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Financial Residency episodes
- Coffee and Contracts: Disability and your contract
Today let's talk about what your contract says when you need to take time off.
LINKS:
www.ContractDiagnostics.com
6 min - Financial Vitals: What To Do When Your Investments Start Tanking
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 realize that's just the way it goes.
Topics Discussed: • Downturns: People make big mistakes and lose a lot of ground—and money • What to do? There are some things you should do and some things to avoid • What is shaky market territory? People get emotional when it gets more volatile • What are natural reactions? These feelings are normal: ◦ This time it's different, but is it, really? ◦ Are you tempted to find winners and get rid of losers? ◦ Historically, people work through it and recover nicely • What's not normal? Things get completely backward sometimes: ◦ Past: Inflation was high, cash paid nothing, and mortgage rates were low ◦ Present: Cash pays nothing, inflation is very high, mortgage rates are up • What are action items? ◦ Remember to refer to your financial and investment plans ◦ Give yourself a little space between the feeling and the action ◦ Educate yourself on how markets work ◦ Recognize that the market is out of your control for the most part ◦ Create awareness around human investing behaviors/behavioral finance ◦ Rebalance investments and benefit from tax-loss harvesting ◦ Change your pre-tax IRA or 401(k) to a Roth conversion ◦ If you have extra dollars, put them to good use and start investing • What are questions to ask yourself: ◦ What is the underlying concern? ◦ What is the money that I'm concerned about? What's its purpose? ◦ When are you ultimately going to use it? What's it going to be for?
Links:
www.WrenneFinancial.com
31 min - Mortgage Minute: What are Loan Level Pricing adjustments?
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.
5 min - Coffee & Contracts: Physician Burnout
Today I want to talk about physician burnout and what changes are being made to help prevent physician burnout.
LINKS:
www.ContractDiagnostics.com
5 min - Grand Rounds: Contract Term Lengths with Jon Appino of Contract Diagnostics - Do They Matter?
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.
22 min - Financial Vitals: Using Story To Begin Teaching Children About Money
In previous episodes, we established the importance of providing your kids good financial education as early as possible.
In this episode, we'll talk about how to make it as enjoyable as possible for your children!
Our guest today is Will Rainey.
Will's story is remarkable because it ties back right into the topic of today's show - he went from working in the big corporate world, advising billion-dollar companies to kickstart Blue Tree, a reputable financial blog teaching parents how to pass on financial knowledge to their kids.
Will is also the author of Grandpa's Fortune Fables, a best-selling book dedicated to teaching children the wisdom of markets through interactive fables.
Links:
www.WrenneFinancial.com
44 min - Coffee & Contracts: NonCompetes - how to measure
Today I talk more on non-competes and answer some more questions I have gotten about it.
LINKS:
www.ContractDiagnostics.com
4 min - Financial Vitals: Using Money As A Tool To Build Stronger Families
In life, many people think they have to choose what they can have.
They should choose happiness over wealth, family over career aspirations, etc.
Today's guest proves that it's possible to have it all!
Andy Hill is the founder and CEO of Marriage, Kids and Money - an online brand dedicated to helping people achieve the pillars of family health and well-being: Happiness and Wealth.
This podcast won't give you all the answers - but it will instead guide you toward the right direction for you and your close ones: Developing the life you've always wanted to live! Enjoy!
Links:
www.WrenneFinancial.com
53 min - Mortgage Minute: What is a lease back and can you do it with a doctor loan?What is a lease back and can you do it with a doctor loan? When you buy a home but let the previous owner stay in the property you are doing a "lease back." While it might be an option through your bank, it may not be an option with your home owner's policy. Listen to today's episode to hear more about lease backs. For a free copy of Doug's book on buying a home, go to www.DougCrouse.com.4 min
- Coffee & Contracts: Noncompete update march 2023
Today I want to give an update on non-competes for 2023.
LINKS:
www.ContractDiagnostics.com
4 min
About Financial Residency
From the publisher's feed
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 you spend money, how your hard-earned money can work for you, and how to protect yourself and your family. I have witnessed residents and fellows bombarded by life and disability insurance salesmen and other "investment" pitches that are not in their best interest. You didn't receive any formal financial education in your decades of medical training, so how are you supposed to know the good financial advisors from the bad? This podcast will help with that. Remember, it's ok to not know the difference between a ROTH IRA and a 403b or which 529 plan is best. This podcast will simplify highly complex concepts and translate industry jargon into plain English. Are you ready to take action and make smarter, more informed financial decisions? Great - let's do this! Let your financial residency begin.
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