Are you a physician considering a side hustle? Recent statistics show that 36% of physicians engage in outside income activities, driven by salary cuts and the desire for financial diversification. Understanding the terms of your contract is crucial, as it may contain restrictions on outside activities.

In this discussion, we explore the benefits of side hustles, potential income strategies, and how Contract Diagnostics can assist you in navigating your employment contract to ensure compliance while maximizing your earning potential. Reach out to us for expert guidance!

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

In the complex world of physician compensation, deciding between a low base salary with a lower patient cap or a higher salary with a higher patient cap can be challenging. Jon Appino dives into the factors that influence this decision, including long-term career goals, financial stability, and market conditions.

Understanding the implications of each structure is crucial for making an informed choice that aligns with your personal and professional aspirations. If you’re navigating a new position and need expert guidance, reach out to us for tailored advice and support!

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

As a recently graduated family medicine physician, navigating the choice between private practice and hospital employment can be complex. Understanding the differences between W2 and 1099 structures is crucial for your career path.

This guide explores the benefits and drawbacks of each option, considering factors like tax implications, scheduling flexibility, and family needs.

Discover how to align your employment choice with your personal goals, whether you prioritize benefits, retirement plans, or the flexibility of independent contracting. Reach out for expert advice tailored to your unique situation!

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

In this episode of Coffee and Contracts, Jon Appino from Contract Diagnostics shares insights on current trends in physician employment contracts. With over 12 years of experience, Jon discusses shifts in various specialties, highlighting significant salary surges and changes in demand. He emphasizes the importance of staying informed about real-time trends rather than relying solely on published data.

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

In this episode of "Life Well Lived: A Physician's Guide to Wealth," James Nutter takes a deep dive into the intricacies of selecting the right financial advisor for physicians. James emphasizes the importance of financial wellness and the impact of intentional financial planning in achieving a life well-lived. He revisits his Financial Wellness 101 series, urging listeners to engage thoroughly with the content to gain control over their financial situations.

James then introduces a new series, "Financial Advisors Exposed," where he critiques common financial advisory practices and highlights the critical steps physicians should consider when hiring a financial planning team. Throughout the episode, James unpacks the various types of financial advisors—transactional, reactive, and proactive—and guides listeners on determining which type aligns best with their financial goals.

• Understanding Advisor Types: Physicians should distinguish between transactional, reactive, and proactive advisors to select the best fit for their financial needs.

• Licenses and Standards: Important to verify an advisor's qualifications, ensuring they hold appropriate licenses and adhere to a fiduciary standard.

• Fee Structures: Awareness of how advisors charge—whether through fees, commissions, or a hybrid model—is crucial for making cost-effective decisions.

• Comprehensive Services: Deciding whether you need a money manager or a comprehensive financial planner to address all aspects of financial well-being.

• Communication and Accessibility: Ensure that the advisor’s communication style and availability align with your expectations for timely and efficient financial advice.

Register for our upcoming PSLF Hacks masterclass here

Resources

PSLF Hacks Checklist

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Meaningful Journeys Scholarship

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

Dr. Cory Fawcett literally wrote the book on "Managing a Financial Crisis" as part of his Doctor's Guide series. He joins us today to talk about the steps a physician can take to navigate the crisis by methodically evaluating resources and making a plan to move forward, deal with the emotional fallout, prevent loss of relationships from the event and hopefully come out in a better place on the other side.

You can learn more about Dr. Fawcett, read his blog, take a course or obtain coaching at www.FinancialSuccessMD.com.