Surviving Volatile Markets and Finding Your Ideal Investor Profile

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. 

In early Q1 of 2024, physicians often receive updates or changes to their compensation, typically in the form of addendums to their contracts. These changes may be related to fiscal budgets, CMS regulations, or simply the timing of the year. It's crucial not to hastily sign any addendum without fully understanding its implications. 

Take time to evaluate fairness and consider negotiating with your employer, especially if the changes are significant or affect multiple physicians. Ensure that you have ample time to review, discuss with colleagues, and potentially seek professional advice before making any decisions. 

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. 

Going on a medical mission trip is a noble thing that many physicians and other health professionals do each year, but many people don't realize that going on those trips is usually an out-of-pocket expense to the physician for thousands of dollars. It also means time away from work and family. 

So Jon at Contract Diagnostics is raising money to help Dr. Kathryn Sarnoski, his national director of education, defray expenses. She goes on at least one medical mission trip per year. If he is able to raise enough money, then he is hoping to send more than one physician on this trip and make it an annual program. 

If you would like to contribute to this noble cause, you can contact Jon Appino at Jon@ContractDiagnostics.com. He will match every dollar donated so even a small gift will go a long way to helping those in need. 

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts.

Do you love to save on your taxes? One of the most overlooked or common mistakes is the failure to maximize tax breaks that are available to physicians.  

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five of the most overlooked tax breaks for doctors. Personal finance is about avoiding errors or when it comes to filing income taxes with the Internal Revenue Service (IRS).

Topics Discussed:
• 5 of the Most Overlooked Tax Breaks for Doctors:
◦ Health Savings Account (HSA): Build wealth and avoid income tax
◦ Tax Loss Harvesting: Capital gains and losses are taxable investments
◦ Backdoor Roth IRA: Indirectly fund Roth IRA if income is above threshold
◦ Business Expenses: For side-hustle or self-employed with 1099 income
◦ Work Retirement Plans: Max out 401(k), 403(b), 457(b), and pensions

LINKS:

www.WrenneFinancial.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts.

Go with eyes wide open or be in for a major financial surprise when your children start college.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about you or your children funding their education. 

Topics Discussed:
• Who should pay for college? You, your children, student loans, or scholarships
• What has changed? Tuition costs, direct student loan cap, and responsibility
• Little to No Financial Aid: Based on physician’s above-average income
• Other Options: 529 Plan, investments/cash accounts, income, student loans

LINKS:

www.WrenneFinancial.com

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. 

Jon from Contract Diagnostics discusses the lowest paying specialties in medicine based on 2023 data. He highlights public health and preventive medicine, pediatrics, family medicine, infectious disease, and endocrinology as the lowest five, with salaries ranging from $249,000 to $267,000 annually. 

Jon emphasizes the importance of regular salary evaluations and negotiations for physicians in these specialties, noting that many individuals have successfully negotiated higher salaries. He encourages physicians to understand their compensation structures and engage in discussions with their employers to ensure fair compensation. 

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Link: https://www.beckersasc.com/

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. 

Jon from Contract Diagnostics discusses signing bonuses in healthcare, citing an article revealing average bonuses across various professions. While physicians top the list with an average of $47,993, other roles like pharmacists and optometrists also receive significant bonuses. 

Jon emphasizes the importance of understanding the terms of signing bonuses, including clawback provisions and tax implications. He encourages physicians to leverage their negotiating power and offers guidance on navigating contract complexities. 

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Link: https://www.beckershospitalreview.com/

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. 

Today on the Mortgage Minute, Doug Crouse from BMO Bank warns about mortgage scams targeting recent homebuyers. He cautions against overpriced services offering copies of deed records and emphasizes that such documents can be obtained independently. 

Additionally, he highlights the prevalence of deceptive emails from "bottom feeder" lenders posing as the borrower's actual lender. Crouse advises vigilance and encourages borrowers to scrutinize communication for disclaimers indicating non-affiliation with their original lender. He concludes by offering his contact information for further inquiries or assistance.

Links:

usmortgagebanker.bmo.com/fl/marco-island/dc-363861/

This episode is also sponsored by PearsonRavitz– helping physicians protect their most valuable assets. 

Match & Graduation Season is almost here, which means we will have many doctors looking for a new home. 

Doug Crouse with BMO Bank joins us today to explain what makes a physician loan different from other types of loans, discuss the importance of choosing a lender and realtor, caution about putting appropriate contingencies into your contract so you don't put your earnest money at risk, avoid common mistakes made by home buyers and offer suggestions on how to improve your credit score.

He defines several acronyms and terms used by lenders to help you understand their jargon. 

He also offers to mail listeners a free copy of his book, "The Hippocratic House: Do No Harm When Purchasing Your First Physician Home." You can email him at Doug.Crouse@BMO.com, text him at 816-728-3631 or go to www.DougCrouse.com to get more information. 

The article discusses the unionization of 1300 medical residents and fellows at Northwestern University, reflecting a growing trend in collective action within the medical field.

Jon from Contract Diagnostics shares insights on the importance of group negotiation and reevaluating compensation structures. While acknowledging the benefits of unions, he emphasizes that collective action can be pursued independently or with professional assistance. 

Contract Diagnostics aims to empower physicians to advocate for fair compensation and address concerns within their organizations. Ultimately, Jon encourages individuals to explore their options and take proactive steps toward achieving their professional goals.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Link: https://www.modernhealthcare.com/

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts.

What’s your perspective on money? Do you view it as a tool? Do you know how to use that tool? Is it like a hammer that you use to build a house, murder somebody, or that sits on the shelf and collects dust?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about using money as a tool and what happens when people don't view money as a tool.

Topics Discussed:
• Money Spectrum: Some people go to extremes, but most are in the middle
• Temptation: What is more important—more money or more time with family?
• Money is a tool that does not buy happiness but helps you attain happiness
• 3 Ways to Recognize Money as a Tool:
◦ A tool for what? What are you building?
◦ Learn to use the tool. Are you using money to build your ideal life?
◦ Maintain awareness about the outcome. Are you using money effectively?
• Key Takeaway: Money should not be the end goal—you can't take it with you

LINKS:

 www.WrenneFinancial.com