When you hire a financial advisor, there is an expectation that they will give the best advice to the person’s situation. Does the way that a financial advisor receives compensation affect what kind of advice that you receive? Today Ryan and Kayse discuss the differences between fee-based and fee-only advisors. What are things that are good to know when hiring either? Why is it important to know what incentives both may have? Learning about financial advising behind the scenes can be a great aid in finding the right advisor. It’s worth the time to ensure you’re receiving the level of advising that every person deserves. Today's sponsor is Locumstory. To find out more visit here: financialresidency.com/locumstory

Financial Residency

What are the differences between a fee-based and fee-only advisor?

We have your favorite good cop, Kayse Kress, back for a Monday show slot. Last week we talked about creating a financial plan. This week is all about what to do with the plan once you have it. Whether you’re brand new to the concept of building a financial plan or a veteran, there are a few things you should know. Do you know what they are? Listen in to see.  Today's sponsor is Weatherby. To learn more about Weatherby visit:  financialresidency.com/weatherby 

What about motivation and financial planning? Executing your plan!

Have you taken time to think about your future and a financial plan? What do you need to know before building one? If you have never done a financial plan, there are some things you need to consider. In this episode, Ryan and Kasey discuss how to build a financial plan, mistakes to watch out for and what you can do to have the best financial plan possible! Today's sponsor is Deputy. To learn more — and try Deputy out for free — go to doctorpodcastnetwork.com/deputy

How to build a financial plan and why it is important!

Ways to generate passive income is a question many people have. You may be interested in investing in the stock market. Additionally, you may look at real estate as a way to generate passive income. What are the advantages and disadvantages of both? What are the things to know? Is there passive income, or is there a great deal of work required?  In this episode, we discuss all of these questions and more. The question was submitted by a listener named Greg. Today's Sponsor is Locumstory. To find out more about Locumstory go to doctorpodcastnetwork.com/locumstory  Become an empowered, smart, and sophisticated investor this Fall. Go to financialresidency.com/multifamilyfall

Investing in Real Estate

It’s an uncomfortable topic to discuss. At some level, we’re thinking about death, and that’s why our discussion today is about estate planning. Part of that process is to understand the differences between irrevocable and revocable trusts. In this episode, learn the information you need for success with estate planning while having an irrevocable trust. Notesong and Nathan of Thoughtful Wills, the estate planning practice Taylor and I used for our estate plan, share the knowledge we need to know. Ready to take the next step in your estate plan? Connect with Notesong and Nathan at www.financialresidency.com/tw To learn more — and try Deputy out for free — go to www.doctorpodcastnetwork.com/deputy

What Is An Irrevocable Trust And Why One Is Needed For Estate Planning?

Ever heard of the phrase "Time is Money!"? It means don’t waste time. However, being patient has a lot to do with money than we realize. In this episode, Nick True of Mapped Out Money says that our happiness, success, and our thought-processes revolve around our ability to be patient. When you throw money into the mix, things become more complicated! Just how patient do you need to be? Deputy makes it easy to schedule staff in line with patient demand, communicate schedules with your team, and instantly find replacements when someone calls out sick.   To learn more — and try Deputy out for free — go to www.doctorpodcastnetwork.com/deputy 

How to Use Patience to Find Success in Money Management

Doug Krause is a physician mortgage expert that is our community! To become a member of our community visit financial residency.com. Doug is the author of a new book that will release sometime in the near future. The book is one of the best resources you will find about buying your first home as a physician. It discusses what to watch out for, what to learn, and all of the things to have a successful physician mortgage. Doug has done an excellent job of putting everything in a great book and a fantastic read! I am excited for the world to see what he has written.   In this week's episode, we discuss Physician Mortgages and the things that are important to know. When you start thinking about doing a physician mortgage, all the information needed to make the right decision is not easy to find. Another thing is knowing how to avoid the mistakes when first doing physician mortgages and how it can affect you over the life of one. There are things to think about before you decide that a physician mortgage is right for you. The length of time the owner intends to stay in the house. Financial factors that may affect what kind of house. Keep in mind that the episode will not include financial advice but things to consider.   Deputy is a simple app that’s helped more than 250,000 workplaces tackle this problem. Deputy makes it easy to schedule staff in line with patient demand, communicate schedules with your team, and instantly find replacements when someone calls out sick This week's episode is sponsored by Deputy. To learn more about Deputy visit: doctorpodcastnetwork.com/deputy 

Physician Mortgages? Excited or Nervous? Not sure what you need to know?

Ron 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.

Financial priorities in order? This is why you should get them straight!

Frankly, it’s easy to make a knee-jerk decision to quit your job… but when it comes down to the fear of the unknown, you might be channeling unaddressed energy that causes you to go down a path that might not be the best suited. The mindset shift involved in strategic quitting happens when you discover what your ideal life looks like says my guest, Dr. Lynn Marie Morski. This episode is sponsored by VIVE Funds. Is commercial real estate investing interesting to you? Need a partner? Allow VIVE Funds to show you the way. Reach Veena Jetti and her team at www.doctorpodcastnetwork.com/vivefunds  Reach out to CareCloud for your medical billing needs? We got you. Find them at www.doctorpodcastnetwork.com/carecloud 

Becoming a Strategic Quitter with Dr. Lynn Marie Morski

Kanan and Hera have done an incredible job at educating themselves about how to budget. Their tool of choice is YNAB, an online personal budgeting platform. The fact that they have investments, a smart budget, and future goals as a PGY-1 really shows us how much they prioritize their financial future. Very proud of you guys. This show is sponsored by good friend, Dr. Errin Weisman, founder and creator of Physician Coaching Alliance. Find PCA and connect with other physicians in the coaching space. Go to www.doctorpodcastnetwork.com/physiciancoachingalliance Heard of CareCloud-- a medical billing company? Learn about how they can help support you as you start your practice. Go to www.doctorpodcastnetwork.com/carecloud Advice Media is a brand reputation company that supports physicians with their online presence. If you reach out through this link and schedule a demo, they'll send you a $60 Amazon Gift Card! Go to www.doctorpodcastnetwork.com/advicemedia

Why Using YNAB Keeps You Focused on the Right Things

You've heard your colleagues talk about estate planning or maybe you happened to stumble upon the term in passing. Do you know how critical it is to understand how an estate plan affects your future? You don't need all the bells and whistles for an estate plan. You do need the basics. See what those basics are in this week's episode!  This week's episode is sponsored by a good friend, Dr. Errin Weisman, Founder of Physician Coaching Alliance. If you are coaching curious or a coach yourself, I encourage you to go check out Physician Coaching Alliance at doctorpodcastnetwork.com/PhysicianCoachingAlliance Don't forget to reach out to last week's sponsor, CareCloud. Need a great medical billing partner? Go to www.doctorpodcastnetwork.com/carecloud

The Fundamentals of Estate Planning (And Why It Matters)

With a brand new baby and the desire to make sure their insurance policies are aligned with their long-term financial goals, Analysis and Paralysis have the structural pieces in place. In this episode, we find out how this couple outlined their financial plan better than the credit they gave themselves by doing a kicka** job at saving $$. Even though they're on a good trajectory, though, Kayse and Ryan discuss why taking a closer look at their banking, cash flow reserves, insurance, and investments can help them reach their goals even faster. Today's sponsors:  CareCloud: Don’t let bad billing processes keep you from your hard-earned revenue. CareCloud’s free revenue cycle assessment uncovers billing mistakes, so you can see how to claim every last dollar. Get your free assessment by visiting www.doctorpodcastnetwork.com/carecloud  Advice Media: Three in five patients will choose one provider over another because of a strong online presence. Are you making sure you’re the one who stands out? Don’t delay booking your demo today for a $60 Gift Card, go to www.doctorpodcastnetwork.com/advicemedia   

Most People Don't Have a 40% Savings Rate Like This Couple

All month long, Ryan tackles the community's most pressing questions and responds to the comments made by others on those threads for clarity. Does savings accounts, investing, and flex spending sound like topics you'd be interested in too? Good! 'Cause Ryan shares what you should know! Quick shout out to Jessica Briscoe, Kristin Etnier, Diane Cota, and Ali Mae Gardner Johnson for their continued (and very appreciated) engagement in the Physician Finance Facebook Community. Stay tuned next week where we feature 4 more questions. Have a suggestion for which questions go in the show? Shoot desiree@financialresidency.com a note. This week's sponsor is Advice Media. Don’t delay booking your demo today for a $60 Amazon Gift Card and some awesome insight on how to improve your digital presence, go to doctorpodcastnetwork.com/advicemedia.  

Week 1 of 4: Community Q&A (Savings, Investing, & Flex Spending)

Negotiation is awkward and tough. Everyone wants to win, and in the end, some things are non-negotiable. Maybe it's time to get creative with your negotiations. That's why Jon Appino is back to explain why it's important to get over that discomfort and how to negotiate for your needs with prospective employers. As a physician, you routinely check your patients' health. But when was the last time you checked the financial health of your practice? Request your free revenue cycle assessment and learn more from today's sponsor, CareCloud, at www.doctorpodcastnetwork.com/carecloud

You Can Learn to Win Negotiations (but Probably Not With Your Children)

Just when you thought they couldn't talk more about contracts, Ryan brings back Jon Appino to break down contractual risks. The challenge is that risks don't apply to everyone, it requires you to know what you want out of life. Sure, this isn't a sexy topic like investing and real estate, but your livelihood should be just as important to you as what you invest in.  Are you too busy to build the professional digital presence your business needs? Then reach out to Advice Media at www.doctorpodcastnetwork.com/advicemedia 

Get Clear on Your "Why" and You'll Avoid More Risks With Jon Appino

As a doctor, you spent decades in school to get to where you are. Unfortunately, during all those years in medical school and residency, you probably didn't receive a financial education. But, not to worry. That’s where I come in. Think of this podcast as your financial residency without the long hours and sleepless nights! I will guide you through a financial education resulting in money confidence and clarity in this critical aspect of your life. You’ll understand how you make money, how you spend money, how your hard-earned money can work for you, and how to protect yourself and your family. I have witnessed residents and fellows bombarded by life and disability insurance salesmen and other “investment” pitches that are not in their best interest. You didn’t receive any formal financial education in your decades of medical training, so how are you supposed to know the good financial advisors from the bad? This podcast will help with that. Remember, it’s ok to not know the difference between a ROTH IRA and a 403b or which 529 plan is best. This podcast will simplify highly complex concepts and translate industry jargon into plain English. Are you ready to take action and make smarter, more informed financial decisions? Great - let's do this! Let your financial residency begin.

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Financial Residency

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