Is there a best time for a loan modification? Or a mortgage refinance, perhaps? There are several programs, new rates, and best case scenarios you should be considering. Check out this episode to learn more.   Take control of your finances with our free financial audit checklist.    

Should You Consider a Mortgage Refinance or Loan Modification?

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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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 understanding contract stipulations regarding termination pay, benefits, notice periods, non-compete clauses, and tail insurance. He advises healthcare professionals to be fully aware of their contract details at signing to prepare for possible closures, terminations, or relocations, ensuring they know their options and risks.  Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Coffee & Contracts - Hospital Closing

              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, Jennifer, and Selena, enjoyed interacting with many cardiologists at their booth and during presentations.  They addressed various concerns related to fair compensation, leveraging their experiences to offer tailored advice for renegotiating contracts and understanding compensation dynamics. Jon emphasized the difference between earning a high income and being fairly compensated, citing an analogy with football player Patrick Mahomes to highlight the point.  Contract Diagnostics aims to educate and assist physicians in navigating their careers and contracts effectively, offering free educational resources and personalized consultations to help physicians achieve fair compensation and job satisfaction. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com     

Coffee & Contracts - ACC recap

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 those that closed before your home was inspected. You can reach Doug at Doug.Crouse@BMO.com or go to  www.DougCrouse.com.

Mortgage Minute - Let's Talk About Appraisals for a Minute

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 while saving for kids' college and/or retirement. And most importantly, he doesn't want physicians to miss out on enjoying their lives because they are so focused on saving for retirement. With a little forethought, there can be a happy balance between work and the rest of your life.  You can learn more about Nate or hear his podcast at www.PhysicianFamily.com.

Grand Rounds - Determining short and long term goals to build a budget with Nate Reineke

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 medical school or training program is unlikely to do anything about, we here at Financial Residency are here to help you make sense of your cents. Take the first step by tuning into this episode! Trying to qualify for PSLF and unsure if you’re on track? Get James’s 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more. 

Should You Consider a Mortgage Refinance or Loan Modification?

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