Financial Residency

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.

Grand Rounds - Thank you for being loyal listeners 09/30/2024

Coffee & Contracts - 36% of Physicians Have a Side Hustle—Should You? 09/29/2024

Coffee & Contracts - The Pros and Cons of Salary and Patient Cap in Medicine 09/28/2024

A Physician’s Guide to Wealth - Physician PSLF Hacks Checklist 09/27/2024

Coffee & Contracts - Navigating Employment Options: W2 and 1099 for Family Doctors 09/26/2024

Coffee & Contracts - Navigating Current Trends in Physician Employment Contracts 09/25/2024

A Physician’s Guide to Wealth - Financial Advisors Exposed: Fiduciary vs. Suitable Advisors: Know Who to Trust 09/24/2024

A Physician’s Guide to Wealth - Financial Advisors Exposed: Fiduciary vs. Suitable Advisors: Know Who to Trust In this episode of "Life Well Lived: A Physician's Guide to Wealth," James Nutter takes a deep dive into the intricacies of selecting the right financial advisor for physicians. James emphasizes the importance of financial wellness and the impact of intentional financial planning in achieving a life well-lived. He revisits his Financial Wellness 101 series, urging listeners to engage thoroughly with the content to gain control over their financial situations. James then introduces a new series, "Financial Advisors Exposed," where he critiques common financial advisory practices and highlights the critical steps physicians should consider when hiring a financial planning team. Throughout the episode, James unpacks the various types of financial advisors—transactional, reactive, and proactive—and guides listeners on determining which type aligns best with their financial goals. Key Takeaways: Understanding Advisor Types: Physicians should distinguish between transactional, reactive, and proactive advisors to select the best fit for their financial needs. Licenses and Standards: Important to verify an advisor's qualifications, ensuring they hold appropriate licenses and adhere to a fiduciary standard. Fee Structures: Awareness of how advisors charge—whether through fees, commissions, or a hybrid model—is crucial for making cost-effective decisions. Comprehensive Services: Deciding whether you need a money manager or a comprehensive financial planner to address all aspects of financial well-being. Communication and Accessibility: Ensure that the advisor’s communication style and availability align with your expectations for timely and efficient financial advice. Register for our upcoming PSLF Hacks masterclass Resources Follow James Nutter Follow IM Wealth Gain FREE immediate access to all of IM Wealth’s exclusive physician financial wellness resources Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. /episode/index/show/financialresidency/id/33183922

Grand Rounds - Managing a Financial Crisis with Dr. Cory Fawcett 09/23/2024

Coffee & Contracts - Future of Healthcare: Projected Demand for Physicians by 2036 09/22/2024

Coffee & Contracts - Improving Physician Compensation through Call Agreements 09/21/2024

Coffee & Contracts - Balancing Risk and Reward in Employment Contracts 09/20/2024

A Physician’s Guide to Wealth - Financial Advisors Exposed: Fiduciary vs. Suitable Advisors: Know Who to Trust 09/19/2024

A Physician’s Guide to Wealth - Financial Advisors Exposed: 7 Steps to Hiring the Right Financial Advisor 09/18/2024

A Physician’s Guide to Wealth - Financial Advisors Exposed: 7 Steps to Hiring the Right Financial Advisor In this episode of "Life Well Lived: A Physician's Guide to Wealth," James Nutter takes a deep dive into the intricacies of selecting the right financial advisor for physicians. James emphasizes the importance of financial wellness and the impact of intentional financial planning in achieving a life well-lived. He revisits his Financial Wellness 101 series, urging listeners to engage thoroughly with the content to gain control over their financial situations. James then introduces a new series, "Financial Advisors Exposed," where he critiques common financial advisory practices and highlights the critical steps physicians should consider when hiring a financial planning team. Throughout the episode, James unpacks the various types of financial advisors—transactional, reactive, and proactive—and guides listeners on determining which type aligns best with their financial goals. Key Takeaways: Understanding Advisor Types: Physicians should distinguish between transactional, reactive, and proactive advisors to select the best fit for their financial needs. Licenses and Standards: Important to verify an advisor's qualifications, ensuring they hold appropriate licenses and adhere to a fiduciary standard. Fee Structures: Awareness of how advisors charge—whether through fees, commissions, or a hybrid model—is crucial for making cost-effective decisions. Comprehensive Services: Deciding whether you need a money manager or a comprehensive financial planner to address all aspects of financial well-being. Communication and Accessibility: Ensure that the advisor’s communication style and availability align with your expectations for timely and efficient financial advice. Register for our upcoming PSLF Hacks masterclass Resources Follow James Nutter Follow IM Wealth Gain FREE immediate access to all of IM Wealth’s exclusive physician financial wellness resources Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. /episode/index/show/financialresidency/id/33104052

Coffee and Contracts: A Review — And Social Media: What Can You Do? 09/17/2024

Grand Rounds - Managing stress for high achievers with Dr. Mary Anderson 09/16/2024

Coffee & Contracts - The Importance of Site Visits in Your Job Hunt 09/14/2024

A Physician’s Guide to Wealth - Financial Wellness 101: 5 Key Steps for Financial Wellness and Consistency 09/13/2024

A Physician’s Guide to Wealth - Financial Wellness 101: 5 Key Steps for Financial Wellness and Consistency In this episode of "Life Well Lived, A Physician's Guide to Wealth," host James Nutter dives deeply into the strategies for building a sustainable financial plan and maintaining consistency. This episode is part of the Financial Wellness 101 series, and James emphasizes the crucial steps one needs to take to ensure their financial health and stability. He also announces an upcoming Public Service Loan Forgiveness (PSLF) masterclass webinar, set for September 26. James outlines a clear plan focusing on five key steps essential for building and sticking to a financial strategy. He emphasizes understanding your financial goals and cash flows, relevant family board meetings, the box and shelf method for organizing financial documents, and the importance of automating your finances. His insights are aimed at alleviating financial stress and ensuring the listeners can achieve a well-structured financial strategy, drawing on his extensive experience in financial planning. Key Takeaways: Box and Shelf Method: Organize your finances using a digital system, keeping all financial documents in a designated 'box' on a virtual 'shelf' to maintain focus and organization. Regular Family Board Meetings: Schedule and maintain monthly touchpoints with your loved ones or yourself to discuss and review financial plans, ensuring consistent communication and alignment. BAMFAM (Book a Meeting from a Meeting): Always schedule the next financial discussion or task meeting before ending the current one to avoid leaving tasks incomplete and plans unexecuted. Automate Finances: Simplify your financial management by automating savings and other regular financial actions to reduce the effort needed for manual tasks. Adapt and Adjust: Be prepared to navigate financial changes and adjust goals as necessary, staying flexible and proactive in your planning. Notable Quotes: "Put your finances on a hypothetical box on a shelf. It creates space where you know you're going to be working on priorities at a certain place and a certain time." "NASA did a study that said when you are multitasking, your IQ level drops lower than when you're stoned." "If you don't know what to talk about, use every single one of these episodes from the financial wellness 101 series as a meeting topic for a year." "You can read in a textbook all you want, but until you’re in there with the family giving birth, you don’t really know how to do it. The same goes for financial planning." "Be patient, be persistent. Build the structure. Follow the structure just how you would build a treatment plan for a patient." Register for our upcoming PSLF Hacks masterclass Resources Follow James Nutter Follow IM Wealth Gain FREE immediate access to all of IM Wealth’s exclusive physician financial wellness resources Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. /episode/index/show/financialresidency/id/33033612

Coffee & Contract - Do You Have Student Loans? MGMA Bonus Content! 09/12/2024

A Physician’s Guide to Wealth - Financial Wellness 101: How to Take Immediate Action on Your Big 3 09/11/2024

A Physician’s Guide to Wealth - Financial Wellness 101: How to Take Immediate Action on Your Big 3 In this enriching episode of A Life Well Lived: A Physician's Guide to Wealth, James Nutter navigates through actionable strategies for maintaining financial wellness and consistency. The episode kicks off with a timely reminder about the upcoming Public Service Loan Forgiveness webinar scheduled for September 26, 2024, offering a valuable resource for listeners to gain insights from expert financial advice. James delves into the Financial Wellness 101 series, wrapping up the series with effective ways to take action and remain consistent in financial planning. He shares the powerful "Three by Three by Three by Three" framework and Darren Hardy's "Five Three One Plan" to help identify top priorities in various financial categories—ensuring actionable steps for achieving financial goals. James emphasizes the importance of understanding one's financial vitals, managing cash flows, maintaining core values, and setting meaningful goals, all while considering the benefits of different levels of professional financial guidance. Key Takeaways: Upcoming Webinars: Attend the free Public Service Loan Forgiveness webinar on September 26, 2024, for in-depth guidance on loan forgiveness. Three by Three by Three by Three Framework: Identify and prioritize three key actions in different financial categories: vitals, cash flows, core values, and goals. Five Three One Plan: Implement Darren Hardy’s method of choosing one skill to focus on each quarter, supported by five books, three podcasts, and one seminar or coach. DIY vs. Professional Help: Weigh the benefits of do-it-yourself financial planning versus getting help from professionals, in terms of time, cost, and expertise. Core Values Alignment: Ensure all financial decisions align with your core values to achieve a balanced and fulfilling financial life. Resources: IM Wealth Public Service Loan Forgiveness Webinar: Scheduled for September 26, 2024, held on Zoom. Register in the link provided in the description. Rocket Money: An app recommended for tracking cash flow and expenses. Living Your Best Year Ever by Darren Hardy: A resource for implementing the Five Three One Plan & goal execution. Tim Grover: Mentioned as the trainer for Michael Jordan and Kobe Bryant, with a recommended book available called Relentless. Register for our upcoming PSLF Hacks masterclass Follow James Nutter Follow IM Wealth Gain FREE immediate access to all of IM Wealth’s exclusive physician financial wellness resources Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. /episode/index/show/financialresidency/id/33004662

Mortgage Minute - Unlocking Savings with Kiddie Condo Loans for Physicians 09/10/2024

Grand Rounds - Reboot episode with Dr. James Young on the emotional trauma and recovery from burnout 09/09/2024

A Physician’s Guide to Wealth - Financial Wellness 101: Four Steps to Successful Family Financial Board Meetings Unveiled! 09/07/2024

A Physician’s Guide to Wealth - Financial Wellness 101: Four Steps to Successful Family Financial Board Meetings Unveiled! In this compelling episode of the "Life Well Lived, A Physician's Guide to Wealth" podcast, host James Nutter delves into the intricacies of managing family finances with his comprehensive guide on how to run successful family board meetings. Reflecting on personal experiences and professional insights, James shares valuable strategies to enhance financial wellness and reduce money-related stress within familiesJames discusses the critical importance of scheduling dedicated meeting times for financial discussions and emphasizes setting ground rules to maintain civility and focus during these conversations. The episode illuminates the idea of creating a digital cloud vault for important financial documents, fostering a collaborative atmosphere, and setting actionable goals. James also touches on the psychological aspects, such as the "law of familiarity," which can often impede progress in spousal financial planning. Key Takeaways: Scheduled Financial Discussions: Setting aside regular times to talk about finances can significantly reduce stress and promote better money management within the family. Creating Ground Rules: Establishing ground rules for financial discussions helps maintain a respectful and productive dialogue. Building a Digital Cloud Vault: Organizing important financial documents in a secure, digital space can streamline information sharing and decision-making. Understanding the Law of Familiarity: Recognizing that familiarity can make us undervalue advice from those closest to us and finding ways to mitigate this. Incorporating Professional Advisors: Regular consultations with financial advisors and other experts can reinforce and validate family financial strategies. Timestamp Summary 0:03 Four Steps to Running a Successful Family Board Meeting 3:33 The Financial Stress and Burnout Crisis Among Physicians 6:15 Four Steps to Running a Successful Family Board Meeting 8:53 Organizing Family Finances with Digital Tools and Scheduled Meetings 13:41 Navigating Money Dynamics in Relationships 15:40 Effective Communication and Financial Planning in Relationships 23:24 From Chubby Kid to College Football and Gym Trainer 24:13 The Law of Familiarity and Its Impact on Relationships 27:02 Effective Financial Meetings for Couples 30:55 Comprehensive Financial Planning and Key Projects for Families 33:19 Effective Quarterly Financial Planning and Goal Setting for Families 36:30 Effective Financial Planning Through Regular Advisor Meetings Resources Register for our upcoming PSLF Hacks masterclass Follow James Nutter Follow IM Wealth Gain FREE immediate access to all of IM Wealth’s exclusive physician financial wellness resources Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. /episode/index/show/financialresidency/id/32958322

Coffee & Contract - Navigating Supervision of NPs and PAs: Key Insights for Physicians 09/06/2024

Coffee & Contract - The Art of Finding and Evaluating Physician Job Opportunities 09/05/2024

A Physician’s Guide to Wealth - Financial Wellness 101: The Path to Fulfillment 09/04/2024

A Physician’s Guide to Wealth - Financial Wellness 101: The Path to Fulfillment In this episode of "The Life Well Lived, A Physician's Guide to Wealth" podcast, host James Nutter delves deep into the concept of living a fulfilled life by mastering your finances. As he approaches the end of his Financial Wellness 101 series that began on June 28, he emphasizes the importance of aligning financial decisions with personal values and meaningful goals. He unpacks the complexities of understanding financial vitals, managing cash flows, and setting actionable goals that resonate with one's core values. James Nutter outlines a powerful financial wellness journey, touching upon vital topics such as defining free cash flows, understanding family values, and identifying meaningful, goal-driven financial strategies. Whether it's aiming to pay off student loans, planning for a dream house, or funding children’s future education, James offers practical guidance to help listeners develop a comprehensive financial roadmap. Leveraging tools like ChatGPT for financial calculations and optimizing free cash flows for future security are some of the key aspects discussed. Key Takeaways: Clarity and Purpose in Financial Planning: The importance of aligning your financial strategy with personal values and meaningful goals to achieve true fulfillment. Understanding Free Cash Flows: How to calculate and utilize free cash flows to support both current lifestyle desires and long-term goals. Prioritizing Goals: The necessity of identifying and organizing goals to ensure they align with core values and financial capabilities. Using Technology: Employing tools like ChatGPT for financial projections and goal planning to ensure precise and actionable outcomes. Taking Action: The emphasis on continuous action and adjustment to stay aligned with financial goals and maintaining a well-rounded, fulfilling life. Notable Quotes: "You need to be able to understand your financial vitals, your values as a family, and how to make decisions in alignment with your values." "Don't end up being the richest person in the graveyard. Do the work." "Imagine your best life and build a career plan around it. Think about what your most meaningful and rewarding life looks like." "Can your free cash flows support the lifestyle that you just envisioned, both in the present and in the future?" "If your free cash flows are enough to hit all of your future goals and targets, and it could also fund your current lifestyle, then you are truly in a place of financial nirvana." Register for our upcoming PSLF Hacks masterclass Resources Follow James Nutter Follow IM Wealth Gain FREE immediate access to all of IM Wealth’s exclusive physician financial wellness resources Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. /episode/index/show/financialresidency/id/32892242

Mortgage Minute - Maximize Your Savings: How BMO Bank’s Rate Modification Can Benefit You 09/03/2024

Grand Rounds - Intention, purpose and fulfillment with Dr. Jordan Grumet 09/02/2024

Coffee & Contract: Non-Compete Checklist 08/31/2024

Mortgage Minute - Wet Sign Loan Docs the Day of Closing 08/30/2024

Mortgage Minute - Open a Checking Account 08/29/2024

Financial Residency

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