Finance for Physicians: Recent Episodes

Daniel Wrenne

We know you understand medicine. But what about money? I'm sure you wish you knew more, but maybe you've struggled with knowing where to start. Or maybe it's been overwhelming sorting through all the masses of content out there. Maybe you just don't have the time. Don't worry. We've got you covered. Just like medicine, it all starts with educating yourself. That's where we come in. We're here to get you caught up to speed. Through thousands of one on one conversations with physicians helping them address their real life money challenges we've learned what works and what doesn’t. In this podcast, we will be boiling it down to the key subjects that are most relevant to you today. If you care about your money, and you're ready to learn, you're in the right place. There is a lot at stake and you're not getting any younger, so we hope you're as excited as we are about tackling your money. Let's do this!

We’re going into the vault again to bring back the stories of Drs. Diana Girnita, Anastasia Boyer, and Daniel Paull, to give you side-by-side examples of physicians deciding to take the leap into direct care.

Each of them had slightly different reasons to do it. They all agreed their patients needed better care. They all had to deal with a tricky financial (and social) transition.

Let’s rewind, reflect, and reignite our passion for transformative healthcare together. Tune in and get ready to be inspired all over again!

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

LinksConnect with me on my LinkedInContact Finance for PhysiciansFinance for PhysiciansTo schedule a call with one of our awesome planners, book HERE.

You’re going to die after listening to this.

That’s a hard truth, but most of us don’t act that way. In this podcast, we talk to a couple of doctors that did.

And in doing so, found a way to align their passions with their paychecks. They found a way to love what they do.

So listen in as we talk to Doctors Jordan Grumet and Andy Berkowski whose brushes with death gave them the courage to take real action towards finding true fulfillment in their work.

Dr. Jordan Grummet was a hospice doctor when he realized too many people waited until it was too late to live the life they truly wanted to live. This set him on a path to live his own life that way. He got his finances in order, reduced his workload for anything that didn’t fill his bucket, started leaning into things he was passionate about, and eventually became a full-time author, podcaster, and speaker with a side of medicine, not the other way around.

Dr. Andy Berkowski was a sleep doctor working in a research facility when he had a brush with death himself, facing a serious cancer diagnosis. He too got his finances in order and took different opportunities in research until he figured out that starting a direct care practice was the thing that would bring him the most joy and create the most impact.

You’ll see some recurring themes in these stories once they gain clarity-Getting their finances in order
Taking iterative steps toward their passions

Finally, understanding they could make their medical careers be the thing that supports their passion, not the other way around. We hope by listening to this, we help you gain the clarity that proximity to death gave them. But don’t forget, you have limited time to act…. Enjoy!

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

LinksConnect with me on my LinkedInContact Finance for PhysiciansFinance for PhysiciansTo schedule a call with one of our awesome planners, book HERE.

In speaking to hundreds of doctors a month, it's obvious that many feel trapped by their hospital salary, and that can lead to burnout, but it doesn't need to be this way!

That's why we went back into our past episodes to give you 3 examples of physicians like you who have broken free of the golden handcuffs put on them by hospitals.

You'll see that they each had 3 commonalities:

There was an "AHA!" moment when their priorities shifted. For these 3 physicians, it coincided with the birth of a child (not always the first), but for you, it's important to validate that it's ok when your priorities shift.
Needing to take action became apparent thanks to a 3rd party diagnosis. As a doctor, everyone counts on you to diagnose things for them, and it's ok to need that too. Whether it's a mentor, a good friend, a coach, or a financial advisor, find people who can give you perspective outside yourself.
No one got there with one step, but they all got started. You'll see each of these physicians took multiple steps that eventually got them the freedom they desired. What is most important was that they got started.

You'll hear from Dr. Mamta Kumar, Dr. Param Baladandapani, and Dr. Ronnie Shalev in this episode with a brief intro from Daniel in each one.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

LinksConnect with me on my LinkedInContact Finance for PhysiciansFinance for PhysiciansTo schedule a call with one of our awesome planners, book HERE.

It's completely normal to want to increase your spending as soon as you become an attending physician (you definitely earned it), but if your monthly expenses are forcing you to stay in a situation you don't like, it's a real problem.

The best way to free yourself from that burden is to live a little below your means until you find yourself in a sustainable situation.

That's why we put together this compilation of advice from other doctors who have done this.

You'll hear from Dr. Disha Spath, Dr. Caroling Clerisme, and Dr. Latifat Akintade in this episode with a brief intro from Daniel in each one.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

LinksConnect with me on my LinkedInContact Finance for PhysiciansFinance for PhysiciansTo schedule a call with one of our awesome planners, book HERE.

Join Daniel Wrenne in this episode of Finance for Physicians as he sits down with mortgage expert Richard Ricci. Together, they unravel key insights to guide physicians through the journey of buying their dream homes.

Discover the importance of a solid financial plan, the magic credit score number for optimal mortgage terms, and how timing can be the game-changer in your home-buying process.

Tune in for expert tips tailored to physicians, ensuring a smooth and confident transition into homeownership. Connect with Richard Ricci for personalized mortgage advice that aligns with your unique financial goals.

The opinions, statements, and viewpoints expressed by Richard Ricci do not necessarily reflect the opinions of Truist. Truist is not responsible for and does not endorse any views expressed other than their own.

Links:

Richard Ricci - Mortgage Loan Officer, NMLSR # 659699

Richard Ricci on LinkedIn

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Finance for Physicians

Embark on a transformative journey with Daniel Wrenne, the trusted financial advisor dedicated to physicians' financial well-being. In this compelling episode of Finance for Physicians, Daniel unravels the art of intentional living through values-centric decision-making.

Clarifying Your Values: Daniel guides you through thought-provoking questions, helping you uncover and prioritize your core values. Understand why this step is pivotal in making informed decisions across both personal and financial aspects of your life.

Putting Values into Action: Explore practical strategies to translate identified values into actionable behaviors. Daniel shares insights on ranking values, crafting meaningful descriptions, and aligning financial choices with your deepest convictions. Witness the impact of values-driven decisions through a real-life client success story.Key Takeaways:- Gain clarity on the role of values in shaping a fulfilling life.- Learn practical steps to prioritize and describe your core values.- Understand the profound influence of values on financial decision-making.- Be inspired by a client's journey to financial success through intentional living.Tune in now for a holistic approach to financial well-being, where wealth aligns seamlessly with your most cherished values. Your journey to a purposeful and fulfilled life begins here!Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

LinksConnect with me on my LinkedInContact Finance for PhysiciansFinance for PhysiciansTo schedule a call with one of our awesome planners, book HERE.

Join Daniel Wrenne in this episode of Finance for Physicians as he tackles the common question among physicians - can real estate income replace your salary? Daniel provides a high-level overview of real estate investment options, from ultra-passive REITs to more hands-on approaches like owning single-family homes.

Discover the pros and cons of each method, considering factors like time commitment, risk, and potential returns. Daniel also shares insights into the slow-yet-steady growth of ultra-passive investments like REITs and explores the more active side of real estate, where higher returns come with increased responsibilities.

Whether you're a physician exploring wealth-building options or simply curious about real estate investment, this episode offers valuable insights. Tune in to find the balance that suits your goals and learn practical tips for navigating the real estate landscape.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

LinksReal Estate Investing That Won't Burn You Out with Gregg Cohen of JWBConnect with me on my LinkedInContact Finance for PhysiciansFinance for PhysiciansTo schedule a call with one of our awesome planners, book HERE.

Welcome back to Finance for Physicians. Today, Daniel Wrenne continues the discussion on crucial questions from physician families. In this episode, he delves into the realm of product-based advisors and the complex world of "jack of all trades" advisors.

Daniel breaks down the product-based advisor model, emphasizing their focus on selling financial products like disability insurance and life insurance. He unravels the incentive structures, revealing how these advisors get compensated and why their advice might be swayed toward selling more products.

But wait, there's more! Daniel also sheds light on the "jack of all trades" advisor, a hybrid model that combines product selling, investment management, and charging fees for planning services. He explains why this approach can lead to compounded conflicts of interest and recommends steering clear of such setups.

Tune in for a comprehensive exploration of these advisor models, gain insights into potential pitfalls, and arm yourself with awareness in your financial journey.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

LinksConnect with me on my LinkedInContact Finance for PhysiciansFinance for PhysiciansTo schedule a call with one of our awesome planners, book HERE.

Join Daniel Wrenne on Finance for Physicians as he tackles a burning question: Is the AUM Advisor approach the right fit for physicians? In this episode, Daniel breaks down the 1% fee structure, sheds light on service levels tied to account size, and unveils potential conflicts of interest.

Discover the ins and outs of AUM advisors, from manageable fees for smaller balances to potential drawbacks as your investments grow. Daniel emphasizes the importance of trust and awareness in the advisor-client relationship.

Don't miss this candid exploration of the AUM advisory model. Tune in for a balanced perspective and stay tuned for more insightful Q&A sessions in upcoming shows.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

LinksConnect with me on my LinkedInContact Finance for PhysiciansFinance for PhysiciansTo schedule a call with one of our awesome planners, book HERE.

Today, we delve into a crucial topic that concerns many of us with aging parents and their financial well-being. Daniel Wrenne here, and in this episode, we're sharing a real-life case study that uncovers potential pitfalls in managing a family's wealth, especially when cognitive decline becomes a factor.

In this eye-opening episode, we discuss the story of Josh and Mary (not their real names), a couple with substantial assets managed by an advisor. As Josh's parents age, he becomes increasingly concerned about the transparency and efficiency of their financial strategy. The situation takes a turn for the worse after the passing of Josh's mother, leaving his father to manage their complex financial portfolio.

Join us as we dissect the red flags and inefficiencies we discovered in their financial setup. From excessive cash in an IRA to high advisory fees on non-performing assets, we uncover the hidden costs that could be draining your parents' wealth without their knowledge.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

LinksConnect with me on my LinkedInContact Finance for PhysiciansFinance for PhysiciansTo schedule a call with one of our awesome planners, book HERE.

In this episode of Finance for Physicians, Daniel Wrenne dives into a common question many new clients face as they transition into practice or a new stage of life. Whether it's a higher income, starting a family, or moving to a new location, the overwhelming nature of change can leave you wondering, "Where do I even start?"

Daniel addresses the following:
- The importance of not rushing decisions and being cautious, especially with significant choices.
- Recognizing common temptations and pressures, such as earning more money, buying a forever home, or succumbing to lifestyle inflation.
- Exploring the conflict between saving for retirement, education, paying off debts, and other financial priorities.

Join Daniel Wrenne as he unpacks the common scenario of physicians facing a barrage of decisions during significant life changes. By focusing on values and priorities, you can navigate these transitions with wisdom and create a life that truly resonates with your aspirations.

Don't miss out on this insightful episode! Tune in now to gain valuable perspectives on making financial decisions that lead to a fulfilling life.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

LinksConnect with me on my LinkedInContact Finance for PhysiciansFinance for PhysiciansTo schedule a call with one of our awesome planners, book HERE.

Join Daniel Wrenne in this episode as he tackles the provocative question: "Are Roth IRAs Really This Bad?" Inspired by a listener's email and an article claiming significant losses, Daniel dissects the arguments, dispels myths, and emphasizes the importance of personalized financial planning for physicians.

Discover insights into scenarios from training to early retirement and learn why blanket statements about Roth IRAs may not apply to everyone. Don't miss out on this empowering discussion to make informed decisions about your retirement planning.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

LinksConnect with me on my LinkedInContact Finance for PhysiciansFinance for PhysiciansTo schedule a call with one of our awesome planners, book HERE.

Join Daniel Wrenne as he sits down with Dr. Marcelo Hochman, the founder of South Carolina's esteemed Facial Surgery Center, double Board-certified facial plastic and reconstructive surgeon, and President of Independent Doctors of South Carolina (IndeDocs).

In this engaging episode, they delve into the intricate landscape of medical careers, exploring the choices between private practice and employment, and the critical role of financial planning.

Dr. Hochman, also Past President of the Charleston County Medical Society and a provider of pro-bono care to children with vascular anomalies, shares profound insights on challenges faced during medical training, the importance of exposure to diverse career paths, and the impact of financial considerations on career choices.

The conversation extends to satisfaction levels among independent practice physicians versus employed physicians, with age-related variations adding an intriguing dimension.

Discover valuable advice, personal experiences, and resources for medical students, residents, and practicing professionals seeking to make informed decisions about their careers. Explore the mission of IndieDocs and the importance of preparing the medical pipeline for the future.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links

You can find Dr. Hochman here:The Facial Surgery CenterLinkedIn

Facebook

YouTube

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Finance for Physicians

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Join Daniel Wrenne, your go-to financial advisor for physicians, as he navigates the nuances of tax season in this episode of Finance for Physicians. Daniel breaks down the essential steps for physicians to review their tax returns effectively.

In this insightful discussion, Daniel covers crucial topics, including spotting common errors like missing dependents and ensuring accuracy in income reporting, especially for those with multiple W-2s. Gain valuable tips on optimizing dividend portfolios, understanding IRA distributions, and navigating the complexities of capital gains and losses.

Whether you've already filed your taxes or are gearing up to do so, Daniel provides actionable insights to empower physicians in taking control of their financial well-being. Don't miss this opportunity to master the art of decoding your finances and ensuring a secure financial future.

Tune in now for a comprehensive guide to decoding your tax return!

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

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Connect with me on my LinkedInContact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Are you making the best investment in your life? In this insightful episode of Finance for Physicians, your host Daniel Wrenne takes a unique approach to the age-old question of the best investment. Join Daniel as he shares a compelling story of a physician, Diana Londoño, who made a life-changing $33,000 investment in herself.

Discover the unconventional path Diana took to overcome burnout and achieve remarkable success. Instead of traditional investments like stocks or businesses, she chose to invest in personal development. Daniel explores how this investment not only transformed her life but also enhanced her skills as a physician.

In a thought-provoking discussion, Daniel delves into the often-neglected aspect of personal growth beyond medical education. He challenges listeners to evaluate their self-care practices and consider where they are on their journey outside of medicine.

From health and finance to professional and personal development, Daniel shares practical examples of investments in oneself. Whether it's hiring a personal trainer, seeking financial guidance, or exploring spiritual growth, every small step counts.

Join Daniel as he encourages you to reflect on your life, identify areas for improvement, and take the first step toward investing in yourself. Discover how these investments can lead to a more fulfilling and balanced life.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links

Connect with me on my LinkedInContact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Join Daniel Wrenne and financial advisor Hugh Baker in this episode of Finance for Physicians as they delve into the intricacies of managing a significant inheritance, specifically tailored for early-career physicians.

Daniel and Hugh share their insights on navigating the financial landscape after receiving a substantial windfall. Whether it's a million-dollar inheritance or a smaller sum, the duo explores practical considerations and strategic approaches to ensure physicians make the most of their newfound financial resources.Discover the importance of intentionality when managing sudden wealth, the value of buying time through strategic investments, and the happiness quotient tied to charitable giving. From tax shelters to lifestyle considerations, Daniel and Hugh offer a comprehensive guide for physicians facing the exciting challenge of handling a substantial inheritance.Tune in for a quick, insightful conversation that aims to empower physicians in making informed financial decisions, ultimately shaping a secure and fulfilling future.Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links

Connect with me on my LinkedInContact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

If you're a parent or caregiver, planning for your child's education is a crucial financial decision. In this episode of the Finance for Physicians podcast, host Daniel Wrenne delves into the options available for saving for your child's education. Whether you're considering the traditional 529 plan, exploring the benefits of I Bonds, thinking about UTMA accounts, or even contemplating an investment account, this episode has you covered.

Daniel is joined by certified financial planner Jeff Wenger to discuss the pros and cons of these various education savings vehicles. They break down the nuances, from tax benefits and growth potential to control over the funds. They also share insights into using these options strategically to ensure your child's educational expenses are covered.

Tune in to get expert advice on how to make the right choice for your specific situation and financial goals. Plus, stay tuned for valuable tips on avoiding penalties and maximizing the benefits of your chosen savings method.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

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Connect with me on my LinkedInContact Finance for Physicians

Finance for Physicians

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Welcome to the "Finance for Physicians" podcast, join Daniel Wrenne and Jeff Wenger, as they dive into a multitude of financial topics designed to empower physicians on their financial journey.

In this episode, Daniel and Jeff tackle pressing questions and explore a wide range of financial themes that resonate with physicians. They discuss everything from optimizing cash flow and determining affordable homeownership to advising on the ideal percentages of income to save and invest for your unique financial goals.

Whether you're a medical student, resident, attending physician, or an established practitioner, this podcast offers invaluable insights. With a particular focus on physician-specific financial planning, the hosts share their expertise on investment management, crafting financial plans, and achieving financial success while aligning your decisions with your values.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links

Connect with me on my LinkedInContact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

In this episode, we explore a critical financial question that often surfaces in the world of family finance: Is it a smart move to maximize contributions to a Roth IRA for your children? Host Daniel Wrenne, a seasoned financial advisor specializing in working with physicians, delves deep into this intriguing topic in a thought-provoking episode.

In this conversation, Daniel unravels the complexities of funding Roth IRAs for your children and sheds light on the potential pitfalls and benefits of this financial strategy. The episode covers a range of essential aspects, including:

The critical rules and regulations governing Roth IRAs for children, ensuring you stay on the right side of the IRS.
The difference between employee and independent contractor compensation, and how it can impact both parents and children.
The paramount importance of evaluating your child's financial responsibility and literacy, and how this impacts their readiness for managing a Roth IRA.
The tax implications and benefits of this strategy, especially for self-employed individuals.

Don't miss this enlightening discussion that goes beyond the numbers, emphasizing the significance of preparing your child for a financially secure future. Whether you're a parent considering funding Roth IRAs or simply intrigued by the world of family finance, this episode provides invaluable insights to help you make informed decisions.

Tune in to the Finance for Physicians podcast to explore these essential considerations and ensure your child's financial journey is set on the right course.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links

Connect with me on my LinkedInContact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

In this episode of "Finance For Physicians," Daniel Wrenne and student loan expert Jeff Wenger unravel the complications surrounding student loan servicers. As student loan payments resume after a pandemic-induced hiatus, the duo highlights the emerging problems that borrowers, especially physicians, should be wary of.

From unexpected payment changes to incorrect income certifications and IDR anniversary dates, Daniel and Jeff share valuable insights into how to navigate these issues. They offer practical advice on how to handle problems with your student loan servicer and ensure you stay on track for loan forgiveness, particularly for Public Service Loan Forgiveness (PSLF).

If you want to stay informed about the latest student loan servicing challenges and safeguard your finances, this episode is a must-listen. Whether you're a physician or anyone dealing with student loans, this conversation will provide you with the essential knowledge to avoid costly errors. Tune in now to stay ahead of potential pitfalls in managing your student loans.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links

Connect with me on my LinkedInContact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Welcome to another insightful episode of "Finance for Physicians." In this episode, we dive deep into the world of financial planning, particularly focusing on those crucial financial decisions when transitioning into a higher income bracket. Whether you're a recent graduate starting a high-paying job or an experienced professional anticipating a significant income boost, this episode is packed with valuable advice to help you make informed choices.

Daniel talks about the importance of understanding work retirement plans, including 401(k)s, 403(b)s, 457 plans, and more, as powerful tools for tax sheltering. Discover how to maximize these opportunities within your workplace.This episode delves into retirement savings, offering practical guidelines for determining how much to save based on your individual goals. Learn how to strike a balance between enjoying your life today and securing a comfortable retirement.Cash flow management is another key aspect explored here. By gaining a comprehensive understanding of your finances, you'll be better equipped to direct your income toward your most important priorities and values.Discover why aligning your financial decisions with your values and priorities is essential. Whether it's planning for education expenses, charitable giving, or other goals, this episode encourages you to be intentional with your financial choices.Finally, the episode tackles the often-emotional decision of purchasing a home when transitioning to a higher income. You'll find out why it's crucial to prioritize this decision after addressing other financial aspects and how it can significantly impact your financial stability.Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links

Connect with me on my LinkedInContact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Join Daniel Wrenne and Jeffrey Wenger as they navigate the complex landscape of student loan repayment strategies in this episode!

With a focus on helping physicians, particularly those working with Public Service Loan Forgiveness (PSLF) in mind, Daniel and Jeff take you on a journey through the recent changes in student loan policies. They explore the historical approaches to student loans and delve into how the transition to the new SAVE Plan (Saving on a Valuable Education Plan) can impact your financial future.

Discover the intricacies of student loan management and gain insights into crafting a tailored repayment strategy that suits your unique circumstances. Daniel and Jeff bring their expertise to the table, making the complex world of student loans more understandable and helping you make informed decisions.

Whether you're a recent graduate, a seasoned borrower, or just interested in the world of student loans, this episode provides valuable insights into the ever-changing student loan landscape.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links

Connect with me on my LinkedInContact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

In this episode, Daniel and Jeff dive into the intricacies of the new Student Loan Affordability and Value for Education (SAVE) Plan, shedding light on emerging strategies for student loan borrowers. The SAVE Plan is making waves in the world of student loan repayment, offering exciting opportunities for those seeking to manage their debt effectively.

The hosts explore the advantages and considerations of the SAVE Plan compared to other repayment options, such as PAYE and IBR, and discuss the crucial factor of filing taxes jointly or separately when optimizing student loan payments. They also touch upon the implications of the SAVE Plan for Public Service Loan Forgiveness (PSLF) and examine how it influences long-term loan forgiveness.

But that's not all; Daniel and Jeff also tease an intriguing topic for their next episode: the possibility of buying back credit on PSLF. Tune in to stay informed about the latest developments in student loan management, discover new strategies, and navigate the ever-evolving landscape of student debt.

Whether you're a recent graduate, a seasoned borrower, or just interested in the world of student loans, this episode provides valuable insights into the ever-changing student loan landscape.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links

My Aid Data - https://studentaid.gov/Connect with me on my LinkedInContact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Join Daniel Wrenne and Jeff Wenger on an enlightening episode of "Finance for Physicians," where they explore the dynamic world of student loans, financial planning, and more. In this engaging conversation, Daniel and Jeff discuss recent updates and developments in the field, offering valuable insights and strategies to empower physicians in managing their financial futures.

Discover essential tips, uncover emerging trends, and gain a deeper understanding of the financial intricacies that impact medical professionals. Whether you're a medical resident starting your career or an experienced practitioner looking to optimize your financial strategy, this episode is packed with valuable information to help you make informed decisions and secure your financial well-being.

Tune in to "Finance for Physicians" and stay ahead in your financial planning journey as a physician, gaining the knowledge and expertise you need to thrive in your financial life.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here. P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links

Show digging into the most recent round of changes

Show going over other big changes that happened during COVID

Blog Post on most common student loan mistakes (pre-COVID)

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Finance for Physicians

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Welcome to "Finance For Physicians" with your host, Daniel Wrenne! In this episode, Daniel discusses a crucial financial topic: making wise housing decisions.

We highlight the following essential factors when making housing decisions:

Work-Life Balance: Consider work hours, income stability, and avoid overworking.
Family Values and Priorities: Understand what truly matters to you and your spouse, incorporating family time, travel, and more into the financial equation.
Current Lifestyle: Assess your spending habits and lifestyle to make realistic financial plans.
Insurance and Worst-Case Scenarios: Ensure you have adequate coverage to protect your income and assets.
Financial Planning: Create a personalized financial plan, working backward from your priorities, income, local taxes, and expenses.

Tune in to gain insights into making informed financial decisions and avoiding the pitfalls of being house poor. Join Daniel Wrenne for more engaging discussions on Finance For Physicians!

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links

The forum discussion from physicians considering how much to spend on a home Access our all-in mortgage calculator resource

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Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Welcome to another episode of Finance For Physicians, where we dive deep into the financial matters that matter most to physicians. In this episode, your host, Daniel Wrenne, takes the stage solo to unravel the complexities surrounding the 457B plan – a topic that's crucial for physicians managing their finances independently.

In this concise yet insightful episode, Daniel breaks down the fundamental aspects of the 457B plan. He sheds light on the key distinctions between the two primary flavors of this retirement plan: the governmental and non-governmental 457B plans. Daniel explains why having access to a governmental 457B plan can be a game-changer for your financial future, resembling the familiar terrain of 401(k)s and 403(b)s.

But, as with any financial choice, there are nuances and potential pitfalls to be aware of. Daniel delves into the crucial details, including distribution options and the unique challenges that come with non-governmental 457B plans. By the end of this episode, you'll have a clear understanding of which 457B plan aligns with your financial goals and why making the right choice matters.

Don't miss this chance to arm yourself with knowledge that can shape your financial future. If you have questions or want us to cover specific topics in future episodes, email Daniel at Daniel@financeforphysicians.co

Your financial well-being is our top priority, and we're here to provide you with valuable insights every step of the way! Access our exclusive free resources for physicians and conquer financial stress. Access here. Links

Connect with me on my LinkedInContact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Join us for a riveting discussion with Dr. Ryan Neinstein, a medical entrepreneur who has successfully navigated the intersection of medicine and business. Dr. Neinstein shares his journey of building a thriving medical practice, highlighting the challenges, triumphs, and lessons learned.

Discover the key elements of scaling a practice, the power of mentorship, and the art of sustainable growth. Gain unique insights into the emotional rollercoaster of entrepreneurship, the role of leadership in maintaining stability, and the balance between risk-taking and stability.

Delve into the relationship between happiness and financial success, as Dr. Neinstein offers his perspective on personal fulfillment and prosperity. Explore the value of nurturing a strong practice culture, assembling a cohesive team, and the significance of mentorship.

Whether you're a medical professional interested in entrepreneurship or intrigued by the dynamics of a successful medical practice, this episode delivers a wealth of wisdom. Join us to gain personal anecdotes, professional insights, and timeless advice from Dr. Ryan Neinstein, a trailblazer in medical entrepreneurship.

Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links

Connect with Dr. Ryan Neinstein on Instagram Neinstein Plastic Surgery

Connect with me on my LinkedIn The Saad Truth about Happiness: 8 Secrets for Leading the Good Life by Gad Saad The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It Paperback by Michael E. Gerber

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Failing Forward: Turning Mistakes into Stepping Stones for Success Paperback by John C. Maxwell

In this episode of Finance For Physicians, hosted by financial advisor Daniel Wrenne, we demystify the often daunting question: "How do you know when you have enough to retire?" Tailored to physicians, this insightful discussion delves into the widely used 4% rule—a simple yet powerful tool for gauging retirement readiness. Daniel expertly breaks down the mechanics of the 4% rule, providing practical examples and insights into its application. Beyond the calculations, he explores the real-world implications for physicians, considering factors like lifestyle changes, investment strategies, and future earnings growth. Discover how to personalize the rule to your unique circumstances. Whether you're a seasoned medical professional approaching retirement or a young physician planning ahead, this episode offers actionable advice to align your financial goals with your aspirations. Tune in to Finance For Physicians to confidently navigate retirement planning, leverage the 4% rule, and pave the way for a secure financial future. Transform your financial outlook today! Access our exclusive free resources for physicians and conquer financial stress. Access here.

P.S. We value your opinion! Share your thoughts and insights with us. Your feedback helps us improve and tailor our content to your needs. Click here to give us a piece of your mind.

Links

Connect with me on my LinkedIn

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Welcome to "Finance For Physicians," the podcast dedicated to equipping medical professionals with the knowledge they need to navigate the world of personal finance.

In this episode, Daniel Wrenne is joined by Jeff Wenger to tackle the ever-changing landscape of student loans, providing valuable insights into the latest updates that impact physicians. Dive into the intricacies of repayment strategies, loan forgiveness options, and the range of programs designed to assist medical professionals in managing their student debt. Whether you're a seasoned physician, a resident, or a recent graduate, this episode offers a comprehensive understanding of the recent changes that affect your financial journey.

Join us on "Finance For Physicians" as we help you master the latest student loan changes and empower you to make informed financial decisions.

Links:

Connect with Jeffrey on LinkedIn

Connect with me on my LinkedIn

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Discover the remarkable journey of Dr. Ronnie Shalev, a powerhouse entrepreneur, physician, bestselling author, and real estate investor, as she shares her transformative experience with host Daniel Wrenne. With a background as a board-certified ER doctor and a passion for healthcare reform, Dr. Shalev's journey took a turn as she transitioned into the dynamic world of real estate investing, driven by her desire to escape physician burnout and achieve financial freedom.

In this enlightening conversation, Dr. Shalev, co-founder of Shalwin Properties, takes us through her path from medicine to a thriving real estate portfolio that boasts over 5,100 units and $184 million in assets under management. She emphasizes the importance of strategic market analysis, demographic understanding, and surrounding oneself with the right people. Dr. Shalev also highlights her experience with mentorship, conferences, and education, amounting to an investment of over $100,000 in self-improvement within the industry.

Featured in prominent platforms such as Yahoo! Finance, Business Insider, and MarketWatch, Dr. Shalev's journey is not only inspiring but educational. Her transformation from a physician to a real estate mogul showcases the potential for professionals to reshape their financial futures and gain control over their lives. Join us in this conversation to glean insights into passive and active investment approaches, understanding market dynamics, and capitalizing on real estate opportunities even amidst the ever-evolving market conditions. Whether you're considering a career transition or looking to grow your wealth, Dr. Ronnie Shalev's journey is a testament to the power of determination, education, and seizing opportunities in the world of real estate.

Links:

Shalwin Properties

Connect with Dr. Ronnie on LinkedIn

Connect with me on my LinkedIn

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Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Join Daniel Wrenne as he engages in a captivating conversation with Dr. Param Baladandapani, a seasoned real estate investor, and expert in helping physicians build generational wealth through strategic financial decisions.

In this illuminating episode, Dr. Baladandapani shares invaluable insights into the world of real estate investing, tailored specifically for medical professionals. Delve into the art of making informed choices, understanding risk and reward, and the crucial aspects of building a diversified real estate portfolio that aligns with individual goals.

Discover the hidden gems of real estate investment, where Dr. Param showcases various strategies like long-term rentals, and short-term rentals, and creative ways to maximize cash flow in today's unique market environment. Gain a deeper understanding of stress testing properties, market due diligence, and tapping into tax savings as a powerful wealth-building tool.

If you're a physician looking to unlock the potential of your hard-earned income and build a secure financial future, this episode is a must-listen. Tune in to learn from one of the most accomplished financial experts in the field and start your journey toward generational wealth today.

Subscribe now to Finance For Physicians Show for more captivating conversations with industry experts and financial advisors, tailor-made for physicians seeking financial independence and prosperity.

Links

Connect with Dr. Param: https://www.generationalwealthmd.com/site/about

Connect with me on my LinkedIn: https://www.linkedin.com/in/danielwrenne/

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Discover the secrets to building lasting wealth, safeguarding your financial future, and protecting your medical career from potential threats!

In this insightful interview, Daniel Wrenne, sits down with Brandon Hall, co-host of the Tax Smart Real Estate Investors Podcast and a seasoned expert in taxes and real estate investment.

Brandon shares valuable insights on becoming a real estate professional, understanding passive activities and material participation, and maximizing tax deductions in real estate investments.

Discover the key differences between those who build large real estate portfolios quickly and those who struggle to get started, and find out how you can scale your wealth over time. Whether you're a physician with zero properties or already own a few, this interview is a goldmine of practical advice for physicians seeking financial freedom and flexibility in their careers.

Don't miss out on this opportunity to learn from the experts and take control of your financial destiny. Invest in your future today!

Links

Connect with Brandon on his LinkedIn: https://www.linkedin.com/in/brandonhallcpa/

Tax Smart Real Estate Investors Podcast: https://www.therealestatecpa.com/podcasts

Connect with me on my LinkedIn: https://www.linkedin.com/in/danielwrenne/

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Join Daniel Wrenne and his guest Jon Appino as they delve into the complex world of physician contracts, with a specific focus on disability considerations. In this informative and engaging show, they discuss the intricacies of negotiating physician contracts while addressing the importance of disability provisions.

Key Takeaways:

Customize contracts to align with your unique story, considering disability-related factors.
Leverage high demand in the physician field for better negotiating power, with a focus on disability provisions.
Maximize financial benefits by utilizing bonuses, while understanding how disability-related clauses can impact compensation.
Embrace flexibility in contracts to adapt to life's uncertainties, including potential disability-related challenges.
Seek expert guidance to navigate the complexities of physician contract negotiations, with a specific emphasis on disability provisions.

Join us for insightful discussions, practical advice, and real-world examples that will equip you with the knowledge and tools to make informed decisions regarding your physician contracts, including considerations for disability-related matters.

Don't miss out on the opportunity to gain a deeper understanding of this crucial aspect of your career, ensuring you have the necessary safeguards in place.

Links

What happens when ChatGPT reviews a contract?

Compensation Rx Service from Contract Diagnostics

Schedule a free consult with Contract Diagnostics

Physician Employment Contracts and Compensation with Jon Appino

Contracts and Disability: Understanding Your Rights and Protections as a Physician with Jon Appino

Connect with me on my LinkedIn: https://www.linkedin.com/in/danielwrenne/

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

In this captivating episode, our host Daniel welcomes Dr. Jimmy Turner as his guest to delve into the intricacies of finding freedom and fulfillment in one's career. Join them on a thought-provoking journey as they explore the pain points associated with traditional paths, discover the power of entrepreneurship, and uncover the keys to success in the ever-evolving professional landscape.

Key Takeaways:

Identifying the pain points and challenges in the quest for freedom and fulfillment.
Unveiling the transformative potential of entrepreneurship as a viable alternative to traditional career paths.
Gaining insights from Daniel on how to transcend boundaries and make a meaningful impact regardless of the chosen path.
Examining the role of side hustles and their impact on career transitions, including the prospect of leaving medicine.
Exploring the importance of smart investing and its potential to unlock financial stability and open new possibilities.

Join Daniel and Jimmy as they share their experiences, anecdotes, and valuable advice on embracing entrepreneurship, pursuing personal growth, and crafting a career that resonates with one's passions and values. Tune in to gain practical strategies, actionable insights, and inspiration to take the next step towards your own path of freedom and fulfillment.

Links:

The importance of rest. The hospital will not love you back. Thriving in an imperfect system as a physician. The Physician Philosopher Podcast Connect with me on my LinkedIn: https://www.linkedin.com/in/danielwrenne/

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Join us in this inspiring episode as we delve into the remarkable journey of Dr. Mamta Kumar, a former medical professional who made a life-changing transition to land investing. Driven by a desire for alignment with her values and a pursuit of personal fulfillment, Dr. Kumar took a courageous leap that led her to a new path.

In this conversation, Dr. Kumar shares her story, offering valuable insights and key takeaways for anyone seeking to make bold changes in their own lives. Discover how she navigated the challenges of leaving her medical career behind, the importance of financial literacy, mindset shifts, and living in alignment with one's values.

Key Takeaways:

Align values with career to avoid burnout.
Prioritize financial literacy for informed decisions.
Seek support during career transitions.
Cultivate a values-focused mindset.
Embrace courage over comfort in decision-making.

Get ready for an insightful conversation filled with wisdom, inspiration, and practical advice. Whether you're considering a career transition or seeking a greater sense of purpose, Dr. Mamta Kumar's story will empower you to embark on your own journey of transformation.

Links

Fast Fire MD

Connect with me on my LinkedIn: https://www.linkedin.com/in/danielwrenne/

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Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Welcome to "Finance For Physicians," the podcast that helps doctors live their lives on their own terms. In this episode, we dive into the world of orthopedics with Dr. Daniel Paull, the founder of Easy Orthopedics in Colorado Springs.

Dr. Paull's unique practice challenges the status quo and positively disrupts the traditional healthcare system.

Join us as we uncover the distinct features of Dr. Paull's practice, delve into his journey of building an innovative model, and discover how it benefits both physicians and patients. We'll explore his emphasis on honesty, patient care, and transparent pricing, which sets his practice apart.

You'll walk away with these takeaways:

The power of challenging the status quo
Prioritizing patient care
Transparent pricing and relationship-based care
The impact of a modest lifestyle on entrepreneurship
The direct care model's advantages

Tune in to this inspiring conversation with Dr. Daniel Paull as we dive into his disruptive approach to orthopedics and gain insights that can motivate and inform listeners who are passionate about challenging the healthcare system. Don't miss out on this opportunity to explore how one doctor was able to break away from the system and practice medicine the way he knew to be correct.

Links

Connect with Dr. Paull on his LinkedIn: https://www.linkedin.com/in/easyorthopedics/

Easy Orthopedics

Connect with me on my LinkedIn: https://www.linkedin.com/in/danielwrenne/

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

In this inspiring episode, we delve into the unique journey of Dr. Boyer, a healthcare professional who transitioned from residency to opening her own private practice using the Direct Primary Care (DPC) model. Dr. Boyer shares her fears, challenges, and the eventual joy of establishing an independent healthcare practice, shedding light on the surprising business aspects that many healthcare professionals don't anticipate.

We talked about:
- The need for modest lifestyle post-residency
- The courage to venture into the entrepreneurial side of healthcare
- The role of organizations like Freedom Health Works in aiding private practice setup
- The impact of a comfortable work environment on preventing burnout
- The satisfaction derived from having time and autonomy in patient care

This episode is an empowering guide for healthcare professionals considering making a similar leap of faith. Tune in to discover how the journey to starting your practice can be both challenging and incredibly rewarding.

Links

Connect with Dr. Boyer on her LinkedIn: https://www.linkedin.com/in/anastasia-boyer-d-o-122897a5/

FEEDOMDOC

Connect with me on my LinkedIn: https://www.linkedin.com/in/danielwrenne/

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Are you a medical professional seeking financial advice to design your ideal life? In this episode, we dive into the world of direct specialty care and its immense potential for transforming healthcare.

Our special guest, Dr. Diana Girnita, a trailblazing rheumatologist, shares her inspiring journey from the traditional healthcare system to launching her successful direct specialty care practice, Rheumatologist on Call.

Here are the key takeaways you can expect from this episode:

Unveiling the Direct Specialty Care Mode
Overcoming Fears and Navigating Change
The Impact on Patient Care
Building a Thriving Direct Specialty Care Practice
Resources for Exploring Direct Specialty Care
Many more!

Ready to unlock the potential of direct specialty care and enhance your financial well-being as a physician?

Don't miss this enlightening episode of Finance For Physicians with Dr. Diana Girnita. Gain valuable insights, inspiration, and practical tips for incorporating direct specialty care into your own medical practice.

Listen now to this game-changing conversation and start your journey toward a fulfilling and financially empowering medical career

Remember, the power to shape your financial future is in your hands. Join us on this enlightening episode and let's empower ourselves to use money as a tool to live our best lives as physicians!

Links:

Dr. Diana's practice DSC Alliance Website Direct Specialty Care Alliance Facebook Group Diana's article on Direct Care vs Concierge Medicine Direct Specialty Care Alliance Stories & Resources on YouTube ChannelDiana's article on understanding direct specialty care Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

It's difficult to work in oncology and teach at the same time about it.

It's also hard to run a non-profit in a conservative industry that usually puts profit above all else.

However, some people manage to do it. And it's those professionals we want on our show.

Such is the case with Dr. Shikha Jain.

Besides being a practicing oncologist & professor at the University of Illinois, Shikha is also...

The founder of the Women in Medicine Summit.
The CEO of the Covid-19 non-profit IMPACT.
The president of the non-profit Women in Medicine.
A TEDx speaker.

Her work has also been featured in some of the most respected magazines in the world, such as TIME, Scientific American & The New York Times.

To top it all, Dr. Shikha doesn't struggle with burnout and is happy to go to work every day.

How can she juggle so many things at once? How does she avoid burnout? And more importantly, how does she balance the work of entrepreneurship with medicine?

To learn all that, listen to our full interview with her!

Enjoy!

Links:

Dr. Shikha Jain's website

IMPACT4HC

Women in Medicine Summit

Women in Medicine

Twitter accounts:

@ShikhaJainMD@WIMSummit@IMPACT4HC@WomeninOncContact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Christine Zharova is an attorney that has defended physicians' work rights and practices for the last 15 years.

Her work specializes in malpractice lawsuits, and unfortunately, she's been pretty busy lately - big malpractice lawsuits are far more common in the healthcare world than people think.

Even more alarming is the percentage of chance a physician can get sued in such a case - it's usually 50%+ for both high-risk and low-risk specialties.

If you're a physician curious about the legal workings of healthcare lawsuits and the legal system behind them, our conversation with Attorney Christine will keep you hooked. Enjoy!

Links:

Attorney Christine Zharova Attorney Christine Zharova LinkedInMedMal GameContact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Dr. Latifat is a physician, a mother, a financial educator, and a recovering burnt-out professional who's helping other physicians reach their financial freedom dreams through her website, moneyfitmd.com

In this episode of Finance for Physicians, we'll talk about Dr. Latifat's story of financial success and how she did it by following her values and ignoring the path society had in store for her.

If you feel like you're living someone else's life or living in the way most people think you should...
If you've ever felt you're not acting true to your professional and personal values...

Our interview with Dr. Latifat is for you!

Enjoy, and thank you for listening to the Finance For Physicians Podcast!

Links:

MoneyFITMD

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

Thomas Campanella is a healthcare executive focused on educating the wider healthcare community on how the industry really works.

Thomas is also a voracious writer, podcaster, and regular webinar host regarding the topic of healthcare economics.

If you're a physician just now starting in the industry and want to learn how the healthcare machine works - this is the episode for you and Thomas is the man to talk to!

Enjoy!

Links:

Thomas BioArticles referenced:+ Healthcare Economics 101: https://www.linkedin.com/pulse/health-economics-101-guide-understanding-bigger-well-campanella/ + We need more physician leaders... https://www.linkedin.com/pulse/physicians-where-you-we-need-your-leadership-thomas-campanella/ + About Tom's healthcare journey: https://www.linkedin.com/pulse/my-healthcare-journey-thomas-campanella/ + The importance of primary care physicians: https://www.linkedin.com/pulse/primary-care-physicians-key-providing-value-based-thomas-campanella/ + AAFP pointing out problems with direct primary care model https://www.aafp.org/pubs/fpm/issues/2016/0900/p10.html

Contact Finance for Physicians

Finance for Physicians

To schedule a call with one of our awesome planners, book HERE.

In today's episode of, the Finance For Physicians Podcast we’ll continue our deep dive into physician entrepreneurship.

Our guest is Christopher Habig, a professional that specializes in helping other physicians kickstart their direct-care practice through an innovative model he developed at his company Freedom Healthworks.

Christopher is also the host of Healthcare Americana, a podcast that hosts innovative but obscure medical professionals that put patients first, and engages in deep conversations regarding the many issues in our healthcare system.

And more importantly, how to solve them.

If you believe direct care is one of the main verticals that will change healthcare for the better and want to start your own, or you just want to create impact in your vertical - this is the episode for you!

Links:

Healthcare Americana Podcast

Contact Finance for Physicians

Finance for Physicians

Join us for an in-depth discussion on the current state of the market and how it's affecting the housing industry. Our focus will be on the impact of rising interest rates and how it's affecting the feasibility of buying a home.

We'll share some real-life examples and delve into the numbers to provide you with a comprehensive understanding of the market.

We'll have a special guest with us, Richard Ricci, a loan officer from Truist (formerly SunTrust Mortgage). Richard is a graduate of the University of Florida with a passion for mortgage lending and quality of service.

He specializes in Truist’s industry-leading Doctor Loan program which amounts to over 95% of his business. Richard has won many awards for production and service quality over the 16 years he has been with the bank. Most recently, in 2022, he was a Truist Performance Award winner for ranking in the top 1% of banking employees and a Truist Origination Performance Summit Award winner as a top producer in mortgage. He finished the year ranked #1 in the FL, AL, TX divisions in production. We want your participation!

Listen to the conversation as we discuss everything you need to know about buying a home in today's dynamic market.

Don't miss out on this informative and engaging episode with our expert panelist and special guest, Richard Ricci!

The opinions, statements, and viewpoints expressed by Richard Ricci do not necessarily reflect the opinions of Truist. Truist is not responsible for and does not endorse any views expressed other than their own.

Links:

Richard Ricci - Mortgage Loan Officer, NMLSR # 659699

Richard Ricci on LinkedIn

Contact Finance for Physicians

Finance for Physicians

Jon Appino is the founder of Contract Diagnostics - a consulting firm that specializes in getting physicians paid their worth.

At Wrenne, we are big fans of Contract Diagnostics, because one of the biggest issues in the healthcare industry is the fact that physicians just don't know how valuable they are and that leads them to make suboptimal career decisions.

For this edition of the Finance For Physicians, however, we're going to focus on a group of professionals that gets left out in most discussions:

Disabled physicians.

If you are one or know somebody who is, this is the podcast for you.

We're going to dive deep into physician insurance policies for the disabled as well as talk about how to maximize your career growth even if you have a "debilitating" injury/disability.

Enjoy!

Links:

Contract Diagnostics

Compensation RXJon Appino on LinkedIn

Physician Employment Contracts and Compensation with Jon Appino

Contact Finance for Physicians

Finance for Physicians

For this episode on Finance For Physicians, Pablo Gonzalez returns to dive deeper into Daniel's journey to financial freedom as a successful professional.

In case you're new to the show, here's a background on our (now) recurring guest, Pablo:

Pablo Gonzalez is the founder and CEO of BeTheStage. His company's thesis is that community is the future of business development and the best tool to remain relevant in a world run by near-monopolistic tech companies.

Pablo met our co-host Daniel at college, and they quickly hit it off. They've remained in contact ever since and even worked together to make the Finance For Physicians show the most interesting one in the niche!

In this episode, you're going to learn:

How Daniel ventured into his career path
The origin story of the Finance For Physicians Podcast.
The cognitive dissonance regarding profit-driven and mission-driven companies.
And much more. Enjoy!

Links:

Connect with Pablo: LinkedIn or Instagram

Be The Stage

Contact Finance for Physicians

Finance for Physicians

In this episode, we sit down with Dr. Renee Dua, the Chief Medical Officer of Heal and the visionary behind Renee, a virtual assistant designed to help chronic disease patients achieve better health.

Driven by her belief that great healthcare is a human right, Dr. Dua has dedicated her career to making healthcare more accessible and convenient for everyone.

During the conversation, we learn about Dr. Dua's journey in healthcare, from building a successful nephrology practice to leading the clinical team at Heal and driving innovations like the CES Innovation Award-winning Heal Hub.

We also discuss her advocacy for expanding house calls to all seniors and her efforts to create patient-facing products that prioritize care and convenience.

As an outspoken role model for women in STEM, Dr. Dua shares her insights on the importance of diversity and inclusion in healthcare.

We also get a glimpse into her personal life as a mother of three and how she balances her busy career with her passions for cooking and spending time with her family.

Join us for an inspiring conversation with Dr. Renee Dua as we explore the future of healthcare and the innovative solutions that are making it more accessible and equitable for all!

Links:

Renee

Heal

Dr. Dua's email address: renee@renee.com

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Finance for Physicians

Real estate is a key part of wealth building in America, and we get asked about it all the time so we know you've been looking into it.

But real estate can become a major headache for busy physicians if you aren't buying it right.

That's why today's show will be about how to make sure you are buying into real estate that won't wreck your lifestyle while building your wealth.

Our guest is Gregg Cohen, JWB Co-Founder.

His company has redefined what investors can expect when investing in cash-flowing rental properties over the last 16 years (so much so, they've been made the front page of the WSJ twice!!)

He joined the show for a lively discussion where you'll walk away understanding:

why the average real estate investor is buying real estate in a way that limits their upside and creates lifestyle problems
how to understand the upsides (and downsides) of the various types of real estate investments in a way that actually makes sense
what I think of real estate investments and how to fit them into your plan that most real estate guys don't understand
and more!

If you're someone who's looking for a concrete path toward financial freedom but isn't sure where to start - we think you'll find our Q&A session with JWB Co-Founder Gregg Cohen extremely valuable.

Links:

JWB's Website

JWB's Contact Number: (904) 677-6777

JWB's Email Address: info@jwbcompanies.com

Not Your Average Investor Show

After facing a near-death experience in the form of cancer in 2018, probably because of the stress he endured at work, Dr. Andrew "Andy" Berkowski knew he wanted a change.

In order to prevent such a condition from ever entering his life again, he had to gain more independence in his line of work (neurology & sleep).

That meant starting his own direct care practice.

In order to get educated on the money side, he consumed financial resources voraciously and spoke with a lot of colleagues about the logistics.

Today, he's an outspoken expert who runs his own practice and preaches against the debilitating work conditions of the medical industry.

If you want to learn how Dr. Berkowski...

Started his own direct care practice.
Recovered from a life-threatening condition.
Reduced his levels of stress as a practicing medical professional.

You'll love this episode! Enjoy!

Links:

ReLACS Health

My DPC Story Podcast

Direct Specialty Care Alliance

Contact Finance for PhysiciansFinance for Physicians

The busy lives that physicians lead rarely allow for side hustles and projects.

But this guest made it work.

Dr. Paula Muto is a 25+ year vascular surgeon veteran with an extensive array of methods of work that put her and her team amongst the best treaters of vein disease in the world.

It'd have been awesome if we stopped at that, but Dr. Paula is also the founder and CEO of UberDoc - an online booking platform that helps patients find the best doctors in their zip code area.

If you're a physician looking to earn extra money by leveraging your already existing expertise - Dr. Paula has paved the way, and we'll spend all of today's episode dissecting her playbook.

Links:

Muto Vein CenterUBERDOCFor physicians who want to join UberDocContact Finance for PhysiciansFinance for Physicians

Physicians are doing important work - they are saving lives every day.

But physicians are also taking a pushback - the industry is harsh.

Burnout runs rampant and the lack of good financial education leaves many professionals struggling with money all their professional lives.

We're not all-knowing on this show, but we've identified a few key problems we encounter with physician finances repeatedly.

On today's show, we're going to address these issues, how to solve them, and how to prevent them.

If you're a physician struggling with their finances at the moment - we'd recommend you give this episode a shot.

Thank you and enjoy!

Links:

Contact Finance for Physicians

Finance for Physicians

The healthcare system keeps making it harder for doctors to make money, or worse, do what is right for their patients.

This leaves doctors wondering how long they need to accept the constraints of a broken system

But it doesn't have to be this way.

A well-crafted personal brand can create opportunities for physicians, like you to call your own shots.

LinkedIn is the perfect tool to create that.

Once considered just a website for job seekers, LinkedIn is now a platform for creating the career YOU desire (and deserve).

That's why we're bringing renown LinkedIn expert and keynote speaker, JD Gershbein, to break down the how to's of uncovering opportunities on the platform:

why so many physicians have become so active on LinkedIn in the last year
what these doctors are doing on the platform that diversify their income opportunities and give them control of their career
how to adapt principles from JD's LinkedIn style guide to make your profile stand out
and much more!

If you want to gain control of your career and revenue generating opportunities, this show is for you!

It's rare to encounter a physician as good in finances as they are in the work world.

And for a good reason.

Medical jobs have the highest rates of burnout of all professions.

Physicians just don't have time to care about investing, retiring early, wealth, etc.

But today's guest - Dr. Elisa Chiang - did. And the results speak for themselves.

Elisa is a board-certified ophthalmologist and fellowship-trained oculoplastic surgeon who, in her words, "Has worked both in private practice as well as for a bureaucratic hospital system."

After experiencing burnout, she decided to go all in investing to achieve early retirement and escape the medical industry.

Fast forward to today, she's a wealthy life coach that helps other people like her (physicians just like you) to make better life choices with their finances that serves their needs.

The work of people like Elisa gets us excited about the future of personal finance in the physician work world.

If you're a medical professional that:

Struggles with burnout.
Experiences second thoughts about their medical career
Are confronted with big decisions like marriage, investments, retirement, moving, etc.

You'll find this episode quite helpful!

Enjoy!

Links:

Grow Your Wealthy Mindset

The Grow Your Wealthy Mindset Podcast

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Finance for Physicians

The world of medicine has been highly popularized thanks to popular culture tv shows, books, movies etc. - But what's even more incredible are the actual stories.

If you spend a few minutes browsing the web, you'll find that more often than not reality is stranger than fiction.

Those are the types of stories we're going to talk about on today's episode of Finance for Physicians, with our special guest Kevin Pho, MD, host of The Podcast by KevinMD.

Kevin is a 20-year practicing internal medicine professional who also hosts one of the most popular newsletters in the physician world.

On today's episode, we dive into a few interesting topics:

Pull some interesting stories from Kevin's Vault.
Get deeper into finding out how Kevin's MD brand grew so popular.
Talk about inspiring physician finance stories.

And much more!

If you enjoyed this episode, make sure to tune into our other interviews featuring our host, Daniel Wrenne of Wrenne Financial, and many more special guests!

Links:

Connect with Kevin Pho, MD:

KevinMD.com

The Podcast by KevinMD

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Finance for Physicians

The foundations of our country were built through the work of ingenuity and innovation.

The essence of the American spirit is the desire to solve problems.

In other words, the American spirit is entrepreneurship.

Unfortunately, the scale of American entrepreneurialism is still not at the size it can be in our industry: healthcare.

Whether it's because of conservatism, risk or too many gatekeepers, healthcare has a ton of problems to solve with virtually nobody working on them!

This presents a massive opportunity, especially for the huge pool of talent in the field that's busy in the labs and hospitals.

It's not that we miss solutions... we need more entrepreneurs!

Our guest today is an example of pinpointing an interesting, major problem and creating a novel and creative solution for it.

Pablo Gonzalez is the founder and CEO of Be The Stage. His company's thesis is that community is the future of business development and the best tool to remain relevant and profitable in a world run by category-bending, business giants.

Pablo met our co-host Daniel at college and they quickly hit it off. They've remained in contact ever since and even worked together to make the Finance For Physicians show the most interesting one in the niche!

If you're a medical professional with an interesting idea, ready to propose it to the market, this episode will cover...

Category Design 101 & How to apply it to your life.
How to niche down and create a unique mould of opportunities for you as a medical professional.
How to create a category from scratch and capture 70% of the market.

And much more! Enjoy!

Links:

Connect with Pablo: LinkedIn or Instagram

Be The Stage

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Finance for Physicians

In life, many people think they have to choose what they can have.

They should choose happiness over wealth, family over career aspirations, etc.

Today's guest proves that it's possible to have it all!

Andy Hill is the founder and CEO of Marriage, Kids and Money - an online brand dedicated to helping people achieve the pillars of family health and well-being: Happiness and Wealth.

This podcast won't give you all the answers - but it will instead guide you toward the right direction for you and your close ones: Developing the life you've always wanted to live!

Enjoy!

Links:

Marriage, Kids and Money Website

Make My Kid a Millionaire

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Finance for Physicians

The healthcare system is by no means perfect. But it's up to us to change that.

A hugely underrated topic in the medical world is the concept of community. Figuring out ways to band professionals together might just be the thing that solves some of our most urgent healthcare problems for good.

That is exactly what we're going to discuss in this episode of the Finance For Physicians podcast.

Our guest is Dr. Tim Hindmarsh - together with his partner Dr. May Hindmarsh, they're a dual-physician couple who have a blast doing life together. They are both Board Certified Family Practice Physicians who were born, raised, and trained in Canada and migrated to the wonderful world of the USA in 1994. They run the BS Free Md podcast, a successful business that they built on top of an already successful track record as a professional.

We believe their way of approach (No BS) is exactly what the healthcare system needs more of right now, so we decided to gather up and brainstorm ways to help them spread that message.

You don't want to miss this episode!

Links:

BS FREE MD

BS FREE MD IG

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Finance for Physicians

For today's edition of the Finance For Physicians podcast, we're bringing Dr. Jimmy Turner.

Jimmy is the host of the Physician Philosopher podcast and Money Meets Medicine podcast. He's also the author of Determined: How Burned Out Doctors Can Thrive in a Broken Medical System.

Jimmy made it early into his career. He built a six-figure business, received numerous awards, and became well-respected among his colleagues. He was practically living the dream many physicians never reach in their lives.

But something was missing. He was more miserable than ever.

Our podcast will illustrate the story of how he escaped that place and found his true passion: coaching other physicians on how to achieve their financial and professional objectives.

Dr. Turner is quickly turning into a legend amongst physician circles, so we're extremely excited to provide you with this interview!

Enjoy!

Links:

The Physician Philosopher Podcast

Money Meets Medicine Podcast

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Finance for Physicians

Entrepreneurship is a liberating concept.

Outside of the promises of wealth and prestige, being an entrepreneur or cultivating the QUALITIES of an entrepreneur is a blueprint on how to solve problems better and solve better problems.

Our guest today is the perfect example of that.

Ernesto Gutierrez, MD is a practicing physician/entrepreneur with an extensive track record of success behind his back:

Grew a stem cell therapy practice to 7+ figures in revenue.
Helped develop regenerative medicine treatment protocols for conditions such as autism, multiple sclerosis, Parkinson's, and other neurodegenerative disorders.
Started his own online business by risking it all... and made it.

Ernesto has successfully made the transition from a practicing researcher and physician to an online entrepreneur. A feat that we're quite curious to discuss on today's episode!

And more importantly... we'd like to discuss how you, the listener, can do the same.

Links:

Dr. Ernesto Gutierrez Website

Breaking Away From Traditional Primary Care to Start a Concierge Medical Practice w/ Dr. Cady and Ryan Brown

Using Money As A Tool To Live Regret-Free Lives w/ Dr. Jordan Grumet

Jim Rohn's Free Audiobooks

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Finance for Physicians

It's that time of the year when we all get excited to make 2023 (in that case) a year worth remembering.

But very few of us stick to our new year's resolutions, which is a well-known fact.

It's time to crack the consistency code and stick to our commitments.

To help you do that, we've invited Dr. Hala Sabry, a part-time practicing emergency room physician, and a mom of five who's also the founder of Physician Mom's Group, a private 120k+ people FB group.

On this edition of the Finance for Physician, you're going to learn...

How She Did It.
How She Stays On Track Juggling So Many Different Projects.
How You Can Do The Same.

Listen now!

Links:

Dr. Hala Sabry's Website

Free Legacy and Values Workbook

Physician Moms Group

You Are a Badass®: How to Stop Doubting Your Greatness and Start Living an Awesome Life

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Finance for Physicians

You are a Badass (Deluxe Edition): How to Stop Doubting Your Greatness and Start Living an Awesome Life

Taxes! Nobody likes doing them, but it's a necessary evil.

The good news? There are ways to minimize them. In fact, there are quite a few!

We wanted to end this year's season of the Finance For Physicians podcast with a bang.

That's why Daniel Wrenne, Founder of Wrenne Financial, covered tax minimization strategies for this show.

If you're interested in learning how to:

How to legally minimize your taxes.
What methods of charitable giving help both the greater good - and your tax benefits.
Why it's important to organize your taxes properly.

Then this is the episode for you!

Links:

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Finance for Physicians

Competent handling of finances is not easy, especially for doctors working 24/7 on the clock.

But the truth is that we all have to get good at it. Whether because we have a debt to pay, a family to feed, or to survive the incoming recessions.

Our guest today, Dr. Caroline Clerisme specializes in just that with her company Doctors Out Of Debt- helping doctors take a hold of their existing debt and live financially stable lives.

But that's not all. Caroline is also the author of "Lily and the Talking Piggyback" a children's book about money.

According to her, we shouldn't leave the children out of the picture when talking about finances and educate them on the matter as early as possible.

On today's episode, we'll cover:

How "Lily and the Talking Piggyback" was created.
How to instill positive finance habits in your children.
How to help them NOT repeat your mistakes.
And much more content that we don't want to spoil you!

Links:

Doctors Out Of Debt

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Finance for Physicians

In previous episodes, we established the importance of providing your kids good financial education as early as possible.

In this episode, we'll talk about how to make it as enjoyable as possible for your children!

Our guest today is Will Rainey.

Will's story is remarkable because it ties back right into the topic of today's show - he went from working in the big corporate world, advising billion-dollar companies to kickstart Blue Tree, a reputable financial blog teaching parents how to pass on financial knowledge to their kids.

Will is also the author of Grandpa's Fortune Fables, a best-selling book dedicated to teaching children the wisdom of markets through interactive fables.

Links:

Blue Tree

Grandpa's Fortune Fables

Rich Dad Poor Dad by Robert Kiyosaki

The Psychology of Money by Morgan Housel

The Richest Man In Babylon by George S. Clason

The 4-Hour Workweek by Tim Ferriss

The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich

Richest Man in Babylon - Original Edition

The Psychology of Money: Timeless lessons on wealth, greed, and happiness

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

Using finances as a tool to live a more fulfilling and balanced life as a physician IS possible.

Today's episode of Finance for Physicians tackles the next level of owning your finances: Passing down good financial education to the next generation - your kids.

The guest that'll help us guide you through this important and intimidating objective is David Delisle.

David is a born and bred entrepreneur, having made his first real estate investment at the ripe old age of 11(!!) He's also the author of "The Golden Quest", an interactive book that helps kids enjoyably learn about finances. (Some have called it "Rich Dad: meets "Calvin and Hobbs"!)

The topics we're going to cover include:

How to get kids interested in finance in the first place.
When to start implementing these practices.
How to make the learning process, for you and your kids, easier.

Tune in to this episode to explore how finances can be used to enrich the future of our children- and how we can get them interested in finance from the very beginning.

Links:

David Delisle's Website

The Golden Quest: Your Journey to a Rich Life

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Finance for Physicians

Today's episode is a tough one. We will tackle two of the most important topics in a person's life: Money and parenting.

In this episode of "Finance for Physicians", Daniel Wrenne interviews Dr. Adam Broussard and Dr. David Weisenhorn, to dive deeper into the family and money matters that physicians often deal with.

Dr. Adam is a practicing pediatric anesthesiologist, husband, father, certified life coach, and host of Dads Before Doctors, a podcast for physicians and other high-achieving fathers.

Dr. David is a returning guest on our show and a good friend of our co-hosts. He's been working hard in the field of parenting research at the University Of Kentucky. He has a background in clinical mental health counseling - working with families over some of the most challenging problems in their lives.

Topics of discussion include:

How money and parenting creatively can help enhance your work as a physician and family life
Why it is important to discuss money with your kids
What to look for when beginning the process of improving your finances as a physician

Today's episode will be incredible; you won't want to miss it!

Links:

Die With Zero: Getting All You Can from Your Money and Your Life

Mindset: The New Psychology of Success

The Family Board Meeting: You Have 18 Summers to Create Lasting Connection with Your Children

Find Adam:

www.Adambroussardmd.com

www.Dadsbeforedoctors.com

About David:

https://hes.ca.uky.edu/person/david-weisenhorn

Mentioned:

https://frontrowdads.com/

https://www.gobundance.com/

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Finance for Physicians

Money: The root of all evil, or at least most misfortune.

It can be easy to fall into this victimhood mindset and assume wealth is bad.

But our guest begs to differ.

Jordan Grumet, MD is an ex-internal medicine physician turned podcaster and speaker who made it his mission to create as many purposeful, financially wealthy, and fulfilled medical professionals as possible.

On this LIVE episode of Finance For Physicians, Daniel Wrenne and Jordan Grumet talked about:

- Jordan's new book "Taking Stock," how to build wealth and live a regret-free life

Why there are unique financial challenges for physicians.
How to avoid getting caught up in the pursuit of more money and instead use money as a tool to live regret-free lives.
When to make time to ask the tough questions regarding finance.
And more.

Ready to up your finance game as a medical professional? Listen today!

Links:

Jordan's Website

Earn & Invest Podcast

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Finance for Physicians

If you're a medical professional that is struggling financially or trying to pay off student debt, this episode of "Finance for Physicians" is for you!

Our guest is Dr. Disha Spath: A first-generation immigrant success story, Disha found herself alongside her husband in a precarious financial situation with a huge debt to pay out after medical school.

After living on the fence for a while, Disha and her husband finally managed to pay out the $750,000+ debt that was piled up and then went on to create a financial platform to help other physicians escape their situation

Her secret? A shift in the mindset - Conscious Frugality.

Now, we know what you're thinking: Nobody likes frugality.

It's a tricky muscle to exercise and can often be hard to execute as a doctor. After all, you didn't go to medical school for years to live off ramen and Dollar Tree specials.

We, alongside Dr. Disha, are here to say that this type of frugality mindset is not true!

Frugality is a key financial budgeting skill that, if used correctly, is not about depriving yourself, but about making smarter financial decisions.

Our host, Daniel Wrenne, and Dr. Disha talk us through the following:

How to pay off medical student loan debt.
When to get that dream house.
Why you can still have a comfortable life and save money.
Tips for raising a family on a budget

Ready to learn more?

Click play and let's take that uncomfortable topic, called finance, under comfortable control!

Links: Dr. Disha Spath's Practice

WCI Ambassador

The Frugal Physician

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Finance for Physicians

If you're in medicine, chances are you have experienced toxic work environments.

Toxic work environments are a big problem in any industry, but it's even worse in medicine.

Very often, it's the work culture, not the work itself that burns you out. Or at least that was the case with Dr. Lara Hochman.

Lara is a family physician who found herself burnt out and out of a job after a stint at an unhealthy work environment but managed to pull herself by her bootstraps and build a business around helping physicians ESCAPE that same environment.

We don't want to exaggerate, but how badass is that?

On today's show, we're going to cover:

How Lara built her business.
The solution to toxic work culture in medicine.
What unhealthy and healthy environments look like.

Ready to learn something new? Think you might be in a toxic environment? Tune in for our interview with Dr. Lara and let's figure it out together!

Links: Happy Day Health Website

Dr. Lara Hochman's FB

Dr. Lara Hochman's LinkedIn

Dr. Lara Hochman's YouTube

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Finance for Physicians

When people talk about marriage and finances, they tend to only focus on the positive and optimistic side of the conversation.

However, we have found that studying the potential pitfalls can be just as valuable as narrowing down and focusing on the positive side effects of sharing finances with your significant other.

On today's episode of the "Finance For Physicians" podcast, Daniel is joined by his wife Alison Wrenne to chat more about:

What the ups and downs of financial management are as a family
How to work better as a team when it comes to communicating financial decisions/struggles
Why discussing finances can often cause significant hardship and heartache to many loving couples

We're so excited to present to you this episode and explore the important topic of family finances!

Links: Contact Finance for Physicians

Finance for Physicians

As physicians, it's easy to feel like there are too many people to help with not enough time. On top of that, most physicians have other responsibilities at home, plus passions they pursue to fill their own buckets.

But just because you're extremely busy, doesn't mean you need to sacrifice your joy or risk burning out.

That's why we're bringing on a physician with multiple businesses and hobbies that is an expert in avoiding burnout, Dr. Diana Londoño.

Dr. Londoño is a female urologist, a speaker, a certified life coach, a writer, and a podcaster. On top of all that, she runs a successful business that helps physicians deal with two of their biggest risks: burnout and stress overload.

In this episode of the Finance For Physicians Podcast, with guest Dr. Diana Londoño, we're going to cover:

What inspired Dr. Londoño to become passionate about physician burnout, and the journey that made her an expert.
How to deal with information overload and burnout in a way few of us in the industry are aware of.
Why your mindset affects burnout, and how underestimating its importance leads to underperformance in day-to-day life.

This will be a fascinating conversation between Daniel Wrenne and Dr. Diana Londoño full of practical tips to help you get the most out of your career, enjoy your time off, and be happier at home.

Don't miss a chance to get personal advice unique to your situation.

Links: Dr. Londoño's Website

Free Support Services For Physicians

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Finance for Physicians

Burnout is tough, especially for physicians.

But you don't have to be a victim of it. There are ways to combat burnout.
It's not this unfixable or unmanageable thing. There are steps you can take.

This is why, for this episode, we're interviewing Dr. Sapna Shah-Haque!

Dr. Sapna Shah-Haque is a primary care physician who's had numerous battles with burnout, even losing a friend to it, which is part of the reason she started her own podcast and started talking more about it!

In this episode, we're going to cover:

How Dr. Sapna Shah-Haque overcame her numerous fights with burnout
Why she feels her lowest moments were a result of her extreme levels of stress as a physician.
What actionable steps you can implement to manage and beat burnout.

We're so excited to present to you this conversation and can't wait to explore the important topic of burnout in the medical industry even further!

Links: Physicians Anonymous

Physicians Coaching Support

Tend Health

Dr. Sapna Shah-Haque's Practice

Dr. Sapna Shah-Haque's Podcast

Dr. Sapna Shah-Haque's LinkedIn

Improving Medicine With Vulnerability

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Finance for Physicians

Physicians are often associated with burnout.

And there's a reason why.

There are arguably few professions that rival the stress a physician has to endure throughout their career.

But the stress isn't always at the hospital or the private practice. Financial matters can cause distress for physicians, but they can also be the solution.

On this episode of the Finance for Physicians podcast, we're going to talk about:

The sneaky nature of burnout.
How medical professionals are prone to burnout from college.
Upward mobility in medical professions and how this addicts the physician to a more stressful lifestyle.
How to not miss out on family experiences as an ambitious professional
And so much more!

Links: Contact Finance for Physicians

Finance for Physicians

We went LIVE with our show, Finance for Physicians!

We're over 100 episodes into our podcast, Finance for Physicians, and we've got the chance to learn great lessons together with our audience.

But it's time to turn this audience into a community.

That's why we did our first LIVE show!

For this world premiere, Daniel Wrenne talked about:

What are the key lessons have been from the first 100 episodes
How Daniel realized that what is missing for physicians is a community of peers they can count on
Why the show is expanding beyond financial advice in order to make you smarter with your money
And much more!

This is an interactive conversation that will shape the future of a community we'll build together.

Links: Contact Finance for Physicians

Finance for Physicians

As a doctor, you begin your professional career as a high-income earner. But many people don’t talk about the cost of this achievement.

As you know, medicine is a demanding field that requires a lengthy, expensive education and rigorous hours of training. When you spend that much time studying and working, you don’t have the time for side jobs to offset the cost, or the mental space to learn about anything else other than how to treat patients. This means most physicians, like you, end up having to take out huge loans to survive, without time to get a proper financial education. But by the time you start to earn income, you begin to feel trapped by “the system”.

You start to feel behind in life - forcing you to continue to sacrifice your quality of life and your patient quality of care starts to decrease. This leads to poor health, stressed relationships, and a propensity for burnout from a vocation you worked so hard to achieve.

We have a solution: we believe control of our finances leads to having control of our life. Welcome to “Finance for Physicians” a show where we teach and empower doctors, like you, to practice medicine the ways you always dreamed you would- free of financial worry to provide the best level of care for your patients, your family, and yourself.

Don’t believe that “burn-out is a necessary myth.” You don’t have to sacrifice your health, relationships, and your career to live the life you want. If you want to learn how to have better control of your finances and more control over your life, this show is for you!

“Finance for Physicians” is hosted by financial expert, Daniel Wrenne, of Wrenne Financial.

Links: Contact Finance for Physicians

Finance for Physicians

The pandemic in America is starting to look like a memory of hard days gone by, but the effects can still be felt throughout our country. That reason is, probably, why the Biden Administration has decided to extend their Covid 19 Forberances to the end of this year.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne will go into detail with Jeff Wenger about the situation surrounding Covid Forbearances while also taking a look at the currently shifting loan-giving and forgiving policy of the Biden Administration.

Topics Discussed:

How to financially plan in accordance with the extended forbearance period if you have mortgage payments on the way.
Student loan forgiveness: Are you eligible? Is it useful at all?
The Federal Pell Grant. How it works and how to know if you’re eligible.

Links: Updates On 4 Big Changes To Federal Student Loans

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Finance for Physicians

Does it take you hours and hours to count and track every single expense, every single month? How can you monitor your spending without spending too much time that you do not have and cannot afford to waste?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how busy physicians can monitor spending without wasting hours by using a basic system that he developed to keep a pulse on cash flow and total household expenses.

Topics Discussed: * Goal: Make sure you’re not overspending or that your spending is aligned * Cash Flow Tracking System: Shows if you’re on track or you’re slipping up * Do’s and Don’ts: System only works if you do pay off credit card debt monthly * Cash Balances: System watches them over time based on your spending * Numbers: Starting cash balance, income, ending cash balance, and expenses * What do your expenses need to be? What if they aren’t what they should be? * Financial Plan: Decide how much for your lifestyle vs. spending vs. values/goals * Categorization: Come up with categories that you want to sort everything by * Expense Audit: Identify and plan what to cut/reduce by stopping/changing habits

Links: Contact Finance for Physicians

Finance for Physicians

Full Episode Transcript: What’s up, everyone? I am recently returning from a podcast conference. Basically, a bunch of people like myself got together, shared ideas, and talked about how to improve.

My goal up to this point has been just to basically produce episodes and share as much value as I can. Now that I’ve been at it for (I guess) a little over a year, maybe close to a year-and-a-half, the goal going forward is to start to proactively grow and really fine-tune the skill.

This conference was super helpful in getting some ideas. I want to fill you guys in on that before we jump into the episode today, and share a couple of other things I’m going to be working on.

Like I said, the big goal going forward is to really focus on growth and adding value, which has been my primary goal all along, is how do I get as many people listening as possible, and make sure it is valuable as possible.

I got a lot of ideas from the conference. I’ll share those over time and you’ll start to see those come out over time as we implement them, but there are a couple I’ll throw out today.

In terms of value add, a couple of ideas that I took away from that conference was along the lines of improving engagement. A couple of other things I’m thinking about is maybe doing some live format, where we allow the ability for guests to participate more in-shows, throw out questions, and just make it more interactive, with the goal being to make it more community-focused. Or maybe having a Facebook group where we’re doing form-type setup and having conversations.

I have a lot of different ideas along the lines of building community and improving the interaction among you guys, so if you have ideas along those lines please share those. Ultimately, this show is for you guys, so I want to hear if you guys have ideas for how to provide more value and be more engaged. Ultimately, I want to know what you guys are looking for and what’s what we’re after.

That’s the first big thing that I’m working on. The other big thing is growth. The goal there is to naturally grow through providing maximum value. Plus I think I’ll try to do a little bit more promotion, maybe on social media, although I’m not the most engaged. I’m not the social media type.

Another big thing is poten

Have you maxed out your 401(k) or 403(b)? What should you do now? There are a lot of different options—what do those look like, what might be a good out, and what to pass on.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about 401(k)s and what to do after you max those out.

Topics Discussed: * Max Contribution Amount: $20,500 for an employed physician * Financial Plan: Allows you to match your goals with dollars to put them to work * Is the 401(k) enough? If not, how much do you need to save? Assume more * What’s the next best option? Maximizing tax shelters for added tax benefit * HSA: Use as healthcare savings account instead of healthcare spending account * Backdoor Roth IRA: Fund a traditional IRA and then convert it into a Roth * More Options: 457(b), cash balance, deferred compensation, and after-tax 401(k) * What to consider? Complexities, different structures, expenses, and side jobs * Tax-Loss Harvesting: List of things you can do to minimize taxation * Alternative: Investing in real estate business can be active or passive income * Short- vs. Long-Term Capital Gains: Which are least and most tax-efficient?

Links: E*TRADE

Robinhood

Using Your HSA To Build Wealth

Why the HSA is a Hidden Gem

Everything You Need To Know About Backdoor Roth IRA with Jennifer Quire

Are You Saving Enough For Retirement

Digging Into Tax Loss Harvesting

Before You Buy Into Passive Income

Why is Permanent Life Insurance Such a Terrible Short Term Investment

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Finance for Physicians

Full Episode Transcript: Hey, guys. Hope you’re having a great day. I am planning to talk about 401(k)s and what to do after you max those out. That’s a pretty common question that comes up, and I think there are a lot of different options after that, so we’ll talk through what those might look like, what might be a good out and what might be options to maybe pass on.

Before we get into that, I want to give you guys a quick update on just the podcast in general and tell you a couple of things we’ve been working on. If you’ve listened awhile, you know my goal is really to help physicians (in general) use money to live better. I think what’s different about us is we’re focused on the ‘live better’ part and not necessarily the ‘more money’ part. That’s been great to focus on that in this avenue.

In my day job, I work with a lot of individuals. It’s more of a one-on-one basis. Our planning firm—Wrenne Financial Planning—have several financial planners, including myself, working one-on-one with physician families. This has been a really great way for me to work more in a one-to-many avenue. It seems like, so far, we started to ga

What are some of the behavioral tendencies we all can run into that affect our decision-making, and ultimately cause some big mistakes? What do big areas or behavioral tendencies look like?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about investing behaviors that will wreck your financial plan. Knowledge and awareness are needed to avoid behavioral finance mistakes.

Topics Discussed: * What is behavioral finance? When people make errors, mistakes, and biases * Why? People are not rational or self-controlled and don’t identify tendencies * Overconfidence: Common idea that you know more than you actually do * Self-serving Bias: Attribute good things/outcomes to skill, bad outcomes to luck * Hindsight Bias: You know more or knew more than you really did in the past * Confirmation Bias: Focus on what confirms beliefs, ignore what contradicts them * Recency Bias: Hone in on short-term and overemphasizes that importance * Refer to your financial plan and remind yourself of your financial goals * Anchoring Bias: Relying and latching onto too much pre-existing info * Loss Aversion: Overly fearful of losses and pull to avoid losses * Herd Mentality: Suffer from fear of missing out (FOMO)?

Links: Confirming Fund Managers Overconfidence - SSRN

Behavioral Finance - Charles Schwab Asset Management

What To Do When Your Investments Start Tanking

How Market Downturns Look and Feel

The Power Of Diversification

Investing During Wild Markets with David Blanchett

Free DIY Financial Planning Guide for Physicians

Predictably Irrational: The Hidden Forces That Shape Our Decisions

Thinking, Fast and Slow

The Psychology of Money: Timeless lessons on wealth, greed, and happiness

The Big Short

GameStop on CNBC

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Finance for Physicians

Full Episode Transcript: Hey, guys. Hope you’re having a great day. I am excited to talk about investing, and this is the third in our series of three shows, talking investing. In the first, we talked a little bit more about how to navigate scary downturns in the market. The second, we talked more about how those looked historically, some of the numbers, returns and that kind of thing.

Today, we’re going to be talking about some of the behavioral tendencies we all can run into that can really affect our decision-making, and ultimately can cause some big mistakes. We’

Thinking, Fast and Slow

Predictably Irrational: The Hidden Forces That Shape Our Decisions

The Psychology of Money: Timeless lessons on wealth, greed, and happiness

What do market downturns look like? Understanding what they look like or what they have looked like historically is helpful. We can't predict the future, but we do know what happened in the past in order to navigate better if and when history is repeated.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how market downturns look and feel based on market history and market factors.

Topics Discussed: * Long View: Have a financial plan that ties your goals to your actions * Timing: What if it's not the right time? Maybe it’s the worst possible time to invest * Franklin Templeton: People recover fast, the scariest time may be when to invest * Financial Information: Where to get it and who to trust * FOMO: Fear of missing out on what everybody else is doing with investments * I Bonds: When inflation is high, investments are terrible, they look appealing * Reminder: What is the purpose of the money and what's the goal? * Alternatives: You're potentially moving away from the best route for your goals

Links: Playing the Probabilities - Wealth of Common Sense Blog

What If You Only Invested at Market Peaks? Bob - The Terrible Market Timer

Learning from the Lessons of Time - Franklin Templeton Brochure

What To Do When Your Investments Start Tanking

The Power Of Diversification

Investing During Wild Markets with David Blanchett

Free DIY Financial Planning Guide for Physicians

Dow Jones Industrial Average

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Finance for Physicians

Full Episode Transcript: What's up, guys? Continuing on with the theme of last time, we're going to be talking about downturns in the market. We talked about (last time) how to navigate a scary investment market, and I gave you some tips on actions you can take.

I think the big takeaway from that conversation was making sure you have a solid financial plan that includes an investment plan. If you don't have one of those, that's important to create first. It's always good to consult your financial plan, especially when things get dicey and emotional like they are in scary markets. Try to avoid making changes or taking actions based on things that are out of your control and emotions that come into play. Definitely check that out if you haven't listened to that as a precursor to this.

Today, we're going to be digging in a little bit more into what those market downturns have looked like historically. I think this is part of the education component. Understanding what this looks like or what this has looked like in the past is really helpful. It has been for me. Of course, we can't predict the future, but we do know what history has looked like, so we'll talk about what that has looked like historically so that you can have a little bit more of that education and be better armed to navigate it as this type of thing happens again in the future.

Okay, we're going to be referring to a few sources today to give

If you have been watching the markets lately, like I have, it's gotten a little dicey. It's been a while since we've had volatile downmarkets. What should you do when your investments get shaky?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about what to do when your investments start tanking. Markets do go up and down. If you've been investing long enough, you realize that’s just the way it goes.

Topics Discussed: * Downturns: People make big mistakes and lose a lot of ground—and money * What to do? There are some things you should do and some things to avoid * What is shaky market territory? People get emotional when it gets more volatile * What are natural reactions? These feelings are normal: + This time it’s different, but is it, really? + Are you tempted to find winners and get rid of losers? + Historically, people work through it and recover nicely * What’s not normal? Things get completely backward sometimes: + Past: Inflation was high, cash paid nothing, and mortgage rates were low + Present: Cash pays nothing, inflation is very high, mortgage rates are up * What are action items? + Remember to refer to your financial and investment plans + Give yourself a little space between the feeling and the action + Educate yourself on how markets work + Recognize that the market is out of your control for the most part + Create awareness around human investing behaviors/behavioral finance + Rebalance investments and benefit from tax-loss harvesting + Change your pre-tax IRA or 401(k) to a Roth conversion + If you have extra dollars, put them to good use and start investing * What are questions to ask yourself: + What is the underlying concern? + What is the money that I'm concerned about? What's its purpose? + When are you ultimately going to use it? What's it going to be for?

Links: The Power Of Diversification

Digging Into Tax-Loss Harvesting

Investing During Wild Markets with David Blanchett

Free DIY Financial Planning Guide for Physicians

Vanguard Total Stock Market (VTI)

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Finance for Physicians

Full Episode Transcript: Hello, everyone. I hope you're having a great day. I have been watching the markets lately. It's gotten a little dicey. As of this recording, we're in about the middle of May, and things have gotten a little dicey lately.

It's been a while since we've had volatile downmarkets. I guess the last time was in 2020 when COVID started happening. Before then, it's been a really long time. Even with 2020, that was really fast, and then it just shot right back up.

Markets do go up and down. If you've been investing long enough, you realize that that's kind of the way it goes, but either way, even if you've done this a million times, it can get scary. There's a lot of fear, temptation, and stuff to think about potential changes to make.

We're going to talk about that today—what to do when investments get shaky like they are now—go through some of the things you should be thinking about, and give you s

There's a lot of crazy stuff in the news. If you're old enough, you've experienced these crazy times before. The investment markets' economies go up and down. These kinds of things happen.

With all the craziness going on in the markets and the world, what news—financial or otherwise—are you concerned about? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to make sure your financial plan is solid.

Topics Discussed: * What are I Bonds? Savings bond earns interest based on fixed and inflation rates * Financial Plan: + What is it? Foundation to going in good direction, making good decisions + Why is it so important? Aligns values and goals for living out your ideal life + What does it provide you? Clarifies your values, goals, and risks + What does it not provide you? Path to getting rich * Balancing Act: What’s most important? Think about today vs. tomorrow/priorities * Components: Have/write a plan and clarify values to make progress toward goals * Values Exercises: Every few years (at minimum) review your values * Are your finances organized? Strive for balance, not perfection * Awareness: Where’s your money going between saving, spending, and giving? * Uncertainty: Be aware by knowing when you’re drifting from values and goals

Links: Financial Vitals Check

What Should You Do About Inflation

Is Money A Tool Or The End Goal

3 Exercises To Help You Clarify Your Values

White Coat Investor

Dave Ramsey

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Finance for Physicians

Full Episode Transcript: Hello, everyone. Hope your day is going well today. We've gotten a lot of questions lately that revolve around a lot of the craziness going on in the markets and just the world in general. There's a lot of news out there that people are fearful of, concerned about, and that sort of thing.

Today, I wanted to talk about your financial plan and how that ties into this. I think having a really good financial plan is the key defense against some of this fear. We'll help you navigate a lot of these questions that come up.

I wanted to talk about the concept, explain what I'm talking about a little bit more, and go through that today. Hopefully, it'll help you in general, especially when things get a little hectic like they are now.

There's a lot of stuff coming up in the news. It's a little bit of a crazy time. If you're old enough, you've seen these crazy times before. The investment markets' economies go up and down, so these kinds of things happen.

By day, we're financial planners, we get to talk to people one-on-one, and we hear a lot of the concerns. The questions we often hear are like, well, should I change my investments? How do I deal with this inflation?

We talked about that in the last episode. I'll link to that in the show notes.

Should I buy into these XYZ investments? Lately, people are asking about I Bonds. Those kinds of questions are normal. They're good questions. Even not in scary markets, there are a lot of questions we get like, how am I doing? I want to make sure my investments are efficient.

The chal

What are pros and cons of physician mortgage loans? What do you need to know before taking one out, especially during a crazy market and changing rates causing sticker shock?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Doug Crouse, mortgage lender that specializes in physician loans and author of Hippocratic House: Do No Harm When Purchasing Your First Physician Home.

Topics Discussed: * Advantages: Low down payments, lack of PMI, and new job qualifications * House Poor HENRY? Don’t go into major debt to keep up with the Joneses * Hippocratic House: What to ask/expect as a first-time physician home buyer * Disadvantages: Some lenders price their physician loans higher due to upsides * Due Diligence: What to consider with lenders—service, rate, and closing costs * Doug’s Predictions: Rates will continue to climb but not at same pace * ARM: Makes sense if you don’t stay in the house and you make enough money

Links: Historical 30-Year Mortgage Rates

Doug Crouse - Physician Loans at BMO Harris Bank

Hippocratic House: Do No Harm When Purchasing Your First Physician Home by Doug Crouse (Amazon)

Hippocratic House: Do No Harm When Purchasing Your First Physician Home (Free Copy)

The Big Short Movie

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Finance for Physicians

Full Episode Transcript: Daniel: What's up, everyone? Welcome to the Finance for Physicians podcast. I'm your host, Daniel Wrenne. Join me as we dig into what it looks like for physicians to begin using their finances as a tool to live better lives. You can learn more about our resources at financeforphysicians.co. Let's jump into today's episode.

Hey, guys. I hope you are having a great day. I am excited to have a special guest joining me today, and that is Doug Crouse. He is a mortgage lender who specializes particularly in physician loans. When it comes to physician loans, Doug pretty much knows all there is to know.

He actually even wrote a book about it called the Hippocratic House: Do No Harm When Purchasing Your First Physician Home. He offers that as a gift. I think you can buy it on Amazon, but he will offer it as a gift if you contact them.

Anyway, Doug knows physician loans backwards and forwards. We're going to be talking about some of the pros and cons of the physician loan and some of the things you need to know before you go about taking one out.

We'll also talk about some of the crazy market stuff going on with mortgages lately. If you haven't been paying attention, the rates are through the roof. We're going to talk a little bit about what's going on there and how that might change over time. Without further ado, let's jump into today's episode. Doug, what's up, man?

Doug: Hey, Daniel. Thanks for having me on.

Daniel: How you been doing?

Doug: Doing good.

Daniel: Are you surviving all this mortgage craziness?

Doug: It has been a little chaotic with the Fed move. It's a little shocking when I talk to some people and they see rates are two points higher than they were three months ago. That's kind of a sticker shock to some.

Daniel: I guess it's been two months, three months time has been up about 2% on average?

Doug: Yeah. I think, probably end of January, 1st of February, I

None

Are you stressed out about inflation? There's no reason to worry. It's better to focus on what you have control over and apply it to your situation. If changes need to be made, start making some good changes.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about what you should do about inflation, your concerns, and your assets.

Topics Discussed: * Inflation: What is it, why is it occurring, and how are recent events amplifying it? * How much should you have in your pocket versus in other places? * Financial Components: Consider income and assets when it comes to inflation * Short- vs. Long-Term Inflation: Ups and downs of volatile times and emotions * Steps to Take: + Solid Financial Plan: Pair up your goals and purpose for your resources + Cash: Maximize efficiency to be far less concerned/susceptible to inflation * Key Takeaway: Worry less about inflation to have more confidence in decisions

Links: Navigating High Inflation Periods

How Will The Russian And Ukraine War Affect Your Planning

Historical Inflation Rates: 1914-2022

For most U.S. workers, real wages have barely budged in decades

Stocks vs. Bonds: Differences in Risk and Return Make a Case for Both

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Finance for Physicians

Full Episode Transcript: Hey, everyone. I am looking forward to talking about a hot topic today. It seems like it keeps coming up in our conversations with people. It's definitely in the news and the topic is inflation. We're going to be talking about inflation. Really focus today would be on applying it to your situation, just some things to be thinking about.

The goal here is to not stress about it and make sure you're making good decisions at the end of the day. We're going to talk about that and hopefully, you'll get some takeaways to put you at ease here or if changes need to be made, start making some good changes. We'll jump into that now.

Okay, so we're talking inflation. A few episodes back, I got into inflation and a little bit more of the why behind it and how it works. Definitely check that out. If you want to learn more about what's going on, what is inflation, why is it occurring now, and how's the recent events tying into that and amplifying it, so definitely check that out. I'll link to it in the show notes.

Just a summary or quick review on that, basically, inflation is when prices, or the cost of goods and services increase over time. Whether it be like the gas prices are going up, over time, or the cost of bread and milk goes up. If you think about it, I'm sure you've seen those little books that they show the year you were born. I always remember seeing them in the Cracker Barrel, if you're from the South, you hopefully know what that is.

They had to have these books. It shows 1983, that's when I was born. You can buy the book and it shows what was going on in 1983. One of the things they have in there is the cost of bread and milk, cost for a movie ticket, and all those sorts of things. It's always interesting to look at that because it's surprisingly low. If you especially talk to your g

What’s your perspective on money? Do you view it as a tool? Do you know how to use that tool? Is it like a hammer that you use to build a house, murder somebody, or that sits on the shelf and collects dust?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about using money as a tool and what happens when people don't view money as a tool.

Topics Discussed: * Money Spectrum: Some people go to extremes, but most are in the middle * Temptation: What is more important—more money or more time with family? * Money is a tool that does not buy happiness but helps you attain happiness * 3 Ways to Recognize Money as a Tool: + A tool for what? What are you building? + Learn to use the tool. Are you using money to build your ideal life? + Maintain awareness about the outcome. Are you using money effectively? * Key Takeaway: Money should not be the end goal—you can't take it with you

Links: The billionaire who refused to pay kidnappers to save his grandson’s life

The Man Who Quit Money: An Interview with Daniel Suelo

The Young Physicians Complete Guide To Creating A Financial Plan

Financial Vitals Check Part 1: Clarify Values

3 Exercises To Help You Clarify Your Values

The Key Process Behind Using Money To Live Better Lives with Jennifer Quire

How Can You Become More Financially Competent

What’s Your Relationship With Money

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Finance for Physicians

Full Episode Transcript: What's up guys? I hope you're having a great day. I was talking with a client the other day and he was sharing what I thought was a really interesting perspective on money. He was talking about teaching his kids about money. He described money like a hammer. You can use a hammer to build a house. You can also use it to murder somebody, or you can just let it sit on the shelf and collect dust.

Most people don't exactly view money like a tool, like a hammer, for instance. Maybe they don't even know how to use the tool, like a hammer. If you see somebody swinging a hammer and they've never done it before, it's pretty obvious that they don't know how to use it. What he was sharing is that he wants to make sure that he's teaching his children to view money more like a tool, and help them to learn how to use the tool.

I thought that was a fantastic concept to understand and remind ourselves of not only for our children, but really, it's a good reminder for most adults. I thought today, we would talk about that a little bit, talk about using money as a tool, maybe go through what this might look like, and how you can make sure you're continuing to move that direction.

Before we get into using money and viewing money as a tool, what happens when yo

What is one of the best opportunities you have to take back control of your professional life and avoid burnout from happening? Physician entrepreneurship.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Myrdalis Diaz-Ramirez about how to get started as a physician entrepreneur.

Dr. Díaz-Ramírez is a fellowship-trained, board-certified pain medicine physician and anesthesiologist with more than 20 years of experience. One of her passions is to help other physician entrepreneurs and future physicians design their lives to avoid burnout and be happy physicians practicing under their terms. She is the founder of maxAllure Mastermind and host of the Design Your Physician Life Podcast.

Topics Discussed: * Physician Entrepreneurship: What is it, and why is it beneficial? * maxAllure Mastermind: Physicians talk, advance, and acquire momentum * Either entrepreneurs or not? Everything can be taught and learned * Happiness = Significance, control, and contribution of what you do in life * Entrepreneurship Opportunities: Investor, inventor, coach, etc., to regain control * Mission/Vision: Treat your life as a business and find/define your ‘what’ and ‘why’ * Plan Priorities: Burnout is unsustainable and makes you unhappy, miserable * Action Items: + Recognize the problem and that change is needed + Surround yourself with those who are successful and willing to help + Join and participate in Facebook physician groups and masterminds + Read/listen to Rich Dad Poor Dad and The Ultimate Jim Rohn Library

Links: Dr. Myrdalis Diaz-Ramirez on LinkedIn

maxAllure

Leverage and Growth Summit for Physicians

White Coat Investor

Rich Dad Poor Dad by Robert Kiyosaki

The Ultimate Jim Rohn Library

Breaking Away From Traditional Primary Care to Start a Concierge Medical Practice

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Finance for Physicians

Full Episode Transcript: Daniel: What's up everyone? Welcome to the Finance For Physicians podcast. I'm your host, Daniel Wrenne. Join me as we dig into what it looks like for physicians to begin using their finances as a tool to live better lives. You can learn more about our resources at financeforphysicians.co. Let's jump into today's episode.

Hey guys, hope you're having a great day. I'm excited to share my conversation I recently had with Dr. Myrdalis Diaz. We're going to be talking about what I would consider one of the best opportunities many of us have to really take control back in your life professionally and potentially move away from some of the burnout that's commonly happening. That's physician entrepreneurship.

Dr. Diaz has been through this herself. She started medical practices, she sold them. She has started an entertainment business even, and has recently started a practice in innovative medicine and has a business where she helps lead physicians and facilitates a mastermind group, which if you're not aware of what a mastermind group is, that's a fantastic wa

The Ultimate Jim Rohn Library

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

What does financial competency look like? What are its fundamentals? Everybody wants to be competent, especially when it comes to competency with money.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the components of and how to gain financial competency.

Topics Discussed: * What is competency? Ability to do something successfully or efficiently * Competency Components: Knowledge, skill, and behavior * Competency Challenges: Knowing what you need, but not getting it done * Overconfidence: Thinking you’ve gained wealth, but really, you have not * Humans are Humans: Ask questions, ask for help, don't be too hard on yourself * Warning Signs: Take literacy quiz to understand your relationship with money

Links: Financial Capability Study: Take the Financial Literacy Quiz

Financial Capability Study: Take the Investor Literacy Quiz

What’s Your Relationship With Money?

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Finance for Physicians

Full Episode Transcript: Hello, hello. I hope everyone's doing well today. I was reading an article recently about competency, how to gain it, or what the different components of it were. I thought it was really interesting. The article was not about finances, but I thought it would be great to explore financial competency and what that might look like.

That's what I wanted to talk about today. Going through what financial competency looks like. I think this is really important as far as fundamentals go. Everybody wants to go in that direction. Most people at least like the idea of competency with money. Exploring this, I think, will be helpful at a minimum as a refresh in some of the concepts. That's what we're going to dig into today and we'll get that going now.

For starters, what is competency? That would be, as you might think, the ability to do something successfully or efficiently. This article I was reading was breaking down those components. There are three main components. Number one was knowledge. What is knowledge? Knowledge is what is known of a particular subject. It's kind of theoretical. That’s like the book smarts.

The second component is skill. That would be the ability to do something. You're applying that knowledge to a specific situation. It's developed through experience and practice and is very much practical. The third component of competency is behavior. That would be like the way a person acts in response to a particular situation or stimulus, particularly in respect to others.

Behavior, skill, and knowledge are all necessary components to gaining competency in any given subject. If you think about people that are highly competent in something, you're going to notice they should be solid in all of these three areas.

I thought that was a good order, knowledge first, then skill, then behavior. I think you have to gain that knowledge first or at least some level of it before you start to work on the skill. Then when you get to the final level, it's like fine-tuning those behaviors and being aware of those. You got to learn the subject, you got to do it, then you got to learn those associated behaviors. I think that's a good order to follow for starters.

Some people have gained some knowledge but they're definitely not yet competent. Say you're a baseball wiz or something like that, but you can't actually play baseball or maybe you're a baseball wiz and you can play baseball reall

What is the behavioral component and psychology of money? How do you deal with it tactically and practically? Your relationship with money is a big deal and makes a significant impact on your day-to-day decisions.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Danielle Seurkamp, Certified Financial Planner (CFP®) and founder of Well Spent Wealth Planning. Danielle focuses on the behavioral side of financial planning and personal finance and helps individuals and families to effectively achieve their financial goals.

Topics Discussed: * Financial Literacy: Ability to use knowledge, skills to manage financial resources * Mental and Emotional Errors: Get in the way of ability to use knowledge/skills * Financial Flashpoints/Money Scripts: Experiences shape relationship w/ money * Financial Memories: Think about your past to identify your own money beliefs * Financial Half-truths: Problems and promises can be positive or negative * Financial Fears: Money is how you provide yourself food, shelter, and stay alive * Financial Patterns: Be aware of reasons you spend money based on behaviors * Awareness Exercises: + Intentionally notice, track, and document feelings via journaling + Make a counter-argument to push against your promises and beliefs + Create genogram/chart of your family’s financial history + Take money script inventory quiz + Gain clarity on your values * Financial Therapy: When to seek out help with money and relationships

Links: Danielle Seurkamp on LinkedIn

Financial Planning & Sustainable Investing - Well Spent Wealth Planning

Genograms for Psychotherapy (Guide) - Therapist Aid

Start Money Script - Your Mental Wealth Advisory

Using a Journal Can Change Your Life - Jim Rohn

Personal Values

What Is Financial Therapy With Ed Coambs

3 Exercises To Help You Clarify Your Values

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Finance for Physicians

Full Episode Transcript: Daniel: What's up everyone? I am excited to have a guest with me today. We're going to be talking about money, of course, but talking about your relationship with money. My guest today is Danielle. Danielle, can you give us a quick intro? Say hello to everyone.

Danielle: Everybody, I'm glad to be here with you. My name is Danielle Seurkamp. I'm a CFP. I am the founder of Well Spent Wealth Planning based in Cincinnati. I am fortunate enough to be in a study group with our illustrious host, Daniel.

Daniel: Yeah, illustrious. It's good work. Danielle's not given you the full story. She's got an incredible background. She has all these designations and has all sorts of great involvement in our industry.

If I was to boil down, Danielle has kind of gravitated towards the behavioral side of financial planning and personal finance. You have certified financial behavior specialists, that's one, and then you have a Master's.

Danielle: Right, yup. Actually, my Master's wa

Do you get nervous when the stock market goes bad? Where are good places to invest? Discover the power of diversification to conquer volatility and uncertainty.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about diversification of your portfolio in order to keep more dollars in your pockets.

Topics Discussed: * What’s diversification? Spread money across investments for risk mitigation * Options/Odds: Should you spread eggs into more baskets to grow a nest egg? * Benchmark: How to track and measure success with investments in stock market * ETF Tickers: What to search for/consider for spread of diversification categories * Cryptocurrency: Is it a good way to diversify? Maybe, too new to know for sure * Real Estate: Not good way to diversify if actively involved, not passively

Links: What is Passive Investing?

Investing in Digital Gold

Vanguard Funds List

Google Finance

Morningstar

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Finance for Physicians

Full Episode Transcript: Hello, everyone. Hey, I hope you're having a great day. I was talking with a buddy two days ago and a conversation came up. The same sort of conversation happens with me a lot. The gist of the conversation was, "Oh, you're in finance?" (This is the guy talking to me.) "Oh, well, I've been investing in stocks. I have this one that I've been investing in since the stock market went down in the Covid downturn in early 2020."

He told me this specific stock—I can't remember now—that he was buying. He wanted to make sure he wasn't making the same mistake that a lot of his family or friends had made and getting nervous when the market was bad, and instead, invested in something that he felt was a good place to invest. He proceeded to tell me about his experience investing in this stock.

It did very well a year or so after, but lately it hadn't done as well. That's kind of what brought up (I think) his thought about this stock, is he was asking me about how we're handling the recent market volatility, which is a common dinner party conversation or question people ask me.

This stock in particular he was describing, he was sharing, has been doing not so well, but he was still optimistic about it. Over that period of time—March, April, May of 2020, till now—it's still above breakeven, so he's still made some money on it. Overall, he felt pretty good about it, especially given the weak market that we're in now. As I'm recording this, this is close to them. It's early May 2022, and the market's been a little shaky. Given the market uncertainty, he felt pretty good about it.

That is a conversation I've had too many times. I can't even remember how many times I've had it with people usually at social events. They're sharing about their experience in investing. Generally, it's a favorable lien. This example I just gave was kind of a little bit of a negativity creeping in but still overall favorable. It wasn't like they were asking my advice or opinion. They were trying to make conversation with me, knowing what profession I was in.

I'm sure you all have had similar conversations about your profession as it comes up. After having that conversation and just seeing it come up so many times, I thought it would be good to talk today about diversification and

Tax-loss harvesting is a tax strategy, but how does it actually affect your tax return and are there any limitations?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about tax-loss harvesting—what it is, why it's beneficial, and how it works on your tax return.

Topics Discussed: * Tax-loss Harvesting: Only beneficial for those with taxable assets * What is tax-loss harvesting? Book losses while staying with similar investments * Wash-Sale Rule: Why the IRS won’t let you buy the same security back * What are the benefits of tax-loss harvesting? + Take up to $3,000 a year of capital losses to offset ordinary income + Defer or postpone taxes on normally taxed investment account + Give it away to a nonprofit or beneficiary to realize step-up in basis * How does tax-loss harvesting work on taxes? Form 1040, Line 7, Schedule D

Links: Wash-Sale Rule

Step-Up in Basis

Form 1040

Schedule D

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Finance for Physicians

Full Episode Transcript: Hello, everyone. I hope you're having a great day. Today, I was hoping to cover a question that's come up quite a few times in our work with clients one-on-one. One of you brought up the question specifically, so I wanted to make sure and maybe dig into this a little bit more.

The question is about tax-loss harvesting, understanding that a little bit more, how it works into your tax return, and some of the specifics of how that works. I'm going to dig in a little bit today and cover that. For any of you guys that are either doing that or interested in it, I think this will be something to check out and hopefully get a little bit of knowledge on this. We'll jump into that now.

Like I said, we're going to talk a little bit more specifically about tax-loss harvesting. I'll start out with just a brief summary of what it is and why it's beneficial, and then we'll talk about how it actually comes into play on your tax return. This is a tax strategy, so that's a really good question. It's like, well, how does this actually affect my tax return? We'll talk about that and any limitations around that.

For starters, it's important to clarify that tax-loss harvesting is only beneficial for those of you that have taxable assets. That's an investment account in your name. It could be a brokerage account. It could be cryptocurrency. It could be a baseball card. You could buy and sell baseball cards. That's technically a taxable asset.

A taxable asset is anything that's invested not in a tax-sheltered account. A tax-sheltered account is like a Roth IRA, 401(k), 529, those kinds of things. Tax-loss harvesting is only beneficial for taxable assets, typically a brokerage account or a joint investment account—sometimes it's called that—an investment account in your name or you and your spouse's name. That's an important clarification.

Also, to clarify, the best tax strategy really that there is is to maximize tax-sheltered vehicles first. Tax-loss harvesting is great, but I've seen on multiple occasions where people are looking into tax-loss harvesting and maybe have taxable assets like I just talked about, but they haven't yet maximized those tax shelters. Oftentimes, it's even more efficient to just go ahead and max out all yo

Are you on auto-pilot and susceptible to routines and the rest of the world’s values? What’s most important to you in your life? There are solid steps or ways that you can take to clarify (or re-clarify) your true values.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about three specific exercises to help you clarify and align your values.

Topics Discussed: * What are values? Undercurrent or true driver to measuring happiness * Values Awareness: Day-to-day actions in alignment with what’s most important * Results: Better decisions, confidence, happier, and feeling more purpose-driven * Symptoms: Feeling lost, lack of confidence in decision making, and stress * Value of Values: Believe in, maintain, and reinforce awareness of your values * Exercise #1: Values Clarification (highlight/prioritize/summarize what’s important) * Exercise #2: Life Map (Reflect on past; visually pointing out life’s ups and downs) * Exercise #3: 80th Birthday: Focus on future and purpose (who/what’s important)

Links: Values Clarification (List of Values)

Jason Waller - Executive Coaching

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Full Episode Transcript: Hey, everyone. Today, I wanted to talk about values and throw out some ideas for how to clarify values. I think this is a super important thing, especially for us today; we're all just so busy. Sometimes it's just helpful to have a concrete, quick exercise to take your time out and think through some of these really important things.

We'll jump into that and go through that. Hopefully, the takeaway here is you have some concrete steps or exercises you can take to start to either clarify for the first time or reclarify what’s really most important in your life.

Before I jump into the exercises, I just want to clarify. I know we’ve covered this before, but values are like the undercurrent or the true driver to measuring happiness and how you're doing.

In regards to finances, in an ideal world, you're using your finances and all the decisions around them to propel you towards your values and get you more in alignment with those values. I think values are more important than goals. Or maybe not more important. Maybe that's not the right word. I think values should be the underlying driver to your goals.

Values, clarification, or understanding of your values I would consider the most important step before you start to get into financial planning and making decisions in life, especially the big ones, at anything. But for the purpose of our conversation, it's typically finances.

Anyway, values are super important. I think the key here is awareness; being aware of your values. Over time, we have a tendency to get into routines and gravitate towards autopilot or sleepwalking, or just doing the thing, and that's where you start to lose touch with values, because values, being aware of them, you have to take your time out and be intentional.

The further you go away from it, you get into that autopilot world and that's where you're susceptible to the pool of the world's values which can often be surface-level material, and are very likely not in alignment with your true values. We're going for values awareness and what that looks like is your actions day-to-day, especially with big things, are in better alignment with what's really most important.

It requires understanding (first of all) what's most important because it kind of seems like you

Go with eyes wide open or be in for a major financial surprise when your children start college.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about you or your children funding their education.

Topics Discussed: * Who should pay for college? You, your children, student loans, or scholarships * What has changed? Tuition costs, direct student loan cap, and responsibility * Little to No Financial Aid: Based on physician’s above-average income * Other Options: 529 Plan, investments/cash accounts, income, student loans

Links: Net Price Calculator for University of Florida

How Much Student Loan Can I Get (NerdWallet)

How To Help Your Children Maximize Their College Education

Are You Saving Enough For Education

Financial Residency Podcast

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Are you looking for another job, or are recruiters seeking you out for opportunities? If you were offered a different job, would you think about taking it? Why, or why not? There’s a lot to consider.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about whether to accept another job. It can be difficult to make a decision and navigate your priorities as an in-practice physician.

Topics Discussed: * Temptations: Financial aspect—try to not first look at the money/compensation * Values and Goals: What’s most important? Family, work/life balance, pay? * Coworkers: Who will you work with and for? What kind of lives do they live? * Position: Is it a job you enjoy? Are the pay/benefits decent? What are the hours? * Student Aid: Confirm if the employer is Public Service Loan Forgiveness qualified * Insurance Coverage: Are malpractice insurance and tail coverage provided? * Employment Law: Hire a consultant or employment attorney to review contracts

Links: PSLF

Customer Reviews on iTunes

Financial Residency Podcast

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Can more money and stuff really buy happiness? What does the world, science, and Bible teach us about money? Discover what Christianity says about properly managing money.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about underlying and non-negotiable values and beliefs regarding money to create more happiness.

Topics Discussed: * Wrong Direction: If getting rich is driving force, align/understand purpose, values * Money: Tool to live good life through your goals, purpose, and values * Bible: Covers money and personal finance lessons - lean on your faith * Harvard Study: Does spending or giving money away make you happy? * Income/Wealth: More money gives good return on happiness but doesn’t last * Baseline Needs: After meeting them, why not try giving rather than spending * Research: Giving money equals happiness, especially when you have a choice

Links: Customer Reviews on iTunes

Money spent on others can buy happiness (2008 Harvard Study)

What Can We Learn From Jesus About Money with Dr. Ben Witherington III

What Does The Bible Teach Us About Money

Charitable Giving Strategies To Reduce Taxes with Justin Harvey

Financial Residency Podcast

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Insurance agents posing as advisors is more common than you may realize and can create conflicts of interest. The key is having better awareness. Don’t get fooled again!

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five ways to identify whether you are working with an insurance person who is posing as a financial advisor.

Topics Discussed: * Sign #1: Aggressive posers seek you out after making contact or via referrals * Sign #2: Posers offer you free or low-cost financial “advice” * Sign #3: Posers act as trusted advisors; don’t refer to themselves as salespeople * Sign #4: Advice and product solutions offered by posers are similar across clients * Sign #5: Agents posing as advisors make it difficult to leave them/their products

Links: BrokerCheck

National Association of Insurance Commissioners (NAIC) - State Based Systems

How Conflicts Of Interest Muddy the Financial Advice Waters with Donovan Sanchez

Financial Residency Podcast

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Are you struggling with the temptation related to student loan perks? What are the intended consequences of student loans and associated COVID forbearance programs?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about saving money to avoid the COVID-19 forbearance lifestyle creep.

Topics Discussed: * COVID Forbearance: No payments, no interest on student loans until Aug. 31 * Good news? Yes, for PSLF, but what are people doing with the money? * Average American Person: Temptation is to spend all or more money in pocket * Consumption Effect and Awareness: Student loan payments will begin again

Links: Public Service Loan Forgiveness (PSLF)

How to Avoid Lifestyle Creep - Finance for Physicians

Financial Residency Podcast

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Finance for Physicians

New developments continue to be added to the federal student loan generosity trend. Changes will help address administrative complications and failures to provide relief and reduce harm to borrowers.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about recently announced federal student loan changes and how Public Service Loan Forgiveness (PSLF) qualification may affect physicians.

Topics Discussed: * COVID Forbearance: Extended again until Aug. 31 * Change #1: End forbearance steering by not making forbearance easy * Change #2: Eliminate the ability to opt-in to forbearance by text or email

Links: Department of Education Announces Actions to Fix Longstanding Failures in the Student Loan Programs

Federal Student Aid - Submit a Complaint

PSLF Limited Waiver Opportunity Huge Benefit For Physicians

Financial Residency Podcast

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Do you love to save on your taxes? One of the most overlooked or common mistakes is the failure to maximize tax breaks that are available to physicians.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five of the most overlooked tax breaks for doctors. Personal finance is about avoiding errors or when it comes to filing income taxes with the Internal Revenue Service (IRS).

Topics Discussed: * 5 of the Most Overlooked Tax Breaks for Doctors: + Health Savings Account (HSA): Build wealth and avoid income tax + Tax Loss Harvesting: Capital gains and losses are taxable investments + Backdoor Roth IRA: Indirectly fund Roth IRA if income is above threshold + Business Expenses: For side-hustle or self-employed with 1099 income + Work Retirement Plans: Max out 401(k), 403(b), 457(b), and pensions

Links: Using Your HSA To Build Wealth

Everything You Need To Know About Backdoor Roth IRA

Can You Max Out Both Your 403b and 457b Plans?

Financial Residency Podcast

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More people should be renting rather than buying a home. Why? For some people, renting their home is the key to building wealth.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the financial benefits of renting over buying a house.

Topics Discussed: * 5 Big Reasons for Renting vs. Buying: + Shorter time horizon for training (5 years or less) - Transaction costs of buying and selling real estate - Real estate prices can go up or down + High-Cost Living Area: Too expensive to buy a home; renting is better + Homeownership requires more time, money, and effort than renting + Deal or transaction of buying a home is part of lifestyle creep + Benefit from having financial flexibility

Links: Financial Residency Podcast

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If you are employed and work for a hospital system or plan to work for one in the future, do you have access to a 401(k), 403(b), and/or 457(b) retirement plans?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how different retirement plans interact collectively. Can you max out both your 403(b) and 457(b) plans?

Topics Discussed: Tax shelter limits for 401(k), 403(b), and 457(b) retirement plans

Maximum for Employees:
- 401(k)/403(b) is $20,500 combined per year
- 457(b) is $20,500 separate limit
Retirement plans with mandatory and required contributions
457(b): Governmental or non-governmental plan, which is better and why?

Links: Contact Finance for Physicians

Finance for Physicians

If you already have or plan to set up or start a health savings account (HSA), how do you make sure it is efficient to build wealth and possibly invest?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to best manage HSAs.

Topics Discussed: * HSA: Best tax shelter that exists as a vehicle to put your money into * HSA vs. Flex Spending Account (FSA): What’s the difference? * HSA Strategy: + Rule #1: It’s best not to spend out of your HSA + Rule #2: If using HSA to build wealth, make sure to invest cash + Rule #3: As you have healthcare expenses, save the receipts * When to start using your HSA? Balance equals future expected healthcare costs * HSA Beneficiaries: Make sure to identify spouse or dependents * When is the best time to fund HSA? Max out sooner than later * Cafeteria Plan: Better to funnel money through employer HSA for matching funds * Switching Providers: Keep up with transfers and minimize number of HSAs

Links: HSA Bank

Lively

Why the HSA is a Hidden Gem

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Burnout is something that occurs in all professions and to all kinds of people, but especially physicians. The burnout statistics are concerning.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about using financial planning to prevent physician burnout. Your finances and having a financial plan at your disposal is one of the best tools to fight burnout.

Topics Discussed: * What is good financial planning? Goal is to get an ideal life * Financial Vitals: Money can and does have a huge effect on how life turns out * Burnout Causes: Job issues, professional stress, and personal/financial factors * Burnout Symptoms: Depression, overworked, lack of confidence, stress, etc. * Self-care Solution: Takes time, confidence, and money to work on burnout issues

Links: How to Help Combat Physician Burnout (White Coat Investor)

The Key Process Behind Using Money To Live Better Lives with Jennifer Quire

Financial Vitals Check Part 1: Clarify Values

Financial Vitals Check Part 2: Save, Spend, Give Ratio

Financial Vitals Check Part 3: Net Worth

Financial Vitals Check Part 4: Safety Net Check

Financial Vitals Check Part 5: Investment Plan

Financial Vitals Check Part 6: Taking Action

The Dangerous Pursuit of Financial Independence

Breaking Away From Traditional Primary Care

How Perfectionism In Medicine Spills Over Into Your Personal Finances

Finding Light In Life’s Darkest Times

Improving Medicine With Vulnerability

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How was the U.S. economy before the war between Russia and Ukraine started? How have things changed and what will they look like in the future? Expect a ripple effect!

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how the Russian and Ukraine War will affect financial planning and economic adjustments in the United States and other countries.

Topics Discussed: * 9% Inflation Rate: Changes associated with war do not play a role, yet * Work: Inflation should not be too big of a deal for those with a job/income * 8% Unemployment Rate: Extremely low—people are working, plenty of jobs * Interest Rates: Will continue to be increased to keep inflation under control * Vanguard Total Stock Market: Index fund gauge indicates modest downturn * Supply and Demand: War sanctions and restrictions result in prices increasing * Economic Seasons: Difficult to predict what’s going to happen in the future * Reverse Globalization: Economic impact due to isolated sections and countries * Actions to Consider: Diversify portfolio, stay the course, take protective measures

Links: Contact Finance for Physicians

Finance for Physicians

What are the big financial decisions presented in the Bible? Christian or not, it’s important to understand these fundamentals and let them be your guide when it comes to wealth and happiness.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about key lessons and takeaways he has observed from the Bible, specifically from Timothy, Matthew, Luke, Malachi, the Corinthians, and Proverbs.

Topics Discussed: * Lesson #1: Get your priorities in order, but money should not be first on the list * Hope in Wealth: Does not equal happiness or sadness, but is temporary * Lesson #2: God looks highly upon giving; focus on doing good, being generous * Higher or Not: How does giving rank in your financial priorities? * Lesson #3: Make plan to give, save, pay off debt for haste to not lead to poverty * Bible: Discourages material focus and encourages giving, saving, paying off debt

Links: Contact Finance for Physicians

Finance for Physicians

Would you rather work for your income or get paid while you sleep? Before you buy into passive income, be aware of what you are getting into and understand the trade-offs.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the pros and cons of passive income for potential clients in medicine. Oftentimes, it can cause more harm than good.

Topics Discussed: * What is passive income? How is it different from active income? * Too Good To Be True: Why doesn’t everyone buy into passive income? * Two Forms of Income: Earn income from labor/time or assets/investments * Return on Investment (ROI): How you get income without earning it * Stocks/Mutual Funds: Most common forms of investing to earn income passively * Starting your own business involves higher return potential but greater risks * #1 Issue: Decision to pursue passive income with sole reason is to make money * Time Commitment: What do you want to do with your time? Live your ideal life

Links: Are You Thinking About Investing In Real Estate Syndications

How to Use Real Estate to Build Wealth

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Passive Investing: What is it and how can you use what you learn about it to your advantage? Conduct research to gain knowledge, but consider conflicts of interest.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about passive versus active investing in the market to own assets. How do they compare and how are they different?

Topics Discussed: * What is passive investing? Own entire market with minimal expenses * What is active investing? Beat the market by picking winners, avoiding losers * Time Period Research: Passive strategy works better and yields better results * Individual and Work Retirement Plans: Basic foundation of passive investments * What to look for? Fund name, expense ratios, and investment timelines * How to invest in passive vehicle—buy ETF/mutual fund/direct indexing

Links: Contact Finance for Physicians

Finance for Physicians

There are quite a few financial things to think about, especially when expecting your first child. Prepare, plan, and make it a priority!

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Heather Lovallo, Certified Financial Planner or CFP®, about preparing for having a baby. Heather has two children, Daniel has three kids, and expect more at the Wrenne Financial Planning firm!

Topics Discussed: * Disclaimer: Having children should not be and is not a financial decision * When is the right time financially to have children? Never * Common Concerns: Education savings, medical/care expenses, and buying gear * Medical Expenses: Know what insurance covers, type of birth (home or hospital) * Healthcare Savings: HSA, FSA, and HRA can be used for out-of-pocket costs * Ongoing and One-time Expenses: Diapers, food, clothing, and childcare * Childcare: Follow tax rules when paying contractors and household employees * Education Funding: Kids are expensive and get more expensive as they age * Life Insurance/Estate Planning: Get it done to feel secure, have peace of mind

Links: Are You Saving Enough For Education

How To Help Your Children Maximize Their College Education

HSA vs. FSA vs. HRA - Healthcare Account Comparison

What is a 529 Plan?

LegalZoom

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Do you want to invest in real estate? How do you do it? There are many different ways to invest in the real estate landscape. Have you considered real estate syndications?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Hugh Baker, a Certified Financial Planner or CFP®, about how to invest in the real estate market.

Topics Discussed: * What is real estate? Rentals, multifamily complexes, real estate syndications * Why invest? Leads to passive income, but it’s not always as easy as expected * Do you already own real estate? Average person does via funds and assets * Real Estate Exposure: Easy way to buy, rent, and sell with very little expense * What is an accredited investor? Someone who meets baseline requirements * Risk for Higher Return: Type of person interested in real estate syndications * Different Alternatives: Real estate syndications versus private real estate funds * Where to find deals? Credible sources (White Coat Investor, physician blogs) * How to measure success on deals? Depends on your goal

Links: Vanguard Real Estate ETF (VNQ)

The White Coat Investor

Passive Real Estate Academy Course

About Schedule K-1 (Form 1065)

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Are you on track for retirement? Where are you at, what’s most important, and where do you want to go? Are you saving enough income at this point in time to become financially independent?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to know if you are saving enough money for retirement. Check your financial vitals against your financial plan. Run the numbers!

Topics Discussed: * Retirement Rules: Follow percentages of income or gross income before taxes? * False Assumptions: Everyone has same tax brackets, goals, values, priorities * Starting Line: Create, consult financial plan for values, goals, resources, priorities * Ways to calculate and run the numbers: + Rules of thumb + Linear return projections + Monte Carlo analysis * When? Run the numbers today and adjust over time to accommodate changes * Improve Efficiency: Maximize tax shelters, backdoor Roth IRAs, financial plan

Links: Contact Finance for Physicians

Finance for Physicians

You deserve what you want right now, especially when it comes to building or buying your dream home. Immediate gratification - that’s the American way. How do you decide if that makes sense and how do you make it happen financially?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to finance big or small home projects. There’s always something to do. How do you fund your home projects, renovations, additions, and improvements?

Topics Discussed: * Typical Thought Process: Be aware to avoid cultural pulls and temptations * Reasons for Financing: Low interest rates, good investment, emotional drivers * Catalyst: When a reasonable small home project turns into an illogical big one * Solution: Create/consult financial plan, priorities, values, goals to be objective * Financing Factors: + What’s your cash flow situation? + How much equity is in your house? + What is your debt-to-income ratio? * Ways to Finance Home Projects: + Hardest: Save up or invest cash + Easier: Home equity line of credit or construction loan + Easiest: Home equity loan, cash out refinance, personal loan, credit cards

Links: DIY Planning Guide

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Are you saving enough for retirement, college, or student loans? What is the best way to accomplish your goal of college/education savings? What are your options? IRA, Roth IRA, or 529 plan.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to save for your children’s or anyone’s education. The best route to take if you know you’re going to need to save money for education is a 529 plan.

Topics Discussed: * What is a 529 plan? Tax qualified, tax preferential plan created by the IRS * Tax Benefits: Money you’ve already paid tax on can be put in 529 plan * Pros: Ability to grow asset/have interest on asset without being taxed on growth * Cons: Separate accounts create complexity, cost components, and tax penalties * How much is your state’s 529 plan tax deduction worth? Depends on state * Two Types: Most states offer advisor-sponsored or direct 529 plans * Inflation: Don’t project whether college education costs are going up or down * Financial Position: Are you going to actually use funding/income for education? * Qualified Expenses: Make educated guesses of what and how much is needed * 529 Plan: How much to save and when to withdraw for education goals/priorities

Links: How much is your state’s 529 plan tax deduction really worth?

How To Help Your Children Maximize Their College Education

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If you don’t do anything or take action by following up on your financial vitals plan, it’s not of any value to you. The purpose is to make progress and improve sooner by staying on track and measuring success.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about steps to move forward by planning, checking, and tracking your financial vitals. Happiness is when your values are in alignment with your actions.

Topics Discussed: * Goal: Come up with a game plan based on an individual’s vitals and customize it * Financial Vitals Recap: + Part 1: Clarify values + Part 2: Save, spend, give ratio + Part 3: Net worth + Part 4: Safety net check + Part 5: Investment plan * Annually or As Needed: How often to check if financial vitals are in alignment * Other Financial Vitals: Consider education funding and business-related items * Key Takeaway: Create plan to take action for checking financial vitals

Links: Financial Vitals Check Part 1: Clarify Values

Financial Vitals Check Part 2: Save, Spend, Give Ratio

Financial Vitals Check Part 3: Net Worth

Financial Vitals Check Part 4: Safety Net Check

Financial Vitals Check Part 5: Investment Plan

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Finance for Physicians

Concerns over Public Service Loan Forgiveness (PSLF) continue. Will it pan out or not? Have you thrown in the towel already and refinanced to private student loans? It may be a big mistake to pull the plug on it completely. Do what you need to do to be approved and fully forgiven.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Indranil Sen-Gupta, a physician and faculty member for the University of California at Irvine School of Medicine. Indranil shares how he received PSLF. Now, he is done with PSLF and his balance is zero!

Topics Discussed: * PSLF vs. FFEL: Be aware of loan programs and requirements * PSLF Qualified Payment Plans: + Pay-As-You-Earn (PAYE) + Revised PAYE (REPAYE) + Income-Based Repayment (IBR) + Income Contingent Repayment (ICR) * COVID and Cash Flow: Admin freeze led to qualified zero-dollar payments * PSLF or Job (or Both): What should come first? What’s more important? * Qualified Employer: Keep/update form, certify/track payments, match accounts * Timeline: Getting forgiveness is happening, just takes time to achieve * In Retrospect: Pay little to zero first year and minimize adjusted gross income

Links: Indranil Sen-Gupta

Public Service Loan Forgiveness (PSLF)

PSLF Waiver

Federal Family Education Loan (FFEL) Program

PSLF Limited Waiver Opportunity Huge Benefit For Physicians

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Do you have an investment plan in place? You may have more than one fund, such as for retirement or charitable giving. Maybe you want to save or invest money for college or a vacation home.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about having an investment plan (also known as an investment policy statement) that is organized based on a specific purpose or goal.

Topics Discussed: * What is an investment plan? High-level but simple summary/outline of goal * What’s the benefit of working with a financial planner vs. doing it yourself? * What are the key parts of an investment plan? + Purpose and Responsibility + Investment Philosophy + Summary of Review Process + Summary of Accounts/Asset Allocation Target

Links: Financial Vitals Check Part 1: Clarify Values

Financial Vitals Check Part 2: Save, Spend, Give Ratio

Financial Vitals Check Part 3: Net Worth

Financial Vitals Check Part 4: Safety Net Check

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Finance for Physicians

Life doesn’t always go as planned. It’s full of twists, turns, and curveballs. Cover all your bases in the event of a worst-case scenario because it can come out of left field. You never see it coming or know when something could happen.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about performing a safety net check as part of your financial vitals.

Topics Discussed: * What is a safety net check? Checking coverage for worst-case scenario * When to plan for unexpected, unplanned events? Now—before it’s too late * What are the odds? Based on large groups of people, not individuals * What’s your other financial vitals? Safety net coverage takes more than assets * Important Info: What to document/track for life, disability, other insurance policies * Who is covered (insured)? You, your spouse, children, or beneficiaries * Estate Plan: Who needs it and why? Indicates who handles and gets what * What are worst-case scenarios? Unexpected death, disability, or emergency * Is your safety net adequate? If not, increase or decrease coverage, reserves

Links: What You Need To Know About Estate Planning

Financial Vitals Check Part 1: Clarify Values

Financial Vitals Check Part 2: Save, Spend, Give Ratio

Financial Vitals Check Part 3: Net Worth

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Finance for Physicians

If you have clarified your values and determined your saving, spending, giving ratio, the final financial vital to measure is your net worth. What is your net worth? What do you track with your net worth? How do you track your net worth? What can you use it for and why is it beneficial?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to calculate, track, and increase your net worth and decrease your debt.

Topics Discussed: * Net Worth = Total Assets - Total Liabilities * Adding to assets or subtracting debt increases net worth * Negative Net Worth: Part of the medical career track for physicians * Compound Interest: Exponential growth when earning interest on your interest * Net Worth: Changes over time, track it to monitor inefficiencies and progression * Debt-to-Income Ratio: How high is your debt relative to your earning potential? * Values/Goals: Net worth should depend on your plan for what’s most important

Links: Monthly Net Worth Tracker Template

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Once you clarify your values, financial vitals are used similarly to health vitals to quickly check if you are making progress toward your goals and what’s most important to live a better life.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to measure specific financial vitals based on your values.

Topics Discussed: * Save, Spend, Give Ratio: Percentage-wise, where is your money going? * True Spending: Budget is always underestimated; total spending is more realistic * Strategy: DIY vs. work with financial planners, others to calculate numbers * Key to Success: Quick financial vitals checks measured against your values

Links: Contact Finance for Physicians

Finance for Physicians

Physicians and their patients know that vitals are measurements of the body’s most important basic functions. Checking and tracking vitals indicate how your health is now and maybe in the future. Vitals are a progress check to prevent potential problems.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about checking your financial vitals. He discusses how medical vitals are similar to financial ones because they tell you how you’re doing and what goals to set to improve your health and well-being.

Topics Discussed: * Goals, Values, Priorities: Measuring medical/financial vitals depends on individual * Why are values so important? Key factors between living a good life or not * Clarify Values: What’s most important and what are your goals? Why? * Net Worth Vital: How important is building wealth and financial independence? * Cultural Norms: Immediate gratification, materialism, perfection, bigger is better * Chart Path: Balance what’s most important and what's pulling you in different directions * The Three Questions: + If you were financially secure, how would you live your life? + If time to live is limited, what will you do with the remainder of your life? + If you have only one day left to live, what will be left undone and missed? * Fourth Question: Years from now, how well have you done financially, and what has to happen for that to occur?

Links: George Kinder’s Three Questions

Dan Sullivan - The Strategic Coach

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Finance for Physicians

How do you live out your values in day-to-day decision making, especially when you operate on autopilot? What standards and steps can you take to be more intentional?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to make the right decisions regarding finances and other aspects of your life. Align your values to guide your actions and decisions.

Topics Discussed: * Values: What is most important? Are you aware of your decisions and actions? * Right thing to do? Is this a good decision? Consult values before decisions * Good Decisions: Worst part is when you justify it with logic and reason * Steps and Processes: Preparation, experience, and expertise are mandatory + Step 1: Take time to make a decision + Step 2: Sleep on a decision + Step 3: Share idea with people you trust and ask for advice/feedback + Step 4: Big picture summary - where do you want to go, what’s important?

Links: Will Congress End Backdoor Roth Conversions?

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Finance for Physicians

Being a perfectionist or analytical type of person works out well in some areas of life. However, when it comes to financial aspects, especially budgeting, life can become problematic, not predictable.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the power of building in margin with your personal finances. Don’t set yourself up for failure or disappointment because things change and life happens.

Topics Discussed: * Budgeting: + What are you doing with your money? + What are your day-to-day financial decisions? * Building in Margin: + What is it? + How much should it be? + What are underlying root causes? + What can you afford? + How can it negatively affect your situation? + How to avoid it if possible? * Simple Solution: Shift to mindset that nothing is perfect, build in bigger margin

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Finance for Physicians

When you’re married, should you combine your finances with your spouse? How you navigate money will either pull you together or push you apart.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about managing finances for married couples. Consider the pros and cons of couples combining (or not) their finances.

Topics Discussed: * Good and bad reasons to separate finances: * + To keep some stuff private from spouse (i.e., gift giving) + To spend without scrutiny or criticism from spouse (no finger pointing) + Unequal spending habits and/or unequal income causes discomfort + Let the more responsible spouse manage all the money/finances + To hide spending that a spouse does not want the other to know about * In most cases, operate as one and pull everything together. Why? + Consult and follow advice from the Bible + Personal experience transitioning from being single to married + Clients experience better outcomes when finances combined completely + Sheds light on major problematic issues that need to be addressed * Keys to a Good Marriage: + Open communication about issues + Transparency builds and breeds trust + Accountability aspect of sharing everything in a loving way + 50/50: Combining finances helps to establish equality + Compromise when operating as one with combined finances * Action Items - Before Combining Finances: + Talk through and resolve big issues + Get rid of individual accounts and combine them into one joint account + Ongoing, regular conversations about finances to be on same page + Give spouse opportunity to speak and listen to what they have to say + Compromise more often than you have in the past

Links: Contact Finance for Physicians

Finance for Physicians

Physicians are super smart, work hard, and have tons of earning potential. Even more importantly, they are in a trusted profession that provides value and makes a difference.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about the main reason why physicians make bad financial decisions and how to avoid them to stay on track.

Topics Discussed: * Financial Solutions: Best or worst place to start? It depends * Home Buying Decision: Avoid being house poor and pressured to pay bills * Financially Fine: Learn to live the ideal life that you hoped to live * What went wrong? Buying a nice home is not a mistake, it’s the buying process * Ideal Future: Children? Life/work balance? Financial freedom? Charitable giving? * Financial Resources: What’s available? Income/earning potential vs. priorities * Financial Decision: What’s your budget? Incorporate true all-in costs * Efficiency Hacks: Ways to improve outcomes of financial decisions * Financial Planning Process: Avoid temptation/shiny objects, stay out of trouble

Links: Free DIY Financial Planning Guide

Schedule a free call with Wrenne Financial Planning

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Finance for Physicians

The wild economy is causing some unique changes to taxes and student loans. How can you take advantage of and benefit from loan forgiveness and proposed changes to the tax laws?

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about existing and pending potential major tax changes, including the Public Service Loan Forgiveness (PSLF) Waiver.

Topics Discussed: * PSLF Waiver: + Who does it affect? Non-profit workers with federal student loans + If you qualify: - Make sure your loans are direct federal loans - Make sure prior employment is certified/verified + Proposed Tax Law Changes: - Increase to the tax brackets - Increase capital gains tax rates - Increase tax loss harvesting benefits or deferring gains on capital assets - Increase if business/practice is taxed as S Corp profit - Disallow backdoor Roth IRA conversions on after-tax dollars + Strategies to Consider: - Accelerate income into 2021 while tax brackets are lower - Increase incentive to maximize deductions in 2022 - Accelerate capital gains in 2021 to minimize taxation in 2022 - Complete backdoor and other Roth IRA conversions before end of 2021

Links: PSLF Limited Waiver Opportunity Huge Benefit For Physicians

The First Step To Reduce Your Taxes with David Glenn

Chairman Neal Announces Additional Days of Markup of the Build Back Better Act

Analyzing Biden’s New “American Families Plan” Tax Proposal

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Finance for Physicians

Suicide is a serious topic that most people don’t talk about, but we all know people who struggle with depression and have attempted or committed suicide. Take time to talk and tackle it head-on with scripture to save lives.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Matthew Sleeth, a speaker, author, and creation care leader. Matthew is a former emergency room physician and chief of hospital medical staff who resigned from his position to teach, preach, and write about faith and health. Matthew’s newest book is, “Hope Always: How to Be a Force for Life in a Culture of Suicide.”

Topics Discussed: * Matthew’s Career Path: Progressed from high school flunky to medical school * Domino Effect: When bad or evil things happen to good people * The Bible: How Matthew’s career trajectory changed after meeting the Lord * Christian Conversations: Going to church is to give, not get something * Suicide: How to talk about and manage taboo topics fundamental to faith * Mind, Body, and Soul: Traditional suicide approach then versus now * Suicide Stats: All-time high now in the United States since the great depression * Modern Thinking: What is our purpose? Nothing matters anymore * Young People’s Disease: Why do you feel that way? Do you have a plan for that? * Suicide Prevention: Recoil from harmful thoughts and talk to someone to get help * Suicide Signs/Consequences: Use everything that works to stay alive, save lives

Links: Matthew Sleeth, MD

Hope Always: How to Be a Force for Life in a Culture of Suicide

Solid Steps Radio

Canada’s Medical Assistance in Dying Law

Men Are From Mars, Women Are From Venus

Making Relationships Work

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Finance for Physicians

Hope Always: How to Be a Force for Life in a Culture of Suicide

Men Are from Mars, Women Are from Venus: A Practical Guide for Improving Communication and Getting What You Want in Your Relationships

Making Relationships Work

If you have a federal student loan, are you aware of recent changes and the Public Service Loan Forgiveness (PSLF) Limited Waiver Opportunity? For a limited period of time, borrowers may receive credit for past payments on loans not qualified for PSLF.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about PSLF and other student loan changes regarding prior payments and loans. The federal government is trying to follow through on the promises of PSLF.

Topics Discussed: * PSLF Refresher: Must have a qualified loan, payments, and employer * PSLF Problems: Too much red tape, confusion, servicer errors, and declines * #1 Qualifier: Loan type - you must have a direct loan to qualify for PSLF * Deadline: Complete consolidation into Direct Loan Program by Oct. 31, 2022 * Limited Time Waiver - Federal government’s proposed solutions for borrowers: + Prior payments may count with qualifying employment certification + Perks for borrowers in the military/inactive duty + Future automation for qualifying federal employees’ PSLF progress + Reviews and audits of prior PSLF processing and denials * Are corrections still incorrect? Request the second review

Links: Federal Student Aid - PSLF Limited Waiver Opportunity

Federal Student Aid - PSLF Help Tool

Federal Student Aid - PSLF Direct Consolidation

The Federal Family Education Loan Program (FFEL)

Federal Perkins Loans

Parent PLUS Loans

COVID Forbearance

Finance for Physicians: Why Federal Student Loans Are A Great Bet For Many Physicians With Travis Hornsby

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Finance for Physicians

Buying a home is a big decision. It’s one of the biggest purchases that you are ever going to make in your life, and it’s the #1 error or issue that causes financial challenges for people. Everyone is susceptible, including physicians.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to his colleague, Jennifer DeLorbe Quire, a Certified Financial Planner CFP®, about home-buying decisions.

Topics Discussed: * Do’s and Don’ts: How to make sure you stay on the right side of the tracks * Wrong Path: Approaching decision without big-picture plan in place * Right Way: Prioritize, plan, and identify purpose of what’s most important * Timeline: Don’t be pressured or rushed into buying a house; there’s other options * Proceed with Caution: How one decision affects absolutely everything else * Need vs. Want: Justifying emotions with logic - spending more than you should * Cash Flow: Home costs add up, calculate budget, and build in a margin * How much should you spend on a house? Plan for what needs to be saved, what’s most important, and what’s left over

Links: How Much Should Physicians Spend on Their Home?

The Complete Guide To Physician Mortgage Loans

All-In Home Costs Calculator

The Key Process Behind Using Money To Live Better Lives with Jennifer Quire

Hire or Fire Your Financial Advisor with Dr. Jim Dahle and Alan Moore

The White Coat Investor - Should I Sell My House to Pay Off My Student Loans?

Jennifer Quire on LinkedIn

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Finance for Physicians

What is it like being the spouse of a physician? You get to witness their journey from being an undergrad through residency and then being in-practice. Plus, it gives you a front-row seat to financial and non-financial issues that physicians experience.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Hugh Baker, a Certified Financial Planner or CFP® who is married to Kerry, a primary care physician in practice.

Topics Discussed:

Passion or Pay? Most physicians become doctors as a calling/dream profession
Medical School and Marriage: No better time than quick break before residency
Financial Challenges/Stressors: Just scraping by with help from parents’ payroll
Transitioning into Training: Real job running a hospital as a family medicine resident
Counterintuitive Costs: Spent money on cleaning service to spend time together
Save Money, Buy Time: Not frugal, but spent money on anything time related
Outcomes and Priorities: Is there something you could have done differently?
Children: Challenging time that amplifies potential problems with relationships
House Poor: Not an option because of interest in splurging on vacations
Big Picture Money: Decision fatigue affects conversations and costs
What’s Important: Listen, be supportive, and align with values to avoid mistakes
Upbringing: What’s your relationship with money? How do you relate to money?
Patient Population: Constant push for physicians to do more with less
Flexible Fund: Cash in savings means ability to choose to not work somewhere

Links:

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Finance for Physicians

For some physicians, achieving financial independence is the end-all-be-all to living the good life. Pursuing it can be fantastic when well-balanced and a key factor to reducing burnout.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Donovan Sanchez, a Certified Financial Planner (CFP) and founder of Skyview Financial Planning, about the pursuit of financial independence.

Topics Discussed: * What is financial independence? Financially set for life * Pursuit of Financial Independence: Be reflective, thoughtful, and understanding * Does financial independence buy happiness and solve life’s problems? * Physician’s Perspective: Achieve financial independence sooner than later * Field of Medicine: Doctor’s motivation is to help people, make money, escape * I.R.E. Movement: Pressure to payoff student loans in extraordinary timeframe * Time and Money: What’s more important? Do you trade dollars for time? * On Living a Rich Life: What would make your life really rich? * Busy Work: Sacrifices need to be made from time to time - no regrets * Vision Document: What do you want your life to be like? * On track or not? Ask someone you love and trust to provide honest feedback

Links: Donovan Sanchez’s Website

4 Ways Financial Independence Fights Burnout

On Living a Rich Life

How Conflicts of Interest Muddy the Financial Advice Waters

Financial Independence Retire Early (F.I.R.E.) Movement

Breaking Away From Traditional Primary Care to Start a Primary Concierge Service with Drs. Cady and Ryan Brown

Citizen Kane

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Finance for Physicians

Physicians feel the pressure to be perfect, and sometimes hide or fail to address their own mental wellness. Medicine’s intense focus on the quality of patient care is generally a good thing, but in some cases has unintended negative consequences. It takes courage for a physician to be vulnerable.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. John Budin, an accomplished physician, speaker, and blogger. John discusses why he chose to practice medicine and what he describes as the mental health closet.

Topics Discussed: * John’s Case: Pressure to hide mental health flaws that make physicians human * Mental Health Closet: Why John finally publicly shared bipolar disorder diagnosis * Culture of Medicine: Vulnerability is opposite of professionalism and success * Caregivers vs. Receivers: Difficult for doctors to acknowledge need, ask for help * License at Risk: Career consequences, repercussions for revealing mental health * Stigma Solution: Support and care for colleagues struggling with mental health * Community: Increased mental health awareness with doctors, residents, students * Physician’s Financial Path: Scary, uncertain aspects of being destabilized in life * First Step: Get treatment publicly or behind closed doors to remain confidential * Accept Humanness: Ways to become who you are, authentic, and vulnerable

Links: Physician Living with Bipolar Disorder

Poll: Workplace Stigma, Fear of Professional Consequences Prevent Emergency Physicians from Seeking Mental Health Care

International Society for Bipolar Disorders

American Psychological Association (APA)

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Finance for Physicians

When you’re miserable or not satisfied with your traditional primary care position at a major hospital, it’s time for a big change to live your best life and values. Focus on your future goals and dreams.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Drs. Cady and Ryan Brown, who started their own concierge medical practice, Downtown Drs. Brown, located in Lexington, Kentucky.

Topics Discussed: * Cady and Ryan’s concierge medical practice and career progression * Primary Care Patient Load: From honeymoon period to fast track to burning out * PTO Requirements: Physicians not valued as people, professionals in practice * Reassurance and Education: Patients need to know if things are okay or not * How and why Cady and Ryan created concierge medical practice from scratch * Tradeoff: More security, less setup work for autonomy, independence, finances * Competition: Not many concierge medical practices, but demand definitely exists * Pressures/Stressors: Different now, feels better being in control of own destiny

Links: Downtown Drs. Brown

Meet the Drs. Brown

Concierge Medicine Today

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Finance for Physicians

If you are going for Public Service Loan Forgiveness (PSLF), it is not the optimal time to refinance your student loans. If you’re not sure, don’t refinance because you may qualify for PSLF. Never say never!

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about when is the optimal time to refinance your student loans.

Topics Discussed: * Refinance: Means getting new lender to pay off old loan to start new private loan * Reasons not to refinance out of a federal student loan: + COVID forbearance + 20- or 25-year forgiveness programs + Revised Pay As You Earn (REPAYE) interest subsidy * Reasons to Refinance: + To get a better interest rate and make progress on loans + Pay the least amount out-of-pocket over time * Locked-in Loans: What if you lose your PSLF-qualified or income-driven job? * What if you start with private loans? With record-low interest rates, refinance now * Personal Preference: Move on with life, refinance, pay it off ASAP if PSLF is out

Links: A Guide to Public Service Loan Forgiveness (PSLF)

9 Biggest Student Loan Misconceptions

Should I Drop Out Of PSLF

Avoid Leaving Money On The Table With PSLF

Why Student Loans Are A Great Bet For Many Physicians

How To Capitalize On Record Low Student Loan Interest Rates

Getting Your PSLF Ducks In A Row

Credible

SoFi

CommonBond

Jeff Wenger on LinkedIn

Wrenne Financial Planning

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Finance for Physicians

Have you ever worked with a financial planner? Do you have enough money saved for a financial planner to help? When are you ready to hire a financial planner? Depends on the situation or preference. If you want help, the sooner the better.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about when to hire a financial planner.

Topics Discussed: * Use Cases: When to start working with a financial planner * Human Capital Habits: How do you accumulate your wealth? Income * Life Transitions: Get finances right in the beginning by planning for the future * Finances and Investments: What are your options? Inefficiencies? * Backdoor Roth IRA: Involves all different facets of financial planner tasks * Reasons to Hire a Financial Planner: + Don’t have time to handle your finances. + Unsure if things are getting done correctly. + Complexity of your finances is intimidating. + Struggling to keep finances organized. * Ways to Engage a Financial Planner: + 95% of the industry has a sales/commission component. + Verify terminology given by business to know if it is misleading. + Pay for financial planner’s advice. + You’re not locked in to work with the same financial planner forever. * When to Seek Help from a Financial Planner: + Educate yourself to make the best decision. + Know the pros and cons of finding a financial planner. + Figure out if now is the right time or not.

Links: Jeff Wenger on LinkedIn

Wrenne Financial Planning

Hire or Fire Your Financial Advisor with Dr. Jim Dahle

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Finance for Physicians

Are you still curious about student loans? Wondering what you need to prepare and apply for Public Service Loan Forgiveness (PSLF)? It’s not as straightforward as you might think, so get all your ducks in a row.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about starting and progressing through the PSLF process.

Topics Discussed: * Forbearance: What payment plans count for PSLF, but not COVID or others? * 4 Income-driven Repayment Plans: + Pay As You Earn (PAYE) + Revised Pay As You Earn (REPAYE) + Income-Based Repayment (IBR) + Income-Contingent Repayment (ICR) * 6-Month Grace Period: Default option for most loan types * Golden Ticket: After med school graduation, no income equals zero repayment * Strategies: Skip grace period - the more low-cost payments made, the better * Nonprofits: Verify payments and work for employer with PSLF certification * Additional Complications: Fed Loans (PSLF loan servicer) is leaving business * Loan Types: Make sure you have direct loans, or consolidate some of them * Timing: How to optimize PSLF and when to file tax returns with income evidence

Links: A Guide to Public Service Loan Forgiveness (PSLF)

9 Biggest Student Loan Misconceptions

Should I Drop Out of PSLF

Avoid Leaving Money on the Table with PSLF

Why Student Loans are a Great Bet for Many Physicians

How to Capitalize on Record Low Student Loan Interest Rates

Nonprofit and 501(c)(3) Exemption Requirements

Federal Student Aid

Jeff Wenger on LinkedIn

Wrenne Financial Planning

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Finance for Physicians

It’s important for everybody to get their estate planning done and done right, especially if they have others who depend on them. Anything you can do ahead of time reduces the pain and pressure of disputes and arguments among loved ones.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the basics of estate planning—how it works, what tools to use, and what documents to complete.

Topics Discussed: * 3 Essential Estate Planning Documents: + Financial Power of Attorney: Durable, Springing, and other types + Healthcare Records/Files: Living Will and Healthcare Agent + Last Will and Testament: Designate executor, guardian, and assets * What happens if you don’t have a will? Depends on state laws * Characteristics to Consider: Who to name and why in documents? * Reminder: Not done until documents are signed and notarized * What’s the best option? Do-it-yourself legal documents vs. hiring an attorney * Trust: Legal entity that holds assets and directs proceeds/funds for future use

Links: Estate Planning Organizer

Nolo

LegalZoom

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Finance for Physicians

Inflation is happening, and there are a lot of different perspectives on it. Most people view it negatively, but it doesn’t have to be that way. It’s not as scary as they make it out to be.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about inflation—what it is, the backstory behind it, how it works, what to consider, and how to navigate the changing environment.

Topics Discussed: * What is inflation? When prices increase over time * With or Without Inflation: Supply and demand to survive and drive up prices * Government Involvement/Responsibility: Makes money, pricing more complex * How It Works: Stimulus payments save jobs and give people money to spend * Short- vs. Long-term Inflation Spike: Data shows short-term blip will correct itself * Rule of 72: Translate percentage return to time period to when it doubles the cost * How susceptible are you to inflation? Go back to basics and refer to Inflation 101 * Physician’s Income: At minimum, compensation needs to keep up with inflation * How susceptible are assets to inflation? Depends on efficiency (i.e. cash, stocks) * Beware: Avoid fear, manipulation, people selling scams due to hyper-inflation * Takeaways: Understand inflation basics - general awareness, keep pace with it

Links: Inflation 101: What You Need to Know About Inflation

Consumer Price Index (CTI)

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Finance for Physicians

College costs money, and it continues to increase. The actual price that you pay is difficult to understand because it has become progressively more expensive for those that have more financial resources—especially physicians who have or plan to have children in the future.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Joe Messinger about how college costs work and how to start planning sooner than later. Joe is a Certified Financial Planner, CFP®, and Founder of Capstone Wealth Partners and College Aid Pro.

Topics Discussed: * Tuition Costs: Different levels for in- versus out-of-state students * 3X or Greater: How college costs have changed in the past 20 years * Why? Supply and demand led to out-of-control costs for college * Inflation: State colleges level off, but private colleges continue to increase costs * Price Transparency: Private colleges equate value to higher or discounted costs * Analogy: College cost is similar to medical bills because it’s different for everybody * College Funding Philosophy: Best way to pay for college is to save for college * 3 Key Financial Aid Components: + Family’s finances + Student’s academics + School’s business model * High-income Hurdle: Family finances impact student’s ability to get financial aid * Sticker Price Shock: Some schools give money for merit, not just for need * Budget: Use school’s money first, then federal aid, and set limitations * Rule of Thumb: Save for one-third, pay for a third, and take out a third in loans * College Aid Pro: Changing the way America shops smart for college

Links: Joe Messinger on LinkedIn

Capstone Wealth Partners

College Aid Pro

Free College Money Report™

Can a 529 Plan be Applied to a Student Loan?

Free Application for Federal Student Aid (FAFSA®)

Net Price Calculator

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Finance for Physicians

Practice what you preach despite all the temptations and pressures of being a physician by shaping your finances around your priorities and values. You can only do three things with your money: Spend it, save it, or give it away—not always in that order.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Matt and Ashley Iles, a married couple who value their faith and giving to others. Both are approaching their three-year mark of being in-practice physicians.

Topics Discussed: * Conflicting, Competitive, Charitable Routes: Give 10% of money consistently * Role Models: Fiscal responsibility started with words of wisdom from parents * Spend-Giving: One of the couple’s favorite things to do that involves others * Neighborhoods: It’s not about keeping up, sticking out, or alienating others * Privileged Blessings: Set boundaries, be responsible, hire somebody to save $ * Self-Awareness: Know your strengths and weaknesses to resist temptations * Mindshift: Money is not Matt and Ashley’s to keep; share and give it to the Master * Giving Now: Depends on individual situation and if giving is important to them * Future of Giving: As time goes on, not only give more money but time, too

Links: Scarlet Hope

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Finance for Physicians

Knowing the right way to negotiate is important in many people’s lives. It’s helpful in employment arrangements/contracts and has many implications, especially financial ramifications. Negotiating is a skill that can make or break your job. Happy physicians deliver better care and better outcomes.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Linda Street, a practicing physician and certified life coach who specializes in helping physicians negotiate better employment terms.

Topics Discussed: Financial Ramifications: Learn how to negotiate well or deal with consequences

Mistakes: Not knowing what you should negotiate for to avoid burnout
Fear of Being Greedy: Yet, more money does not always make everything work
You’re Not Alone: Easy to overcome negotiation issues with some guidance
Simply Street MD: Everyone knows a doctor with an enviable contract...be them
What is an enviable employment arrangement/contract? Be your own advocate
Conflict vs. Choices: Anything that’s been negotiated once can be renegotiated
Negotiation Techniques:
- Mindset: Advocate for yourself by knowing exactly what you want and do
- Market: Know what you should be paid compared with others
- Make It Happen: Get a contract that serves your desires and goals
Skills: Physicians negotiate with patients/others every day to reach agreements
Leverage: Maximize perception of loss if you’re not there to get something better
Pre-anticipation: Create responses for all the reasons someone says, ‘no’

Links: Simply Street MD

Simply Street MD Resources

Simply Street MD - Simply Worth It Podcast

Linda Street on Facebook

Linda Street on LinkedIn

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Finance for Physicians

Does the medical profession make you feel like you got to have everything together because everyone around you is perfect? Everything and everyone has flaws, including physicians who are far from perfect but pretend everything is all good all the time.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Christine Runyan, co-founder of Tend Health, which brings a team of clinicians to the intersection of clinical care, health professions, and technology. Christine understands and views clinician well-being through the lens of a psychologist.

Topics Discussed: * How perfectionism negatively affects physicians’ mental health * Ways for physicians to address perfectionism proactively * Physicians’ Mental Health: Getting to the point of it’s ok to not be ok * Tend Health: All work done via video telehealth platform and care for physicians * Barriers: Licensing and credentialing process asks about mental health history * Stigma and Culture: Amplifies sense of self-determination to get through anything * Be Human First: Maximize privacy, confidentiality, access to mental health care * Physician Stereotype: Paradox that they need help, but too often suffer in silence * What’s expected? Know the right answer, be curious/authentic, ask questions * Financial Aspects: Average resident/fellow has six-figure student loan balance * Coping Strategies: Self-awareness is super power to being honest with yourself

Links: Christine Runyan, PhD, ABPP

Christine Runyan’s Email: Tina@tend.health

Tend Health

Accreditation Council for Graduate Medical Education (ACGME)

Truth Be Told by Matthew West

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Finance for Physicians

Do shiny objects grab your attention? Do you want to get rich quickly? Lose weight overnight? There are no shortcuts in life. Make tiny changes to achieve remarkable results and outcomes.

Have you read the book, “Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones” by James Clear? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about why and how Atomic Habits are a gamechanger.

Topics Discussed: * Big Points from the Book: + Bad habits are underlying root cause of results and outcomes + Good daily habits lead to compounded interest of self-improvement * Goals vs. Systems: What’s the difference? + Goals are results and outcomes + Systems are processes that lead to those results/outcomes * Changing habits is challenging; breakthrough is the plateau of latent potential * Identity-based Habit: Focus on the intrinsic motivation of who you wish to become * Four Laws of Behavior Change: + Create Good Habit: Make it obvious, attractive, easy, and satisfying + Break Bad Habit: Make it invisible, unattractive, difficult, and unsatisfying * Habit Score Card: Brainstorm your existing habits - good and bad * Examples of Habits: + Track your finances regularly to know where your money is going + Stop spending so much money just because you have it + Pay off mortgage early by making extra payments to decrease debt * Implementation Intention: Pair new habit with a specific time and location * Habit Stacking: Take an existing habit and pair it with the habit you’re trying to form * Self-Control: Create an environment where you spend less time being tempted * Temptation Bundling: Pair action that you want to do with a habit you need to do * 2-Minute Rule: When starting a new habit, it takes two minutes or less to form * Increasing Friction: Make it difficult to do bad habits (it’s easy to use credit cards) * Cardinal Rule: What’s rewarded is repeated, what’s punished is avoided * Environment: Be aware of people and things around you that form your habits

Links: Atomic Habits by James Clear

Cold Turkey

You Need a Budget (YNAB)

Dave Ramsey

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Finance for Physicians

Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones

Is there good debt and bad debt? What’s the difference? Is it good or bad to have debt? It can be a slippery slope, so understand the psychology of debt before making big decisions to finance your lifestyle.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about debt. Buying things you can’t afford with money you don’t have just to impress people that you don’t know or like can be a big problem.

Topics Discussed: * Reasons why people finance things: + Leverage low interest rates + Increase efficiency and invest in other things + Buy something sooner for immediate gratification + Cultural challenge to do what everybody else does * More or Less: In reality, does having debt or paying it off make you happy? * Psychology of Debt: Save up before being susceptible to spending more * Key Takeaways: + Pay attention to debt-to-income ratio + Bring debt number/amount down + Save wisely to avoid being house poor or filing bankruptcy

Links: Contact Finance for Physicians

Finance for Physicians

How can special needs planning positively change your family’s life when you have a child or children with a disability? It really depends on their needs, so map out the plan for them.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the basics of special needs planning and available tools.

Topics Discussed: * Worst Case Scenario: Unexpected death or disability * FAQs: + Who is going to take care of my child or adult with a disability? + How will they know how to take care of my child with a disability? + Will my child have enough financial support for lifetime care? + How do I save for my child with a disability? * Tools: + Will is a legal document that names a guardian and outlines care needs + Letter of Intent (LOI): Document that outlines key components of care + Special Needs Trust: Direct funds to child’s care; get government benefits + Change beneficiary designations to reflect the special needs plan + Communicate plan with identified and designated beneficiaries + Create ABLE account to save for qualified expenses for disabled children

Links: Letter of Intent (LOI) Template

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Finance for Physicians

How do you plan for a child who has a disability? Overcome the initial fear and concern for the unknown and focus on the positive blessing they are to your family. Learn to live a fuller and richer life by turning lemons into lemonade.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Laura Yost, who is married to an internal medicine physician. They have four children. The youngest, Scarlett, has Down’s Syndrome.

Topics Discussed: * Lemonade Stand: Where teamwork and kind people give back to the community * Blessing or cross to bear? Biggest challenge is lack of support, misconceptions * Step in the right direction? Only willing to go where Scarlett’s welcomed, wanted * Before and After: Reality of what it means to have a child with Down syndrome * Guilty: Parents blame themselves for allowing their child to have Down syndrome * Healthwise: 50% of babies with Down syndrome have a heart defect, not Scarlett * Learn to Exist: What do I do and how do I do it to help my child live their best life * The Lucky Few: Scarlett is a gift, treat her that way and not as a burden * Growth Mindset: No pressure to be perfect; learn to do your best, make progress * Money doesn’t buy happiness, but makes life better and easier up to a point * Inclusion: Best education for kids with disabilities and their same-age peers

Links: Down Syndrome Association of Central Kentucky (DSACK)

The Lucky Few

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Finance for Physicians

The Lucky Few: Finding God's Best in the Most Unlikely Places

Have you heard of digital gold? What is it? How does it work? What should you consider when investing in bitcoin and other cryptocurrencies? Proceed with caution because the excitement over it can be potentially dangerous.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Chase Branham from Kraken, a big player in the bitcoin industry that buys, sells, and trades cryptocurrencies.

Topics Discussed: * Cryptocurrency Timeline: How, when, what, and why Chase got hooked * Basics of Bitcoin: Created in 2008 via anonymous white paper about Blockchain * Blockchain: Computer network transfers money without a central authority * Supply and Demand: Bitcoin is limited in supply but high in demand - like gold * Price Swings: Value and use drives volatility and speculation of peaks, crashes * Comparison Mistake: Bitcoin is a form of currency, not an investment (stocks) * Profit and Pain: Bitcoin price drops are to be expected and without precedent * Future of Cryptocurrency: Expected to become preservation of purchasing power

Links: Chase Branham on LinkedIn

Kraken

Coinbase

Blockchain

QBTC: Bitcoin Fund Overview

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Finance for Physicians

Who doesn’t want to make lots of money and keep up with the Joneses? Build wealth by reading the book, The Millionaire Next Door: The Surprising Secrets of America’s Wealthy.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about what his planning firm clients do to successfully yield results. Then, make your own adjustments accordingly. It’s not all and always about money.

Topics Discussed: * The Book: Based on scientific research of actual and suspected millionaires * The Timeframe: Released in 1996, authors’ definition of millionaire has changed * The Profile: Optimal combination of factors that make millionaires * The Combination: Higher income and frugal habits to play offense and defense * The Facts: + 80% are first-generation millionaires + 20% are retired + 50% own their own business * Common Characteristics and Denominators: + Live well below your means by tracking your cash flow + Manage your money, time, and energy more efficiently + Believe financial or job independence is more important than social status + Avoid economic outpatient care—when parents support/subsidize lifestyle + Choose the right occupation/profession

Links: The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley and William D. Danko

Monthly Net Worth Tracker

How To Avoid Lifestyle Creep

Why I Drive an 18-Year-Old Car

All the Money in the World Movie

Monthly Cash Flow Tracker

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Finance for Physicians

The Millionaire Next Door: The Surprising Secrets of America's Wealthy

Is it time to refinance your mortgage...again? Why should you think about refinancing, why it’s beneficial, and what recent changes save you money and interest on your mortgage loan?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about refinancing your mortgage. The ultimate goal is to pay your mortgage off and capitalize on paying the lowest amount of interest on such debts.

Topics Discussed: * Why would you want to refinance now? Record low mortgage and interest rates * What has changed recently? Home prices have increased significantly * Why is that linked to refinance? As home price increases, you build equity * Other Changes: More competitive jumbo loan rate alternatives for certain lenders * Life Changes: Credit scores, monthly costs, and available cash flow * Real-Life Examples: What leads to lower interest rates/payments, better deals? * Does refinance make sense? Compare points/credits, terms, closing costs, rates * Key Takeaway: If you have a mortgage rate above 3.5%, think about refinancing

Links: Better Mortgage Rates

Better Refinance Calculator

Zillow Home Price Changes

Why Jumbo Mortgage Rates Make No Sense Right Now (from August 2020)

Finance for Physicians: How to Capitalize on Record Low Mortgage Rates

Finance for Physicians: What is a Physician Mortgage with Richard Ricci

Finance for Physicians

Do you remember the late Notorious B.I.G.’s song, Mo Money Mo Problems? Physicians can probably relate to it. On the flip side, some people believe that having more money makes you benefit from fewer problems.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about how making more money often leads to more problems.

Topics Discussed: * Does money make you happy? Depends on how you define problems * $1 or $1 Million: More money makes simple things complex choices, decisions * More assets means more checking, savings, credit card accounts go unclaimed * Temptation: Easy to add something, but more painful to take something away * What happens to your money? Be responsible and organized; not out of control * Perceived Target: Doctors are rich, even residents with $400,000 in student loans * Moral of the Story: Use money to improve and have less problems, happier life * Slippery Slopes: Choose wisely between buying nice things or being generous * Time: More money can buy time to prioritize and outsource tasks, responsibilities

Links: Jeff Wenger on LinkedIn

Wrenne Financial Planning

Finance For Physicians

Are you buying or renting? What are the perks of being a homeowner? Think through and focus on both financial and non-financial reasons.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about the rules of thumb when deciding whether to buy or rent a home.

Topics Discussed: * Why buy? Live in it 3-5 years to break even and recoup upfront transaction costs * Why rent? The best option if you plan to live there only a couple of months or years * Numbers: Mortgage closing, realtor commissions, improvement costs, and ROI * Taxes: Deduct ownership expenses; can’t deduct property/mortgage insurance * Insurance: Renter’s insurance is less expensive than homeowner’s insurance * Homeowners’ Association (HOA) Fees: Added costs for homeownership * Uncertainty and Overestimation: Bias of living in a home longer than expected * Lifestyle Creep: Living beyond your means and not analyzing home prices * Headache Factor: Rent-not your problem; buy-home ownership increases issues * The joy of Ownership: Cultural and cool factors to owning your own home * Renting: Gets old not being able to do what you want with your place * Rent vs. Buy Examples: + 2362 Heather Way, Lexington, KY + 8704 Grand Ferry Dr., Austin, TX

Links: Real Estate Home Price Indexes

Price To Rent Ratio

Austin Rental Example

Lexington Rental Example

Research on Renting vs Buying

Finance For Physicians

Does permanent life insurance make sense or not? Is it the right or wrong short-term investment?

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about what you should look for and avoid to navigate the purchase of permanent life insurance.

Topics Discussed: * Permanent Life Insurance Components: Cash value and death benefit * How does buying permanent life insurance compare to term life insurance? * Agents: People who push, play with permanent life insurance costs/commission * Worst Case Scenario: Buying permanent life insurance for one year * Best Case Scenario: Worst year for investment alternative to break even * Buy term, invest the difference for credit card debt and emergency reserves * Buy permanent life insurance when long-term tax savings outweigh cost and time * Key Takeaway: Get a second opinion to understand complexity, conflict of interest

Links: Dave Ramsey

TIAA-Cref

Tax Shelter

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Finance For Physicians

Life Insurance: How does it work and do you really need it? Are you worth more or less alive or dead? What you need to know to protect yourself and your loved ones.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about what type of life insurance you should own. When you are young and healthy, cover your life or earning potential because the risk of untimely death happening is extremely low, but the costs of income loss are extremely high.

Topics Discussed:

Life Insurance Recommendations: Understand conflicts, know what to look for
Why get it? Tomorrow isn’t guaranteed, avoid leaving family in a financial pinch
When to get it? Before you urgently need it, when everything is good
How much does it cost? Depends on health and age
How much will you need? Enough, but always told to buy more
How long will you need it? Longer the lock-in period, the more expensive
Insurance Industry: Agents receive a high percentage of premiums for policies
Advisor vs. Agent: What are the differences? Incentives? Disincentives?
Coverage Calculations: Identify the correct amount of death benefits based on goals
Types of Life Insurance Coverage:
- Human Life Value: Wrongful death determines lost earnings
- Financial Need Analysis: Maintain specific lifestyle, goals, assets, liabilities
- Term Life: Temporary death benefits for a set time period
- Permanent: Combines cost of term plus investment component
- Conditional: Secure coverage immediately before underwriting

Links:

Contact Finance For Physicians

Finance For Physicians

Even with your own home, have you noticed that real estate prices have been a bit hectic? How do you build wealth with real estate? Not with your primary residence.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about real estate as an investment outside of your primary residence. You are building wealth with your home, but it is hard to realize that wealth.

Topics Discussed:

Real Estate Market Prices: Massive increases in short periods of time
Crazy Market: What are the reasons? Nobody really knows underlying causes
Supply and Demand: Low supply and high demand drives up real estate prices
Why is demand high? People still want to buy or invest in real estate
Why is supply low? Cautious builders, lumber costs, lack of skilled labor, rules
Real Estate Investing - Alternative approaches to make money:
Appreciation: Own property that increases in value
Rent: Own property that is rented out to others to generate income
Loan: Charge interest on money loaned for real estate deals
Ways to Own Real Estate: Short- or long-term rentals, flips, multi-units, raw land
Real Estate Responsibilities: Do you want to be an investor or more involved?
Why people write/talk about real estate: Hype, interest, and money to be made
Big Benefits: Diversify, passive income, tax shelters, and better returns
Downsides: Time, dealing with people, risks, returns, complexity, and alternatives
Purpose: Why do you want to invest in real estate and build a portfolio?

Links:

Real Estate Investment Trust (REIT)

VRBO

Airbnb

Finance For Physicians

What is a health savings account (HSA), and why are so few people utilizing it? The HSA is one of the best tax shelters that exists to build wealth.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about how the HSA works, how to decide if it is a good fit for you, and ways to manage an HSA to maximize its efficiency.

Topics Discussed:

Two Groups of People:
Those who don’t use HSA at all
Those who do, but don’t maximize its efficiency
What is the HSA? Access to an account via a qualified health insurance plan
What is a qualified health insurance plan? Separate part of plan to use HSA
Why is the HSA a great way to build wealth?
Rollover balance
Invest those dollars
Offers tax benefits
Decision-making Factors:
Low utilization of healthcare insurance
Higher expected upcoming healthcare costs
Out-of-pocket costs
Matching HSA funds
Incorporate tax benefits
Open Enrollment: Run the numbers before you choose an option

Links:

HSA Comparison Template

HSA Tax Benefits

Why You Should Pass On Using Your HSA For Current Health Care Costs

HSA vs. IRA vs. 401k

Finance For Physicians

What make, model, and year is the car you drive? Thinking about buying a new one? Why? Consider all factors to make the right, not wrong buying decision.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about why he drives an 18-year-old Toyota Avalon. The 2003 vehicle has heated leather seats and a 6-disc CD changer—it’s still in good condition and comfortable to drive.

Topics Discussed: * Car Buying: How to make a good, solid, level-headed decision * Practical Perspective: Base decision on purpose, need, safety, reliability * Mechanical Issues: Tend to trigger alternative options for an upgrade * Identity and Psychology: What drives car-buying marketing decisions? * Timeout: Do your priorities align with buying a new car? * Key Purposes: + Get from Point A to Point B + Comfort level + Makes you look better + Economic and environment friendly + Consider alternatives

Links: Edmunds: Cost of Car Ownership Tool (5-Year Cost Calculator)

Why Drive Old Cars?

Finance For Physicians

Sometimes, it takes an unexpected wake-up call to remind you to take care of yourself, family, and finances. You never know when it could be your last day, and tomorrow is not guaranteed.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about a recent personal medical experience and what went through his mind at the time. You don’t know what the future holds. Make sure that your financial planning is in place before it’s too late.

Topics Discussed: Optic Disc Edema: Minor eye issue, nothing serious turns into something major

No Joke: Physicians change their tone, confirm serious situation, and trip to ER
Thought #1: Is my family going to be okay financially if I am not around?
Thought #2: Have I been a good steward of my money?
Thought #3: Have I led a meaningful life and taught my values?
Thought #4: Is the business going to be okay if I am not around?
Consider the following: Am I covered financially and independent?
Legal Logistics: How everything gets sorted out and settled
Financial Organizer: Save time and effort with access and passwords
God is first, others second, I am third - culture pushes it the other direction

Links: Optic Disc Edema

LastPass

I Am 3rd Organization

Buy/Sell Agreement

Finance For Physicians

When you run across something weird or strange, how do you avoid major mistakes and minimize errors? Get a second opinion, especially when it comes to the good, the bad, and the ugly of financial planning for physicians.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a Certified Financial Planner (CFP®), about stories and experiences with physician families. Sometimes, the best and juiciest ones are difficult to change substantive facts enough to preserve client confidentiality.

Topics Discussed: Good: Immense value from financial advisors who understand physician finances

Bad: Save documents and keep records on servicer when third-part is paying
Ugly: Ultra high-risk investment activities—bordering on gambling
Understand the Deal: Perform due diligence and review contracts for red flags
Compensation: What money are you leaving on table based on how you’re paid?
Accurate Alignment: Involve spouse for honest answers about financial security
Life Lessons: Follow money, understand incentive/stakes, deal w/ consequences
Moral of the Story: Sometimes, it’s worthwhile to pay a fair fee for a CPA

Links: Justin Harvey’s Email

Anesthesia Success

Anesthesia and Pain Management Success Podcast

Public Service Loan Forgiveness (PSLF)

501(c)(3) Requirements

Robinhood

TurboTax

Finance For Physicians

Do you have enough money in the bank for your rainy day fund? What amount is too low or too much just in case you need it?

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about setting the cash target. Ideally, you’re not over or under. By knowing what you need to get to, you’re empowered to make better decisions to reduce stress and risks, and increase return on your dollar.

Topics Discussed: * Before Building Emergency Reserves: + Have at least one month of expenses in checking account + Pay off prior credit card debt and loan balances * Start Building Up Reserves: + Set the target by saving three to six months of income/expenses + Personalize range based on your situation (1 to 12 months) * Risk Factors and Reasons for Reserves: + What do you own that has upkeep costs? Houses, cars, and boats + How large is your household? Single, married, and children + What is your insurance deductible? Change if necessary + How much does your household earn and how secure are earnings? + What percentage of income is being spent versus saved? + How diversified are your income sources? * Ideal Target: Establish emergency reserves and put in a bank savings account * Common Mistakes: + Commingling rainy day savings with other savings accounts + View as insurance policy, not as a return or way to maximize investment + Don’t use credit card or HELOC debt as alternative to emergency reserves + Revisit and adjust ideal target; don’t set it and forget it + Get some kind of return on your reserves, just don’t get greedy + Use actual, not estimated expenses to calculate your rainy day reserves

Links: How Much Should I Have in My Emergency Savings Account?

Finance For Physicians

Everyone has suffered from lifestyle creep to some extent. Somewhere along the way, you go from eating ramen noodles to the finer things in life. You become used to spending your entire salary.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about how to avoid lifestyle creep. What is it? How does it happen? How do you prevent it?

Topics Discussed:

Tricky Transitions: Going from little income to being paid the big bucks

Keep up with the Joneses: When you make more money, you tend to splurge
Lifestyle Creep: Taking on obligations and a million tiny spending decisions
Hedonic Adaptation: Making progress and adding little pleasures leads to pain
‘Drug’ of Choice: Easier to add comfortable things, than to take them away
Why is lifestyle creep so dangerous? Lack of awareness creates conflict
Symptoms: What you want, not what you need; how disposable income is spent
Risk Factors: Are you a spender? Listen to others and seek expert guidance
‘B’ Word: Be intentional and aware of budget by checking your cash balances
Team Effort: Resist temptation, finger pointing; be accountable about spending
Lifestyle Creep Challenges:
- Acknowledge underlying financial issues
- Be intentional before spending
- Identify highest priorities to align finances
Alternatives: Time, dedication, and intentionality to find free options

Links:

Monitor Spending in 10 Minutes Per Month

Jeff Wenger on LinkedIn

Cash Flow Tracking Excel Templates

What Is Financial Therapy

Wrenne Financial Planning

Finance For Physicians

Have you been paying attention to the financial news? Most of it is covering all the craziness around stocks. GameStop, AMC, and others went way up only to go way back down. These days, everyone has a Robinhood account and is trading stocks on margin. Plus, the COVID pandemic has added all sorts of volatility to the stock market.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to David Blanchett about investing during the craziness of a wild market. David is the Head of Retirement Research for Morningstar’s Investment Management Group and an Adjunct Professor of Wealth Management at The American College.

Topics Discussed:

COVID: How the pandemic and being isolated at home has affected investing

Day Trading: For better or worse, people want to invest in, buy individual stocks
Today’s Market: Everyone wants to buy and trade to make money, not possible
False Confidence: How long until the bubble bursts because it will, eventually
Winners and Losers: Problem with day traders is they report one, not the other
Can you beat the stock market? First, learn from mistakes made from investing
Smarter than...? Good investing is boring, advisors don’t and can’t time market
Utility Grievance: How much do you like something and quantify preferences?
Weigh Outcomes: Downside of doing it yourself is much worse than upside
Short Selling: Put on your blinders and don’t follow what everybody else does

Links:

David Blanchett’s Website

David Blanchett on LinkedIn

Morningstar’s Investment Management Group

The American College

GameStop

AMC

Tesla

Robinhood

Charles Schwab

Etrade

Warren Buffett

S&P 500

Finance For Physicians

Now that interest rates are as low as they’ve ever been, mortgage refinancing is extremely popular. But it’s also a confusing process. Do you know how to figure out when refinancing makes sense? What are the right rules to follow when refinancing your mortgage?

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about how physicians can capitalize on record-low mortgage rates. Compare and analyze all mortgage options that incorporate closing costs and other complexities. The decision to refinance is not so clear-cut and straightforward.

Topics Discussed: Why refinance? New loan costs + closing costs > existing loan costs

What? Find and set up a new mortgage to pay off old, existing mortgage
How? Depends on the specifics of the deal
What drives mortgage interest rates? Market or economic factors:
- 10-year treasury rate
- Supply and demand
- Credit score
- Percentage of home equity
- Debt-to-income ratios
- Loan payoff term
- Loan size
What is the true cost of the loan? Add closing costs, interest and sometimes PMI
Break-Even Point: When interest rate savings equal closing costs
Long-term Costs: What’s the cross-benefit of keeping and paying fees?
Amortization Schedule: Run numbers using calculator for current/potential loan
Other Considerations: Compare rates, different lenders, and loan estimates

Links: Historical 30-Year Mortgage Rates

Mortgage Amortization Calculator

Credit checks shouldn’t hurt you (within 45 days)

Loan Estimate Explainer

How Physician Loans Work

Finance For Physicians

Interest rates are super low right now, so learn how to navigate student loans to take full advantage of unique benefits from the federal government.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about what you can do—given the low-interest rates—in relation to your student loan debt.

Topics Discussed: * Federal and Private: Student loan types * 10-Year Treasury Yield: What drives federal student loan interest rates * Refinance? Not an option with federal student loans * Private Student Loan Rates: Based on financial requirements; no closing costs * Prime and LIBOR: Interest rate indexes are trending down * Considerations: Refinance from federal to private student loans? + One-time Option: You can’t go back—once you’re out, you’re out + Interest Subsidies: - Unpaid: Federal student loans don’t charge interest on existing interest balance - RePAYE: At least half of monthly accrued interest that is unpaid, is forgiven by the government + 20- or 25-Year Forgiveness: Income-based or income-driven repayment plans where the remaining balance is forgiven at end of the time period + COVID Forbearance: 0% interest and zero-required payments on all loans owned by the federal government + Refinance Waterfall: As you pay off the private student loan, consider a new refinance; shorter the term, better the interest rates

Links:

Historical 10-Year Treasury Yield

Current Federal Student Loan Rates

WCI Student Loan Refinancing

Historical Prime Rate

Common Bond Student Loan Refinance Rates

Public Service Loan Forgiveness (PSLF)

Avoid Leaving Money On The Table With Federal Student Loans

Finance For Physicians

Should you aggressively pay off your federal student loans, or consider Public Service Loan Forgiveness (PSLF)?

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about different financial scenarios, opportunities, and strategies to avoid leaving money on the table when it comes to federal student loans.

Topics Discussed: * Aggressive Payoff: Low payment in-training (under IBR or PAYE) + high payment in-practice = no PSLF value * IBR/PAYE payment cap can lock in PSLF value even for physicians with ultra high in-practice income or with very low debt balances * Verify current and future employer’s PSLF qualification status * Normal PAYE Payments + PSLF: 120 PAYE payments under the payment ceiling = PSLF Value * PSLF value originates from making qualified payments below the payment ceiling (less is more) * Income driven repayment always lags actual return because it’s based on your most recent tax return AGI * Payments Cap In-Practice + PSLF: PSLF value exists even when you hit the payment cap in-practice * COVID Forbearance counts toward PSLF and adds huge value * Strategies to reduce AGI and increase PSLF value * RePAYE + Exceeding PAYE/IBR Payment Cap: Beware no payment cap * In some cases, you can switch from RePAYE to IBR or PAYE (income must be under a certain threshold) * FFEL and Perkins Loans do NOT qualify for PSLF (however, there are steps to work around this) * Very payments by submitting employment certification (and always double check the math)

Links: Public Service Loan Forgiveness (PSLF)

Federal Student Aid: Income-Driven Repayment Plans

IRS - Tax Exempt Organization Search

Finance For Physicians

Wrenne Financial Planning

Why are so many female physicians dropping out of the profession? It’s extremely challenging to achieve balance as a physician mom. Not only are you a mom who is raising your own children, but a physician taking care of patients—besides having to deal with gender discrimination issues and the global pandemic.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Bonnie Koo, founder of Wealthy Mom MD. Her business is dedicated to helping physician moms have it all without giving it all. Bonnie empowers physician moms by providing financial literacy through her podcast, coaching, and courses. Also, Bonnie is a board-certified dermatologist, certified life coach, mother, step-mother, and fiancée.

Topics Discussed: * Wealthy Mom MD: Teaches female physicians financial strategies to overcome * Taboos: Don’t talk about money to handle and deal with anxiety, stress, and guilt * Perfectionism and Money: Female physicians are afraid to fail and lose * Promise Land? Money doesn’t mean physicians live happily ever after * Purpose of Money: Helps you live the life you want and do good in the world * Compensation: Females navigating and negotiating in patriarchal society * COVID and Corporate Medicine: Magnified cracks to figure out money, stability * Financial Independence, Retire Early (FIRE): Money is resource to buy back time * Coaching: Download new software updates to your brain when behind financially * Thought Loops: You are what you think—being on auto-pilot vs. becoming aware

Links: Wealthy Mom MD

Weathy Mom MD’s Podcast on Negotiation

Guest Post on Miss Bonnie MD: A Woman’s Guide to Becoming Financially Independent

How Perfectionism In Medicine Spills Over Into Your Personal Finances

Finance For Physicians

If you drive a car and/or rent or own a home, do you know how to purchase and save money on home and auto insurance while maintaining adequate coverage?

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Andrew Wethall, an independent home and auto insurance agent for Energy Insurance Company. Andrew lives in Louisville, Kentucky, but works with customers all over the country. He makes clients’ insurance experiences easier all while maintaining adequate coverage at a fair price.

Topics Discussed: * Most Common Pitfalls: Re-evaluate insurance every 3 years after residency * Cheapest Option: Understanding the bones policy with state minimum coverage * Basic Auto Policy: Physical damage, comprehensive and collision, liability limits * Agent/Client Relationship: Pay attention to policy and continue to grow * Risks: Insurance works great for high cost and very unlikely risks * Umbrella Policy: Additional liability insurance to cover your assets * No-Fault States: Who's at fault for the accident or damage? * Car Rentals: What should you do when they’re pushing the insurance add on? * Insurance Pricing: Depends on credit, driving record, claims history, act of God * Structure: Differences between homeowner’s and renter’s insurance? * Out-of-Control Catastrophes: Earthquakes and floods are not usually covered * Attractive Nuisance: Umbrella policy for fun things—from pools to trampolines * Denied! Seek multiple opinions and work with an agent to get claims paid

Links: Energy Insurance Company

Andrew Wethall’s Email

Andrew Wethall’s Phone: 859-797-4384

Andrew Wethall on LinkedIn

Finance For Physicians

Should you pay off debt or invest? It’s a straightforward question. Yet, the answer is often not so straightforward and really depends on your situation.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger about the proper way to think through this question so that you can begin making more educated decisions about debt and investing.

Topics Discussed: * Assumptions and Assessment Factors: + What’s more important right now—financial independence or flexibility? + Are you saving enough or have enough to invest or pay off debt? + Mitigate Risks: Why consider return rates, interest rates, taxes, cash flow? * Mortgage Myths: Pre-payments can actually create loss of flexibility with funds * Be strategic: Consider refinancing debts to change the variables in your favor * Financial Stress: What makes you happy versus what makes you worry?

Links: Jeff Wenger on LinkedIn

Wrenne Financial Planning

Finance For Physicians

What does do-it-yourself (DIY) investment management look like? Taking this route isn’t for everyone. It depends on your situation and personal interest. Just because you can do it, doesn’t mean you should do it. If you want to do investment management yourself, learn how to do it right.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Kris Roach, a financial planning client who talks about what it’s like to take this on during his first year of practice. Kris has quickly and accurately implemented high-level investment advice. He’s doing it for the right way for the right reasons.

Topics Discussed: * Investing Knowledge and Experience: + Before: Basic but vague understanding of the stock market + After: Create and execute a financial plan to manage investments * Why follow the DIY vs. professional path? Interest, curiosity, and inherent satisfaction * Getting Started: Commit to learning portfolio process and motivated to achieve * Analysis Paralysis? Plenty of options makes picking perfect funds intimidating * Asset Allocation: Stick with active or passively managed funds, not both * Information Overload: So much, so sort and shortcut through invaluable sources * Time Investment: Takes a few months to set up accounts and select securities * Downturn Temptations: Buy and invest in different stocks? Stick to your plan * Ongoing Tasks: Fund accounts, rebalance, tax law harvesting, invest in the market * Suggestions: If not interested in DIY, find a fiduciary to dedicate time to finances * Fiduciary vs. Financial Advisor: Watch out for wine-and-dine opportunities

Links: Bogleheads Investing Advice and Info

White Coat Investor

Finance For Physicians

Are you a physician tired of getting ripped off and wanting a fair shake on Wall Street? Rather than getting mad, understand how the financial services industry works. Do the right thing by knowing when and why to hire or fire your financial advisor.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Jim Dahle, a practicing emergency room physician and founder of The White Coat Investor, and Alan Moore, co-founder and CEO of the XY Planning Network about DIY financial planning versus hiring a financial advisor to help.

Topics Discussed: * Making and Managing Money: Decide to hire help or do-it-yourself (DIY)? * Seeking financial advice: Stigma, status symbol, or too busy * Should a good advisor be saving you time and money? Good advice at fair price * Getting stuff done: Do you struggle to get those not so fun financial tasks done? * ]Mental energy: Are you fried and dreading financial chores? * Therapy and Financial Advice: Why financial planning often intertwines the two * Best and Worst Advisors: Compensation, commission, fee, CFP®, fiduciary? * Are you working with a broker or insurance agent posing as a “financial advisor”? * Conflict of Interest: Get a second opinion when pitched permanent life insurance * Financial Advice Future: Financial planning as a profession

Links: Dr. Jim Dahle - The White Coat Investor

Alan Moore’s Blog

XY Planning Network

10 Ways To Know You Are Competent to DIY Your Investments

FFP Podcast on The Financial Planning Process

FFP Podcast on Advisor Conflicts of Interest

Free DIY Guide To Creating Your Own Financial Plan

Example Comprehensive Written Financial Plan

Quantifying The Value of Financial Planning

Wrenne Financial Planning - Financial Planning Process

Financial Industry Regulatory Authority (FINRA)

National Association of Personal Financial Advisors (NAPFA)

SEC Regulation Best Interest

Feedback Questions

Finance For Physicians

During the holiday season, most people think about generosity, taking care of others, and their faith. Money is mentioned quite a bit in the Bible. What can people learn from Jesus about money?

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Ben Witherington III about valuable financial lessons taught by Jesus in the Bible that are still applicable to daily life. Ben is a world-renowned Biblical scholar, author, and speaker. Currently, he is a professor at Asbury Theological Seminary.

Topics Discussed: * Why was money mentioned in the Bible? World moved from barter to money * Dead Presidents vs. Living Rulers: Money was propaganda; sign of oppression * Critiques about reasonable, just, and fair uses of money/resources with context * Big Picture: God is creator of all things and owner of everything, including money * Implications: What would God have you do with money/resources he blesses you * Serve Money or God? Who, what, where, how to trust use of money, resources * Tax Deductions/Donations: Do’s, don’ts of sacrificial giving vs. financial suicide * John Wesley’s The Use of Money Principles: + Make all the money you can by honest means + Save all you can + Give all you can * Necessities vs. Luxuries: How much is too much? What’s needed to live simply? * Practice What You Preach: Church has obligation to take care of its own, others * Unplug and De-enculturate: Maintain values to live fruitful, helpful, meaningful life * Parable of Talents: Issue of what you do with what you have—be a good steward * What does Jesus want us to do with money? Jesus wants us to invest in others * Why be a methodist? Believe in social holiness and motivated by faith

Links: Dr. Ben Witherington III

Jesus and Money by Dr. Ben Witherington III

Asbury Theological Seminary

The Use of Money by John Wesley

Rich Christians in an Age of Hunger by Ronald Sider

Heart, Soul, and Money: A Christian View of Possessions by Craig Blomberg

United Methodist Committee on Relief (UMCOR)

Federal Emergency Management Agency (FEMA)

Finance For Physicians

Rich Christians in an Age of Hunger: Moving from Affluence to Generosity

Heart, Soul, and Money: A Christian View of Possessions

Jesus and Money: A Guide for Times of Financial Crisis

It’s that time of year again where many of you are considering giving generously to help others. What are some of the best tax strategies for giving?

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a fellow Certified Financial Planner (CFP®) and founder of Anesthesia Success—a planning firm and podcast dedicated to helping anesthesia and pain physicians make successful career and financial decisions.

Topics Discussed: * Charitably inclined? Uncle Sam encourages contributions to help everyone * Science of Giving: Feels good when faith shapes financial plan/philosophy * Giving Forms: Generously invest time, money, emotion for observable impact * Is giving important? When? Giving imperfectly is better than not giving at all * Standard vs. Itemized Deduction(s): Cultivate desire and mechanics of giving * Charitable Contributions: Change from above- to below-the-line tax deduction * Appreciated Securities: Giving a security that has unrealized taxable gains * Taxable Accounts: Investment account type that has no inherent tax advantage * Donor Advised Fund: Pros and cons of using the DAF strategy for giving * Batched Giving: Strategically think about timing of gift based on tax situation * Internal vs. External Factors: How will tax situations, brackets, policies change? * Tax Impact: Qualified Charitable Distribution vs. Required Minimum Distribution * Private Foundations: Give more meaningfully charitably to express generosity

Links: Justin Harvey’s Email

Anesthesia Success

Anesthesia and Pain Management Success Podcast

CARES Act

Tax Cuts and Jobs Act

Schwab Charitable

Fidelity Charitable

Finance For Physicians

Who wants to reduce their taxes? The first step requires educating yourself on the basics.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to David Glenn, a Certified Public Accountant (CPA) and founder of Glenn Advisory and the basics of how income taxes work. They also chat about some of the most common tax savings strategies that begin to appear when you start to understand how this all works.

Topics Discussed:

Baseline Knowledge:
- How does the federal tax return work?
- What are progressive taxes?
- How does income flow through the tax return?
- What are itemized deductions and credits?
- How do tax withholdings, deductions and credits affect tax refund or payment?
Form 1040: Main section of your income tax return where everything comes together
Why compensation doesn’t always equal federal taxable wages
Qualified dividends are preferred over nonqualified dividends
What to look for to avoid back-door Roth IRA taxation mistakes
Social Security: Can be taxed up to 85%
Capital Gains/Losses: Recognize sale of stocks, real estate, other capital assets
Adjusted Gross Income (AGI) Adjustments: HSA, self-employment, and others
Tax Deductions: Itemized or standard deduction(s) based on filing status
Use taxable income and tax tables to determine total tax due
Tax Credits are great because they directly offset tax due dollar for dollar

Links:

David Glenn on LinkedIn

Glenn Advisory

IRS Tax Forms, Instructions, and Publications

Schedules for Form 1040

Schedule D (Form 1040), Capital Gains and Losses

Schedule 1 - Additional Income and Adjustments to Income

Form W-2 Wage and Tax Statement

Form W-4 Employee Withholding Certificate

Tax Cuts and Jobs Act (TCJA)

State and Local Tax Deduction (SALT)

Child Tax Credit

Schedule K-1 Form

Schedule K-2 Form

Finance For Physicians

Why should physicians in practice consider a Backdoor Roth IRA? Make sure to do it correctly and efficiently to get the greatest benefits.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jennifer Quire about the Backdoor Roth IRA. Jennifer is Daniel’s colleague at Wrenne Financial Planning and a fellow Certified Financial Planner CFP®.

Topics Discussed:

When to consider the “back-door” Roth IRA instead of the normal Roth IRA
Steps to take to go through the “Back-door”
Common mistakes to avoid
Step Transaction Doctrine: No multiple steps allowed to circumvent IRS’s rules
What is the pro-rata rule and why is it important to watch out for?
Why is the Roth IRA beneficial to physicians and others?
- Serves as additional option for tax favored retirement savings
- Provides tax diversification (future tax-free withdrawals)
- No Required Minimum Distributions “RMD”s required on Roth IRAs
- Often provides additional creditor protection
Verify Form 8606 is included in your federal tax return
Verify that line 4b is correct on your Form 1040 (main form in federal tax return)
Verbally notify your accountant that you’re funding the back-door Roth IRA
Save the Form 5498 (verifies funding) and Form 1099-R (verifies Roth Conversion)

Links & Bonus Content:

Backdoor Roth: A Complete How-To

Backdoor Roth IRA 2020: A Step by Step Guide with Vanguard

Backdoor Roth IRA Ultimate Guide and Tutorial

17 Ways To Screw Up A Backdoor Roth IRA

Step Transaction Doctrine - IRS

Pro-rata Rule - IRS

Finance For Physicians

Money isn’t always the key to happiness. What are the key financial planning processes for using your money to live a better life?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks with his colleague, Jennifer Quire, a fellow Certified Financial Planner CFP®. As financial planners, Daniel and Jennifer’s goal is to help physicians use their money to live better lives. This starts with working through the financial planning process. Listen in to find out what this looks like.

Topics Discussed: * What is a financial plan? Roadmap of where you are and want to be * How to create a financial plan? + Organize financial affairs + Clarify values and goals + Analyze options + Decide best path forward + Execute next steps * What’s most important to you? Money isn’t always the answer * Life Planning Questions: If financially independent… + I want you to imagine that you are financially secure, that you have enough money to take care of your needs, now and in the future. The question is, how would you live your life? What would you do with the money? Would you change anything? Let yourself go. Don’t hold back your dreams. Describe a life that is complete, that is richly yours. + This time, you visit your doctor who tells you that you have five to ten years left to live. The good part is that you won’t ever feel sick. The bad news is that you will have no notice of the moment of your death. What will you do in the time you have remaining to live? Will you change your life, and how will you do it? + This time, your doctor shocks you with the news that you have only one day left to live. Notice what feelings arise as you confront your very real mortality. Ask yourself: What dreams will be left unfulfilled? What do I wish I had finished or had been? What do I wish I had done? [Did I miss anything]? * Analysis Paralysis: Focus on one thing at a time to make progress * Deadlines: Time gets in the way and people don’t like change, ask for help * A financial plan becomes worthless if you never execute on it

Links: Jennifer Quire on LinkedIn

DIY Planning Guide (Free)

Written Financial Plan (Example)

Net Worth Tracker Tool (Free)

Wrenne Financial Planning - Financial Planning Process

Kinder 3 Questions

Lastpass Password Manager

Google Drive

Finance for Physicians

Are you a physician transitioning into practice or facing an employment contract change or renewal?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jon Appino, founder of Contract Diagnostics. Jon’s company is dedicated to taking a fun and educational approach to helping physicians negotiate employment agreements and compensation structures.

Topics Discussed:

Employment Contracts and Compensation:

- What do physicians need to know about contract negotiations?
- Why is it important for physicians to understand employment contracts?
- How does the contract negotiation process work?
- When should physicians engage a third-party’s assistance?
Legal Perspective: Lawyers aren’t always up to date on trends in medicine
Physician Employment Contract: Set clear compensation/benefits expectations
Terminating Agreement: What are financial penalties and career ramifications?
Negotiate or not? Be proactive in job search and site visit; don’t commit yet
Letter of Intent: Let formal discussions begin before signing offer/contract
Employment Decisions: Individualized based on what’s most important
Contracts, agreements, and policies vary depending on different factors
Compensation Structure: Review contract terms regularly to determine relevancy
Renewal Contracts: Ask for what you want, even if it takes difficult conversations
Compensation Data: Understand what the physician/medical market may bare
Predicting Physician Contracts: Continue to be complex and move toward quality

Links:

Jon Appino on LinkedIn

Contract Diagnostics

Contract Diagnostics’s Email

Public Service Loan Forgiveness (PSLF)

Medscape

Medical Group Management Association (MGMA)

Finance for Physicians

Can money buy happiness? You can have all the money in the world and be completely unhappy. How can they use money and time to live happier lives.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about the science behind using money and time to attain happiness. In the previous episode, Jeff discussed how physicians can better align time and money management with their values.

Topics Discussed:

Psychology and the Good Life: Laurie Santos’s scientific research on happiness
Laurie’s Lesson 1: Our minds are really bad at predicting happiness
Tangible vs. Intangible Things: What brings you the greatest happiness?
Laurie’s Lesson 2: Circumstances don’t play as big a role as people think they do
What drives happiness? 50% genes, 10% circumstances, 40% thoughts, actions, and attitudes
Laurie’s Lesson 3: Time versus money, which do you value more?
Spare Time: Spend money on things that save time for best return on happiness
Trade Offs: Delegate to make time and gain back time that brings happiness

Links:

Wrenne Financial Planning

The Science of Happiness and How to Improve Your Happiness (Free Course by Dr. Laurie Santos)

How to Be Happy: A Cheat Sheet

Free Tests to Help Measure Happiness

The Happiness Lab Podcast

The GI Joe Fallacy: knowing is not half the battle

How Much of Your Happiness Is Under Your Control?

The How of Happiness: A New Approach to Getting the Life You Want

High income improves evaluation of life but not emotional well-being by Daniel Kahneman and Angus Deaton

Fire Your Financial Advisor (WCI Online Course)

Finance for Physicians

The How of Happiness: A Scientific Approach to Getting the Life You Want

You can have all the money in the world and be completely unhappy. Everybody wants to move closer toward living out their version of an ideal life. Yet, the daily grind we all face tends to push us away from this.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks with his colleague Jeff Wenger, about how physicians can better align time and money management with their values.

Topics Discussed:

Where to begin? Start with a plan to align financial actions with values

Two Mindsets: Auto-pilot thinking versus deliberate thinking
Awareness: Start with gaining awareness of your actions
Time and Money Management Exercise: Find ways to track what you’ve done
Awkward Conversations/Characteristics: Plan for success, write your obituary
Life Planning: Kinder’s 3 questions about living out your ideal life
New Day-to-Day Decisions: Say ‘no’ to things that don’t align with your values
Ideal Calendar: Prioritize values by making time and space on your calendar
Should you stay on auto-pilot? No, do something, take action to help your wealth

Links:

Jeff Wenger on LinkedIn

Wrenne Financial Planning

Thinking, Fast and Slow by Daniel Kahneman

Toggl

RescueTime

Mint

Moment

Three Questions - George Kinder

Dad Tired Podcast

Using a Values-Based Lens to Identify Financial Blindspots by Daniel Wrenne

Finance for Physicians

Thinking, Fast and Slow

Physicians seeking independent financial planning advice at a fair price should find financial advisors who mitigate conflicts of interest that cause more harm than good.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Donovan Sanchez, a Certified Financial Planner (CFP) and founder of Skyview Financial Planning. Donovan covers different conflicts of interest that most people are unaware of and the importance of disclosure requirements to find a quality financial advisor.

Topics Discussed:

Financial Advisor Types: Anybody working in the financial services industry
Compensation Models: Pay for services via commission, fee-only, or fee-based
Challenging Conflict: Provide advice in advisor’s and client’s best interest
Teaching/Training: How to make sales and do financial planning to offer advice
Major Manufacturers: Research proprietary products, means of distribution to sell
Learn Language: Talk like a financial advisor to focus on quality or make sales
Clients and Referrals: How many to make sales and create custom plan/advice
Disclosure: Put client’s interests first and disclose/manage conflicts of interest
Space and Stability: Become a good financial advisor before giving advice
Find Financial Advisor: Reach out to identify training, guidance, and get paid
Future of Financial Advice: Take step forward to regulate financial advisor title

Links:

Donovan Sanchez’s Website

Donovan Sanchez’s Articles on Conflicts of Interest:

https://thephysicianphilosopher.com/the-code-conflicts-and-client-interests/

https://www.physicianonfire.com/financial-advisor-confessions/

https://www.whitecoatinvestor.com/confessions-of-a-financial-advisor/

Daniel Wrenne’s Article on Transitioning Away from Northwestern Mutual: https://www.kitces.com/blog/one-northwestern-mutual-insurance-brokers-breakaway-to-fee-only-ria-in-just-months/

Northwestern Mutual CFP Disclosure

Dave Ramsey’s The Total Money Makeover

Finance for Physicians

Why do physicians in training fail to focus on their personal finances? Why aren’t they willing to own their mistakes, learn from them, and teach others how to avoid them?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Jordan Frey about his financial journey and how he went from burying his head in the sand to gaining full control over his finances. Along the way, he created the Prudent Plastic Surgeon blog to help increase financial literacy within the profession and help his colleagues avoid the mistakes he made. Jordan recently completed his plastic surgery residency and fellowship in microsurgery at NYU. Now, he serves as a plastic surgeon at Erie County Medical Center (ECMC). He also created the Prudent Plastic Surgeon blog where he shares more on his financial journey.

Topics Discussed:

Financially Clueless: It’s so easy to bury your head in the sand
Financial Well-being: Climb out of the hole and sort out your personal finances
Success: What is wealth? Financial well-being and focusing on what matters
Culture of Consumerism: You are what you buy versus what makes sense
Narcissism? Jordan got into medicine to be a better doctor, not to make money
Financial Failures: Admit to what you don’t know and learn from your mistakes
Time Constraint: Excuse or reality to find time to focus on personal finances
In Training Paychecks: Start small, avoid lifestyle creep, save rather than spend
Personal and Financial Well-being: Establish ‘why’ to make the ‘how’ easier
Lack of Financial Literacy: Physicians are easy targets for non-fiduciary advisors
Financial Metrics: Check bank accounts to stay on budget and track net worth
Financial Literacy Blind Spots: Continue financial education and take action

Links:

Jordan Frey’s Blog

Jordan Frey’s Email

Jordan Frey’s Work Profile

Jordan Frey’s Journey

The Millionaire Next Door - Thomas Stanley

The Millionaire Real Estate Investor - Gary Keller

White Coat Investor

Finance for Physicians Net Worth Tracking Template

Finance for Physicians

The Millionaire Real Estate Investor

The Millionaire Next Door: The Surprising Secrets of America's Wealthy

What should physicians do with their federal student loans? How does PSLF work? When should you consider private refinance?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Travis Hornsby, founder of Student Loan Planner—a website, blog, podcast and planning service focused on everything related to student loans.

Topics Discussed:

Basics of Public Service Loan Forgiveness (PSLF):
- How PSLF works
- Key strategies to impact bottom line
- Student loan mistakes to avoid
- Future of student loans
COVID Forbearance and Consolidation: Don’t lose PSLF-qualifying payments due to bad advice
Student Loan Loopholes: Breadwinner, Biden, Double Debt, and Marriage
PSLF Snowball Effect: Spread knowledge to stop skepticism
PSLF Process: Start by completing certification form to certify income and credit
Repayment Plans:
- Income-Driven Repayment (IDR)
- Pay As You Earn (PAYE)
- Revised Pay As You Earn (RePAYE)
Presidents and Predictions: More generous government funded student loans
Student Loans Stipend: Not-for-profit hospitals’ recruitment efforts hurt, not help
Forgiveness: Save for and invest in other goals to live without debt regret

Links:

Student Loan Planner

When RePAYE and PAYE Clash

St Loan flowchart on repayment options

ECF Form Instructions

IDR Plan Information

PSLF Application Instructions

PSLF Data on Forgiveness vs. Approval

Student Loan Planner's Calculator

NHSC Loan Repayment Program

What You Can Do For Your Country Act

Finance for Physicians

Nobody’s perfect. Everyone needs to take care of their mental health, including physicians. Perfectionism in medicine can spill over into physicians’ personal finances.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Michael Myers about physician perfectionism. Michael is professor of clinical psychiatry at SUNY-Downstate Medical Center and author of eight books covering everything from physician suicide and mental health to physician marriages.

Topics Discussed:

Tyranny of Perfectionism: Extreme perfection can affect productivity
Good Enough: Strive for excellence, but find and accept balanced portion
Human Humor: Welcome to medical school, you’re (not) the best and brightest
Imposter Syndrome: Message of perfectionism leads to inferiority
Survive and Thrive: Perfectionism is expected, to err is human
Demographics and Diagnoses: Diverse physician and patient population
Signs: Worry too much, stay too late, struggle with competence and confidence?
House of Medicine Stigma: Should doctors ask for or need help?
Physician Personalities and Psychiatry: Self-resolve or seek help with triggers
Money Management: Most physicians are not gifted in economics/business
Marriage and Money: Keeping up with the Joneses linked to perfectionism
Priviledge or Poverty: Physician’s upbringing is pressure to maintain or do better
Married to Doctors: Say and do something in a loving manner; listen and get help
Co-parenting: Compliment and cut back on child’s activities; time is not unlimited

Links:

Michael F. Myers, MD

Tyranny of Perfectionism

American Association for Marriage and Family Therapy

Imposter Syndrome

Smart Marriages

Gottman (Research Based Approach to Relationships)

Married to Doctors (Lara McDeep)

What My Shrink Would Say Podcast - Perfectionism

Therapy for Black Girls - Perfectionism

Thomas Curran - TED Talk: Our dangerous obsession with perfectionism is getting worse

Thomas Curran - Perfectionism Is Increasing, and That's Not Good News

JAMA

Psychology Today

Finance for Physicians

If you avoid talking about money with your children, then who pays for it later in life? Whether you know it or not, you’re teaching your children about money every day. Teach them what works and what doesn’t when it comes to finances.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. David Weisenhorn about money and parenting. David is a Senior Extension Specialist for Parenting and Child Adolescence Education at the University of Kentucky.

Topics Discussed:

What is a family scientist? Mixes psychology and sociology focused on families
Taboo Topic: Money isn’t up for conversation; vulnerabilities around values
Lack of Education: Discussing finances in not covered in traditional curriculum
Effects: Educate children to avoid risk of not using and handling money properly
Mistakes: Avoiding subject of money doesn’t mean kids won’t use/experience it
Proactive Parenting: Daily practice of teaching children how to deal with money
Financial Literacy: Learn jargon and teach simple concepts via currency games
Money Personalities: Habits and attitudes toward spending and saving
Sink or Swim? Worth it to learn value of dollar early on to gain knowledge
Allowances/Chores: Required versus going above and beyond to earn money
Intrinsic/Extrinsic Motivators: Monetary incentives and sustainability of actions
Zone of Proximal Development: Allow children to make and learn from mistakes
Goals and Expectations: Smart small, don’t overpay, earn money from hard work

Links:

Dr. David Weisenhorn

University of Kentucky’s Extension Office

Money Habitudes Game

The Game of LIFE

Monopoly Game

Lev Vygotsky's Zone of Proximal Development and Scaffolding

Finance for Physicians

What is your relationship like with money? Are you always trying to keep up with the Joneses? Would you and your partner benefit from financial therapy? Don’t judge, because everybody can benefit from therapy.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Ed Coambs, a licensed marriage and family therapist, certified financial planner (CFP), and founder of Charlotte Couples Counseling. Ed shares practical tips to improve your financial behaviors and relationship with money.

Topics Discussed:

Couples Around Money: Mix of emotion, experiences, and desire to connect
Why financial therapy? Financial stress due to thoughts, emotions, behaviors
Pain Points: Spending versus saving is challenging and problematic for couples
Power Control: What does money mean and represent? What is valued most?
Equal Partnership? Understand social meaning of professional identity
Converted Skeptic: Everybody can benefit from therapy with ability to heal
Male Psyche: Character defect or discomfort doesn’t make a narcissist
Financial Flashpoints: Partner’s experiences and expectations around money
Money Management: Yours, mine, or our money in separate or joint accounts
Money Egg Exercise: Is your relationship with money positive or negative?

Links:

Charlotte Couples Counseling

Healthy Love and Money

Family Money Tree Course

Ed Coambs on Instagram

Money Egg Exercise

ACES Study

The Mask You Live In

Brad Klontz: Financial Flashpoints and Money Scripts

Dr. Dan Siegel: Neural Integration

Financial Therapy Association

Physicians are super busy people, but the key is educating them to make the right decisions. What should every physician know about incorporating long-term disability insurance into their financial picture to help them live better lives?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Larry Keller, founder of Physician Financial Services. Larry is a Certified Financial Planner (CFP®) and insurance agent who helps physicians secure and maintain life and disability insurance.

Topics Discussed:

Basics of Long-term Disability Insurance:
Best rates and discounts
Finding an agent
Being an educated buyer
Understanding key contract provisions
Comparing insurance companies
What is long term disability insurance?
Types of Disability Coverage: Group, individual, and association
Special coverage amounts for residents, fellows and new in-practice physicians
Right Time to Buy: Sooner than later and when you don't think you need it
COVID: Practices shut down, so what happens without income?
Guaranteed standard issue plans and pre-existing medical conditions
Cost range for long term disability insurance for residents and fellows
Unisex/Gender Neutral: Coverage provides blended rates for males and females
Physician and Agent Discounts: Same structure, same policy, but different prices
Own Occupation: Ensures ability/inability to do job duties for medical specialty
Lease w/Option to Buy: Graded premiums or fixed costs where coverage is same
Put in Time Now: Understand what and why you’re getting, paying, and doing

Links:

Larry Keller’s Email

Larry Keller’s Phone: 516-677-6211

Physician Financial Services

Finance for Physicians

What is a physician mortgage? How does it compare to a conventional mortgage? Why is it important to work with a mortgage lender that you trust and that also knows his or her stuff?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Richard Ricci, a loan officer from Truist (formerly SunTrust Mortgage). Richard graduated with a business degree from the University of Florida and has made mortgage lending and quality of service his passion. Richard specializes in Truist’s industry leading Doctor Loan program. However, he is an expert in all types of mortgage loans, including conventional, VA, FHA, Jumbo, and new construction.

Topics Discussed:

Basics of Physician Mortgages:
How qualification works
How credit scores play into loan requirements
Best practices when shopping for lenders and comparing rates
Differences between physician mortgages and conventional loans
What’s with mortgage rates? Lowest they’ve ever been—keep getting lower
Physician Loan Benefits: Lower down payment with no PMI
Debt-to-Income Ratio: Determines maximum loan amounts
Credit Scores: Depends on lender, but higher credit score, better interest rate
All that matters? Don’t be misled by lenders’ interest rates and closing costs
Compare and Consider: APR and lender fees on good faith/loan estimate
15- vs. 30-Year Loan Options: Go with 30-year fixed rate, just in case
Denied?! Gatekeeper cares, limits stress, and knows physician loan guidelines

Links:

Richard Ricci - Truist Physician and Jumbo Loan Specialist (NMLSR #659699)

Richard Ricci’s Email

Richard Ricci on Facebook

Richard Ricci’s Phone: 855.501.6730

Richard Ricci’s Cell: 904.994.0847

Credit Karma

myFICO

Finance for Physicians