Financial Residency | The money lessons you never received in medical school
About This Show
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.Read more »
Most Recent Episode
How to be a long-distance landlord and a good one at that!
What happens when you put the right systems in place to help you manage properties from a distance? A well-developed business emerges that’s what happens. As a long-distance property manager of rental units in California, Mike is a steward for good business practices and discusses why this venture requires careful consideration of all of its working parts. In this episode, we’ll explore some of Mike’s best and worst experiences as a long-distance landlord and what he does to avoid the shock of bad-apple tenants—some he can see coming and some he can only be prepared for at blindside. Mike has learned hard lessons as a long-distance landlord, which has allowed him to quickly adjust course when he deemed it the right time. He’s systematized his processes and made use of free and low-cost apps to help with the granular and grandest of details. Be sure to check out this episode to acquire the right skill, the right mindset, and the right business practice so that you can learn how to be a good (effective and profitable) long-distance landlord! What You Will Learn: Putting the right systems in place is a must. Logistical challenges may rise from being a long-distance landlord. Automate your systems with technology to help manage work orders, payments, and leasing documents. Murphy’s law with rental maintenance makes work order calls on the weekends inevitable. Have your property managers inspect your units on a regular basis. Help your tenants anticipate the problems that can arise and re-direct their needs to the correct process. It’s best to vet a new tenant based on the knowledge you have about them. When people feel like you have taken care of your property, it incentivizes them to take care of it too. Sometimes, trusting your gut means bringing in the right tenants. There are, unfortunately, tenant horror stories you can learn from. Documentation and having a property management attorney can be the saving grace when dealing with bad apple tenants. There are a lot of resources online to engage the right subcontractors, but be sure to look at their ratings before hire. Free and low-cost resources are available online for long-distance property managers to take advantage of. Be very thorough with damages in initial paperwork and walk-throughs. There are a ton of great resources you can use to make your life a lot easier as a long-distance property manager.Read more »