Episodes
-
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 Contract Diagnostics, Jon delves into the critical topic of conflicts of interest, especially relevant in physician employment contracts. Learn why it's essential to be aware of potential conflicts, from financial disclosures to external activities, and how they can impact your career and personal information.
Jon shares insights on the importance of transparency, the risks of data misuse, and tips on how to identify and navigate conflicts of interest. Tune in to ensure you’re making informed decisions and safeguarding your professional integrity.
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 "The Life Well Lived: A Physician's Guide to Wealth," James Nutter continues his mini-series on exposing financial advisors. He shares 15 crucial questions every physician should ask when hiring a financial advisor, emphasizing the importance of finding a fiduciary advisor who acts in your best interest.
Nutter also highlights the need for advisors who understand the unique financial challenges faced by physicians. With these questions in hand, physicians can confidently hire their dream advisor without wasting time or making costly mistakes.
Timestamp
Summary
0:51
Choosing the Right Financial Advisor for Physicians
4:01
Financial Licensing Exams Versus Medical Board Certification
5:17
Choosing the Right Financial Advisor: Trust Your Gut
6:12
Essential Questions to Ask Your Financial Advisor
8:08
Navigating Financial Licenses and Commission Structures
10:29
Advisor Availability and Client Support Explained
13:16
Choosing Financial Advisors: Questions and Accessibility
15:21
Exploring Levels of Service: DIY to Full Assistance
16:04
Understanding Financial Advisor Fees and Conflicts of Interest
17:51
Challenge Your Financial Advisor with Informed Questions
Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.
-
Missing episodes?
-
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, Doug clarifies the often misunderstood concept of loan contingency in real estate offers. Learn the difference between a loan commitment and a clear to close, and why understanding this distinction is crucial when writing offers.
Doug explains what it means to meet your loan contingency and what realtors should expect during the process. Tune in to gain valuable insights into navigating loan approvals and ensuring a smooth path to closing.
If you have questions, Doug is available at 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.
The FTC issued it's final rule on noncompetes, but multiple lawsuits and challenges have been filed. Jon Appino with Contract Diagnostics talks about how this may affect physicians, but acknowledges that many things may change before it makes its way to implementation.
We also talk about how noncompetes may or may not affect compensation and nonmonetary aspects of contract negotiations. And finally, Jon talks more about fair market value and puts to bed the myth that there is a magic number that employers must use when putting forth contracts to their physicians.
You can get a free 15-minute consultation with Contract Diagnostics for yourself or a 30-minute consultation for your group. Go to www.ContractDiagnostics.com 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.
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.
-
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 "The Life Well Lived: A Physician's Guide to Wealth" podcast, host James Nutter delves into the lack of transparency surrounding how financial advisors get paid. He highlights the absence of financial education for physicians and the potential conflicts of interest that arise when working with advisors who may not have their clients' best interests at heart.
Nutter breaks down the different ways financial advisors are compensated, including robo-advisors, commission-based products, assets under management models, flat fee-based fiduciary financial planning, and flat fee-only fiduciary financial planning. He emphasizes the importance of finding a fiduciary advisor and provides insights into his own fee-only approach.
Timestamp
Summary
2:39
Fiduciary vs Suitable Financial Advisors Explained
5:09
Exposing Financial Advisor Secrets and Ensuring Fiduciary Transparency
6:51-
Robo Advisors Versus Human Financial Guidance
9:21
Navigating the Pitfalls of Commission-Based Financial Advising
10:54
Insurance Products Disguised as Investments
11:23
Captive Advisors and Their Impact on Young Physicians
12:21
High Turnover and Sales Quotas in Finance Careers
13:08
Understanding Commission-Based Products
13:42
Unveiling Hidden Investment Fees and Conflicts of Interest
17:08
Understanding Conflicts in Asset Management Fees
19:26
Understanding Flat Fee-Based Fiduciary Financial Planning
21:12
Transitioning to Transparent Fee-Only Financial Planning
25:58
Choosing a Fiduciary Financial Advisor Is Crucial
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.
Jon from Contract Diagnostics dives deep into the concept of fair market value (FMV) and why it matters for physicians. He unpacks the complexities of FMV, how it's determined, and why there's no one-size-fits-all answer.
Learn about the different factors that influence FMV, from regional data to specific job duties, and discover how hospitals and employers might define it differently. Jon also discusses the importance of questioning and understanding these valuations to ensure you're getting a fair deal.
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.
Hi everyone, it's Jon with Contract Diagnostics, providing a quick update on non-competes, a hot topic lately. We're in a waiting period for the new FTC rule, anticipated around early July. While it's not official yet, now is the perfect time to discuss non-competes with your employer.
With potential changes on the horizon, it's crucial to renegotiate terms to ensure fair compensation and optimal working conditions. Engage in conversations about staffing, efficiency, and compensation to stay ahead.
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.
Today Doug Crouse dives into debt-to-income calculations. For those with a straightforward employment contract and a base income, it's fairly simple. However, sign-on and quarterly bonuses typically don't count unless you have a two-year history.
For 1099 income, if you have a set hourly rate, it's easy to calculate, similar to W-2 borrowers. But if your 1099 income is variable, a two-year history is required. Most lenders cap debt-to-income ratios at 43-45%, and for doctor loans, mine is set at 45%. This ratio is based on gross income minus items on your credit report, such as car payments, student loan payments, and credit card minimums, but excludes health insurance, daycare, and utilities.
For example, with a $20,000 monthly income, 45% is $9,000. Subtract $1,000 for debt payments, leaving $8,000 for your maximum mortgage payment.
For complex income situations, it's crucial to consult with an underwriter for an accurate assessment. Even with my 25 years of experience, only an underwriter's evaluation counts. So, always get a full loan pre-approval before house hunting, especially if your income isn't straightforward.
If you have questions, Doug is available at 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.
Dr. Stephanie Pearson once practiced as an OB-GYN, but an injury during a delivery changed the trajectory of her career. She now is a disability insurance broker who counsels other physicians in the best ways to protect themselves and their income. She shares her experiences and knowledge with us today and takes some of the mystery out of shopping for the best disability policy. Work with Stephanie and her team: http://pearsonravitz.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.
Cindy Brown, an expert in transforming medical practices, shares valuable insights on optimizing revenue streams, personalized tax strategies, and achieving business success. She emphasizes the importance of having a strategic plan and understanding the business side of medicine. Cindy highlights common mistakes made by physicians, offers advice on surrounding yourself with a capable team, making hard decisions early, and being proactive in financial planning. Additionally, she discusses the importance of hiring professionals who are experts in their field and shares valuable tips for new physicians opening a private practice or those looking to sell their practices.
Cindy Brown is the co-founder of Brown Welch Mehta, a company that excels in transforming specialty medical and dental practices. With over 35 years of experience in corporate finance, operations, and management, she boasts an impressive background working with global 1000 healthcare, consumer products, and entertainment industries. Her track record shines with her previous roles as a senior executive at renowned organizations such as Blockbuster, Cadbury, Schweppes, Dr. Pepper, Coca-Cola, and the James River Paper Company, making her an expert in financial strategies and business optimization for medical practitioners.
Timestamp
Summary
2:25
Transitioning from Medicine to Business Ownership
8:19
Maximizing Profits in Medical Practices
12:26
Crisis Management Following Healthcare Cyberattack
18:57
Strategies for Business Cash Reserves and Credit Lines
24:02
Cultivating Excellence and Leadership in Business
28:34
Understanding Cash Flow Versus Profit in Medical Practices
35:53
Strategies for Maximizing Small Business Tax Credits
40:50
Tax Strategies for Renting Property and Employing Children
43:02
Incorporating Family into Business Payroll Strategies
45:53
Strategizing Business with Advisory Boards and Tax Deductions
50:12
Maximizing Home Office Deductions for Business Owners
51:43
Strategizing Tax Compliance for Business Owners
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.
Physician families who succeed with their finances in both good and bad times follow four key steps. First, they unsubscribe from generic financial rules and instead focus on their unique circumstances. Second, they define their values and use them as a guide for financial decisions. Third, they have a clear vision and mission for their family's future.
Finally, they are coachable and seek guidance from experts to achieve their goals. By following these steps, physician families can take control of their money and live a meaningful life. Join James Nutter as he explores these steps in this episode of "A Life Well Lived: A Physician's Guide to Wealth."
Timestamp
Summary
0:03
Four Steps for Physicians to Win With Money
4:35
Aligning Life Choices with Personal and Family Values
6:11
Balancing Present Joys and Future Financial Goals
7:47
Embracing Coachability and Overcoming Ego in Pursuit of Success
9:12
Phil Jackson's Impact on Basketball Legends
10:40
Embracing Coachability and Building a Life Well Lived
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.
Welcome to another insightful episode at Contract Diagnostics, where Jon dives into the complex world of physician contracts and the common pitfalls they face.
Today, Jon reflects on a recent conversation with a physician who misunderstood crucial elements of his contract, leading to significant financial loss. He highlights the risks of outdated electronic health record systems and the impact on physicians' efficiency and reimbursement.
Jon emphasizes the importance of clear, informed contract negotiations and proactive communication with employers to rectify issues and optimize working conditions.
If you're a physician facing contract uncertainties or system inefficiencies, tune in for expert advice and support at Contract Diagnostics.
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 Jon delves into the significant ransomware attack on Ascension, affecting its system and 35,000 affiliated providers. We explore the repercussions for healthcare providers, from reverting to paper notes to potential impacts on scheduling and income.
The FBI and authorities are actively investigating the cause and next steps. Amidst uncertainty, we discuss the importance for physicians to understand their employer's policies and the implications for compensation, especially during system outages.
At Contract Diagnostics, we're here to assist with navigating these challenges, offering insights and support through our free 15-minute web inquiries. Stay informed and prepared with us as we monitor the situation.
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.
Welcome back to the Mortgage Minute with your host, Doug Crouse from BMO Bank. In this episode, we dive into the intricacies of interest rate locks. Learn the optimal timing to lock your rate post-preapproval and how this affects your mortgage application.
Doug explains why securing your rate is crucial no later than 10 days before closing to ensure your loan gets finalized, emphasizing the importance of coordinating this with your insurance. Tune in to understand how to navigate rate locks efficiently and avoid the pitfalls of fluctuating market rates.
If you have questions, Doug is available at 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.
Kyle Claussen with Resolve joins us today to talk about contracts. In his experience, even non-negotiable contracts can usually be modified to some extent to give the physician better terms of employment.
We touch briefly on the new FTC ruling about noncompete terminology in our contracts and how that may impact existing and new contracts after all the legal proceedings play out. To learn more about contract negotiation, go to www.Resolve.com.
-
Jon from Contract Diagnostics emphasizes the critical importance of proactively managing one's financial future, especially for physicians. He highlights the significance of maintaining a strong income as the cornerstone for achieving financial independence, early retirement, and the ability to support charitable causes.
Jon provides insights on the necessity of regular compensation reviews to ensure fair pay and discusses strategies for negotiating better terms in employment contracts. His advice extends beyond mere salary discussions, urging physicians to consider all aspects of their contracts to enhance their financial stability and overall job satisfaction.
Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com
-
Jon from Contract Diagnostics discusses the potential impacts of a new regulation banning non-compete agreements, particularly focusing on physicians and Wall Street professionals.
He delves into the broader implications for 30 million U.S. employees currently bound by non-competes, emphasizing the opportunity for physicians to renegotiate their contracts. The conversation covers the urgent need for financial firms to restructure contracts, the unique challenges for low-income workers, and strategic advice for physicians to proactively address their contract terms in anticipation of changes.
Jon encourages a comprehensive review of contract details beyond just compensation, advising on negotiation tactics and the importance of understanding contract renewal terms and malpractice insurance obligations.
Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com
-
Real estate expert Darlene Dresch provides valuable insights on the home buying process for physicians. She emphasizes the importance of finding the right realtor and getting pre-approved quickly. Darlene debunks common myths and offers advice on physician loans, debt-to-income ratios, and building wealth through real estate.
She highlights the significance of choosing the right community and understanding the local market. Listeners are encouraged to interview multiple real estate agents, ask about their experience with physician relocations, and inquire about their communication style. Darlene provides a comprehensive guide to help physicians navigate the home buying process successfully.
Timestamp
Summary
0:01:02
Common mistakes physicians make in the home buying process
0:04:21
Importance of getting pre-approved before falling in love with a house
0:09:35
Find a real estate agent who is fiduciary to protect your best interests.
0:11:17
Factors to consider when choosing a neighborhood include walkability, school district, and amenities.
0:19:48
Paying off student loans first may not always be the best option.
0:20:18
Having no debt can be a disadvantage when applying for a mortgage.
0:23:53
Start building credit early by putting small expenses in your child's name.
0:28:57
Ideal step-by-step process for buying a house as a physician
0:35:14
Steps to follow: avoiding debt, talking to lender, interviewing realtor
0:38:49
The importance of choosing a lender and realtor carefully
0:40:10
Questions to ask when interviewing real estate agents
0:49:00
How realtors negotiate commission and credits from sellers.
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 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.
Timestamp
Summary
0:00:03
Introduction: The value of time
0:00:32
Importance of using money to create more time
0:01:37
Annual exercise: Auditing your time
0:03:39
How to conduct the exercise
0:08:49
Scheduling time for the exercise
0:09:54
Personal growth through the exercise
0:10:37
Conclusion: Taking control of your life
Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.
- Show more
