the things to know? Is there passive income, or is there a great deal of work required?  In this episode, we discuss all of these questions a...

It's no secret that most people avoid estate planning - it's an uncomfortable topic to discuss! At some level, we're talking about death planning. But our discussion today is about revocable LIVING trusts - an important estate planning document that can preserve your hard-earned assets and help your loved ones avoid probate, which can be a confusing, expensive, and inconvenient judicial process. I...

Ever heard of the phrase  "Time is Money!"?  It means don't waste time. However, being patient has a lot to do with money than we realize. In this episode, Nick True of Mapped Out Money says that our happiness, success, and our thought-processes revolve around our ability to be patient. When you throw money into the mix, things become more complicated! Just how patient do you need to be? Deputy ma...

Frankly, it's easy to make a knee-jerk decision to quit your job… but when it comes down to the fear of the unknown, you might be channeling unaddressed energy that causes you to go down a path that might not be the best suited. The mindset shift involved in strategic quitting happens when you discover what your ideal life looks like says my guest, Dr. Lynn Marie Morski. This episode is sponsored...

You've heard your colleagues talk about estate planning or maybe you happened to stumble upon the term in passing. Do you know how critical it is to understand how an estate plan affects your future? You don't need all the bells and whistles for an estate plan. You do need the basics. See what those basics are in this week's episode!  This week's episode is sponsored by a good friend, Dr. Errin We...

All month long, Ryan tackles the community's most pressing questions and responds to the comments made by others on those threads for clarity. Does savings accounts, investing, and flex spending sound like topics you'd be interested in too? Good! 'Cause Ryan shares what you should know! Quick shout out to Jessica Briscoe, Kristin Etnier, Diane Cota, and Ali Mae Gardner Johnson for their continued...

Negotiation is awkward and tough. Everyone wants to win, and in the end, some things are non-negotiable. Maybe it's time to get creative with your negotiations. That's why Jon Appino is back to explain why it's important to get over that discomfort and how to negotiate for your needs with prospective employers. As a physician, you routinely check your patients' health. But when was the last time y...

Just when you thought they couldn't talk more about contracts, Ryan brings back Jon Appino to break down contractual risks. The challenge is that risks don't apply to everyone, it requires you to know what you want out of life. Sure, this isn't a sexy topic like investing and real estate, but your livelihood should be just as important to you as what you invest in.  Are you too busy to build the p...

Last week, Ryan talked with Jon Appino about the general trends in contracts, but today they dial in on the trends with physician compensation. Whether you're starting your career, or have been established at your job for a while, it's important to understand how your compensation is structured. If you don't understand your compensation structure, you may end up owing your employers a lot of money...

This month we're talking all about contracts with the amazing Jon Appino. Considering how he's worked with physician contracts for over 10 years, he is the go-to person to notice what's changed with signing contracts. This week, Jon goes deep into some of the contract changes he's noticed due to Covid, for better and worse. Dr. Errin Weisman is passionate about creating sustainable careers for wom...

Ryan is closing out Student Loan month talking about the dreaded term...refinancing! He's brought back Joy to talk about what it means to refinance and why you might need to refinance instead of taking PSLF. Whether you think you need to refinance or not, please make sure you talk with a financial adviser before acting on anything! Are you burned out or need a change of pace, or looking to supplem...

Ryan and Joy have talked a lot about ways to manage your public student loan forgiveness. Today, they're discussing what happens when you don't keep a close eye on your forgiveness plan, and how mistakes could cost you hundreds of thousands of dollars! There are so many ways you could lose your forgiveness plan, so it's important to always review your forgiveness plan.     Are you burned out or ne...

It seems more and more headlines are trying to scare everyone into thinking no one is qualifying for Public Student Loan Forgiveness, or PSLF. That's why Ryan brought back Joy Sorensen Navarre to help put those fears to rest and help navigate how this loan forgiveness process works.    Do you need help making a prudent decision about your disability insurance without overcomplicating things? Then...

Ryan has received a ton of emails and questions about student debt over the past few months. That's why he has brought on the wonderful Joy Sorensen Navarre from Navigate Student loans to talk about what to do when you're just starting to pay back student loans. Whether you're a starting residency or are now a brand new attending, if you're trying to figure out what to do with your student debt, t...

Ryan has invited the one and only John McCarthy today to run down all the information you need to know about the unsexy side of Real Estate...taxes. So if you're ready to dive head first into real estate after the past couple of episodes, make sure you listen to this episode to make sure you don't get in trouble with the IRS! you want to work with an insurance agent that is well versed in the unde...

Ryan invited on physician and real estate syndicator Dr Cathy Carroll to do a deep dive in the pros and cons of investing in real estate via syndications. By the end of this show you will know if real estate investing belongs in your portfolio or not. Comment in the community chat www.financialresidency.com/community with your real estate plans! Reach out to Panacea Financial for your banking need...

Ryan has received a ton of emails in the past couple of months about Real Estate. So he's taking the month of May to do a deep dive on Real Estate for everyone. If you've ever reached out to Ryan with questions about real estate then your question will most likely be answered this month (Unless you asked if it's a good idea to invest in something. I still cannot answer that question for you).   Dr...

It's really important to understand how financial advisors are compensated before you decide to work with them. Ryan is a fee-only financial planner, but there are other ways financial planners earn their money. Knowing the difference between payment types like fee-based and fee-only can help make sure you're getting the right kind of support you need.    Do you need help overcoming your short-ter...

There are two things you can always guarantee to hear about when listening to Financial Residency: 1) All of this information should not be considered financial advice, and 2) You should understand what you're investing your money in. That's why Ryan wanted to go over the basics of investing. Whether you have been listening to this podcast for a while, or new to the community, there is something n...

If you look at the tactics which are used every day to run successful companies, there are several key lessons we can all use to help us navigate through our personal finances. When you choose to manage personal finances like a business, it helps you focus on developing sound strategies for your money. What's your bottom line lookin' like these days? Do you need help making a prudent decision abou...

It's hard to get the real facts about Bitcoin when people either treat it like joining a cult or just dismiss it as a scam. Fortunately, today's guest, Zac Prince, the founder and CEO of BlockFi, is passionate to help educate everyone on what bitcoin really is and how to make the determination if it belongs in your portfolio. Check out his company at www.financialresidency.com/bf Do you need help...

Last week the 1.9 Trillion dollar stimulus package was signed into law. Of course everyone is focused on getting their next stimulus check, but are there other ways that this stimulus helps or hurts you? Ryan has brought on John McCarthy CPA with Physician Tax Advisors to break down the major takeaways of the American Rescue Plan Act, and to remind you to be kind to your CPA during this tumultuous...