Financial Residency

Have you thought about working for Locums? Do you have questions about working for Locums?

There are many areas that cover about Locums and if it is something you would like to do. Tammy Crouse, MD and Nick Kusnezov, MD discuss how to start working for Locums and what to expect while working for Locums.

Do you have an investment plan in place? You may have more than one fund, such as for retirement or charitable giving. Maybe you want to save or invest money for college or a vacation home. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about having an investment plan (also known as an investment policy statement) that is organized based on a specific purpose or goal.

Topics Discussed:

• What is an investment plan? High-level but simple summary/outline of goal

• What's the benefit of working with a financial planner vs. doing it yourself?

• What are the key parts of an investment plan?

◦ Purpose and Responsibility

◦ Investment Philosophy

◦ Summary of Review Process

◦ Summary of Accounts/Asset Allocation Target

Links:

https://financeforphysicians.co/

https://financeforphysicians.co/2021/08/12/what-you-need-to-know-about-estate-planning/

https://financeforphysicians.co/contact/

Life doesn't always go as planned. It's full of twists, turns, and curveballs. Cover all your bases in the event of a worst-case scenario because it can come out of left field. You never see it coming or know when something could happen. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about performing a safety net check as part of your financial vitals.

Topics Discussed:

• What is a safety net check? Checking coverage for worst-case scenario

• When to plan for unexpected, unplanned events? Now—before it's too late

• What are the odds? Based on large groups of people, not individuals

• What's your other financial vitals? Safety net coverage takes more than assets

• Important Info: What to document/track for life, disability, other insurance policies

• Who is covered (insured)? You, your spouse, children, or beneficiaries

• Estate Plan: Who needs it and why? Indicates who handles and gets what

• What are worst-case scenarios? Unexpected death, disability, or emergency

• Is your safety net adequate? If not, increase or decrease coverage, reserves

Links:

https://financeforphysicians.co/

https://financeforphysicians.co/2021/08/12/what-you-need-to-know-about-estate-planning/

https://financeforphysicians.co/contact/

A house is possibly the largest purchase you'll ever make in your life, and the process is far from straightforward, especially if you're a first-time homebuyer. Even people who have owned houses before can make mistakes because they don't know the ins and outs of the industry. Armed with this book, a complete guide to everything you need to know to buy the best home for you, you'll be prepared to ask the right questions, find the right professionals to work with, and make decisions confidently using the checklists and worksheets provided. Determine whether purchasing is the best decision for you at this time

• Calculate how much you can afford to spend
• Take all necessary expenses into account
• Find the right kind of mortgage for your situation
• Hire the right Realtor
• Choose the right house
• Avoid common mistakes that cost you time, money, and stress

Here is a link to the book:

https://www.amazon.com/Hippocratic-House-Purchasing-First-Physician/dp/1612062407

Dealing with burnout?

I would suspect most physicians have felt this at one time right now. There are so many causes that can lead to this feeling of emotional exhaustion, compassion, fatigue, decreased job satisfaction, or even depression.

I think it's important that we talk about this openly. And honestly, as physicians have the highest suicide rate of any group in the United States, we will talk with three physicians who found themselves in this situation. Each of them found a different solution to help find balance in their lives.

Join us as we discuss ways that have helped them deal with physician burnout.

If you have clarified your values and determined your saving, spending, giving ratio, the final financial vital to measure is your net worth. What is your net worth? What do you track with your net worth? How do you track your net worth? What can you use it for and why is it beneficial?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to calculate, track, and increase your net worth and decrease your debt.

Topics Discussed: • Net Worth = Total Assets - Total Liabilities • Adding to assets or subtracting debt increases net worth • Negative Net Worth: Part of the medical career track for physicians • Compound Interest: Exponential growth when earning interest on your interest • Net Worth: Changes over time, track it to monitor inefficiencies and progression • Debt-to-Income Ratio: How high is your debt relative to your earning potential? • Values/Goals: Net worth should depend on your plan for what's most important

Links: Monthly Net Worth Tracker Template https://financeforphysicians.co/ https://financeforphysicians.co/contact/

Financial ResidencyIn this episode, Doug discusses what adjustable rate mortgages are and if they are right for you. There is a lot to consider when deciding whether to have an Adjustable Rate Mortgage as a physician.

What are the ups? What are the downs? Are they good for a long-term or short term financial outlook? These questions and more are answered in this episode.

Once you clarify your values, financial vitals are used similarly to health vitals to quickly check if you are making progress toward your goals and what's most important to live a better life. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to measure specific financial vitals based on your values.

Topics Discussed:

• Save, Spend, Give Ratio: Percentage-wise, where is your money going? • True Spending: Budget is always underestimated; total spending is more realistic • Strategy: DIY vs. work with financial planners, others to calculate numbers • Key to Success: Quick financial vitals checks measured against your values

Links: https://financeforphysicians.co/

https://financeforphysicians.co/contact/

In this episode, Dr. Tammy and Doug Crouse discuss the types of loans available to physicians. Physician loans are different from non-physicians loans in many ways.

What are the expectations? What are the concerns? The key points of both loans are of discussed within the episode. Find out the advantages and challenges of physician loans and more!

Join me, Doug Crouse, an experienced loan originator for physicians, while I discuss inflation in today's market. I give my overview on some causes of inflation and what to prepare for.