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

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.