This Couple Set the Bar High and Still Crushed the Financial Assessment
Release Date: 07/09/2021
A Physician’s Guide to Wealth - Physician Employment Contract Hacks: The Most Critical Steps for Negotiating Your 2nd Contract as an Attending Physician
Financial Residency
Have you ever taken time to review your contract and negotiate terms that are favorable to both you and the team? Just like a pro athlete negotiates for the most favorable contract, you as a superstar physician can to. Every time you renew your contract, you have a chance to get a better deal, especially your 2nd contract as an attending after you’ve proven yourself as an invaluable asset to the team. In today’s episode, we are joined by Health Law Attorney Spencer Licktieg. You deserve to have the right tools and skills to get an equitable contract that aligns with your lifestyle, and...
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Coffee & Contracts - Hospital Closing
Financial Residency
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...
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Coffee & Contracts - ACC recap
Financial Residency
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...
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Mortgage Minute - Let's Talk About Appraisals for a Minute
Financial Residency
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 [email protected] or go to .
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Grand Rounds - Determining short and long term goals to build a budget with Nate Reineke
Financial Residency
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...
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A Physician’s Guide to Wealth - Making Sense of Your Cents
Financial Residency
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...
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A Physician’s Guide to Wealth - The #1 Investment You Can Make
Financial Residency
This episode is sponsored by . A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Warning: don’t be the richest one in the graveyard. A wise investor named Warren Buffet once quoted “Investing in yourself is the most important investment you’ll ever make in your life. There’s no financial investment that’ll ever match it, because if you develop more skill, more ability, more insight, more capacity, that’s what’s going to really provide economic freedom. It’s those skill sets that really...
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Coffee & Contracts - Probationary Periods and Risk
Financial Residency
Jon from Contract Diagnostics highlights the risks associated with physician employment contracts, particularly emphasizing a case with a stark imbalance in termination notice periods and the risks during a probationary period. Physicians face unfair termination clauses, such as needing to provide 120 days' notice to leave, while employers can terminate with only 30 days' notice. Additionally, during a six-month probationary period, employers can terminate immediately without cause. Jon advocates for mutual termination notice periods and suggests that contracts should offer safeguards like...
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Mortgage Minute - Rate Modifications for Physician Loans
Financial Residency
This episode is sponsored by . A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! Some banks, including BMO, offer rate modifications for physician loans. What this means is that you can close a loan today with the current market rate, but can later "modify" your loan to a lower rate if rates go down. This option is cheaper than refinancing your loan and does not involve the hassle of getting a new appraisal or providing all the documents to get a new loan. You can reach Doug at...
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Coffee & Contracts - Breaking a contract?
Financial Residency
Today Jon provides insights into contract breaches, advising caution and adherence to contractual obligations. It outlines potential consequences, including termination, financial liabilities, and legal action, underscoring the importance of seeking legal counsel. Emphasizing the need for understanding contract terms, it encourages individuals to consult Contract Diagnostics for guidance on interpretation and negotiation strategies. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit
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