845 episodes
Financial Residency Financial Residency Network
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- Business
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4.5 • 297 Ratings
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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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Coffee & Contracts - Non Compete updates!
Jon from Contract Diagnostics provides an update on non-compete agreements following a recent FTC vote. While the vote leaned towards a national ban on non-competes, challenges and lawsuits are expected. Jon advises physicians to stay informed and review their contracts.
He suggests utilizing this time to renegotiate contracts and discuss compensation with employers. Contract Diagnostics is available to assist physicians in navigating these changes.
Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com -
Mortgage Minute - Rate Modification at BMO
Doug Crouse from BMO Bank introduces the Rate Modification Option, a convenient program for borrowers. This option allows borrowers to relock their closed loan to the current market rate without the need for refinancing, saving time and money for both parties.
Doug explains the flat fee structure and highlights the differences between rate modification and refinancing. He emphasizes the benefits of the program, such as the opportunity to adjust rates based on changes in loan-to-value ratios. Doug invites listeners to reach out for more information or assistance with loan estimates.
If you have questions, Doug is available at DougKraus.com. -
Grand Rounds: Group contract negotiations with Jon Appino
Many of us are told that our employer has one contract for a group of physicians and it is nonnegotiable. But what if the entire group collectively negotiated for changes? Groups can negotiate for salary, of course, but they can also request improvements to staffing, equipment, time off or other things.
Jon Appino with Contract Diagnostics talks about the impactfulness and success of collective negotiations. He has started an entire division to focus on this type of bargaining and has even hired folks who previously represented "the other side" to increase physicians' chances of success in negotiations.
To learn more about Jon and his team, go to www.ContractDiagnostics.com. You can also listen to his podcast Coffee and Contracts right here on Financial Residency. -
Mortgage Minute - Losing lenders because of the housing market changes
Doug Kraus from BMO Harris Bank shares insights on the evolving mortgage market. With significant shifts in interest rates, he advises listeners to research their mortgage options thoroughly.
Doug highlights potential challenges in the industry and encourages caution when selecting lenders or brokers. He emphasizes the importance of working with established professionals to navigate the changing landscape.
If you have questions, Doug is available to assist and offers a free book on HippocraticHouse.com or DougKraus.com. -
A Physician’s Guide to Wealth - Do you feel in control of your money? Or is it in control of you?
On today’s episode of A Life Well Lived James Nutter is joined by his mentor, great friend, business partner, and founder of his company Jeff McPherson, CFP®. There’s a difference between taking action with your money and fully taking control of your money. In today’s episode James and Jeff talk from a high-level overview of common mistakes they see physicians make with their money.
How to unsubscribe from rules of thumb like live like a resident. Student loan tips and tricks and Jeff’s personal experience having his wife Michaela in Medical School from the perspective of a financial planner. Today they only scratch the surface of what will be many podcasts to come.
Please email podcast@financialresidency.com if you have a topic you would like James and Jeff to explore AMA (ask me anything) style.
IM Wealth currently works for 86 families and 70+ Physicians.
To learn more about IM Wealth please visit www.imwealth.com
To schedule a 100% free financial wellness diagnostic with James or Jeff visit www.imwealth.com and click join.
To be the first to get notified for IM Wealth’s free physician financial wellness masterclasses and other free resources visit https://www.imwealth.com/im-nest-signup -
A Physician’s Guide to Wealth - Time is Money or Is Money Time?: How to Use Your Money to Buy Back Time
In this episode, James Nutter explores the concept of time versus money and how it relates to physicians' lives. He discusses the common belief that time is money and how physicians often equate more time worked with more money earned.
However, he also highlights the negative consequences of this mindset, such as burnout and a lack of work-life balance. James encourages physicians to reflect on how they are spending their time and to consider whether they can delegate tasks that don't bring them joy or hire a capable team to help them complete their mission in life.
He emphasizes the importance of valuing time as the most precious resource and using money to buy back time and create a more fulfilling life.
Timestamp
Summary
0:00:04
Introduction and Will Smith quote
0:01:13
The correlation between time, money, and burnout
0:02:34
The surplus of time and money as an attending physician
0:03:48
The value of time and conducting a calendar audit
0:05:37
Investing resources for high leverage on time
0:07:01
The art of delegation and buying back time
0:08:49
Examples of areas to delegate and hire help
0:10:52
Self-assessment questions and fear of delegation
0:11:44
Evaluating income requirements and working hours
0:12:13
Conclusion and closing remarks
Customer Reviews
Great Show!
Every episode they’ve got another interesting topic. I’ve learned so much from this podcast. It really is like going through a financial residency!
What happened?
Financial Residency was one of the best shows out there—especially because they periodically released shows where they went deep on a family’s finances and gave advice on what they did well (and where they needed to improve). Without warning, they took all of those episodes down and stopped running them. What they now run is generic, recycled, and often out-of-date. This went from a gem to a dud. What went wrong?
Hit or miss with sometimes outdated content
This used to be a great podcast with Ryan Inman, with useful, well-delivered content. Now it’s hit or miss, and for some reason in 2024, they are playing content that is clearly at least 2 years old and completely out of date. Dr. Tammy interviews are interesting and more wellness rather than finance related - that could be a plus or minus depending on what you’re looking for. I’ll keep listening, but if another piece that was recorded 2+ years ago airs, I think I’m done.