Podcast Episode 58 – Everything You Need to Know About Buying a House – Ryan Inman (Founder of Financial Residency)

Ryan Inman Financial Residency

Episode 58 – My guest on the podcast today is Ryan Inman.  Long-time listeners may remember him from episode 25 where we talked about how to have healthy money conversations with your spouse that don’t end in a fight.  He’s a fee-only financial planner who works exclusively with physicians.  His wife is a physician in the U.S. Navy, and he really understands the unique financial challenges that physicians face.  You may know him from his incredibly well-read blog and popular podcast, both called Financial Residency. 

On this episode, we talk all things mortgages.  How much house can you afford, what’s the right time to buy a house, and what in the world is a physician mortgage loan?  We’ll talk about all that and more.  If you’re ever  planning to buy or sell a house, this is a conversation for you.  

Free Resource: 3 Critical Tools to Level Up Your Family’s Finances

Buying a house can and should be fun, but you’ve got to put in the work to do it right.  That’s why this week’s free resource is so valuable.  It’s a pdf download called “3 Critical Tools to Level Up Your Family’s Finances.”  It’ll help you create an easy budget that actually works, set some reachable financial goals, and communicate with your spouse about money without ending up in another money fight.  That way, you can save up for your house, or any other big purchase and get there with your sanity and your wallet intact.   You can download it for free by clicking here.

 

Check out the additional free resources available at The Scope of Practice!

Get out of debt!

If you’re seriously thinking about buying a house, you should also be focused on getting out of debt.  If you buy a home when you’re deeply in debt and have no emergency fund, you’re asking for trouble.

If you’re looking for ways to make student loan elimination a little easier, EducationData.org has produced an in-depth investigative report on student loan refinancing that you should check out. There’s been a surge in demand for refinancing since the pandemic began, and they want to shed some light on specific lenders and predatory practices in the industry.

Protect yourself!  Buyer beware!  Click here to access the report.

Meet Ryan Inman, founder of Financial Residency and co-founder of the Doctor Podcast Network!

Ryan Inman - Financial Residency

Ryan Inman is a fee-only financial planner and the host of the very popular Financial Residency podcast.  As a physician’s spouse, he has seen first-hand the challenges of a medical education and training program.  He knows how to navigate the complexities of huge student loan burdens and variable income levels.
His book, Financial Residency, is an excellent “how-to” for getting your financial house in order and stying on the same financial page as your spouse.
You can connect to Ryan at financialresidency.com and physicianwealthservices.com.

Buy the Financial Residency book!

Financial Residency Book

 

Join the Business and Personal Finance for Physicians and Dentists Facebook Group!

Most physicians and dentists come out of training programs with a huge amount of personal debt and little to no idea of how to actually run a clinical practice.  This Facebook community is for anyone who wants to learn more about how to manage their business more successfully and master their personal finances.

 

Check out the Doctor Podcast Network!

Doctor Podcast Network

The Doctor Podcast Network is a group of physician and physician family podcasters with incredible messages to share with physicians.  I’m incredibly excited to be a founding member of the organization.  We are a large and growing network with incredible outreach.

We podcast about any and all topics that are important to physicians and their families including:

  • Financial wellness
  • Business mastery and leadership
  • Marriage and family support
  • Real estate
  • and much more!

Click here and come check out the great podcasts that are a part of the network.  If you’re thinking about starting a podcast, we’d love to have you join us!  Help us reach out to physicians all over the world!

One-on-one personal finance and business coaching

If you need a little more individualized help figuring out:

  • How to build and implement a successful long-term finance strategy
  • How to budget effectively without going crazy
  • What to do in order to get you and your spouse on the same page with your finances
  • Writing a resume
  • How to find the right practice to join
  • Or anything else related to business or personal finance

I’d love to help you so you can have the successful career and financial freedom you deserve.  Just click here and email me to set up a free consultation to determine if one-on-one coaching is right for you. 

I’ve coached hundreds of families to eliminate millions of dollars in debt and get their finances on track, and I’d love to help you do the same so you feel safe knowing your career and personal finances are as strong as you want them to be.

Click here and email me to set up a free consultation today!

Show times

  • 00:00 – Introduction to the episode
  • 01:20 – Subscribe to the podcast, and please share it with someone!  
  • 01:45 – If you want to contribute a guest article to the website, email me at editor@thescopeofpractice.com.  
  • 02:40 – This week’s sponsor is MR Insurance.
  • 03:36 – Introduction to Ryan Inman (Financial Residency).
  • 04:35 – Let’s meet Ryan Inman, founder of Financial Residency and the Doctor Podcast Network.
  • 06:08 – Ryan Inman wrote a book last year, called Financial Residency.
  • 07:17 – Update from Ryan Inman regarding the Doctor Podcast Network.
  • 08:32 – Check out the Doctor Podcast Network at www.doctorpodcastnetwork.com.
  • 09:02 – What has the COVID pandemic affected the trends in the real estate market?  Ryan Inman and Financial Residency have the answer.
  • 10:32 – It’s surprising that people are buying bigger homes, not smaller.  Big surprise!
  • 11:50 – What does Ryan Inman suggest as the criteria for knowing when you’re ready to buy a home?
  • 15:53 – How much is it worth it to you to buy a home?  And, what is the answer to that question at different points in your life?  Ryan Inman says that answer will change over time.
  • 20:13 – Not only will the house be the biggest purchase you’re likely to make, it’ll influence a lot of your financial decision-making.  
  • 22:03 – The Financial Residency teaching suggests that owning a 10 year old non-luxury car is actually just fine!
  • 25:37 – What’s the 25-50-25 rule?  Ryan unpacks this piece of the Financial Residency curriculum.
  • 30:32 – It’s easy to overextend ourselves when taking on mortgage loans, especially when building a home.  What does Ryan Inman suggest?
  • 35:12 – Dr. Lacey adds a suggestion for people thinking about building a home.
  • 36:32 – Ryan Inman talks to us about physician mortgage loan.  Make sure to check out his guide by clicking here.
  • 42:16 – Ryan talks about how to pick a bank to get a physician mortgage loan.
  • 45:59 – Pay attention when you’re buying a house!  Don’t buy the house without doing your due diligence.
  • 47:00 – Connect with Ryan Inman, Financial Residency, and the Doctor Podcast Network.
  • 48:48 – Summary of the episode
  • 49:27 – This week’s free resource is a guide called “3 Critical Tools to Level Up Your Family’s Finances.”
  • 50:23 – Signing off!

Listen to the next episode

april rhoads

Full Disclosure: Some of the links to the resources listed above may be affiliate links, which means that I will receive a small commission if you click through and make a purchase. But it doesn’t cost you anything extra—it’s just a way to show you appreciate what we do here. Thanks for this.

budget, debt, money, mortgage, personal finance, real estate

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