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Financial Residency

Financial Residency Network

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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 y ...
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As a physician mom or dad, you put everything into your practice and your kids and you want to make sure you’ll have enough for retirement some day. But work and family soak up most of your time and energy, so the last thing you want to do is sit down and dig through the ever-changing world of investment options and tax laws to find out what you’re missing and figure out what to do with your extra money. Join hosts W. Ben Utley and Nate Reineke, two Certified Financial Planner™ professionals ...
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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…
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In this episode of the "Life Well Lived: A Physician's Guide to Wealth" podcast, host James Nutter discusses the importance of taking extreme ownership and full responsibility for one's life. He shares his personal journey of blaming others for his circumstances and how he learned to take control and liberate himself. James emphasizes that blaming …
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Have you ever taken time to review your contract and negotiate terms that are favorable to both you and the team? Just like a pro athlete negotiates for the most favorable contract, you as a superstar physician can to. Every time you renew your contract, you have a chance to get a better deal, especially your 2nd contract as an attending after you’…
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Jon from Contract Diagnostics discusses the impact of hospital and clinic closures on employees, comparing the situation to retail franchise closures like Kmart or Bed Bath & Beyond. He highlights potential outcomes for physicians, such as reassignment or termination, based on the terms of employment contracts. Jon emphasizes the importance of unde…
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On today’s show… • How do I choose the right tax preparer? • Why didn’t my automatic payment come out for my mortgage? • Should we move closer to our parents? • Should I count on hitting my RVUs? • Should I buy into my surgery center? • I am 10-years from retirement, should I cancel my life and DI insurance? • How do we combine finances in my secon…
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Jon from Contract Diagnostics recently attended the American College of Cardiology's annual convention in Atlanta, a large and engaging event where he provided talks on contract renegotiation and changes in compensation structures post-pandemic, specifically for cardiologists. Amid the pleasant setting of Atlanta, Jon, joined by colleagues Anu, Jen…
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Appraisals are completed by an independent third-party provider so neither your realtor nor loan officer have any input over the value. They typically take 5-7 days once ordered by the bank, but Doug recommends putting in a 10 day appraisal contingency when writing your contract to purchase your home. You can only use comparable houses (comps) for …
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Ever felt overwhelmed about not knowing what you don’t know as it relates to money? Perhaps even a bit frustrated that of the hundreds of thousands of dollars you spent and countless hours in training, there was little to no real-world training about money? I have great news, if you’re reading this now, you’re here for a reason. And though your med…
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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! Warning: don’t be the richest one in the graveyard. A wise investor named Warren Buffet once quoted “Investing in yourself is the most important investment you’ll ever make i…
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Jon from Contract Diagnostics highlights the risks associated with physician employment contracts, particularly emphasizing a case with a stark imbalance in termination notice periods and the risks during a probationary period. Physicians face unfair termination clauses, such as needing to provide 120 days' notice to leave, while employers can term…
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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! Some banks, including BMO, offer rate modifications for physician loans. What this means is that you can close a loan today with the current market rate, but can later "modif…
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Today Jon provides insights into contract breaches, advising caution and adherence to contractual obligations. It outlines potential consequences, including termination, financial liabilities, and legal action, underscoring the importance of seeking legal counsel. Emphasizing the need for understanding contract terms, it encourages individuals to c…
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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 …
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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! “Know thyself” – a timeless maxim etched onto the ancient Temple of Apollo in Greece. But what does it truly mean? Join us on a journey of self-discovery as we explore the de…
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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! Are you getting the most out of the podcasts you listen to? Awareness is the first step to positive change, however positive action in the direction of your goals and mission…
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The MGMA (Medical Group Management Association) data is often considered the gold standard for physician compensation analysis, but it has several limitations. Firstly, the data is delayed, with current data based on previous years' figures. Secondly, the sample size, though large, may not fully represent the physician population. Additionally, the…
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You’ve been waiting for it all this time. So here we are, on our 67th episode - here comes the shameless self promotion. Right? I mean what advisor doesnt think they are worth it. Well not only do we believe we are worth it, we can prove it. On today’s show, Nate and Ben share three ultra-simple moves that are so basic and so valuable that even sup…
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In this episode, Jon from Contract Diagnostics addresses the importance of early financial management for physicians, residents, and fellows. He emphasizes the significance of maximizing compensation, understanding taxes, and balancing savings with enjoying life experiences. While Contract Diagnostics doesn't provide financial or tax advice, Jon of…
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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! This is a very busy time of year for loan officers who specialize in physician loans as there is a big influx of home buyers with all the new residents and new attendings hit…
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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 un…
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This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Sometimes, it takes an unexpected wake-up call to remind you to take care of yourself, family, and finances. You never know when it could be your last day, and tomorrow is not guaranteed. In this episode of the Finance For Physicians Podcast, Daniel W…
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This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. When you run across something weird or strange, how do you avoid major mistakes and minimize errors? Get a second opinion, especially when it comes to the good, the bad, and the ugly of financial planning for physicians. In this episode of the Finance…
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This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Jon from Contract Diagnostics shared the successful renegotiation of a family practice sports physician's contract, extending it for four years with improved terms. Through thorough analysis and communication with the employer, they reached a mutually…
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This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. In a recent discussion, Jon from Contract Diagnostics highlighted the growing concern of physician burnout and the increasing interest among physicians in exploring careers outside of patient care. He outlined various alternative career paths for doct…
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This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. There are several misconceptions surrounding credit, which could hurt your score if you don’t have the correct information. Doug explores several of those today. He also gives some tips to help you improve your credit score. For more information …
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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…
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This episode is sponsored by PearsonRavitz– helping physicians protect their most valuable assets. Who wants to reduce their taxes? The first step requires educating yourself on the basics. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to David Glenn, a Certified Public Accountant (CPA) and founder of Glenn Advisory and…
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