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.

Welcome back to the Mortgage Minute with your host Doug Crouse from BMO Bank. In this episode, Doug demystifies interest rate quotes, explaining the basics of how rates are quoted, the concept of discount points, and how rates are typically broken down into eighths of a point. 

He uses practical examples to illustrate the difference between paying for a lower rate and receiving rebates for a slightly higher rate, helping listeners make informed decisions in the current economic environment. Tune in for clear, actionable insights on navigating your mortgage options.

If you have questions, Doug is available at DougCrouse.com

Zoe Cangas is the founder of Moving Medicine Partners, which is a network of realtors who specialize in physician properties and who are also married to physicians. They understand the special needs that physicians face because they are part of physician families themselves.

Zoe talks to us about finding the right realtor, how legislation may affect buying/selling in the future, and the advantages of having rental properties to offset high physician incomes. 

You can learn more about Zoe or find a realtor who works with physicians at www.MovingMedicinePartners.com.

In this heartfelt episode of "The Life Well Lived, the Physicians Guide to Wealth" podcast, host James Nutter invites Todd Spencer, a devoted husband to surgeon Amy Spencer, to share his deeply personal experiences and learnings from life as part of a medical family. Todd's engaging storytelling provides an intimate glimpse into the life of a physician's spouse, highlighting the joys, challenges, and profound lessons learned along the way.

Todd Spencer delves into the importance of being intentional with time, the practice of grace within the relationship, and the nuances of navigating schedules and responsibilities with a partner who is deeply immersed in the medical field. His candid discussions about adapting to the role of a stay-at-home dad, the critical nature of self-care for the well-being of the entire family, and managing finances in a high-demand household are punctuated with wisdom and transparency. For any individual or family connected to the medical profession, this episode offers a treasure trove of relatable anecdotes and actionable advice, all while underscoring the value of cohesive partnership throughout the journey

 

   

Timestamp

Summary

0:02:44

Todd and Amy's medical journey together

0:06:11

Challenges of being in a relationship with a physician

0:09:03

Balancing work and family life during residency

0:10:20

The challenges of breastfeeding and being a female surgeon

0:12:20

Importance of being intentional and thoughtful in a medical family

0:13:53

Being selfless and putting oneself in the other person's shoes

0:19:24

Todd's experience as a stay-at-home dad for six and a half years

0:24:01

Mental games and managing expectations as a stay-at-home dad

0:27:37

Importance of sleep, food, and self-care for executing the mission

0:29:21

Recognizing and diagnosing stress and burnout

0:37:26

Managing time and resources as a busy family

0:39:04

Managing conflicts in time and money resources

0:43:35

Setting aside dedicated time for financial discussions

0:51:36

Advice for young Todd and Amy: Recognize and manage stress and burnout

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Discover your economic worth as a physician in this episode of "The Life Well Lived: A Physician's Guide to Wealth" podcast. Host James Nutter breaks down the concept of your hourly rate as a physician and challenges you to consider the opportunity cost of spending time on tasks you're not a professional in.

Learn how prioritizing rest, recovery, and leveraging your strengths can increase your worth and bring more joy to your life. Don't miss this insightful episode that will help you take control of your time and live a more meaningful life.

   

Timestamp

Summary

0:01:06

Calculating the ROI on medical school investment

0:02:21

Determining your hourly rate as a physician

0:03:47

Importance of understanding and negotiating contractual duties

0:05:01

Shifting mindset to prioritize rest and recovery

0:06:29

Opportunity cost of DIY financial planning

0:08:16

Recommended time commitment for managing finances

0:10:44

Importance of surrounding yourself with a capable team

0:11:13

Increasing hourly rate by focusing on professional skills

0:12:14

Prioritizing rest, family time, and pursuing joy.

0:12:41

The opportunity cost of spending time on non-professional areas.

0:13:13

Reflection on strengths, weaknesses, and finding help.

0:14:17

How to spend time wisely and do what brings joy.

Trying to qualify for PSLF and unsure if you’re on track? Get James’s 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more. 

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Jon from Contract Diagnostics emphasizes the effectiveness of group negotiations among physicians and announces the launch of the Group Negotiation Division. He shares a success story of a group of surgeons renegotiating their compensation and highlights the complexities involved in the process.

Jon encourages physicians to seek assistance in navigating group negotiations to ensure fair market value for their services.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Jon from Contract Diagnostics provides an update on non-compete agreements following a recent FTC vote. While the vote leaned towards a national ban on non-competes, challenges and lawsuits are expected. Jon advises physicians to stay informed and review their contracts.

He suggests utilizing this time to renegotiate contracts and discuss compensation with employers. Contract Diagnostics is available to assist physicians in navigating these changes.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Doug Crouse from BMO Bank introduces the Rate Modification Option, a convenient program for borrowers. This option allows borrowers to relock their closed loan to the current market rate without the need for refinancing, saving time and money for both parties.

Doug explains the flat fee structure and highlights the differences between rate modification and refinancing. He emphasizes the benefits of the program, such as the opportunity to adjust rates based on changes in loan-to-value ratios. Doug invites listeners to reach out for more information or assistance with loan estimates.

If you have questions, Doug is available at DougKraus.com. 

Many of us are told that our employer has one contract for a group of physicians and it is nonnegotiable. But what if the entire group collectively negotiated for changes? Groups can negotiate for salary, of course, but they can also request improvements to staffing, equipment, time off or other things.   Jon Appino with Contract Diagnostics talks about the impactfulness and success of collective negotiations. He has started an entire division to focus on this type of bargaining and has even hired folks who previously represented "the other side" to increase physicians' chances of success in negotiations.  To learn more about Jon and his team, go to www.ContractDiagnostics.com. You can also listen to his podcast Coffee and Contracts right here on Financial Residency.