Episode 11: Avoiding the Bank Pre-Approval Trap

Episode 11: Avoiding the Bank Pre-Approval Trap

Summary In this episode, we discuss the pitfalls of bank pre-approval for mortgages, emphasizing that just because a bank approves a loan amount, it doesn't mean the borrower can afford it. We explore the do's and don'ts of using doctor mortgages, and share personal experiences regarding their own mortgage decisions. We hope you guys can make informed financial choices to avoid becoming 'house poor' and to prioritize long-term financial goals. Keywords bank pre-approval, mortgage affordability, doctor mortgages, financial advice, wealth building, home buying, financial independence, budgeting, financial planning, house poor, docs in finance, doctors in finance Chapters 00:00 Understanding Bank Pre-Approval and Affordability 02:21 The Two Times Income Rule for Mortgages 04:15 Pros and Cons of Doctor Mortgages 05:55 Personal Experiences with Home Buying

Episode 10: Mindset matters, why renting is not wasted money!

In this episode, we discuss the pros and cons of renting versus buying a house as a trainee. Although peer pressure may make you believe that you are wasting money by renting, we argue that this is not the case. We explore the hidden costs of home ownership, the pros and cons of renting, and reflect on our own experiences with renting during our training. Chapters 00:00 Understanding Rent vs. Home Ownership 02:31 The True Costs of Home Ownership 05:22 Pros and Cons of Renting 06:14 Reflections on Renting vs. Buying Keywords rent, home ownership, financial advice, equity, mortgage, property taxes, flexibility, housing costs, financial planning, international medical graduates, Docs in Finance, DOFI, Doctors in Finance

Episode 9: To buy or not to buy: real estate mistake to avoid as a trainee

Thinking of buying a house on a resident's salary? It’s a huge step, but the path is full of traps most first-time buyers don't see. In this episode, we share our personal story of navigating the process and reveal the costly mistake we narrowly avoided. Learn how to protect your finances and make a smart investment for your future. Keywords: House buying, renting, realtors, closing costs, finance, docs in finance, DOFI, International medical graduates, financial literacy, IMGs, IDGs

Episode 8: How a practice avoided paying bonus to Dr Ivanova!

In this episode of the Docs in Finance podcast, we discuss the pitfalls of not getting your RVUs and bonuses structure in writing. If it is not in writing, it does not exist! Learn from Dr Ivanova's mistakes... Keywords: contract negotiations, bonus, RVUs, collections, productions, compensation, doctors in finance, docs in finance, DOFI, International medical graduates, financial literacy, IMGs, IDGs

Episode 7: Negotiating beyond salary

In this episode of the Docs in Finance podcast, we discuss the "add-ons" you should try to negotiate when taking a job. Don't ignore things such as CME funds, admin time, clinic support, etc., that you should get in writing on your contract. Listen for more. Keywords: contract negotiations, CME funds, vacation, BATNA, compensation, doctors in finance, docs in finance, DOFI, International medical graduates, financial literacy, IMGs, IDGs