The FinancialMD Show

Ep 008 – The Best Way To Refinance Student Loans

Summary:
Refinancing: A Hot Button Issue [0:03:08]
Early Financial Services Firms [0:05:28]
Being Comfortable In Your Refinancing Decisions [0:08:35]
Current Refinance Rates: Fixed Versus Variable [0:15:14]
How To Refinance Student Loans [0:17:25]
Getting A Loan Will Not Cost You Anything [0:24:29]
Different Tiers of Saving (Buckets) the Ramit Sethi Way [0:28:44]
What Are Stable Coins? [0:30:25]
Final Thoughts on Refinancing [0:36:53]
 
 
Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make. Your hosts, Jon and Trevor, explore a different topic with each episode. Jon Solitro is a financial planner and certified financial education instructor. He’s been working with young physicians for the better part of the decade and lectures to graduate medical programs around the country. Dr. Trevor Smith is a board certified ophthalmologist with a full time practice and he has learned the ins and outs first-hand what it takes to make smart financial decisions as a young physician. And now, here’s your hosts, Jon and Trevor.
 
 
Jon: You know, you’d think it doesn’t need to be long but probably like most of our topics, it will get longer than we think it will but I think we’ll be done by 9.
 
Trevor: All right, that sounds good.
 
Refinancing: A Hot Button Issue [0:03:08]
 
Jon: I’ll just try to keep track of the time but you know how it goes. We’ll just shoot to share about refinancing and see what type of rabbit trail that takes us and I think we’ll come out with some valuable info especially because this definitely is the hot button issue for residents, young attendings, as they’re getting to the point where they’re realizing they’re going to have to start paying the government 6.8 percent on a full payment and it’s such a good time to refinance. I think we’ll have plenty to cover. I have this conversation all the time – multiple times a week – with clients as they’re telling me, “How do I refinance? Should I refinance?” I mean they’re talking about it in questions and lectures or we’re talking about it with individual planning conversations, but as with many of our topics, Trevor, you can add some wisdom and experiences and I can certainly add experiences from this end seeing many, many residents go through the process and what I think are kind of the quick bullet points. This is one of the topics where we’re going to have some actionable take-home giveaway things so if you’re listening to this episode –which, if you heard that sentence, then I guess you’re listening to this episode – there will be a giveaway. We’ve created a refinancing recipe which is kind of just a brochure – a quick 2-page how-to – on how to refinance your student loans, because it’s not complicated, and so we break it down to something that you can really follow step by step and make sure you’re doing the proper steps and not forgetting any ingredients and you come out with a really nice recipe at the end. We’ll talk about that at the end, but I love how this has become a hot topic in the last 5 years because you and I were talking about Link Capital back in the day, right? Was that the first company that you looked at?
 
Early Financial Services Firms [0:05:28]
 
Trevor: Yeah. I’m trying to remember how I came across them actually. I was looking at the traditional as I think we had talked about this not too long ago, but I looked at the limited number. There were three main ones that I learned about on White Coat Investor and it was like Common Bond – how do you say this one, Darien Rowayton Bank.
 
Jon: Yeah, DRB.
 
Trevor: DRB. I think SoFi was just coming on in the scene and there was one other one – I think Common Bond, maybe.
 
Jon: I always get the impression SoFi was kind of...

Ep 007 – Getting Disability Insurance in Residency

Summary:
Trevor’s Background on Disability Insurance [0:03:34]
What Trevor Did On Getting Disability Insurance [0:09:04]
Catastrophic Plan – What Is This? [0:11:01]
Importance Of Own Occupation Rider [0:12:54]
Future Increase Option Rider/Guaranteed Benefit Update Rider [0:14:03]
What Makes A Good Insurance Company? [0:22:31]
Why Will You Get A Cost Of Living Or Inflation Rider [0:28:06]
Insurance As Part of A Financial Plan [0:33:30]
Diversifying Risk: Two Insurance Companies [0:36:15]
We Can Help You Get Disability Insurance At Financial MD [0:43:45]
 
 
Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make. Your hosts, Jon and Trevor, explore a different topic with each episode. Jon Solitro is a financial planner and certified financial education instructor. He’s been working with young physicians for the better part of the decade and lectures to graduate medical programs around the country. Dr. Trevor Smith is a board certified ophthalmologist with a full time practice and he has learned the ins and outs first-hand what it takes to make smart financial decisions as a young physician. And now here’s your hosts, Jon and Trevor.
 
Jon: Hey everyone! Welcome to the eighth episode of the Financial MD Show. Hope you’ve been having a good time listening through all the episodes and learning stuff. Today, we’ve got a fan favorite. This is a highly requested topic both through emails and correspondence, and after getting requests on podcast topics as well as just getting straight up questions in the webinars and lectures and things that we do. Disability insurance is what we’re talking about today, which is great, because I’m knowledgeable on it, Trevor is knowledgeable on it, and we’ve had some good and bad experiences, but there’s a lot of mixed information out there and we hoped to straighten some of that out today. We’ll give you some tips on how to buy it, how to shop for, what to look for, what not to do, and ultimately how do you feel you’ve done well and just protect your finances. Without further ado, here’s today’s show.
 
Jon: Obviously, there is a lot to talk about when it comes to disability insurance. Huge topic of conversation. When we do our workshops, all the time, disability insurance comes up almost without fail and rightly so. I think as financial planners at Financial MD here, we’re obviously big believers that that’s a big part of a financial plan. Today, I wanted us to riff a little bit on. Let’s talk about shady insurance agents or shady insurance practices a little bit and what to do if you’re just flat out, “I don’t want to necessarily pick this one person to help me find my options. I’m just going to go around educate myself and figure out which shops to go to get disability insurance.” Trevor, that’s what we’re talking to today. Part of the reason that we met is I think you did that more than anybody else that I had known up to that point, or residents anyway as far as taking initiative, getting to know the disability insurance world and saying, “I’m going to go figure this out.” Let’s start with that. Give me some background on what you did when you decided, “I need to get disability insurance.” How did that whole process even start?
 
Trevor’s Background on Disability Insurance [0:03:34]
 
Trevor: That’s a good question. When did I first look at it? I think I looked it up in medical school and I misunderstood and thought that I couldn’t get it at the time because I didn’t have income yet so I waited and start residency which is a bummer. I think I mentioned before that from lots of studying, of course, occasionally, your neck gets a little sore. You’re looking down all the time, whatever you were reading and you didn’t take a break,

Ep 006 – Where To Find Good Financial Education

Summary:
Resident Finance – Where To Start [0:05:04]
Mental Barriers on Financial Planning [0:09:29]
Second-guessed by People [0:13:44]
Do For One What You Wish You Could Do For Everyone [0:18:02]
Taking Action, Doing Something, Using Technology [0:21:32]
Make Reversible Decisions Quickly [0:26:43]
Great Price Offered At Financial MD [0:34:26]
Additional Information [0:38:25]
 
 
Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make. Your hosts, Jon and Trevor, explore a different topic with each episode. Jon Solitro is a financial planner and certified financial education instructor. He’s been working with young physicians for the better part of the decade and lectures to graduate medical programs around the country. Dr. Trevor Smith is a board certified ophthalmologist with a full time practice and he has learned the ins and outs first-hand what it takes to make smart financial decisions as a young physician. And now here’s your hosts, Jon and Trevor.
 
Jon: Hello and welcome to the seventh episode of the Financial MD Show. We got a great conversation for you today. Trevor and I talk a little bit where to find good financial education other than Financial MD. Obviously, there’s some great resources here that I could brag about, but we’re going to point you in some additional directions, ways to get information passively, ways to get educated from good sources in a timely manner that work for you, that are actionable, things that you can do passively between shifts, between patients. We know that things are busy but you still do need information. Unfortunately, what we find is that so many residents and medical students get ignored because they don’t have any money or it’s just not a focus on them and there’s so much more you can find on being an attending with money. We hope to point you on some good direction today, give you some actionable items. Of course, you’ll hear some humorous banter from me and Trevor, but without any further ado, here’s today’s show. Hope you enjoy it.
 
 
Jon: Welcome to today’s episode of the Financial MD Show. I have, as always, my partner in financial education, Dr. Trevor Smith.
 
Trevor: Hey, hey.
 
Jon: Hello, and myself, Jon Solitro, bringing you once again the latest and greatest in how to be a resident well and a lot of our stuff obviously applies to anyone, but we’re looking out for the younger guys – the medical students, the residents – as you’re getting through and trying to figure out what to do, what can you do, how to do it right. We can tell you some ways how to do it wrong too if you’re interested. For sure, that will come up. If you missed our last show where we talked about buying or renting, we talked about some mistakes and things we’ve learned in the process, so go back and check that out (Episode 5). Today, we’re going to talk a little bit more broadly about educating yourself. You’ve gone through undergrad, you may be in med school now, you may be in residency, but you’re starting to figure out and starting to hit home that, “Okay, I’m seeing the light at the end of the tunnel. I’m going to make money. I need to get smart about what to do with that money.” In Trevor’s case, for example, from an early age, Trevor was educating himself and trying to take some very proactive steps. We talked about in episode 1 how Trevor and I met and it was simply because he was one of those residents that was a bit of an anomaly in the sense that he was thinking about this stuff way ahead of most of his peers – good, bad, or indifferent – and we got connected because obviously I liked talking about it, he liked talking about it, and so we talked about it. He was one of the more knowledgeable residents on finances – personal finance,

Ep 005 – Buying a House During Residency

Summary:
Trevor’s Story: Finding A House During Residency [0:03:41]
Buy Or Rent? Which Is Which? [0:06:36]
Breaking Even On A House? [0:13:05]
Buying A House Is Mostly An Expense [0:15:38]
Trevor’s House During Residency [0:20:43]
Unexpected Problems Relating To Houses [0:30:30]
Can I Buy A House When I’m Already An Attending? [0:32:59]
Motivation To Buy Or Rent A House [0:36:40]
Roadmap: Values Based Financial Planning Approach [0:40:04]
 
 
Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make. Your hosts, Jon and Trevor, explore a different topic with each episode. Jon Solitro is a financial planner and certified financial education instructor. He’s been working with young physicians for the better part of the decade and lectures to graduate medical programs around the country. Dr. Trevor Smith is a board certified ophthalmologist with a full time practice and he has learned the ins and outs first-hand what it takes to make smart financial decisions as a young physician. And now here’s your hosts, Jon and Trevor.
 
Jon: Hello everyone and welcome to the fifth episode of the Financial MD Show. On today’s show, we dive into the concept of buying a house during residency. We start off by hearing a little bit of Trevor’s story and his experience during residency and med school and what he learned about buying versus renting and what he would do differently. I’ll give you a little clue: He’s got some regrets to share with us today. We then pivot to talking about when it is the right time to buy a house and how to buy that house. We talk a little bit about physician mortgages. Trevor goes into how his perspective has shifted which actually turns to go a little bit against conventional wisdom. We wrap up by talking through, is renting really worse than buying and what are the pros and cons of it and when in your career is the right time to buy a house, how to buy it right, and how to identify when it is a seller’s market versus a buyer’s market and how not to pay too much frankly. And so with that introduction, I hope you enjoy today’s episode of the Financial MD Show.
 
 
Jon: All right, welcome everyone. We are back again with the Financial MD Show with yours truly, Jon Solitro, and Dr. Trevor Smith. How’s it going, Trevor?
 
Trevor: Great! Having a good start to the week here.
 
Jon: Yes, it is Monday here in Financial MD land and somehow I feel slightly more dynamic with these big headphones on my head or it could go completely the other way where I’m like an NPR announcer. Anyway, we’ve got a great topic for you. I love talking about this particular topic because we do get a lot of questions on it and it’s more of a philosophical or more of how do you predict the near future is going to go, when we get asked the question of should we rent or buy during residency – we’ll talk about that first – and then we’ll talk a little bit about buying or renting when you get your first job because that’s a different concept as well. There are a lot of factors to consider when you’re buying versus renting. You’re getting out of medical school, you’ve been matched, you know where you’re going to be, and you start looking ahead maybe a few months before of where you’re going to live. Trevor, you came from U of M Med School, right?
 
Trevor’s Story: Finding A House During Residency [0:03:41]
 
Trevor: Yeah, that’s right. I grew up in West Michigan, went to undergrad there at Hope College, and then went to University of Michigan Medical School.
 
Jon: You then had to find a place in Royal Oak area because residency was at Beaumont?
 
Trevor: That’s right. Beaumont, now called Beaumont Health.
 
Jon: Okay, I call it Club Beaumont.
 

Ep 004 Investing for Residents

Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make. Your hosts, Jon and Trevor, explore a different topic with each episode. Jon Solitro is a financial planner and certified financial education instructor. He’s been working with young physicians for the better part of the decade and lectures to graduate medical programs around the country. Dr. Trevor Smith is a board certified ophthalmologist with a full time practice and he has learned the ins and outs first-hand what it takes to make smart financial decisions as a young physician. And now here’s your hosts, Jon and Trevor.

Ep 003: How To Budget As a Resident

Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make. Your hosts, Jon and Trevor, explore a different topic with each episode. Jon Solitro is a financial planner and certified financial education instructor. He’s been working with young physicians for the better part of the decade and lectures to graduate medical programs around the country. Dr. Trevor Smith is a board certified ophthalmologist with a full time practice and he has learned the ins and outs first-hand what it takes to make smart financial decisions as a young physician. And now here’s your hosts, Jon and Trevor.

Ep 002 – An Inside Scoop on Student Loans

Summary:
Federal Loans Highest Around 2010 To 2014 At 6.8 Percent [0:03:21]
Independent Companies For Refinancing – Link Capital, iCapital, SoFi [0:04:00]
Why Not PSLF? [0:06:00]
What If There Will Be Changes In The PSLF Down The Road? [0:10:47]
Why Do Refinancing? Because Of Compound Interest [0:13:10]
If Refinancing Done Right, We Could Achieve 3 Things [0:16:50]
Create A Strategy That Works For You [0:21:04]
Different People Have Different Financial Plans And There’s No Wrong Or Right Ones [0:22:08]
List Of Refinancing Companies Available On FB Group Page [0:27:12]
Need Help On Starting? Jon Can Assist You [0:28:15]
 
 
Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make. Your hosts, Jon and Trevor, explore a different topic with each episode. Jon Solitro is a financial planner and certified financial education instructor. He’s been working with young physicians for the better part of the decade and lectures to graduate medical programs around the country. Dr. Trevor Smith is a board certified ophthalmologist with a full time practice and he has learned the ins and outs first-hand what it takes to make smart financial decisions as a young physician. And now here’s your hosts, Jon and Trevor.
 
Jon: Hello everyone and welcome to the Financial MD Show. I’m super excited about today’s show. Trevor and I talked about student loans which is the most requested topic by far. You’re going to get to hear some interesting perspectives, mainly a lot of Trevor talking because he’s the one with the largest student loan balance. He’s still working on paying that down but he tells you how he got around to choosing the option that he did, what other options he looked at, and how he is handling it now that he’s an attending, and of course, what he would have done differently when he was a resident. So be sure to stick around and listen all the way to the end. There’s some great tips here. Takes notes and here we go.
 
 
Jon: Welcome to the Financial MD Show. We are your hosts. I’m Jon Solitro. With me is Dr. Trevor Smith, and Trevor, how you doing today?
 
Trevor: I’m doing good, just finished, have a great day at clinic.
 
Jon: Good. I did not. I was in my home office again. We’re still technically in a pandemic, but it’s okay. I’ve tinted2.08 out pretty good and I’m kind of enjoying working from home. But it makes podcasting doable and if you missed the first episode, I encourage you to go back and listen to that. I gave some background on Financial MD and who we are and why and what and how and we thought we would start jumping in today’s episode with the topics that we’ve got lined up that the residents and young physicians want to hear and we’ve kind of grouped them in order of priority or demand based on the fact that I myself have done probably 300 workshops and residency programs around the Midwest, and resoundingly, the most popular topic or question is on student loans, and so that’s we’re going to cover today, and yup, actually it’s clickbait, but it is important stuff and we’re going to have some good info for you. Everybody likes to start with a story so Trevor, would you just give us your experience with student loans a little bit? How it started? Where they came from? Where they’re at now? Anything your willing to share.
 
Federal Loans Highest Around 2010 To 2014 At 6.8 Percent [0:03:21]
 
Trevor: Absolutely. Yes, I was in med school from 2010 to 2014 and I was unfortunate enough to have those highest rates I think ever from federal loans, and so it was 6.8 percent directly – is that right? I think it’s right, 6.8 directly from the government, and then friends, I didn’t have private loans but I’ve friends that did and that it was 8-plus percentage range usu...

Ep 001 - What is FinancialMD?

Residents need help too - that’s why we started FinancialMD! Jon is a financial planner, and Trevor is a doctor, and together they give you the breakdown of what FinancialMD is, and how it helps residents. Here’s a hint - there are things residents can do TODAY. That can make a positive impact on their future finances. Jon shares the technical financial side, and Trevor knows firsthand what to do and what not to do as a young physician. Don’t miss an episode!