Financial priorities in order? This is why you should get them straight!
Release Date: 08/27/2021
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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Grand Rounds - Top 5 Financial Tasks with Dr. Lisha Taylor
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! You may know Dr. Lisha Taylor from Money Meets Medicine or her new podcast Wealth Minded MD. She joins us today to share her Top 5 Financial Tasks to help new attendings get out of debt, protect themselves and build wealth. For more information on Dr. Lisha or to sign up for one of her financial wellness workshops, go to .
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A Physician’s Guide to Wealth - The first step to true wisdom
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! “Know thyself” – a timeless maxim etched onto the ancient Temple of Apollo in Greece. But what does it truly mean? Join us on a journey of self-discovery as we explore the depths of this profound saying. There’s a reason why nearly one third of lottery winners go broke within their first 3-5 years.* They were handed millions of dollars vs. growing into someone worthy of becoming a millionaire. There’s a...
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A Physician’s Guide to Wealth: Start Here - The Choice That Will Define You
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! Are you getting the most out of the podcasts you listen to? Awareness is the first step to positive change, however positive action in the direction of your goals and mission must follow. On the very first episode of the A Life Well Lived A Physicians Guide to Wealth podcast, IM Wealth Partner and Financial Advisor, James Nutter provides you with the 101 on how to get the most out of his new podcast collaboration with...
info_outlineRon and Hermione (cool reference) have set their sights high for a new pool and a second home. Kayse and Ryan break down their spending, investing, and, overall, cash flow to help get their financial priorities straight. See how this physician couple is otherwise doing a really great job at paying down their debt within the time frame they've set.
How do your priorities stack up in comparison?
Want your Financial Health Assessment reviewed on air? Submit your info here and follow the prompts: www.financialresidency.com/form
This week's episode is sponsored by Locumstory. If a locum tenens assignment interests you, be sure to reach out at: doctorpodcastnetwork.com/locumstory.