Financial Residency

Burnout is caused by many factors but can cause physical manifestations such as severe fatigue, headaches and lack of sleep. Tiffany Cagwin is a holistic life coach who works with many healthcare professionals to help them recover physically.   She talks today about getting the body back into the proper circadian cycle by incorporating a couple very simple tasks into your daily routine. You can learn more about her at www.TiffanyCagwin.com.       

A final thank you to all the loyal listeners as we end the Financial Residency Podcast Series. Please visit our website, www.financialresidency.com when you need to find a trusted resource for physician mortgages.

Are you a physician considering a side hustle? Recent statistics show that 36% of physicians engage in outside income activities, driven by salary cuts and the desire for financial diversification. Understanding the terms of your contract is crucial, as it may contain restrictions on outside activities. In this discussion, we explore the benefits of side hustles, potential income strategies, and how Contract Diagnostics can assist you in navigating your employment contract to ensure compliance while maximizing your earning potential. Reach out to us for expert guidance! Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

In the complex world of physician compensation, deciding between a low base salary with a lower patient cap or a higher salary with a higher patient cap can be challenging. Jon Appino dives into the factors that influence this decision, including long-term career goals, financial stability, and market conditions.  Understanding the implications of each structure is crucial for making an informed choice that aligns with your personal and professional aspirations. If you're navigating a new position and need expert guidance, reach out to us for tailored advice and support! Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

In this episode of "A Life Well Lived: A Physician's Guide to Wealth," James Nutter provides a comprehensive checklist for pursuing Public Service Loan Forgiveness (PSLF) for physicians. He breaks down the steps to understanding the requirements, confirming if PSLF is right for you, getting organized and doing it consistently, building a contingency plan, and what to expect when you reach 120 payments. With insights from a client who had over $200,000 in loans forgiven, James offers valuable tips and resources to help physicians navigate the PSLF process successfully.         Timestamp Summary 1:06 Essential PSLF Tips for Physicians Seeking Loan Forgiveness 6:30 Determining Employer Eligibility for Public Service Loan Forgiveness 11:23 Evaluating Public Service Loan Forgiveness Suitability and Strategies 16:48 Strategic Income Reporting for Lower Loan Repayments 19:40 Strategies for Timely Student Loan IDR Recertification 25:53 Mastering PSLF Through Organized Documentation and Regular Submissions 28:51 Identifying an Authorized Official for Employment Verification Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

As a recently graduated family medicine physician, navigating the choice between private practice and hospital employment can be complex. Understanding the differences between W2 and 1099 structures is crucial for your career path. This guide explores the benefits and drawbacks of each option, considering factors like tax implications, scheduling flexibility, and family needs. Discover how to align your employment choice with your personal goals, whether you prioritize benefits, retirement plans, or the flexibility of independent contracting. Reach out for expert advice tailored to your unique situation! Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

In this episode of Coffee and Contracts, Jon Appino from Contract Diagnostics shares insights on current trends in physician employment contracts. With over 12 years of experience, Jon discusses shifts in various specialties, highlighting significant salary surges and changes in demand. He emphasizes the importance of staying informed about real-time trends rather than relying solely on published data. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

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 here Resources PSLF Hacks Checklist Follow James Nutter Book a free financial wellness diagnostic with James here Instagram Follow IM Wealth Gain FREE immediate access to all of IM Wealth's exclusive physician financial wellness resources here www.imwealth.com Youtube Meaningful Journeys Scholarship Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Dr. Cory Fawcett literally wrote the book on "Managing a Financial Crisis" as part of his Doctor's Guide series. He joins us today to talk about the steps a physician can take to navigate the crisis by methodically evaluating resources and making a plan to move forward, deal with the emotional fallout, prevent loss of relationships from the event and hopefully come out in a better place on the other side. You can learn more about Dr. Fawcett, read his blog, take a course or obtain coaching at www.FinancialSuccessMD.com.

In this update, we explore new projections for physician shortages by 2036, revealing a significant gap between the demand for healthcare providers and the available supply. With a potential deficit ranging from 13,500 to 86,000 physicians, understanding the trends in primary care and specialty fields is crucial for current and future physicians. This discussion emphasizes the importance of negotiating compensation and being informed about market demands. If you need assistance with your compensation strategy or employment discussions, reach out to us for expert guidance. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

In this episode of Coffee and Contracts, Jon shares an inspiring success story from an employed urologist who navigated a challenging call coverage situation to secure better compensation. Learn how collaboration among physicians can lead to financial wins for both doctors and hospitals. If you're a physician seeking guidance on contract reviews, compensation structures, or call agreements, reach out to Contract Diagnostics for personalized support. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

In this episode of Coffee and Contracts, Jon from Contract Diagnostics dives into the essential topic of balancing risk in employment agreements. He explores how to evaluate the rewards and risks associated with contracts, including non-compete clauses, salary negotiations, and benefits like vacation time. Gain insights into understanding your risk tolerance and making informed decisions during contract negotiations. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

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 here Resources PSLF Hacks Checklist Follow James Nutter Book a free financial wellness diagnostic with James here Instagram Follow IM Wealth Gain FREE immediate access to all of IM Wealth's exclusive physician financial wellness resources here www.imwealth.com Youtube Meaningful Journeys Scholarship Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

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 here Resources PSLF Hacks Checklist Follow James Nutter Book a free financial wellness diagnostic with James here Instagram Follow IM Wealth Gain FREE immediate access to all of IM Wealth's exclusive physician financial wellness resources here www.imwealth.com Youtube Meaningful Journeys Scholarship Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

In this episode of Coffee and Contracts, Jon dives into essential topics surrounding outside activities, restrictive covenants, and non-compete agreements. He shares valuable insights from client feedback and discusses the complexities of social media use for physicians, including potential conflicts with employer policies. Learn how to navigate these challenges, ensure compliance, and leverage social media effectively while safeguarding your career. Join us as we explore contract reviews and compensation analysis tailored for healthcare professionals. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Dr. Mary Anderson is a clinical psychologist who works with high achievers, including many physicians, med students and residents. As a profession, we are often perfectionists, which can lead to feelings of imposter syndrome, high stress and burn out. She has written a book called "The Happy High Achiever: 8 Essentials to Overcome Anxiety, Manage Stress and Energize Yourself for Success - Without Losing Your Edge."   She shares many helpful insights today about actionable self care to maintain gratitude and positivity while limiting cognitive distortion that causes stress, performance paralysis and self-doubt. Her new book comes out 9/24/24. You can learn more about Dr. Anderson at www.MaryAndersonPHD.com. 

As September unfolds, now is the perfect time to dive into your job search. With favorable weather conditions, it's an ideal moment for site visits, contract reviews, and securing letters of intent. Discover key strategies for negotiating your job offers and gaining professional insights to customize your approach.  Whether you're visiting community centers or seeking expert career coaching, we're here to help you navigate every step of your journey. Reach out to learn more about how we can support you in securing your ideal position. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

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 here Resources PSLF Hacks Checklist Follow James Nutter Book a free financial wellness diagnostic with James here Instagram Follow IM Wealth Gain FREE immediate access to all of IM Wealth's exclusive physician financial wellness resources here www.imwealth.com Youtube Meaningful Journeys Scholarship Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

In this discussion, Jon from Contract Diagnostics addresses common questions about student loan reimbursement in physician contracts and the implications of not having student loans. Learn how to navigate reimbursement structures, negotiate incentives if you're not receiving loan help, and understand the intricacies of MGMA data for salary negotiations. Whether you're dealing with student loans or compensation benchmarks, get insights on how to advocate for yourself effectively in your employment contracts. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

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 here PSLF Hacks Checklist Follow James Nutter Book a free financial wellness diagnostic with James here Instagram Follow IM Wealth Gain FREE immediate access to all of IM Wealth's exclusive physician financial wellness resources here www.imwealth.com Youtube Meaningful Journeys Scholarship Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

In this episode of The Mortgage Minute, host Doug Crouse from BMO Bank discusses a unique mortgage option for physicians looking to buy a home for their parents. He explains how using a Fannie Mae loan can offer owner-occupied rates and lower down payments compared to traditional investment property loans. Plus, don't forget to reach out for a free copy of Doug's book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to  www.dougcrouse.com.

This is one of my favorite episodes. Dr. James Young and I talked talked about what it felt like to experience burnout and how he was able to battle his way back to find the love of medicine. It involves self-discovery, acceptance, pivoting and standing up for yourself. I hope you enjoy the episode as much as I did!  

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 here PSLF Hacks Checklist Follow James Nutter Book a free financial wellness diagnostic with James here Instagram Follow IM Wealth Gain FREE immediate access to all of IM Wealth's exclusive physician financial wellness resources here www.imwealth.com Youtube Meaningful Journeys Scholarship Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

In this session, Jon from Contract Diagnostics discusses the nuances of supervising nurse practitioners (NPs) and physician assistants (PAs). He covers essential aspects such as the impact on your role, the need for clear supervision agreements, compensation considerations, and the importance of understanding contract terms related to staff supervision. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Join Jon from Contract Diagnostics as he navigates the job search process for physicians during interview season. He covers essential topics including when to start looking for positions, evaluating multiple offers, site visit tips, and understanding employment contracts. Get insights on how to effectively assess job opportunities and negotiate terms to ensure a successful career transition. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

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 here Resources PSLF Hacks Checklist Follow James Nutter Book a free financial wellness diagnostic with James here Instagram Follow IM Wealth Gain FREE immediate access to all of IM Wealth's exclusive physician financial wellness resources here www.imwealth.com Youtube Meaningful Journeys Scholarship Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Discover how BMO Bank's exclusive rate modification feature can help you save on loan costs, with the flexibility to relock your rate if market conditions improve, all while avoiding high refinancing fees. Plus, don't forget to reach out for a free copy of Doug's book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to  www.dougcrouse.com.

Dr. Jordan Grumet is the podcast host of Earn and Invest and author of "Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth and Living a Regret-Free Life." He reflects on his hospice patients and own experiences, which taught him the importance of finding those things that fill your cup and bring you joy. We talk about finding the balance between building our finances and living life intentionally.  He shares his philosophy on the Art of Subtraction, Joy of Addition and Need for Substitution when navigating through life. You can learn more about Jordan or listen to his podcast by going to www.JordanGrumet.com. 

Today, Jon from Contract Diagnostics speaks on recent news that has brought a major change: the FTC's nationwide ban on non-competes has been overturned. This means the regulation that aimed to eliminate non-compete agreements for all workers, including physicians, is no longer in effect. While some states have adjusted their rules, the nationwide ban is suspended, and current non-compete agreements remain valid until altered by your employer or contract. In light of this, we've put together a checklist to help you navigate the essentials of your non-compete agreement. This includes understanding the time and geographic restrictions, potential buyout options, and negotiation tips. If you need guidance on how these changes affect you or help with your contract, feel free to reach out for a consultation. Stay tuned for more updates and checklists! Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

In this episode of Mortgage Minute with Doug Crouse from BMO Bank, discusses the importance of planning ahead if you can't attend your closing in person. Learn about the necessity of arranging mobile notary services or using a power of attorney well before your closing date. Discover why most lenders require wet signatures and the need for advance notice to ensure a smooth signing process. Plus, don't forget to reach out for a free copy of Doug's book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to  www.DougCrouse.com. 

In this episode of Mortgage Minute, host Doug Crouse from BMO Bank discusses potential future changes that may impact mortgage availability, especially for out-of-footprint states on the East Coast. He suggests that opening a free checking account with BMO could help preserve your banking options if such changes occur. Plus, don't forget to reach out for a free copy of Doug's book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to  www.DougCrouse.com. 

In this episode of "A Life Well Lived: A Physician's Guide to Wealth Masterclass," host James Nutter welcomes Darlene Dresch, a prominent real estate expert, for an in-depth discussion on the 2024 real estate trends for physicians. They explore critical financial aspects and market dynamics that physicians need to know when securing their dream homes. As part of this masterclass, Darlene shares her expert insights on real estate strategies, addressing the unique needs and challenges physician families face. Listeners will gain valuable knowledge on crucial topics such as the current state of the real estate market, how the new NAR settlement impacts consumers, and various financing options tailored for physicians. Darlene emphasizes the importance of surrounding oneself with a capable team, leveraging strategy in real estate transactions, and understanding the expectations and processes involved. The episode also delves into how real estate can be a strategic part of one's financial portfolio, offering practical advice and real-life success stories to illustrate key points. Key Takeaways: Understanding Market Dynamics: Insight into the current real estate market, the impact of the NAR settlement, and differentiating between buyer's and seller's markets. Financing Options: Detailed overview of physician loans vs. conventional loans, including zero down payment and no PMI options. Building a Capable Team: Importance of collaborating with knowledgeable real estate agents, lenders, and financial advisors who understand physicians' unique needs. Strategic Buying and Selling: Effective strategies for negotiating offers, understanding terms, and making financially sound real estate decisions. Real Estate Portfolio: Use of real estate as a strategic part of your investment portfolio, including buying rental properties and leveraging equity. Darlene Dresch is a seasoned real estate expert specializing in working with physicians and the medical community in Ann Arbor, Michigan, for the past eight years. She is the co-owner of D&R Realtors, a purpose-driven business that not only focuses on real estate but also contributes significantly to local charities and organizations like the Charles Woodson Foundation and Ronald McDonald House. Darlene partners with U of M Health, assisting numerous physician clients to find ideal homes and investments. Resources: Email Darlene with any real estate questions Dardresch@gmail.com PSLF Hacks Checklist Follow James Nutter Book a free financial wellness diagnostic with James here Instagram Follow IM Wealth Gain FREE immediate access to all of IM Wealth's exclusive physician financial wellness resources here www.imwealth.com Youtube Meaningful Journeys Scholarship Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

In this episode of "A Life Well Lived: A Physician's Guide to Wealth," James Nutter provides a comprehensive checklist for pursuing Public Service Loan Forgiveness (PSLF) for physicians. He breaks down the steps to understanding the requirements, confirming if PSLF is right for you, getting organized and doing it consistently, building a contingency plan, and what to expect when you reach 120 payments. With insights from a client who had over $200,000 in loans forgiven, James offers valuable tips and resources to help physicians navigate the PSLF process successfully.         Timestamp Summary 1:06 Essential PSLF Tips for Physicians Seeking Loan Forgiveness 6:30 Determining Employer Eligibility for Public Service Loan Forgiveness 11:23 Evaluating Public Service Loan Forgiveness Suitability and Strategies 16:48 Strategic Income Reporting for Lower Loan Repayments 19:40 Strategies for Timely Student Loan IDR Recertification 25:53 Mastering PSLF Through Organized Documentation and Regular Submissions 28:51 Identifying an Authorized Official for Employment Verification Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Dr. Niki Kennedy started out as a biomedical engineer, but then became a vascular surgeon. Her passion is bringing people together to advance medical technology and make healthcare better. She founded Arbor Hive, which is a network of physicians, allied health professionals, business owners, investors, engineers and others who come together to make this happen. Joining the group is free and can help you make contacts with others. Whether you are an innovator looking for guidance on getting something through FDA approval or learning about investors who might make your dream possible or perhaps you would like to consult with start-ups who need your professional input, Arbor Hive may be of interest to you. Arbor Hive is having an online meeting 9/23/24 with a national speaker from the Angel Capital Association. If you are interested in learning more you can go to www.ArborHive.com or find them on LinkedIn. 

Welcome to this episode of Mortgage Minute with Doug Crouse! Today, we dive into BMO's Rate Modification Program, a cost-effective alternative to traditional refinancing. Learn how you can save money by modifying your loan rate without incurring the high costs of a new appraisal, title work, and lender fees. Discover the benefits of a flat fee structure and how this program can help you bypass the need for refinancing while maintaining your current loan term. Tune in to understand why BMO's rate modification might be the perfect solution for you and how it compares to other refinancing options. Plus, don't forget to reach out for a free copy of Doug's book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to  www.DougCrouse.com. 

In this episode of the Mortgage Minute, host Doug Crouse from BMO Bank discusses the potential upcoming rate cuts by the Fed and the impact on refinancing decisions. Doug warns against hasty refinancing based on lender hype and emphasizes the importance of evaluating if refinancing truly benefits you. He advises considering factors like loan size, closing costs, and breakeven periods before making a decision.  Doug also highlights BMO's rate modification program and offers to provide honest, competitive assessments to help you make informed financial choices. Plus, don't forget to reach out for a free copy of Doug's book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to  www.DougCrouse.com. 

Join us for a comprehensive Q&A session at Contract Diagnostics, where we address crucial questions about hiring PAs and nurse practitioners, navigating private practice contracts, and negotiating terms during transitions. Discover expert advice on salaries, benefits, and making informed decisions about your medical career. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

In this insightful episode of "The Life Well Lived: A Physician's Guide to Financial Wellness," host James Nutter continues his compelling Financial Wellness 101 series. Designed to help physicians take control of their finances and, by extension, their lives, this episode dives into the significance of setting a clear, value-driven vision for financial goals. James emphasizes the crucial role of vision in financial planning and discusses various strategies for aligning financial goals with personal values and long-term aspirations. In the first half of the episode, James Nutter outlines an effective seven-part framework for meaningful goal setting, emphasizing its importance in navigating the often monotonous and challenging journey of a financial transformation. He goes on to discuss how to set specific, measurable, attainable, and realistic goals with deadlines, thereby providing a roadmap for audience members to follow. James stresses the importance of revisiting these goals regularly to stay committed and persistent, even when initial excitement wanes. The latter part of the episode delves deeper into practical steps for financial goal setting. James discusses the importance of identifying top financial priorities, visualizing success, and setting both short-term and long-term targets. He offers advice on prioritizing goals like retirement, debt repayment, and lifestyle upgrades, all while maintaining a balanced approach towards financial growth and personal fulfillment. The episode also touches on the necessity of building early wins and the benefits of a consistent, disciplined approach to achieving financial goals. Key Takeaways: Seven-Part Framework for Goal Setting: James emphasizes the importance of identifying goals, writing them down, facing challenges, setting deadlines, prioritizing, visualizing, and persisting in pursuit of financial wellness. SMART Goals: Highlighted the need for specific, measurable, attainable, realistic, and time-sensitive financial goals. Balancing Financial Priorities: Stressed on the importance of prioritizing financial goals to avoid spreading oneself too thin and ensuring that the most critical goals take precedence. Creating a Vision for the Future: Discussed the significance of having a clear, well-defined vision to navigate financial planning and to stay motivated during the journey. Early Wins and Consistency: Encouraged setting up early wins to build momentum and the importance of consistent effort in financial planning. Register for our upcoming physician homebuying masterclass here Resources: PSLF Hacks Checklist Follow James Nutter Book a free financial wellness diagnostic with James here Instagram Follow IM Wealth Gain FREE immediate access to all of IM Wealth's exclusive physician financial wellness resources here www.imwealth.com Youtube Meaningful Journeys Scholarship Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

In this episode of "The Life Well Lived, a Physician's Guide to Wealth," host James Nutter dives into the final stages of the Financial Wellness 101 series. Over the summer, James has guided listeners through numerous areas of financial wellness, addressing key aspects such as financial vitals, free cash flows, values workshops, and time audits. Now, as the series draws to a close, James focuses on the importance of vision and goal-setting. By casting a clear vision and setting meaningful goals, listeners can align their financial strategies with their most cherished values and long-term objectives. James introduces a seven-part meaningful goal-setting framework that aligns personal and financial goals. He explains the importance of having a plan, using quotes from notable figures like Dwight D. Eisenhower and Laird Hamilton to underline his points. This episode emphasizes the necessity of identifying goals, sharing them for accountability, preparing for potential challenges, setting deadlines, prioritizing goals, visualizing success, and being persistent. The next episodes in the series will delve deeper into SMART goals and how to use free cash flows effectively to actualize financial dreams. James provides actionable steps and encourages listeners to engage in reflective practices that align with their financial and personal well-being. Key Takeaways: Seven-Part Framework: James outlines a seven-part goal-setting process that includes identifying goals, sharing them for accountability, preparing for challenges, setting deadlines, prioritizing, visualizing, and staying persistent. Quotes for Motivation: Inspirational quotes from Dwight D. Eisenhower and Laird Hamilton are used to highlight the importance of planning and imaginative goal-setting. Balancing Present and Future: Emphasizes the importance of balancing long-term financial planning with enjoying the present, and the dangers of the "live like a resident" mindset. Visualization Techniques: Discusses the effectiveness of visualization in achieving goals, citing examples from Olympian Michael Phelps. Practical Assignments: Encourages listeners to take actionable steps by identifying current desires and investments, such as booking a massage or planning a trip, to live more fully in the present. Resources PSLF Hacks Checklist Follow James Nutter Book a free financial wellness diagnostic with James here Instagram Follow IM Wealth Gain FREE immediate access to all of IM Wealth's exclusive physician financial wellness resources here www.imwealth.com Youtube Meaningful Journeys Scholarship Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Physician philosopher, author, anesthesiologist and host of Money Meets Medicine podcast Dr. Jimmy Turner joins us today to talk about how enjoying the journey can help a physician maintain and achieve happiness both personally and professionally. Although it is important to plan for the future, it is also important to live in the present. Being intentional about life and money can be the key to living your best life. You can learn more about Dr. Jimmy Turner at www.MoneyMeetsMedicine.com where you can also listen to his podcast, download his book or read about his coaching opportunities. 

Financial Wellness 101 series, James helps listeners understand the monetary value of their time and how it directly influences their financial success and overall well-being. James begins by highlighting the importance of recognizing time as the most valuable resource. He encourages listeners to evaluate where their time is being spent and to consider the opportunity costs associated with everyday activities. He shares impactful quotes to emphasize the significance of mindful time investment and offers strategic questions to guide listeners in reassessing their time allocation for maximum ROI—be it financial, relational, or health-related. James moves on to a practical exercise, helping physicians quantify their hourly and minute rate, thus putting their economic worth into perspective. This calculation serves to underscore the value of focusing on high-leverage tasks and delegating or eliminating lower-value activities. This episode is rich with actionable advice and encourages physicians to have meaningful discussions with their leadership or explore freelance support to optimize their time and efforts. Recognize time as your most valuable asset and assess where it is being spent. Calculate your hourly and minute rate to understand your economic value. Focus on high-leverage tasks that align with your strengths and delegate lower-value activities. Engage in reflective practices to identify areas of life that need more or less attention. Schedule time for rest and recovery and treat it with the importance it deserves. Resources PSLF Hacks Checklist Follow James Nutter Book a free financial wellness diagnostic with James here Instagram Follow IM Wealth www.imwealth.com Youtube Meaningful Journeys Scholarship Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Financial planners James Nutter and Jeff McPherson, alongside CPA Matt Barczak, dive deep into crucial tax deduction strategies for 1099 physicians. They explore vehicle deductions, employing family members, and maximizing retirement plan contributions. The session offers essential insights into effective financial planning, including the Augusta rule and optimizing Roth IRAs. Real-life scenarios and listener questions enhance the learning experience, making it a must-listen for physicians seeking to optimize their tax situation and financial health. Tune in for actionable advice and expert guidance tailored to the unique financial needs of medical professionals. Timestamp Summary 0:07 Physician Financial Wellness and 1099 Deduction Hacks 12:55 Maximizing Tax Deductions for 1099 Physicians 21:01 Implementing Tax Deductions and Financial Planning Strategies 25:02 Tax Deductions for Vehicles and Commuting Expenses 29:24 Tax Strategies for Business and Personal Vehicle Leasing 32:26 Tax Benefits and Strategies for Employing Family Members 39:56 Creative Ways to Justify Family Payments in Business 42:41 Optimizing Dual-Income Family Retirement and Tax Strategies 47:04 Maximizing 1099 Income Through Solo 401K and SEP Accounts 55:40 Navigating Complex Retirement Account Strategies and Tax Implications 1:07:13 Tax Benefits of Renting Your Home for Business Meetings 1:09:22 Effective Strategies for Year-End Tax Deductions and Entity Structuring Resources Register for our upcoming physician homebuying masterclass here Resources PSLF Hacks Checklist Follow James Nutter Book a free financial wellness diagnostic with James here Instagram Follow IM Wealth www.imwealth.com Youtube Meaningful Journeys Scholarship Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

In this episode, we dive into the most pressing questions from our audience about medical compensation trends, including regional comparisons between anesthesiologists and CRNAs, the impact of inflation on RVUs, and the benefits of including annual salary increases. Join us as we provide concise answers and insights into how various medical specialties are navigating these challenges. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Join Doug Crouse on the Mortgage Minute as he discusses how he can connect you with the right resources for business loans, car loans, and home equity lines of credit. While not directly related to mortgage services, Doug is here to point you to the experts at BMO who can help with your financial needs. Plus, get details on how to receive a free copy of his book, "The Hippocratic House. Plus, don't forget to reach out for a free copy of Doug's book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to  www.DougCrouse.com. 

In this episode of Mortgage Minute, Doug from BMO Bank clarifies common misconceptions about doctor loans, including the possibility of having multiple loans, equity requirements, and how different banks, like BMO, handle these loans for physicians. He also addresses rules for buying second homes and investment properties with doctor loans. Plus, don't forget to reach out for a free copy of Doug's book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to  www.DougCrouse.com. 

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Many physicians are now using AI medical scribes to take notes during appointments. It allows doctors to truly interact with their patients while at the same time making them more efficient and notes more detailed.   Freed founder Erez Druk and his wife Dr. Gabi Meckler join us today to talk about the inspiration for Freed, how it works, the cost for using the technology and new innovations currently being developed for future iterations of the software.   If you are interested in trying Freed, you can do a free trial and if you like it you can get a discount of $50 for the first month just for being a Financial Residency podcast listener by using the code FR2024. Go to www.Freed.ai to learn more.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. This week on Mortgage Minute, Doug Crouse from BMO Bank explains the difference between par, premium, and discount mortgage rates. Learn how paying discount points can affect your interest rate, the benefits of lender credits, and tips for deciding which option is best for you. Tune in for expert advice on navigating your mortgage rate choices! Plus, don't forget to reach out for a free copy of Doug's book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to  www.DougCrouse.com. 

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Jon discusses how to maximize vacation time and navigate employer leave policies. He covers the nuances of paid and unpaid leave, the impact of burnout, and how to handle PTO rollover, accrual, and payout.  Jon emphasizes the importance of understanding your employer's vacation policies and negotiating for the best terms in your physician contract. Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. In this episode of "A Life Well Lived: A Physician's Guide to Wealth," James Nutter emphasizes the importance of time and how it is the most valuable resource we have. He shares an exercise he does every year to audit his time and evaluate how he spent it.  By categorizing things to leave behind, people to leave behind, things to bring forward, and the best moments and people of the previous year, he is able to prioritize joy and fulfillment in his life. Nutter encourages listeners to schedule time to do this exercise and experience the rewards of intentional time management. Time is the most valuable asset we have, and unlike money, it cannot be replenished once it's gone. An annual time audit can significantly enhance awareness of how time is spent and assist in making intentional decisions for future joy and productivity. Categorizing experiences into areas to continue or discontinue can lead to progressively more fulfilling years. The exercise includes a review of photos, calendars, and even financial statements to evaluate past activities and expenditures. Scheduling time and space to conduct such an audit is essential for gaining the most from the exercise. Click here to access your free financial wellness 101 playbook Register for our upcoming physician homebuying masterclass here Resources PSLF Hacks Checklist Follow James Nutter Book a free financial wellness diagnostic with James here Instagram Follow IM Wealth www.imwealth.com Youtube Meaningful Journeys Scholarship Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. James Nutter from IM Wealth navigates the "Life Well Lived" series, focusing on aligning your financial decisions with core values. Discover reflective exercises to imagine a fulfilling life, understand your identity beyond your profession, and set goals that truly resonate with who you are.  Nutter delves into thought-provoking questions to help physicians build life plans supported by their careers. Reflect on purpose, impact, and ideal lifestyles to ensure your money and time are spent in harmony with your deepest values.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Welcome back to the Mortgage Minute with Doug Crouse from BMO Bank! In this episode, Doug shares essential tips on comparing lender offers effectively. He explains how to accurately compare interest rates and closing costs by either matching rates or costs between lenders.  Doug also advises getting quotes on the same day to ensure accurate comparisons, as rates can fluctuate. Plus, don't forget to reach out for a free copy of Doug's book, The Hippocratic House, by emailing doug.crouse@bmo.com. Tune in for more insightful mortgage advice! To learn more about Doug, go to  www.DougCrouse.com.