Practice on Purpose | Episode 1

Balancing the Books: Financial Wellness for Physicians

Practice on Purpose is a platform aimed at helping physicians establish and maintain a purposeful career. Hosted by health psychologist Dr. Nicole Eull, the episode focuses on financial planning for medical professionals, featuring insights from expert guests Katie Jacobson, a certified financial planner, and Nick Nyhus, Chief Administrative Officer at University of Minnesota Physicians. They discuss the financial challenges faced by physicians, including student loan management and future planning, while providing strategies for achieving financial well-being alongside personal fulfillment. The episode emphasizes the importance of proactive financial management, selecting the right financial advisor, and utilizing innovative programs to support physician well-being, making it essential listening for medical professionals at any career stage.

Published on
September 30, 2024

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Chapters

  • 0:00:05 – Health psychologist Nicole Eull helps physicians set up their career on purpose (intro).
  • 0:00:43 – Today we are talking about financial planning for physicians.
  • 0:02:15 – With regard to finances, what are physicians struggling with? Nick and Katie weigh in.
  • 0:05:28 – Do you feel that most physicians early in their career feel financially well?
  • 0:10:02 – One of the biggest challenges physicians have is physician compensation.
  • 0:17:28 – The concierge program helps physicians deal with day to day.
  • 0:20:51 – Using delegated work allows physicians to focus on their work.
  • 0:22:38 – When is it time to seek professional help from a financial planner?
  • 0:26:21 – Fiduciary responsibility has become a buzzword since John Oliver episode.
  • 0:29:20 – Katie, you have some tools that you are willing to offer us today.
  • 0:35:03 – You also bring up the importance of being honest with your spouse about finances.
  • 0:40:02 – What should prospective physicians look for when deciding on a new physician job?
  • 0:43:06 – Nick, what is your greatest passion or purpose in healthcare?
  • 0:44:44 – Foster Klima helps free up physicians to practice medicine.
  • 0:47:31 – This episode focuses on financial planning and what action you can take early (outro).