If you avoid talking about money with your children, then who pays for it later in life? Whether you know it or not, you’re teaching your children about money every day. Teach them what works and what doesn’t when it comes to finances. 

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. David Weisenhorn about money and parenting. David is a Senior Extension Specialist for Parenting and Child Adolescence Education at the University of Kentucky. 

Topics Discussed: 

What is a family scientist? Mixes psychology and sociology focused on families

Taboo Topic: Money isn’t up for conversation; vulnerabilities around values

Lack of Education: Discussing finances in not covered in traditional curriculum

Effects: Educate children to avoid risk of not using and handling money properly

Mistakes: Avoiding subject of money doesn’t mean kids won’t use/experience it

Proactive Parenting: Daily practice of teaching children how to deal with money

Financial Literacy: Learn jargon and teach simple concepts via currency games 

Money Personalities: Habits and attitudes toward spending and saving 

Sink or Swim? Worth it to learn value of dollar early on to gain knowledge

Allowances/Chores: Required versus going above and beyond to earn money

Intrinsic/Extrinsic Motivators: Monetary incentives and sustainability of actions

Zone of Proximal Development: Allow children to make and learn from mistakes

Goals and Expectations: Smart small, don’t overpay, earn money from hard work  

Links:

Dr. David Weisenhorn

University of Kentucky’s Extension Office

Money Habitudes Game

The Game of LIFE

Monopoly Game

Lev Vygotsky's Zone of Proximal Development and Scaffolding 

Finance for Physicians

What is your relationship like with money? Are you always trying to keep up with the Joneses? Would you and your partner benefit from financial therapy? Don’t judge, because everybody can benefit from therapy.  

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Ed Coambs, a licensed marriage and family therapist, certified financial planner (CFP), and founder of Charlotte Couples Counseling. Ed shares practical tips to improve your financial behaviors and relationship with money.

Topics Discussed: 

Couples Around Money: Mix of emotion, experiences, and desire to connect    

Why financial therapy? Financial stress due to thoughts, emotions, behaviors 

Pain Points: Spending versus saving is challenging and problematic for couples 

Power Control: What does money mean and represent? What is valued most? 

Equal Partnership? Understand social meaning of professional identity 

Converted Skeptic: Everybody can benefit from therapy with ability to heal

Male Psyche: Character defect or discomfort doesn’t make a narcissist    

Financial Flashpoints: Partner’s experiences and expectations around money

Money Management: Yours, mine, or our money in separate or joint accounts

Money Egg Exercise: Is your relationship with money positive or negative?

Links:

Charlotte Couples Counseling

Healthy Love and Money

Family Money Tree Course 

Ed Coambs on Instagram

Money Egg Exercise

ACES Study 

The Mask You Live In 

Brad Klontz: Financial Flashpoints and Money Scripts 

Dr. Dan Siegel: Neural Integration 

Financial Therapy Association

Physicians are super busy people, but the key is educating them to make the right decisions. What should every physician know about incorporating long-term disability insurance into their financial picture to help them live better lives?  

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Larry Keller, founder of Physician Financial Services. Larry is a Certified Financial Planner (CFP®) and insurance agent who helps physicians secure and maintain life and disability insurance. 

Topics Discussed: 

Basics of Long-term Disability Insurance: 

Best rates and discounts

Finding an agent

Being an educated buyer

Understanding key contract provisions

Comparing insurance companies

What is long term disability insurance?

Types of Disability Coverage: Group, individual, and association 

Special coverage amounts for residents, fellows and new in-practice physicians 

Right Time to Buy: Sooner than later and when you don't think you need it

COVID: Practices shut down, so what happens without income?

Guaranteed standard issue plans and pre-existing medical conditions

Cost range for long term disability insurance for residents and fellows

Unisex/Gender Neutral: Coverage provides blended rates for males and females

Physician and Agent Discounts: Same structure, same policy, but different prices

Own Occupation: Ensures ability/inability to do job duties for medical specialty

Lease w/Option to Buy: Graded premiums or fixed costs where coverage is same

Put in Time Now: Understand what and why you’re getting, paying, and doing

Links:

Larry Keller’s Email

Larry Keller’s Phone: 516-677-6211

Physician Financial Services

Finance for Physicians

What is a physician mortgage? How does it compare to a conventional mortgage? Why is it important to work with a mortgage lender that you trust and that also knows his or her stuff?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Richard Ricci, a loan officer from Truist (formerly SunTrust Mortgage). Richard graduated with a business degree from the University of Florida and has made mortgage lending and quality of service his passion. Richard specializes in Truist’s industry leading Doctor Loan program. However, he is an expert in all types of mortgage loans, including conventional, VA, FHA, Jumbo, and new construction.

Topics Discussed: 

Basics of Physician Mortgages: 

How qualification works

How credit scores play into loan requirements

Best practices when shopping for lenders and comparing rates

Differences between physician mortgages and conventional loans

What’s with mortgage rates? Lowest they’ve ever been—keep getting lower

Physician Loan Benefits: Lower down payment with no PMI

Debt-to-Income Ratio: Determines maximum loan amounts

Credit Scores: Depends on lender, but higher credit score, better interest rate

All that matters? Don’t be misled by lenders’ interest rates and closing costs 

Compare and Consider: APR and lender fees on good faith/loan estimate 

15- vs. 30-Year Loan Options: Go with 30-year fixed rate, just in case 

Denied?! Gatekeeper cares, limits stress, and knows physician loan guidelines     

Links:

Richard Ricci - Truist Physician and Jumbo Loan Specialist (NMLSR #659699)

Richard Ricci’s Email

Richard Ricci on Facebook

Richard Ricci’s Phone: 855.501.6730

Richard Ricci’s Cell: 904.994.0847

Credit Karma

myFICO

Finance for Physicians

This is a test podcast.