Financial Residency

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

Are you a physician tired of getting ripped off and wanting a fair shake on Wall Street? Rather than getting mad, understand how the financial services industry works. Do the right thing by knowing when and why to hire or fire your financial advisor.  

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Jim Dahle, a practicing emergency room physician and founder of The White Coat Investor, and Alan Moore, co-founder and CEO of the XY Planning Network about DIY financial planning versus hiring a financial advisor to help. 

Topics Discussed:

• Making and Managing Money: Decide to hire help or do-it-yourself (DIY)?

• Seeking financial advice: Stigma, status symbol, or too busy

• Should a good advisor be saving you time and money? Good advice at fair price

• Getting stuff done: Do you struggle to get those not so fun financial tasks done?

• Mental energy: Are you fried and dreading financial chores?

• Therapy and Financial Advice: Why financial planning often intertwines the two

• Best and Worst Advisors: Compensation, commission, fee, CFP®, fiduciary?

• Are you working with a broker or insurance agent posing as a “financial advisor”?

• Conflict of Interest: Get a second opinion when pitched permanent life insurance

• Financial Advice Future: Financial planning as a profession

LINKS:

www.WrenneFinancial.com

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

How do you plan for a child who has a disability? Overcome the initial fear and concern for the unknown and focus on the positive blessing they are to your family. Learn to live a fuller and richer life by turning lemons into lemonade.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Laura Yost, who is married to an internal medicine physician. They have four children. The youngest, Scarlett, has Down’s Syndrome.

Topics Discussed:
• Lemonade Stand: Where teamwork and kind people give back to the community
• Blessing or cross to bear? Biggest challenge is lack of support, misconceptions
• Step in the right direction? Only willing to go where Scarlett’s welcomed, wanted
• Before and After: Reality of what it means to have a child with Down syndrome
• Guilty: Parents blame themselves for allowing their child to have Down syndrome
• Healthwise: 50% of babies with Down syndrome have a heart defect, not Scarlett
• Learn to Exist: What do I do and how do I do it to help my child live their best life
• The Lucky Few: Scarlett is a gift, treat her that way and not as a burden
• Growth Mindset: No pressure to be perfect; learn to do your best, make progress
• Money doesn’t buy happiness, but makes life better and easier up to a point
• Inclusion: Best education for kids with disabilities and their same-age peers

LINKS:

www.WrenneFinancial.com

In this segment, Jon from Contract Diagnostics reflects on a significant error regarding disability insurance and emphasizes the importance of seeking professional advice. He clarifies misunderstandings about disability policies and acknowledges the necessity of expert guidance.

Jon then discusses a case involving an Indianapolis-based health system that faced a $345 million settlement due to compensation mistakes for physicians. 

He underscores the seriousness of fair market value and compliance with regulations in physician contracts, urging physicians to ensure clarity and fairness in their agreements. 

Jon encourages professionals to consult Contract Diagnostics for expert analysis and negotiation support regarding compensation structures and contract terms.

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

In this discussion, Jon from Contract Diagnostics explores the current landscape of salaries for nurse practitioners (NPs), physician assistants (PAs), and registered nurses (RNs).

He highlights the growing wage trends and the differences in compensation among these roles, citing average annual salaries and hourly rates. Jon emphasizes the negotiating capital that NPs, PAs, and physicians possess in their employment contracts compared to RNs. 

He also touches on the variation in salaries across different states and encourages individuals engaged in contract discussions to leverage Contract Diagnostics' expertise for maximizing compensation packages and understanding the contracting process.

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

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

In this episode Doug Crouse urges listeners to check their free credit reports regularly. He highlights a case where a borrower with assumed 800 credit scores discovered issues, emphasizing the importance of monitoring credit for errors or fraudulent activity. Doug encourages listeners to utilize free credit reports to safeguard against identity theft and ensure financial well-being.

You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS). 

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

In this episode, host Tammy introduces Doug Crouse, a seasoned physician mortgage lender, on navigating the competitive housing market for first-time physician homebuyers. 

They discuss the importance of securing the right loan and introduce their book, "Hippocratic House," aimed at assisting physicians in home buying. Doug offers insights on the current housing market, emphasizing the need for careful consideration before making offers, especially in competitive situations.

He also highlights the significance of pre-approval in the homebuying process and shares tips for finding the right realtor. 

You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS). 

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

Nobody’s perfect. Everyone needs to take care of their mental health, including physicians. Perfectionism in medicine can spill over into physicians’ personal finances.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Michael Myers about physician perfectionism. Michael is professor of clinical psychiatry at SUNY-Downstate Medical Center and author of eight books covering everything from physician suicide and mental health to physician marriages.

Topics Discussed:
• Tyranny of Perfectionism: Extreme perfection can affect productivity
• Good Enough: Strive for excellence, but find and accept balanced portion
• Human Humor: Welcome to medical school, you’re (not) the best and brightest
• Imposter Syndrome: Message of perfectionism leads to inferiority
• Survive and Thrive: Perfectionism is expected, to err is human
• Demographics and Diagnoses: Diverse physician and patient population
• Signs: Worry too much, stay too late, struggle with competence and confidence?
• House of Medicine Stigma: Should doctors ask for or need help?
• Physician Personalities and Psychiatry: Self-resolve or seek help with triggers
• Money Management: Most physicians are not gifted in economics/business
• Marriage and Money: Keeping up with the Joneses linked to perfectionism
• Privilege or Poverty: Physician’s upbringing is pressure to maintain or do better
• Married to Doctors: Say and do something in a loving manner; listen and get help
• Co-parenting: Compliment and cut back on child’s activities; time is not unlimited

LINKS:

www.WrenneFinancial.com

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

Even with your own home, have you noticed that real estate prices have been a bit hectic? How do you build wealth with real estate? Not with your primary residence.   

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about real estate as an investment outside of your primary residence. You are building wealth with your home, but it is hard to realize that wealth.   

Topics Discussed: 

• Real Estate Market Prices: Massive increases in short periods of time

• Crazy Market: What are the reasons? Nobody really knows underlying causes

• Supply and Demand: Low supply and high demand drives up real estate prices

• Why is demand high? People still want to buy or invest in real estate

• Why is supply low? Cautious builders, lumber costs, lack of skilled labor, rules

• Real Estate Investing - Alternative approaches to make money: 

◦ Appreciation: Own property that increases in value

◦ Rent: Own property that is rented out to others to generate income

◦ Loan: Charge interest on money loaned for real estate deals 

• Ways to Own Real Estate: Short- or long-term rentals, flips, multi-units, raw land   

• Real Estate Responsibilities: Do you want to be an investor or more involved?

• Why people write/talk about real estate: Hype, interest, and money to be made

• Big Benefits: Diversify, passive income, tax shelters, and better returns 

• Downsides: Time, dealing with people, risks, returns, complexity, and alternatives

• Purpose: Why do you want to invest in real estate and build a portfolio?

Links:

https://www.reit.com/

https://www.vrbo.com/

https://financeforphysicians.co/

In this message, Jon from Contract Diagnostics emphasizes the company's commitment to physician education. He highlights the lack of formal training for physicians in contract evaluation, negotiation, and other crucial aspects of professional development. 

Jon invites individuals and organizations to reach out for educational opportunities, including training programs, free talks, and webinars. He introduces Dr. Catherine Sarnowski as the National Director of Physician Education, emphasizing her role in providing non-branded educational content tailored to physicians' needs. 

Jon encourages listeners to consider hosting educational discussions within their programs or associations and invites them to connect with Contract Diagnostics for assistance. 

He concludes by expressing gratitude and reiterating the company's dedication to supporting physicians' career advancement.

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

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

In this episode of the Mortgage Minute, host Doug Crouse discusses recent fluctuations in mortgage rates driven by economic reports such as the jobs and manufacturing data. He advises listeners to consider locking in their rates within 60 days to secure the best possible rate amid uncertainty.

Doug warns against waiting to lock rates as unexpected market changes can lead to higher rates, emphasizing the importance of staying informed through resources like Mortgage News Daily. He concludes by offering his contact information for further inquiries.

You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS). 

In California, a healthcare system faced a staffing crisis during the pandemic and resorted to costly temporary nurses. To tackle this, the CEO and team offered $100,000 signing bonuses for new RNs and retention bonuses for existing ones over three years. 

This innovative approach succeeded in retaining staff and reducing reliance on expensive locums. The case underscores the importance of investing in staff and considering retention bonuses as a cost-effective strategy.

As such, healthcare professionals negotiating contracts should explore such options for fair treatment and long-term organizational benefits.

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

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

Dr. Steve Suh is a co-founder of Left Field Investors and author of "Avoiding Rookie Errors as a Left Field Investor." He shares his successes and mistakes with us today about syndication and real estate investing.

He encourages everyone to educate themselves before investing to avoid unnecessary losses. 

He also talks about the benefit of having a network of investors around you to learn more about your interests. You can learn more about syndications and real estate investing at www.LeftFieldInvestors.com.

Does the medical profession make you feel like you got to have everything together because everyone around you is perfect? Everything and everyone has flaws, including physicians who are far from perfect but pretend everything is all good all the time.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Christine Runyan, co-founder of Tend Health, which brings a team of clinicians to the intersection of clinical care, health professions, and technology. Christine understands and views clinician well-being through the lens of a psychologist.

Topics Discussed:
• How perfectionism negatively affects physicians’ mental health
• Ways for physicians to address perfectionism proactively
• Physicians’ Mental Health: Getting to the point of it’s ok to not be ok
• Tend Health: All work done via video telehealth platform and care for physicians
• Barriers: Licensing and credentialing process asks about mental health history
• Stigma and Culture: Amplifies sense of self-determination to get through anything
• Be Human First: Maximize privacy, confidentiality, access to mental health care
• Physician Stereotype: Paradox that they need help, but too often suffer in silence
• What’s expected? Know the right answer, be curious/authentic, ask questions
• Financial Aspects: Average resident/fellow has six-figure student loan balance
• Coping Strategies: Self-awareness is super power to being honest with yourself

LINKS:

 www.WrenneFinancial.com

If you already have or plan to set up or start a health savings account (HSA), how do you make sure it is efficient to build wealth and possibly invest?  

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to best manage HSAs.

Topics Discussed:

• HSA: Best tax shelter that exists as a vehicle to put your money into

• HSA vs. Flex Spending Account (FSA): What’s the difference?

• HSA Strategy:

◦ Rule #1: It’s best not to spend out of your HSA

◦ Rule #2: If using HSA to build wealth, make sure to invest cash

◦ Rule #3: As you have healthcare expenses, save the receipts

• When to start using your HSA? Balance equals future expected healthcare costs

• HSA Beneficiaries: Make sure to identify spouse or dependents

• When is the best time to fund HSA? Max out sooner than later

• Cafeteria Plan: Better to funnel money through employer HSA for matching funds

• Switching Providers: Keep up with transfers and minimize number of HSAs

LINK:

www.WrenneFinancial.com

Today, Jon from Contract Diagnostics discusses the unsettling statistic that one in five physicians may become disabled during their career. While Jon admits to lacking expertise in disability insurance specifics, he underscores the importance of understanding one's coverage.

He points out that employer-provided disability policies often have limitations that may not adequately support physicians and their families in the event of disability. Jon encourages physicians to explore supplemental disability insurance options to ensure sufficient coverage.

Although Contract Diagnostics doesn't offer disability insurance, Jon emphasizes the critical role of understanding benefits and negotiating contract terms related to insurance.

He concludes by inviting physicians to reach out for contract reviews, compensation analyses, and benefit evaluations provided by Contract Diagnostics.

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

In this episode, Jon from Contract Diagnostics discusses the notion of the best-paying job in healthcare based on an article he read. While traditional high-paying roles like executive positions and CEOs are acknowledged, Jon focuses on the surprising revelation from an anesthesia journal that anesthesiology is deemed the best-paying job in healthcare.

He scrutinizes the data presented in the study, highlighting discrepancies and questioning its validity. Jon contemplates various factors beyond monetary compensation that define the best-paying job, including stress levels, work-life balance, and vacation time. 

He invites listeners to share their perspectives and emphasizes Contract Diagnostics' commitment to helping physicians secure contracts that align with their individual needs and circumstances. 

Jon concludes by encouraging physicians to reach out for guidance in navigating contract negotiations and ensuring they receive optimal compensation packages.

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

It's almost Match Season and Graduation Time for med students, residents and fellows. That means that thousands of doctors will be looking to move and get a mortgage at the same time.

This year is different in that many banks have pulled out of the Physician Mortgage space over the past year, which means there will be fewer loan officers to handle the influx of doctors needing assistance. So plan ahead. 

Make contact with banks, get the information you need and questions answered, apply for preapproval early so when you find the house of your dreams you can move fast and make an offer.

You can reach out to Doug to set up an appointment through email at Doug.Crouse@BMO.com or text him at 1-862-375-6267 (1-862-DR-LOANS). 

Insurance agents posing as advisors is more common than you may realize and can create conflicts of interest. The key is having better awareness. Don’t get fooled again! 

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five ways to identify whether you are working with an insurance person who is posing as a financial advisor.

Topics Discussed:

• Sign #1: Aggressive posers seek you out after making contact or via referrals

• Sign #2: Posers offer you free or low-cost financial “advice”

• Sign #3: Posers act as trusted advisors; don’t refer to themselves as salespeople

• Sign #4: Advice and product solutions offered by posers are similar across clients

• Sign #5: Agents posing as advisors make it difficult to leave them/their products

LINK:

www.WrenneFinancial.com

It’s that time of year again where many of you are considering giving generously to help others.  What are some of the best tax strategies for giving? 

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a fellow Certified Financial Planner (CFP®) and founder of Anesthesia Success—a planning firm and podcast dedicated to helping anesthesia and pain physicians make successful career and financial decisions.

Topics Discussed:

• Charitably inclined? Uncle Sam encourages contributions to help everyone

• Science of Giving: Feels good when faith shapes financial plan/philosophy

• Giving Forms: Generously invest time, money, emotion for observable impact

• Is giving important? When? Giving imperfectly is better than not giving at all

• Standard vs. Itemized Deduction(s): Cultivate desire and mechanics of giving

• Charitable Contributions: Change from above- to below-the-line tax deduction

• Appreciated Securities: Giving a security that has unrealized taxable gains

• Taxable Accounts: Investment account type that has no inherent tax advantage

• Donor Advised Fund: Pros and cons of using the DAF strategy for giving

• Batched Giving: Strategically think about timing of gift based on tax situation

• Internal vs. External Factors: How will tax situations, brackets, policies change?

• Tax Impact: Qualified Charitable Distribution vs. Required Minimum Distribution

• Private Foundations: Give more meaningfully charitably to express generosity

LINKS:

www.WrenneFinancial.com