Financial Clarity for Doctors: Recent Episodes
Finity Group
Corey Janoff and Rachelle Vanderzanden of Finity Group discuss pertinent financial planning topics affecting doctors and other medical professionals.
It’s summer! Time for fun in the sun and extra time with friends and family, which can have an impact on the finances! In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden walk through a few things that can be helpful during a mid-year financial planning check.
Ideas for Summer Planning:
- Take a moment to review your spending and reflect on whether it matches up with those goals!
- Spent a lot of money on eating on travel, but travel is important to you? That might be just fine! Everyone is different.
- Review progress toward making maximum retirement contributions (if you are able).
- Are you on track to make the maximum employee deferral contribution of $24,500 to your employer plan?
- Review your cash on hand to see if you have anything “extra” that can be put toward long-term goals.
- Can potentially add funds to 529 college savings accounts, 530A (Trump Accounts), or other investment accounts, depending on your goals.
- Go through your workplace benefits to ensure you are using them!
- Unused vacation days that may expire?
- Flexible Spending Account balances that need to be used?
- Potentially make some strategic tax planning moves depending on your circumstances.
- Example: Roth conversions add funds to your taxable income in the year converted, but then funds can grow tax free if used for qualified retirement withdrawals.
- Do a quick risk review – For example do you have adequate insurance and an estate plan drafted?
You can review your finances any time of year, but the summer can be a great mid-year reset. Sit back and relax on your deck with a cold beverage and lots of numbers! Sounds like fun to us!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions.
Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Finity Group, LLC is a separate entity from LPL Financial.
Finity Group and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation.
This material is for general information and educational purposes only and is not intended to provide specific advice or recommendations for any individual. Investing involves risk including the loss of principal. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. A Roth IRA conversion—sometimes called a backdoor Roth strategy—is a way to contribute to a Roth IRA when income exceeds standard limits. The converted amount is treated as taxable income and may affect your tax bracket. Federal, state, and local taxes may apply. If you’re required to take a minimum distribution in the year of conversion, it must be completed before converting. To qualify for tax-free withdrawals, you must generally be age 59½ and hold the converted funds in the Roth IRA for at least five years. Each conversion has its own five-year period, and early withdrawals may be subject to a 10% penalty unless an exception applies. Income limits still apply for future direct Roth IRA contributions. This material is for informational purposes only and does not constitute tax, legal, or investment advice. Please consult a qualified tax professional regarding your individual circumstances. Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing. Trump Accounts offer tax deferred growth on earnings. Family contributions are made with after tax dollars, and eligible employer contributions may be excluded from the employee’s taxable income. A one time $1,000 federal contribution may be available for eligible children born between 2025 and 2028. Distributions are generally prohibited during the child's growth period and, once permitted, are taxable as ordinary income and may be subject to a 10% IRS early distribution penalty if taken before age 59½. Contribution limits and other restrictions apply, and some rules remain subject to future Treasury and IRS guidance. Consult a qualified tax advisor or financial professional before making decisions. Rebalancing a portfolio may cause investors to incur tax liabilities and/or transaction costs and does not assure a profit or protect against a loss. Finity Group and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation.
Citations:
Internal Revenue Service. Frequently asked questions on gift taxes. https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes.
Internal Revenue Service. Charitable contribution deductions.. https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions.
Trump Accounts. https://trumpaccounts.gov/.
Bart, Susan T. and Connie T Eyster. What is a Trump Account? Rules, Taxes, and How They Work for Families. https://www.actec.org/resource-center/video/trump-accounts-explained/. 2026. The American College of Trust and Estate Counsel.
In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden talk through some scenarios where it is helpful to have thick skin! With finances (and especially investing), it won’t always be fun.
Investing Challenges and Suggestions:
· Investment accounts will very likely go down in value at some point and may stay down for a while. BUT to date, have grown substantially over time.
o $1,000 invested in the S&P 500 in 1960 would be worth close to $127,000 today. Without dividends reinvested and without taking into consideration inflation.
· This is uncomfortable! But the discomfort is part of it.
· Mentally prepare yourself for the rough patches.
· Try not to make knee-jerk reactions or make decisions emotionally.
· Diversification can potentially lessen some of the bumps in the road.
Investing is not for the faint of heart! Celebrate the wins but accept the likelihood that investment returns will not always be rosy.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions.
Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Finity Group, LLC is a separate entity from LPL Financial.
Finity Group and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation.
This material is for general information and educational purposes only and is not intended to provide specific advice or recommendations for any individual. Investing involves risk including the loss of principal. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Finity Group and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
Citations:
Lawrence of Arabia. Directed by David Lean, Columbia Pictures, 1962.
MacroMicro. MSCI Global Stock Market Index 12-month Returns (USD). https://en.macromicro.me/charts/93437/MSCI-Global-Stock-Market-Index-12month-Returns-USD.
Webster, Ian. Official Data Foundation. S&P 500: $100 in 1960 → $82,419.64 in 2026. https://taxfoundation.org/data/all/state/estate-inheritance-taxes/. WSJ Markets. US & Americas Stock Index. https://www.wsj.com/market-data/stocks/us/indexes.
Yahoo. S&P 500. Historical Data.
https://finance.yahoo.com/quote/%5EGSPC/history/?period1=-599875200&period2=31881600&interval=1wk&filter=history&frequency=1wk&includeAdjustedClose=trueS&P.
Sometimes it’s fun to daydream a bit! In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff unpack the potential uses of those unexpected windfalls. The lottery is a great example, although a long shot – especially if you don’t play! Selling a business or receiving a large inheritance is much more likely for some of you. Below are some practical (and not so practical) ideas.
Practical matters first:
- There will be tax considerations for any windfall and consulting a tax professional and/or financial planning professional will be very helpful. They can help you consider:
- Lump sum vs annuity payments
- Timing of business ownership transfer and payments
- Taxation on various inherited assets and the timing of withdrawals and sales
- Then, assess where you are with your goals!
- Can ensure you are on track for retirement, college savings, debt repayment, and so many other things.
- Last – the fun stuff!
- With large windfalls, maybe you get to do that pie in the sky dream splurge?
- Golf simulator?
- Vacation house?
Large chunks of money can potentially have larger tax implications depending on their source. Consulting a tax planning professional can be very helpful in these circumstances. And with these windfalls, consider what’s really important to you, tackle that first, then maybe you’ll have extra for a splurge!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions.
Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Finity Group, LLC is a separate entity from LPL Financial.
Finity Group and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation.
This material is for general information and educational purposes only and is not intended to provide specific advice or recommendations for any individual. Investing involves risk including the loss of principal. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Finity Group and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. ETFs trade like stocks, are subject to investment risk, fluctuate in market value, and may trade at prices above or below the ETF's net asset value (NAV). Upon redemption, the value of fund shares may be worth more or less than their original cost. ETFs carry additional risks such as not being diversified, possible trading halts, and index tracking errors. Fixed and Variable annuities are suitable for long-term investing, such as retirement investing. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Guarantees are based on the claims paying ability of the issuing company. Withdrawals made prior to age 59 ½ are subject to a 10% IRS penalty tax and surrender charges may apply. Variable annuities are subject to market risk and may lose value. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply
Citations:
Loughead, Katherin. Estate and Inheritance Taxes by State, 2025. Tax Foundation. October 28, 2025. Bonus Depreciation for Short-Term Rentals: The Complete Guide (2026). https://taxfoundation.org/data/all/state/estate-inheritance-taxes/
Powerball. FAQS. https://www.powerball.com/faqs
In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff discuss some benefits of tax minimization for high income earners, but also the need to look beyond and keep things simple sometimes. When you are constantly chasing tax savings, you can end up using strategies that are time consuming, potentially expensive, and sometimes overly complicated.
More complicated tax minimization strategies can include:
- Real estate ventures
- Commercial solar investments
- Strategic use of permanent life insurance
Simpler tax planning can include:
- Maxing out your tax-advantaged retirement plans
- Using tax loss harvesting, when possible, in taxable investment accounts
- Potentially holding municipal bonds in taxable accounts
- Direct indexing in taxable accounts
- Being strategic about the timing of taxable distributions in retirement – potentially converting some pre-tax dollars to Roth before required minimum distributions kick in, etc.
There are some people who really enjoy exploring and executing complicated new strategies. For many people, the best idea is to keep things relatively simple. Financial professionals can help you with many of these strategies, but it’s important to have a good understanding of what’s happening with your money. You get to decide how much time and energy you want to put into that.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Finity Group, LLC is a separate entity from LPL Financial. Finity Group and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation. Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA
Citations:
Amir Ali, Kamran. Bonus Depreciation for Short-Term Rentals: The Complete Guide (2026). Guest Manual. April 17, 2026. https://www.guestmanual.com/articles/bonus-depreciation-short-term-rental
Watson, Jason. Selling Your Rental Property – Cost Basis and Recapture. WCG. March 31, 2026. https://wcginc.com/kb-rental-property/selling-your-rental-property-cost-basis-and-recapture/
In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden talk through some stock market noise. It’s hard to know when to listen to headlines and what information to heed. What we listen to as investors and what the movers and shakers listen to may be very different.
Discussion in this episode include:
- The focus of retail investors, including local news, conflicts, prices close to home, and talking heads like Ray Dalio.
- For individual investors, it’s hard to look past the noise to see if the fundamentals are sound for investing.
- The focus of institutional investors including earnings/profits, interest rates, and taxes.
- Generally, if companies are making money, big investors are happy to hold stock in those companies despite other happenings in the world.
- Our expectation of how the stock market will perform and how it does perform are often very different.
As always, focus on your long-term strategy! Trying to use information in the short-term to make decisions about your long-term investments can often be counterproductive. You can end up selling due to fear and then missing out on gains. No ones wants that!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Finity Group, LLC is a separate entity from LPL Financial.
Citations:
Dalio, Ray. New York Times. A Legendary Investor on How to Prevent America’s Coming ‘Heart Attack’. Published May 7, 2026.
Earnings reports pulled from Google AI Overview.
In so many ways, television and movies can be unrealistic. Some things fly under the radar most of the time! In this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff walk through some examples of shows with characters living inflated lives. Does it make sense given their profession and age? Probably not. They often have nicer homes and nicer things and a lot more free time than their counterparts in real life.
Shows featuring medical professionals living inflated lifestyles include:
- Shrinking is a great example! Jimmy is a Cognitive Behavioral Therapist in Southern California in a beautiful home and he barely seems to work. How?
- Shows featuring trainees seem to do a better job (sometimes). The Pitt, Grey’s Anatomy, ER – all seemed to discuss at one point or other the struggle to make ends meet as an Intern, Resident, or Fellow.
- Many classic sitcoms feature regular people with a variety of jobs in absolutely gorgeous homes in California. Modern Family and Full House are great examples. Or a rent-controlled apartment in New York!
“Keeping up with the Jones” is hard enough. Do not try to keep up with their counterparts on television! You never know the resources people may have, but lifestyle and income alone rarely match up on screen.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Finity Group, LLC is a separate entity from LPL Financial.
Citations:
Redfin and Zillow were used to find comparables for houses in specific areas.
Human behavior and feeling is not always driven by numbers and data. This is especially true when we think about consumer sentiment compared to the economy we review in numbers and charts. In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden discuss current economic sentiment, current economic conditions, and why those two things seem to be harder and harder to reconcile.
How are we feeling and what do the numbers show?
- A University of Michigan survey earlier this year showed that consumer sentiment is at its lowest point since 1978 (strong employment, but high inflation and a weak dollar).
- Reasons include fears of new technology (will AI take our jobs?), interest rates/federal reserve, lingering effects of inflation, geopolitical conflict, and domestic political differences.
- BUT:
- Unemployment is ~4.3% - low historically, but higher than a couple years ago.
- But job addition numbers are low.
- S&P 500 is at an all-time high as of mid-April 2026.
- Almost two thirds of people are investing in stocks.
- Inflation is about 3%. Very close to average, but we are still feeling the lingering effects of the last couple years.
- Wages have grown faster than inflation.
- Unemployment is ~4.3% - low historically, but higher than a couple years ago.
- Despite the positive economic data, lots of things can make our “sentiment” more negative, especially if it affects us directly. That can include things like:
- Feeling like buying a home is no longer affordable.
- Being stuck in a job you don’t like, because there are limited job opportunities.
- Experiencing more localized effects of things like decreased tax revenue – cuts in schools for example.
As always, these topics are large and nuanced. We have little to no control over larger economic trends. Try to focus on what you can control, whether that’s your own personal finances or the causes you choose to support. Listen to the full episode to learn more.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Finity Group, LLC is a separate entity from LPL Financial.
For a lot of people, the answer to when they would like to retire is “as soon as possible!” For those folks, a lot of resources often need to go toward that goal, because it is challenging! In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden discuss some challenges of early retirement and how to best work toward that goal.
Early Retirement Basics:
- What is early?
- Social Security Full Retirement Age is now Age 67.
- Age 65 is still fairly standard.
- Age 60 is early retirement! If you are thinking about retiring even earlier, the challenges compound.
- Being prepared to quit work earlier means you will have fewer years to save, fewer years for your money to grow, and more years to support yourself without earned income. This is the challenge!
- Every situation is different, but for most people, that means you must save a large percentage of your gross income for retirement.
- This reduces the lifestyle you need to maintain in retirement and helps your savings grow faster.
This is a complicated and nuanced topic with lots more to learn! To learn additional early retirement strategies, listen to the full episode. As always, we encourage folks to focus on what they can control – spending, savings, and potentially earnings.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
April is Financial Literacy month, and in this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden talk about some basics of teaching kids to save and manage money responsibly. Getting kids to the point where they are financially independent is a huge milestone, and sometimes it feels like that is harder to achieve than it has ever been.
Strategies and ideas for raising financially literate children:
- Model good financial habits and discuss them with your children. This includes:
- Tradeoffs – you can buy this, but then won’t have enough money for that.
- Delayed gratification – saving for the “big” items.
- Retirement – we set aside some of our money, so someday we can quit working.
- College – we set aside money for you, so that someday you can go to college, learn schools, and get a good job to be able live on your own.
- Taxes – some portion of the money we make goes to the government to pay for schools, roads, and other things.
- Start early with the basics and as your children grow, you can incorporate things like savings accounts, investment accounts, and even involving your kids in decision-making with family spending (vacations are a great example!).
There is no perfect way to teach every single kid, but knowledge is key here! You don’t necessarily need to discuss specific numbers like salaries, but involving kids in the household finances at a very basic level is a great way for them to learn.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden are joined by Zach Kill, CFA® to walk through some of the basics of mutual funds and exchange traded funds (ETFs). They are very similar! But there are a few differences and pros/cons to both.
Similarities:
- Both are collections of investments purchased with pooled money, usually from many different investors.
- There is generally a stated purpose for the fund. For example, an S&P 500 ETF and mutual fund are both designed to track the performance of the 500 largest publicly traded companies in the U.S.
- Both can be either passively managed (most likely following an index) or actively managed with a management team selecting individual companies to buy and sell.
Differences include:
- The timing of trading and pricing.
- Mutual funds are generally traded and priced at “Net Asset Value” (NAV) as of the end of the day when the trade was initiated.
- ETFs can be bought and sold throughout the day, similar to stock trading.
- This can affect things like price and tax efficiency.
There are a few other options that we cover in this episode as well. Listen to the full episode to learn more, including why any of this even matters.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden walk through some realistic expectations for investment returns. The biggest thing is to expect a bumpy ride! Then it is harder to be caught off guard.
In this episode we discuss:
- Historical returns of different categories of investments over time.
- The best and worst decades. The range is huge!
- Cumulative returns over time for different markets and time periods.
- The value of diversification.
Past returns cannot tell us how markets will perform in the future, but they provide great examples of just how volatile investing can be. One of the best years to be invested in large US companies was 1954 with about a 53% return in the S&P 500; while one of the worst years was 2008 with about a -37% return. That is a wide variety of outcomes that you must be prepared for when investing in the stock market. Having diversification can soften those sharp edges a bit, but it’s still going to be a bumpy ride! Listen to the full episode to hear more.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
It’s tax season! In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden dive into the horror and torture of filing your annual tax returns. We may not be accountants, but we can certainly commiserate.
In this episode we discuss:
- Some basics of taxation, including where your tax money goes and why it feels so challenging to tackle the filing process.
- A few ways to reduce your taxable income AND increase your savings through workplace retirement plans and things like Health Savings Accounts.
- Suggestions on how to stay organized to ease the process a bit.
- Encouragement to outsource tax planning to professionals if/when you feel overwhelmed.
Often paying your taxes is not too terrible, but the process of completing and filing your return can cause anxiety and fear. Our tax system is complicated, and it is not uncommon to feel like you’ve missed something. It may be worth a little money to offload that worry and concern. Listen to the full episode to hear more.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Sometimes the world feels scarier than average. In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden, walk through some questions and discussions that have come up with clients who seem to be bracing for something scary to happen that will affect their portfolios.
In this episode we discuss:
- Current fears, including the growth of AI companies, geopolitical risk, housing affordability, and political tension.
- Past examples of market drawdowns, some short-lived, others that took a long time to recover from!
- Covid downturn
- Housing crisis
- Internet bubble
- Great depression
- How market cycles and economic/political cycles do not align as well as you may expect.
- We cannot guess how the market will react to specific economic or political events.
- The market recovered very quickly during Covid even though a lot of people were still struggling.
- How diversification can help insulate you from some risk but also help you feel more comfortable with your portfolio.
Trying to time the market could potentially be the biggest risk of all, especially if you sell when the market declines and you feel less comfortable investing. This may mean you’re in the market for the bad days and then miss the good ones! Try to remain consistent. Listen to the full episode to hear more about alternative investments that offer some downside protection.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden, discuss one of the strategies used by many investors, dollar cost averaging. What is it? How does it work? Is it really better than investing lump sums of money? They may not be able to answer that last one for you, but learn more about it and decide for yourself!
Dollar Cost Averaging Basics:
- Investing equal amounts of money at equal intervals over time.
- For example: Investing $1,000 on the first of each month.
- When share costs are higher, you will purchase fewer shares; when share costs are lower, you will purchase more shares.
- Lots of this happens automatically!
- When you invest in your retirement plan at work.
- When you make your IRA contribution annually.
- On the flip side, many folks argue that instead of spreading out contributions, you are investing money as soon as you determine it is appropriate to invest that money. Three out of four years the stock market is up, so why not just invest sooner than later?
- Ideally, you are doing both. Investing money immediately on a periodic basis as you have extra funds from your paycheck, etc.
There are lots of considerations when deciding whether or not to dollar cost average. Things like how large a lump sum contribution may be, whether you are reinvesting money that has already been invested, and what your risk tolerance is. Bottom line, do what you need to do to get money into the market and try not to make emotional decisions based on the world and your perception of current stock market values.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden, discuss some of our impulses to measure our financial success by comparing it to others. How do we avoid this trap? Or do we really need to avoid it?
Humans are competitive by nature (or is it nurture?):
- If you come across a bear in the woods, you don’t need to be faster than the bear, just faster than the person running with you.
- In sports, it’s usually the same! You don’t need to achieve a specific internal goal to “win” you just need to beat your competitors.
- This is not always helpful in finances!
- Trying to win with finances often focuses on outward signs of wealth and success which do not always line up with your own goals and interests.
- This has become worse in the age of social media, where everyone advertises their homes, vacations, and perfect children.
This is one of those things that is easier said than done but try to focus on your personal goals and benchmarks as a measure of success instead of comparing yourself to others. And understand that many folks with external signs of wealth may be struggling financially. Listen to the full episode for more tips!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Financial Clarity for Doctors tackles some student loan updates with hosts Rachelle Vanderzanden and Corey Janoff. On December 10th, the Department of Education proposed a settlement in the case challenging the SAVE plan and agreeing to dismantle the payment plan (pending court approval, so maybe not officially dead). What does that mean for the seven million borrowers still enrolled in the plan?
Next steps for SAVE plan participants:
- Most folks will likely need to apply to move into a new income-driven payment plan or move into a Standard repayment plan.
- This means recertifying income and enrolling in one of the remaining plans. Currently, those options are IBR, ICR, or PAYE with the new RAP plan being rolled out this coming summer.
- If the goal is to work toward Public Service Loan Forgiveness (PSLF), you will likely want to enroll in the plan that equals the lowest payment.
- When you reach 120 months of qualifying employment, you can look into the “Buyback” program to see if you can make payments from your time in forbearance.
- If the goal is not PSLF, you can explore lots of options, payment plans, and even refinancing. Although move slowly with refinancing! Moving to a private bank has some downsides.
As with everything, your student loan approach should be determined based on your goals and needs. Any strategy (including loan repayment) depends on the specifics of your situation. If needed, consult with a professional to try to find the best strategy for your loans. They were an investment in your future! But we don’t want them hanging over your head forever.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff do their annual crystal ball check and venture some guesses for 2026.
Tune in to hear more Corey and Rachelle’s 2026 predictions on:
- Student loans and schooling
- The housing market
- The economy
- Interest rates
- Basically, everything that you can’t really predict!
For 2025, the hosts did okay! But Rachelle was pretty wrong about the stock market....
- Corey predicted positive stock market performance correctly, but Rachelle thought growth would be much more muted.
- Interest rates remained fairly high.
- Quite a few correct guesses for the year! But maybe that’s because the guesses were pretty safe!
It’s a lot of fun to make predictions, partially because we already know how incorrect they might be! As always, have a little fun, but build your financial plan by focusing on the things you can control, not on random guesses about what may happen next. To hear more, listen to the full episode.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
As we approach another new year, we take a moment to reflect on our financial plans and make adjustments as needed. In this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff walk through all of the things you should be revisiting. Even if you’ve made a plan, don’t let it get stagnant and out of step with your current life and goals.
Parts of a financial plan to revisit include:
- Goals and priorities: we change over time, so this will likely change as well!
- Progress toward those goals: you may need to adjust if you are off track!
- Beneficiary designations on accounts, retirement plans, etc as well as estate planning documents.
- Insurances: the coverage you need at Age 40 is likely not the same coverage you will need at Age 55.
- Investment allocations: as your risk tolerance changes, so should your investment strategy!
- College savings: as your kid(s) get older, you may have a better idea of what they will need.
It’s a great idea to do at least an annual review. You may not need to adjust each of these things every year, but that will give you an opportunity to recognize anything in your plan that is out of step in a timely manner. I think we’d all rather know if we are off track sooner than later so we can make the necessary changes.
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
The stock market is a wild and unpredictable place sometimes! In this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff chat through stock market “bubbles” and whether or not we might be in one right now.
This episode covers:
- The basics of a “bubble”.
- An overview of the dot.com bubble from the late 90s/early 2000s.
- Stock market performance and recovery times during and following this period.
- The value of diversification.
- Similarities and differences between the current stock market and the stock market during that period.
- How to approach long-term investing in the wake of uncertainty.
We don’t have a crystal ball! Realistically, we can assign valuations to any given company, but the stock is worth whatever price a buyer and seller can agree upon. That’s part of the reason the stock market is unpredictable, and timing the market generally does not work well. Instead, focus on your long-term goals and come up with an allocation that makes sense for you.
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Let’s do a quick review of disability insurance! In this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff dive into the details of long-term disability insurance. This coverage is very important for anyone who is still reliant on their income.
Discussion topics include:
- When and why you need this insurance.
- Different kinds of disability insurance.
- Details of long-term disability including a breakdown of many common riders.
- A comparison of employer/group coverage vs. individual coverage.
- How to apply for coverage.
- When you may need to increase your coverage and when it’s okay to cancel it.
No one likes paying for insurance, but insurance allows you to share some larger financial risks with a third party. Disability insurance is a great example of that. Most of us feel invincible until we’re not.
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff discuss some potential complications of declining property values. Don’t panic! This may not even apply to you, but it’s good information to understand.
If your home is worth less than you expect:
- If you purchased in the last couple of years and want to refinance, you may not be able to do so.
- Many banks require a certain percentage of equity to refinance your loan.
- Try to get the details of refinancing before you buy!
- You won’t be able to borrow against the value of your home unless you have enough equity.
- If you need to sell, you may end up actually paying money to get out of the house.
- For example, if you purchased a home for $900,000 and paid 10% down but your home is now worth $800,000, the proceeds from the sale may not be enough to pay off your mortgage and pay the closing costs on the loan.
- If you’re staying put, it may not be a big deal at all!
Generally, the longer you plan to stay in a home, the less likely you will be hit with some of these problems. You probably will have much more equity in a home you’ve lived in for ten years than one you lived in for three years.
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Let’s go back to macroeconomics class! In this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff discuss the basics of inflation. Why do prices continue increasing? We’d rather pay 25 cents for milk too! Unfortunately, capitalism and supply and demand make price stability pretty much impossible. And that’s not always a bad thing.
Some Basics on Inflation:
- Generally measured in the United States by something called the Consumer Price Index (CPI) which tracks the costs of goods and services.
- Sky-rocketed coming out of covid times with supply chain issues, cheap money (low interest rates), a tight labor market which generally means higher pay, and stimulus funds.
- Lots of demand because people had money, but supply was low, so prices went up.
- Now hovering around 3%, but still dealing with the effects of large increases over the past few years.
- Wages generally increase over time, which is another upward pressure on price through supply and demand.
- The Federal Reserve has a dual mandate to keep inflation in check and keep unemployment low.
- That does NOT mean zero inflation. They have a target inflation rate of 2%.
- One of the biggest ways they do this is by increasing interest rates, therefore making it harder for people to purchase things they would need to finance.
- To protect against inflation:
- Keep short-term savings in something like a high-interest savings account where you can earn interest.
- Negotiate pay increases based on your cost of living.
- Retirement money should be invested so that it has a chance to grow and outpace inflation – although we know this is not a guarantee, inflation is the bigger risk to long-term money.
Inflation is a part of the global economy! We can’t get rid of it, so the best we can do is protect our personal finances as best we can from its effects. Listen to the full episode to hear more.
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Financial Clarity for Doctors spends a lot of time talking about how to balance your financial priorities and achieve your goals with the resources you have. In this episode, hosts Corey Janoff and Rachelle Vanderzanden take some time to delve into those life goals. We often ask clients, “What’s the fairy tale for you?” Spending some time thinking about the things you’re working toward can be a lot of fun – and motivating!
Your goals can be anything!
- Maybe for you it’s working less now and taking more time for family, friends, and hobbies now.
- It could be longer-term traveling plans. Someday maybe you’ll have the luxury of a trip that lasts a month or two instead of a week or two.
- For some folks, it’s having that very special place to land with friends and family. Beach house anyone? A place in the mountains?
- Others want to have the ability to make dreams come true for their children or even people they’ve never met.
Take some time to think about your own motivation. It may help you find the balance between living for today and saving for the future.
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden dive into the world of financial advice driven by Artificial Intelligence. Computers are becoming more and more sophisticated and nuanced in their ability to answer questions and provide advice and information on a wide range of topics. Can we rely on AI for good financial advice?
In this episode we walk through:
- Current uses of AI in financial advising including sophisticated note taking and answers to questions based in facts. For example, what is the 401k contribution limit in 2025?
- We also talk about some of the limits of AI in this world.
- One of the biggest factors is not knowing what information to provide in order to get a good output. For example, if you forget to prompt for inflation, would that be included in an answer regarding retirement readiness?
- Financial advice can also be very nuanced and influenced by individual goals, how much risk a person can tolerate, compromises between partners, and personal experiences. It’s hard for a computer to know you well enough to take those things into consideration.
In short, artificial intelligence may be helpful to solve some of the factual and math questions in finance, but it doesn’t seem like we are there yet with the personal side of things. Which is a very big part of planning! Listen to the full episode to hear more about ways that AI may be able to help in plan, and areas where it may struggle a bit.
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden unpack many of the assumptions that are built into financial planning. This is necessary when you can’t predict the future, but how conservative or aggressive your assumptions are can greatly impact your chances of success.
Some of these assumptions include:
- Your projected age of retirement
- How much money you will need to be comfortable in retirement
- What inflation rates will be between now and then
- Investment returns
- Estimated taxes at different points during your career and retirement
- How much you will be able to save
- How much income you will receive from social security
No two projections will look the same. They all rely on assumptions, because we don’t have all the data we need for the next 30, 40, or 50 years. When you are working through financial projections, it is a great idea to adjust the inputs to see how your assumptions are impacting your plans. For example, if you adjust your inflation estimate from 2.5% to 3.25%, you will need to save MUCH more or modify your standard of living to reach your goals. We recommend focusing on the things you can control (mostly your spending and your savings) but also understand how different future outcomes outside your control can affect your plans.
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden walk through some details of selling different types of medical practices to private equity. This trend is growing and could potentially affect you whether you are employed by a large hospital system or the sole owner of your own practice.
In this episode, you will hear:
- Discussion of the movement away from physician-owned private practices to larger groups and hospitals.
- The growth of private equity in medicine.
- The objectives of private equity firms and the doctors who are looking for investors.
- A few examples of how a buyout can be structured.
- Considerations when you are trying to decide if it is worth it. Or even possible.
If you’re curious about these sorts of transactions, give this one a listen! Even if you aren’t currently employed in a situation where this is possible, it could come up in the future.
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
This episode of Financial Clarity for Doctors delves into some updates to charitable giving under the new One Big Beautiful Bill as well as some other items in the bill that may affect listeners. Hosts Corey Janoff and Rachelle Vanderzanden walk through some highlights. Keep in mind that federal policy evolves as the executive branch and Congress evolve. This is the tax structure for now, but not forever.
Changes under the One Big Beautiful Bill Act include:
- Non-itemizers may deduct charitable gifts of up to $1,000 per person, $2,000 per couple.
- Itemized deductions will be limited to gifts exceeding 0.5% of Adjusted Gross Income (AGI).
- Grouping gifts into a single tax year may still be beneficial for many people.
- Tax brackets, higher standard deductions, and high estate tax exemptions have been made “permanent”.
- Student loans from the federal government will be limited for new borrowers.
- Student loan payment plans will be limited to two options for new borrowers: a standard repayment plan and the income-driven RAP plan.
- The new RAP plan will be 10% of AGI (not discretionary income).
- Existing borrowers may need to switch payment plans if they are on SAVE or PAYE before July 2028, but still have more options than new borrowers.
- Most tax credits geared toward energy efficiency are being phased out.
- Introduction of “Trump” accounts with a $1,000 federal government deposit for kids born from 2025 to 2028.
- Increased requirements for Medicaid reimbursements may affect many providers.
This bill was huge! You can listen to the full episode to hear more, but if there is a specific item you think may affect you, do some additional research. Pay special attention to the energy tax credit phase out if you were planning to do some of this in your home/life, student loans for your kids and your loans if you still have them, and how Medicaid reimbursements may affect you as a provider. Listen to the full episode to learn more!
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
For those of you that are interested in giving, let’s try to do so as tax efficiently as possible! In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff walk through a few ways you can give money to the causes that are near and dear to your heart and pay a little less in taxes at the same time. Often, the larger the gift, the more tax benefits, but even small gifts can potentially have tax benefits.
A few ways to get tax deductions for charitable contributions include:
- Smaller gifts to qualifying non-profits if you already itemize on your taxes.
- Gifting appreciated stock from non-qualified accounts.
- Gifting money to donor-advised funds.
- Setting up private foundations.
- Bequeathing money from a potentially taxable estate.
- Setting up a trust specifically for charitable giving.
Some of your tax money may go to causes you support, but choosing your own causes can be much more rewarding and potentially lessen that tax burden. Listen to the full episode to learn more!
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
There is a lot of “common knowledge” in life that may or may not be right for you. In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff debunk some financial planning myths that simply don’t hold true for most people any longer. As always, you should take the specifics of your situation into consideration when making any financial decisions.
“Myths” discussed include:
- You can set up a financial plan once and then call it good!
- All debt is bad.
- Renting is a waste of money.
- Social security will go bankrupt (and there will be no remaining benefits) by the time you retire.
- The goal of investing is to get the best returns.
- And so many more!
As we start feeling a little more comfortable talking about money, we can learn a lot from the people and resources around us! But we can also gather information that is incorrect or just isn’t appropriate for your own plan. Take a little time to make decisions (especially big ones) with your personal goals and information in mind and don’t rely on “common knowledge”. Listen to the full episode to learn more!
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Some investments are flashier or more exciting than others. But do you really need flashy and exciting to meet your financial goals? In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden and Corey Janoff talk about alternative investment strategies and whether you may need them as part of your investment strategy.
This episode covers some basics of alternative investments including:
- Advantages and disadvantages of these kinds of tools.
- Advantages include diversification and potentially higher returns.
- Disadvantages include potential for greater losses, higher costs, lack of liquidity, and less regulation than more traditional investments.
- Different types of alternative investments (hedge funds, structured notes, private equity, etc.)
- How to evaluate whether these may be an appropriate addition to your plan.
As always, whether a particular strategy makes sense for you depends on your financial status, goals, and even personality. Most folks will not need complicated alternative investments to meet their goals, but it can be something to consider for folks who are willing to take on more risks and costs to explore something a little different (and potentially exciting if you are successful).
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff discuss how our expectations adjust over time. If we continue to want more and more, how will we ever be satisfied with what we already have?
Discussions in this episode include:
- Nostalgia about the “good ol’ days”.
- Comparisons of expected standard of living in the middle of the twentieth century and today.
- How personal expectations change over time. Most folks don’t want to live like college students as working adults!
- The idea that rising expectations leads to more work and money to meet those expectations.
- Ways to potentially curb your expectations so you are less reliant on money and work.
Much of financial planning is behavioral. If you can adjust your behavior, it may be much easier to meet your goals.
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Public Service Loan Forgiveness is a hot topic for many medical professionals still trying to work their way out of school debt. In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff walk through the current state of the program and whether or not it’s still worth pursuing.
This episode discusses:
- The basic parameters of Public Service Loan Forgiveness (PSLF).
- Historical context of proposed changes to the program.
- The current payment plan drama, including where we are at with the SAVE plan.
- Possible next steps for folks with federal student loans.
As with everything, whether a particular path is appropriate for you depends on your individual circumstances. If you believed PSLF was a good fit for you previously, chances are that program is still a good “Plan A”. But just like other parts of your financial plan, it is always helpful to have a Plan B.
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors Finity Group financial advisors, Corey Janoff and Rachelle Vanderzanden, discuss a few ways you can work through how to value your own time.
Valuing your time:
- Why does it matter? This can help you decide all sorts of things! Such as….
- How much to work (assuming you have the flexibility to decide)
- Whether it makes sense to do something yourself or pay someone else to do it
- How to discuss finances with family and loved ones
- Your time spent in training is an investment in future earnings, which are not simple to predict.
- As an attending, think about how much time you spend to be able to work. This includes time at work, getting to work, continuing education, and time at home spent on work tasks.
- If you know your total time commitment per year and your annual pay, you can get a basic hourly rate for yourself and use that to decide lots of things.
- For example, buying this new car is equivalent to me working five hours per month – is that worth it to me?
Money isn’t everything. Some people work to live. If that’s you, take some time to consider how much work you are doing to support your lifestyle and whether that’s worth it to you. Other people love their work! If that is closer to your attitude, you may want to work more even if the pay is low. There are no wrong answers if you are making decisions that fit you and your family. Listen to the full episode to learn more!
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Headlines, federal government funding issues, and stock market volatility can lead people to question how secure their own place is in the economy. How will this impact my job and my income? In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff, walk through a few things that MAY impact the job market for physicians and other medical professionals.
As always – It depends!
- Policy at the federal government level may affect your job, but this is so hard to predict ahead of time!
- Those effects could be a reduction in staff, changes in pay, or potentially just more work (if other staff is reduced).
- You may need to make some adjustments in the future if:
- You are a federal employee
- Your position is funded (even partially) by grant money from federal institutions
- You have many patients on Medicaid and/or Medicare
- You work for a hospital or university with non-profit status. This could be challenged in the future, which could potentially affect student loan repayment and your employer’s cash flow.
- These adjustments may be a change in how much you work, how much time you are spending on research, or even finding a different job entirely.
Keep in mind that as a medical professional, you generally have more job security than the average person. But it’s still important to have adequate emergency reserves and a backup plan no matter who you are.
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
One of the questions our advisors get most frequently from clients is, “Am I on track?” In this episode of Financial Clarity for Doctors, Corey Janoff and Rachelle Vanderzanden, walk through a few ways to evaluate progress toward your goals.
Steps to assess your progress:
- First, decide on what you are trying to achieve! Goals are different for everyone.
- This can be retirement, college savings, debt repayment, and many other financial goals.
- For debt repayment, if you have a plan and an end date, you can see if you are on track!
- Simple debt calculators can help with this.
- Decide on a time frame you’d like the debt to be repaid, enter in the interest rate, principle amount, and time frame and you will know how much you need to pay each month.
- Could be anything from paying off student loans in five years to repaying your mortgage before you retire at Age 60,
- For college saving, this can vary dramatically depending on your goals.
- Simple calculators for this online as well, but must use many assumptions about the costs and investment returns.
- A little more challenging!
- Can be very challenging to assess progress toward retirement goals.
- Think about the lifestyle you’d like to have, when you may want to retire, and how much you are able to save. These are things you can control a bit, whereas you cannot control investment returns.
- Don’t pay attention to benchmarks online. This is different for you based on your career trajectory. Look at your individual situation.
Many young medical professionals are not “on track” based on common online metrics, because you are getting a late start! Do your best to focus on these goals early in your attending career, and you should be able to make progress very quickly. Then assess your progress over time.
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, Corey Janoff and Rachelle Vanderzanden, discuss some of the basics of pensions. How do you get one, what are the benefits, and exactly how do these things work?
Some pension basics covered in this episode include:
- What type of employers off these retirement plans and who contributes to them.
- The types of investment risk associated with these plans (and who takes that risk).
- How pension benefits are calculated – this can vary but is often offered as a monthly or annual benefit amount in retirement.
- How to compare the benefit of a pension to other employer retirement plan offerings.
- This can be especially helpful if you are offered a choice between a pension benefit and a 403b or 401k.
Lots of folks think of pensions as an additional benefit provided by employers that are working hard for their employees, but every plan is different. Some of funded by the employer, some are funded by the employee, or a combination of the two. Take some time to evaluate the quantitative benefit of any retirement plan when you’re considering new employment opportunities.
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, Corey Janoff and Rachelle Vanderzanden walk through some of the most common questions they hear from clients. Everything from ‘why is the sky blue?’ to ‘how do you capture a swarm of honeybees?’ Just kidding! They’re all questions about money. Below are a few examples.
Common questions include:
- Is now a good time to invest?
- Should I make changes to my investments based on current news headlines?
- Should I try to pay off my mortgage quickly?
- Should I invest in real estate?
- Should I pay for my new car in cash or take out an auto loan?
- Do you think PSLF is going away?
- Do I really need disability or life insurance?
- And many, many more….
Everyone has questions! Listen to the full episode to hear how Corey and Rachelle tackle these ones with clients on a day-to-day basis.
For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Most folks, including doctors, do not end up staying in their first jobs long-term. In this episode of Financial Clarity for Doctors, Corey Janoff and Rachelle Vanderzanden talk over some of the financial implications of career transitions.
These implications include:
- Changes in income amounts and the structure of pay
- Differences in work requirements
- Tax differences from place to place
- Things to look for in retirement plans and how to compare them
- Other benefits, including insurances
- How to negotiate as you consider a change
This episode also covers many of the reasons physicians may choose to switch jobs and how to make transitions as smoothly as possible. Job changes can be hugely stressful, and being well-informed is a very important part of that process. Listen to the full episode for more to keep in mind as you think about making this big life change!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff walk through some of the attention-grabbing headlines during the first few weeks of President Trump’s second term. Most people have at least some reaction to everything we see, but how might this affect your finances?
Topics covered in this episode include:
- Policy proposals and potential economic impacts (or lack of economic impacts).
- How is the stock market reacting to dramatic headlines?
- The potential impacts of new policies on medical careers.
- Student loans.
When you are investing for the long-term, it doesn’t usually make sense to adjust your strategies based on what’s happening in the world at this moment. BUT it is completely understandable to want to debrief. We are all notoriously terrible at how current news headlines will affect the economy and the stock market, so try not to let your knee-jerk reactions impact your investment decisions.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff discuss all the fun expenses that come along with pet ownership. When you love something, it tends to cost you a little more!
Topics covered in this episode include:
- Basic ongoing expenses of pet ownership.
- How the costs of pet ownership have changed over time.
- The ins and outs of pet insurance.
- How to be prepared for large, unexpected costs and deal with them when they arise.
We have all heard or experienced the horror stories of a nine-week-old puppy eating socks or chocolate. As a pet owner, expecting the unexpected is a great place to start. To learn more, listen to the full episode.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
If you’ve researched financial planning and professional advice, chances are you have come across the word ‘fiduciary’. But what does it really mean? In this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff unpack the word and other qualifications for Financial Advisors.
Tune in to hear more about:
- The different standards financial professionals are held to depending on their licensing, including:
- A fiduciary or best interest standard
- The suitability standard.
- Regulations in finance and how they have worked over time to protect consumers.
- Ethics in financial planning. This can be upheld by an employer to a certain extent but is also dependent on individual professionals.
- Additional certifications that financial professionals can work toward and how they encourage an ethical approach.
Regulations and ethics standards are important, but when working with any professional, their ethics and your relationship with them will always be the most important. Referrals can be a great way to find someone that has already built a trusting relationship with clients. Folks are unlikely to refer you to someone they don’t trust!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, Corey and Rachelle check the accuracy of their crystal ball and try out some predictions for next year (even though they have proven they’re not great about it!).
Tune in to hear more about what they expect on:
- The stock market
- Student loans
- Interest rates
- Basically, everything that you can’t really predict!
- For 2024, moderate guesses tended to be fairly safe, but the more outlandish ones were way off base. Who would have guessed!
- Neither thought there would be a recession in 2024 – correct!
- Both thought there would be modest interest rate decreases – correct!
- Corey thought Taylor Swift would make the Forbes 400 list – not yet, but she can still make it!
- Rachelle thought we might meet some aliens in the future – who the heck knows….
Predictions may be fun, but as always, we try to make our plans based on the things we can control. Things like how much we’re spending and how much we’re saving. So have some fun, but make some solid plans as well! To hear more, listen to the full episode.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, our hosts Rachelle Vanderzanden and Corey Janoff chat through some upcoming changes to retirement savings rules. A handful of adjustments happen every year, but there are also some new updates coming up because of the Secure Act and the Secure Act 2.0.
Updates include:
- Details on increases to contribution limits.
- New 401k/403b catch up rules for folks aged 60-63.
- New Roth rules for catch up contributions starting in 2026.
- Updated limits on social security wage limits and covered compensation for workplace retirement plans.
- How to set aside as much as possible into your tax-advantaged accounts whether you are a W-2 employee or self-employed.
For most people, retirement plans are one of the best ways to save on taxes. Make sure you are using them to your advantage as much as possible! To hear more, listen to the full episode.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, Corey and Rachelle walk through when it makes sense to tackle home renovations (and when it doesn’t). As always, think about your goals and the resources needed to achieve those goals.
Good examples of renovations include:
- Necessary repairs and maintenance. If you don’t do it now, you’re likely going to NEED to do it later.
- Smaller cosmetic updates like paint. These are typically lower cost and can increase the value of your home.
- Larger remodels (kitchens and bathrooms) and expansions that help you make your current home more livable.
- These will not add enough value to your home to make the cost worthwhile financially, but can potentially help you stay in a home with a much lower mortgage interest rate.
- This doesn’t usually make sense if you are not planning to stay in the home for a long time.
Downsides of renovating include:
- For most larger renovations, you will likely not recoup the cost through appreciation in your home value. For example, the Return on Investment (ROI) for kitchen and bathroom remodels is less than 50%.
- It can be incredibly disruptive to your home life. Depending on the size of the renovation, your home may not be livable for a while.
- Most remodels go over budget and are not completed on time.
A remodel can be enticing, especially when interest rates are high and getting into that next home may be out of reach. But go into it with a very clear understanding that the process will have a lot of bumps in the road – more money, more time, more stress than you expect. To hear more, listen to the full episode.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, Corey and Rachelle talk about the pros and cons of paying extra on your mortgage. When interest rates were lower, there was not a lot of incentive to pay down a very low-interest rate debt faster than necessary. But with higher rates, it may make sense for you.
Some things to consider include:
- Your mortgage interest rate
- Do you have a magical pre-2023 sub 4% interest rate mortgage? That is much different than the 7% plus on most mortgages right now.
- How large of a tax deduction are you getting for your mortgage interest?
- Do you think you will stay in this home longer term?
- Think about all the things you could do with extra money each month
- Save more for retirement
- Start college savings
- Your risk tolerance
- Paying down debt has a predictable pay off
- One alternative to paying down debt is investing more money. You could potentially make more this way, but there are always risks to investing.
The mortgage pay off sheet from the bank will give you a bad case of sticker shock. No one likes to see that total interest paid amount. But consider all of the ways you can productively use extra cash flow before deciding that paying down your mortgage is the right choice for you. To hear more, listen to the full episode.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
The economy is doing well, but if that’s the case, why do day-to-day expenses feel tight for so many people? In this episode of Financial Clarity for Doctors, Corey and Rachelle tackle one expense that has been hit hard by inflation. But why has home and auto insurance become so much more expensive?
In this episode, we tackle:
- The basic structure of home and auto insurance
- A few reasons why these insurance lines have become more expensive, including:
- More expensive/larger homes and cars.
- Increasing costs of supplies and repairs
- A rise in lawsuits
- More weather-related claims
- And what to do to make sure you are not overpaying.
With underlying costs being higher, it makes sense that the insurance costs are also higher. But you can shop around and structure your coverage in more efficient ways to reduce costs as much as possible. Or you can drive a really old car to see if that helps! To hear more, listen to the full episode.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In the midst of a housing shortage, Corey and Rachelle walk through some of the reasons housing has become so expensive in this episode of Financial Clarity for Doctors. Is it possible for this to get better in the future?
Some of the topics discussed include:
- Supply and demand for housing
- The influence of the 2008 housing crisis and the pandemic
- The affects of regulation on housing costs
- The changing dynamics of home ownership including foreign investors and short-term rentals
- Possible solutions for this challenge, including increased multi-family housing, government subsidies, and naturally changing demographics.
Every location is different, and when making decisions about home ownership or renting, look at all the factors. This can include things like how long you plan to own the home, where you are living, and the price of comparable rentals. It is often assumed that buying is better, but that’s simply not the case every time. To hear more, listen to the full episode.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, Corey and Rachelle tackle planning for couples. Whether you are working on moving in with someone, getting married, or separating after a long-term relationship, you will have some big financial decisions. Open communication can be key, but what should you even be talking about?
Financial topics that affect couples include:
- The simple things like paying bills!
- How to manage banking and split household expenses.
- Questions of ownership.
- What if you owned a house and then got married?
- What if you bought real estate with a partner when you were NOT married?
- How to make sure your assets pass to the person you would like to have them if you pass unexpectedly.
- How and when to consider things like life insurance.
- How to get on the same page (or at least come to an understanding) on long-term goals like retirement savings.
Just like with almost every relationship issue, talking openly about your current financial situation and your goals can be key to making sure there are not misunderstandings with your partner when it comes to money. Many decisions about how to manage specifics are personal preference, but it’s great to get on the same page if possible. To hear more, listen to the full episode.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Politics can certainly make life spicy and a little stressful! But how should things like a presidential election affect your investment decisions? Should they at all? In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff discuss some of the implications of investing during a presidential election year.
In this episode you will hear about:
- A few basics on how the stock market functions, including everyone trying to use their crystal balls to guess what happens next.
- Statistics on stock market performance under different presidents.
- Policy issues that can potentially affect the stock market (taxes may be the best example).
- Things that affect the stock market and are not related to politics. Hint – this is a much longer list!
The bottom line is that politics matter a lot! BUT they do not affect your investments nearly as much as you think. As we go through this election, don’t let politics influence your investment strategy. There are too many other things that matter much more. Listen to the full episode to learn more.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
It’s September and that means we are diving into life insurance awareness month! The reason we need a whole month to raise awareness on this topic is because nobody wants to think about their own mortality; but it’s still important. In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff discuss why, when, and how to explore life insurance.
In this episode you will hear about:
- Some of the reasons people secure life insurance.
- The process to get life insurance.
- The differences between term life insurance and permanent life insurance.
- Things to think about when securing coverage, such as how much coverage and how long you need it to last.
The goal of this conversation is not to be morbid or pessimistic. The goal is to consider a plan to make sure if we lose someone unexpectedly, we have less to worry about on the financial side of things and can spend more time focusing on family and healing. Listen to the full episode to learn more.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, Corey Janoff and Rachelle Vanderzanden discuss the changing interest rate environment and a few things to think about as the economy adjusts.
Interest rate discussion topics include:
- How the Federal Reserve uses interest rates to influence the economy.
- How interest rates can potentially affect the stock market.
- Mortgage interest rates and refinancing.
- Housing costs.
- High yield savings accounts and certificates of deposit.
Interest rates have a short-term effect on everything from the stock market to the interest on your bank account. With most financial planning topics, the goal is to set a course and stick to it, but interest rate changes could mean a change to your short-term strategy. Listen to the full episode to learn more.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Rachelle Vanderzanden and Corey Janoff revisit the topic of saving for college in this episode of Financial Clarity for Doctors. We walked through some basics on this topic a few years ago, but things change over time!
Some of the topics covered include:
- Discussing how you would like to support your children with higher education. Establish some goals!
- The increasing costs of higher education.
- Savings ahead of time vs paying out of pocket as expenses arise.
- Different types of accounts that can be used to fund education.
- Recent changes for 529 college savings plans.
Tune in for more on ways to save and recent developments in college savings planning. Keep in mind that this may be one of many financial goals, and one important step is to make sure you understand where this fits on your priority list. There are loans for school; there are not loans for retirement.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode, Corey and Rachelle talk about when and how to potentially decrease your savings. We spend a lot of time talking about how to save more over time, but sometimes life happens and you may need to make some adjustments in the other direction. Listen to the episode to learn more about how to thing strategically about making these adjustments.
Thoughts to consider from this episode:
- Assess why cash flow is tight: New baby? New mortgage? Is this a temporary change?
- Go back to your goals and move things around if needed. Don’t lose sight of what’s important to you.
- Review your spending to see if you can make any changes there BEFORE reducing savings. Can you potentially shift some short-term savings to long-term savings now?
- If you ultimately decide you need to decrease savings, start with non-qualified accounts. Try to keep maxing out retirement plans as much as possible.
Listen to the full episode to hear more about how to implement these strategies in your own plan. If you do find yourself in a position where you need to decrease savings, try to start increasing those savings again as soon as possible.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In today’s episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff discuss the ins and outs of Social Security. Some of the history behind it. How the benefits work. Will it be around in the future?
Some highlights from today’s episode:
- The history of Social Security and what it was designed for.
- How it is funded.
- How benefits are calculated and where to find your estimated future benefits.
- Some examples based on when you start receiving Social Security benefits.
- The future outlook of Social Security.
- How to incorporate Social Security into your financial strategy.
Listen to the full episode to learn more!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In today’s episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff discuss some basics of what it means to inherit money. Projections show that there will be a large transfer of wealth from Baby Boomers to younger generations. How will that be taxed? What should you do with the money?
Inheritance considerations discussed in this episode include:
- How do assets move from one person to another when someone passes away?
- What happens when someone passes away without a will?
- How are different kinds of things taxed when you inherit them?
- There are big differences between retirement accounts, property, business assets, and non-retirement investment accounts.
- Do I need to worry about estate taxes?
- What should I do with the money I receive?
- Review your goals before you decide!
- How do I know if the investments in accounts are appropriate for me?
This topic is complicated and there’s a lot to discuss. Listen to the full episode to learn more!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode, Corey Janoff and Rachelle Vanderzanden walk through some key economic indicators of the US Economy in early 2024. The media would have us believe things are going very poorly, but how do we interpret the data?
US Economic Indicators:
- Inflation is the biggest issue people mention, but has decreased substantially to 3.4% year over year in April of 2024.
- When adjusting for wage increases, people are generally not paying more as a percentage of their income in 2023 for goods and services than they did in 2019.
- Unemployment is currently going on 27 months of a lower than 4% unemployment rate. Which is more than a 50-year record!
- Housing is challenging. Prices remain high and interest rates are high, which means prospective new home buyers will pay much more for a home each month than they would have a couple of years ago.
- Many things cost less today as a percentage of income than they have in the past.
- In the 1950s many people spent more than 20% of their income on food. Today the average is under 10%.
There are many different things that make up the “economy”. It is always nuanced, but keep in mind that the media has a vested interest in keeping your attention. Doom and gloom grabs a larger audience than feel good stories. Be aware of what’s happening in the world, but focus on what you can control. Chances are, a lot of you are doing pretty well!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Rachelle Vanderzanden and Corey Janoff tackle some ways to increase occurrences and the impact of good luck (and decrease the impact of bad luck) in this episode of Financial Clarity for Doctors. There will always be things out of our control, and we might as well prepare for them the best we can.
How do you increase chances of “good luck” and decrease chances of “bad luck” in your financial plan?
- Have some extra cash on hand for emergencies.
- Work hard and be kind. If you have the support of the folks around you, they will often help things go more smoothly.
- Take on less debt than you can afford.
- Be aggressive with your savings.
- Build some diversification into that plan!
Things will not always go as we plan. It’s important to have plans B, C, and D lined up just in case.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, Corey Janoff and Rachelle Vanderzanden talk about the moving goalposts of what it means or feels like to be “rich”. Such a loaded word! But how much you earn or have may not matter nearly as much as where you live or even your attitude. If we compare ourselves with some averages, it can put things into perspective a bit.
How do you even measure being rich?
- Income – Keep in mind that many of our listeners are in the top 5-10% of earners in the US.
- Median household income was $74,580 in 2022.
- Only 12% of households earn above $200,000 per year.
- Only 2.6% of households earn above $400,000 per year.
- Net Worth – This is a little harder to measure. You can look at the things you own/money you have set aside and then look at your debts. Early career physicians often have a negative net worth with the student loan balances, but many are able to build this fairly quickly as attendings.
- Cash Flow – High fixed expenses (like mortgage, student loan payments, and childcare) can make things feel tight from month-to-month. Definitely does not make you feel rich.
- Comparisons – Who are you comparing yourself to? A person making a median income with a median net worth, or your older colleagues at work who have had more time to grow their wealth.
Money is only one way to measure wealth. We can also look at things like health, time with family, and a sense of purpose. Even if you are not a top earner or a person with a large net worth, that doesn’t have to stop you from feeling rich. Is your glass half empty or half full? Listen for the full episode to hear more.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In today’s society, there are many, many things that we feel we need. But in reality, many of those things are not needed, they are wanted. To be clear, there is nothing wrong with wanting things! In this episode of Financial Clarity for Doctors, Rachelle and Corey will chat about how to differentiate between needs and wants in your life to help keep things in perspective.
This can apply in many areas of our lives including:
- Housing – Yes, we all need a roof over our heads. But beyond that, how much house do you really need?
- Transportation – Many people need a vehicle to get around in these days of suburban sprawl, but the kind of car you need is likely very basic (and not new).
- Even food – Yes, we all need to eat, but you can spend a dramatically different amount of money on groceries depending on where and how you shop. Depending on where you live, even lower cost grocery stores offer some of the same high-quality foods.
There is nothing wrong with spending money on things that you want and enjoy. Where we run into trouble is when we overspend by telling ourselves we need something that we don’t. Housing is a great example, where we can decide we “need” a 2,500 square foot home when a 1,700 square foot home may be very livable. If you can afford that 2,500 square foot home – go for it! Just keep things in perspective!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, Corey and Rachelle tackle a question they get from a lot of clients – “Is it a good idea to get into rental properties?” As with everything in financial planning, the answer is, “It depends!” There are a few questions you can ask yourself to help you decide.
When you are thinking about getting into rental properties, ask yourself:
- Am I okay with the additional risk?
- Likely taking on debt you will have to pay yourself if you can’t rent out your property.
- Being responsible for potentially large home repairs.
- If the value of the home declines, you may owe more than it is worth.
- Would the potential rental income of this property cover the costs of the mortgage, insurance, property management, taxes, and upkeep?
- How long do I want to rent out this property and what are the tax implications if I sell it?
- What else could I do with the down payment money instead of investing it in property? What am I giving up doing this?
- Additional retirement savings
- College savings
- Do I want to deal with renters?
There are lots of things to consider when you want to get into real estate. It is very important to run the numbers and see if it’s a good fit for your finances and for your personality. Real estate is not right for everyone. Listen to the full episode to learn more and hear about how real estate can compliment your financial plan if you do decide it’s a good fit for you.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Many people avoid insurance because they believe it is a waste of money, or worst case, a big scam. In this episode of Financial Clarity for Doctors Rachelle and Corey talk about some of the reasons you may need insurance, and others most people can avoid.
First ask yourself: If this happened, would it be financially devastating to me or my family? If so, insurance is at least worth exploring.
- You pay an outside company to share a risk with you. Simple as that.
- Their goal is to make money. This is a business.
- Your goal is to waste the least amount of money possible, but also to make sure if something big happens, it’s not all on you to figure it out.
Listen to the full episode to hear more about specific coverages that you may need, and others that you can almost always skip.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode, peek behind the curtain of Corey and Rachelle’s personal financial plans. In social situations, it can be uncomfortable to pick your friend’s brains about how they approach financial planning, but on Financial Planning Basics for Doctors, we are an open book. Here, and probably in our personal lives more than we should be!
Rachelle and Corey will chat about how they approach:
- Emergency reserves
- Spending and cash flow planning
- Debt management
- Do they pay extra on their mortgages???
- Insurances
- College savings
- Retirement savings and investing
- Tax planning
- Estate planning
- Hint: They struggle to be on top of this just like everyone else!
The bottom line is that we practice what we preach. Savings, insurances, and proper debt management are important! We also want to make sure that our plans reflect our values.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
We often focus in life (and in this podcast) on the things that are constantly evolving. In this episode of Financial Clarity for Doctors, Corey and Rachelle discuss some of the constants in finances – the things you can anticipate AND address.
Some constants include:
- How much you save matters.
- The easier and more automated things are, the more you can do them consistently.
- Be prepared for the lazier aspects of the human personality!
- Discomfort can be a great tool for learning and improving.
- Diversification reduces risk.
- There is a trade off between risk and reward.
- Death and Taxes!
We can’t prepare ourselves for many things in life because we don’t know about everything! It makes sense to be cognizant of the things we DO know and act accordingly. We’ve talked about this before, but focus on what you know (and also what you can control).
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In today’s episode, Rachelle and Corey talk about some of the scarier aspects of financial planning. As we approach tax filing, retirement savings, and investing, there is often the nagging worry in the back of our minds. We don’t want to mess up and get in trouble or derail our financial plan. With potential errors, there are often ways to avoid pitfalls and even make corrections when needed.
A few examples of potential missteps:
- Taxes! Everyone is worried about this right now because it’s that time of year.
- For example, if you forget to record a Traditional IRA contribution for your “backdoor” Roth, you may end up paying taxes on an amount you shouldn’t have! BUT you can file an amended return.
- Many tax errors are fixable with an amended return, but depending on the error you may have some penalty or late payment taxes.
- If you’re really worried about it, it’s worth seeking the assistance of an accountant.
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- Betting big on something risky or more volatile…. You can definitely lose money this way, and with riskier investments it’s a good idea to treat those like gambling. Maybe throw a little money that way for fun, but that’s about it.
- Not saving enough is probably the biggest risk here, but saving more is a great solution!
- House purchase gone wrong.
- Moving to a new city/job and buying a house immediately is risky.
- If you end up needing to move, you can sell the home, but likely at a loss. Or you can potentially keep it and rent it out.
- In the grand scheme of things, this is not ideal, but also something you can likely recover from.
There are so many other examples in this episode! There are lots of errors we can potentially make, but also many ways to avoid or fix them when they happen. Listen to the full episode to hear more.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode, Corey and Rachelle discuss a few ways you can leave room for error in your financial plan. Nothing goes perfectly! Buffers in various aspects of your financial life can go a long way toward helping you achieve your goals.
“Room for Error” can mean a lot of different things:
- Extra cash on hand! This may seem inefficient, but even some hugely successful companies do this.
- When Bill Gates headed up Microsoft, they kept enough cash on hand to keep the company afloat for a year without revenue.
- Ideally, you have enough to at least cover your bills for three to six months.
- Wiggle room in your monthly spending.
- If you can spend less than you’re making, you have room in the budget for the unexpected.
- Boring, but very helpful when it comes to the unexpected.
- Winter storms wreaked havoc this year with downed trees, burst pipes, and car accidents. Insurance is incredibly helpful in these circumstances.
- Extra retirement savings. You may plan to work to Age 65, but there is no guarantee you will be able to. Saving more can put you in great shape to make changes if needed.
Spending every cent you earn and living life to the fullest may be a lot more exciting, but it can also cause unnecessary stress. Having a little “extra” set aside can help buy you some peace of mind. That is a huge part of financial planning!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Most people get a little advice from their parents once in a while. A lot of times it’s great advice! When it comes to financial advice, sometimes our parents may be advising based on the economic reality they faced, not the one you’re facing. In this episode, Rachelle and Corey address some of the changes over time that have made financial planning different for our generation, and what may impact future generations.
Differences include:
- Where people save money and how they use credit or debt as a tool.
- Differences in housing affordability.
- Staggering student loan debt for many of you.
- A wide variety of retirement accounts and investment tools that are easily accessible to retail investors.
- Less access to pensions and concerns about the future of Social Security Income.
- And maybe the biggest difference – a willingness to talk about money! Not just with your parents, but with friends and colleagues as well at times.
The bottom line is that every person’s individual circumstances determine how we should approach paying down debt, saving for retirement, and many other financial goals. Chances are, your situation is different than your parents’. And different that your colleagues’ or neighbors’ for that matter as well!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Generally, Rachelle and Corey are big fans of keeping things simple on Financial Clarity for Doctors. But in some situations, a little more complicated can be a lot more helpful! For those in higher tax brackets, direct indexing can be a more tax efficient way to invest in the broader market than using mutual funds or ETFs. In this episode of Financial Clarity for Doctors, learn a little more about it.
In this episode, learn:
- How indexes are a measure of the performance of lots of different companies in a particular category.
- How mutual funds and ETFs are designed to mirror that performance.
- The difference between investing in an index fund and direct indexing.
- The index fund realizes gains and losses when it places trades to be more in line with the performance of the underlying index.
- With direct indexing, you can choose if/when/what to buy and sell to minimize capital gains.
- The benefits of index investing and direct indexing.
This strategy may be more complicated than many people need in their financial plan, but can make a big difference in when and how you pay capital gains taxes, especially in large accounts. If you have a large sum of money to invest in a brokerage account, definitely something to learn more about and consider.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
The New Year is a great time to pause and reflect on your goals and values. Your financial plan is a huge part of that! In this episode of Financial Clarity for Doctors, Corey and Rachelle offer some suggestions of things to reflect on and how to use that to adjust.
What should you focus on?
- Worried about anything financially? - Start there! This can be uncomfortable but is likely the most productive use of your time.
- Reflect on your spending and ask yourself if you’re spending money on the things you value.
- Love good food? – Awesome!
- Enjoy traveling, but not enough to feel like your $20,000 spend was appropriate? – Plan smaller or fewer trips this year.
- Double check your progress on debt repayment.
- Knocking out credit cards?
- Crossing your t’s and dotting your i’s for PSLF?
- Review your progress toward short-term savings goals like a home down payment.
- Add up how much you were able to save toward your long-term goals. Was it 10% of your gross income? 20%? 20% is often a good goal to work toward as a medical professional.
- Take some time to make sure you have enough insurance coverage for your current situation.
- More kids and more income, may mean you need more life insurance for example.
- Speaking of kids, check your progress toward any college savings goals and other goals you may have for them.
This is a lot! Sometimes you feel comfortable reviewing on your own, but this is also a great thing to do with your financial advisor. If you review a bit on your own and have specific thoughts or concerns for your advisor, schedule a meeting and make some adjustments. When you have a better understanding of how you’re doing, you can plan much more effectively.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, Rachelle and Corey try to predict the future! We know we’ll be wrong about lots of things, but it’s still fun to try. From predictions about the economy this coming year to thoughts about Taylor Swift and aliens, this episode has a little bit of everything.
Prediction highlights include:
- Will the US economy be in a recession by the end of 2024 or not?
- Will the housing market finally slow down?
- What will happen to tax rates over the next few years?
- Will we continue to see good long-term returns in the stock market?
- And most importantly, are we going to meet some aliens here on Earth?
To be clear, we don’t know the answers to any of these questions! Lots of people try to predict the future, but if they get it right, it’s probably just luck. Humans are great at speculating though, and we are no exception. Send us some of your predictions, and we can do an episode in the future about what we all got right and what we got terribly wrong.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
For many of us the holidays are joyful, and for others they are stressful (realistically, a combination of both!) – family stuff, cold and flu season, anxiety about gift giving? There is something for everyone! In this episode of Financial Clarity for Doctors, Corey and Rachelle discuss some ways to approach gifting a bit more thoughtfully to reduce your stress around at least one aspect of the holidays.
Gifting with family and friends:
- When giving gifts to family and friends, make sure you establish reasonable expectations that work for everyone.
- You don’t want to make competitive gift-giving a sport in your circle, creating stress and possibly spending more money than necessary.
- With kids, redirect their attention to things that are not gifts. So many things to enjoy during the holidays! Yes, they will want presents, but it doesn’t have to be the only thing that brings them happiness.
Charitable giving:
- There is no right or wrong answer here, but if you are charitably inclined, this is a great time of year to gift.
- Set a budget for gifting and then find causes that align with your values (Charity Navigator has a great search function).
- Sometimes there are matching donation campaigns which make your impact larger.
- You can involve family and/or kids! They can help you select organizations or even participate in activities like putting together cold weather kits for the houseless.
Giving is supposed to be about bringing joy to those receiving gifts, not stressing out the person giving the gift. We can get back to that with a little thought. Happy Holidays everyone!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
The world is constantly in flux, sometimes in ways that are scary or violent. This can sometimes cause us to reassess everything. But it when it comes to your investments, that may not be the best strategy. In this episode of Financial Clarity for Doctors, Corey and Rachelle chat about how to approach investing during times of geopolitical uncertainty.
Reviewing your investments:
- Take a moment to review the reasons you are investing. Is it for retirement in 20 years? A home down payment in two years?
- With a period of time like two years, ideally, you are protecting your dollars from the risk associated with the stock market (whether there is some global turmoil or not).
- For your long-term money, if you don’t need to sell out of those investments soon, we don’t need to worry as much about what is happening in the short term.
- Put the current situation into perspective.
- On a global scale, terrifying, heartbreaking, surprising things are happening every day.
- Some of them affect us more than others, but the turmoil itself is not new.
- For the stock market, it has weathered a lot of storms over the decades.
- Keep in mind that for long-term investors, time is on your side.
- When Corey was born, the S&P 500 closed at 244.
- When Rachelle was born, the S&P 500 closed at 162 (she’s older!).
- On 11/15/2023, the S&P 500 closed at 4,502.88. That’s huge!
- Focus on what you can control, and don’t let the rest affect your investments.
All that being said, you can (and maybe should) care about what’s going on in the world. Just don’t necessarily make big investment decisions based on those events.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
For many folks, it’s open enrollment season! In this episode of Financial Clarity for Doctors, Rachelle and Corey discuss the ins and outs of health insurance and how to decide which one is the best fit for you.
Health insurance:
- Most importantly, make sure you have health insurance!
- Some plans have a higher deductible and a lower premium. Other plans have a lower deductible and higher premium.
- When it comes down to it, you want to estimate how much you may pay out of pocket for medical expenses over the year and compare that to the cost difference for your insurance premiums over the full year.
- Pick the one that might save you money! We say “might”, because there is some element of unpredictability with your health!
- When calculating estimated costs, consider:
- Deductible – How much do you pay out of pocket before some expenses are covered?
- Co-payment – Do you just have a co-payment for office visits and prescriptions or do you have to pay for all of it before you hit your deductible?
- Co-insurance – What percentage of costs are you responsible for paying?
- Out of pocket maximum – Very important to know the MOST you can be on the hook for in a serious medical event.
- Other things to consider – Can you put money into a Health Savings Account (HSA) or Flexible Spending Account (FSA) to pay for costs pre-tax? Keep in mind that the FSA is a “use it or lose it” account.
These decisions can save you a few hundred or maybe even a few thousand dollars over the course of a year, but if you have coverage, you are in good shape! Don’t stress about it too much.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, Rachelle and Corey talk about the hypothetical value of shares of stock. Sometimes financial markets can feel very opaque and mysterious, and that’s for good reason! This is confusing sometimes! But when you buy a share of stock, you are buying something that is backed by tangible goods and services. It’s real, but still very hard to determine its worth.
The value of stock is:
- Driven by the goods and services provided by the company behind it.
- At any given time, the value is the price that a buyer and a seller can agree is fair.
- There are two main ways that a shareholder can earn money from owning stock, which influences how much they may pay for that share:
- Dividends are profits that are distributed by shareholders.
- Stock price appreciation is when the value of the stock itself goes up. You realize gains, when you sell your shares when the price is higher than what you paid. You can also lose money!
- Human nature makes things more complicated!
- People get excited about new companies doing new things.
- Personal values can influence whether you think a company’s stock is worth buying or not.
- When deciding a fair price for buying and selling stock, larger buyers and sellers have an advantage. Retail investors generally don’t.
It can be very exciting to buy and sell individual shares of stock, but that is partially because it is much riskier than buying shares of an index fund. You can do a lot of math to determine if you’re buying at a fair price, but you have no control over what other people will think is a fair price in the future. More diversified investments are less exciting, but also less risky.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Do you feel like you are spinning your wheels with your financial plan? In this episode of Financial Clarity for Doctors, Corey and Rachelle talk about how it can be challenging to see improvement in your finances because those improvements can be slow. When trying to view progress, look over a longer period. And remember, that progress can be very challenging when you are still in training.
Change is often gradual:
- Your physical health doesn’t improve overnight. Medical advances don’t happen overnight. We shouldn’t expect to become millionaires overnight either.
- To see progress:
- Calculate your net worth over time and compare today to two, five, or even ten years in the past. This will look better once you reach that attending phase of your career.
- Things that improve your net worth include:
- Building your emergency reserves
- Paying off debt
- Retirement savings/investing
Remember to focus on what you control. Investment returns can have a huge impact on your overall progress year-to-year, but what you are saving (and spending) matters a lot as well.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, Rachelle and Corey tackle some strategies for using all your hard-earned money in retirement. This is what a lot of us are working toward, and using your money efficiently in retirement means there may be more of it to use and to leave behind.
In this episode learn about:
- Where to put money that you need immediately, in the medium-term, and in the long-term.
- Even when you retire, some of your money is still for use decades in the future!
- Spending patterns in retirement.
- How each of your investment accounts will be taxed in retirement (and when inherited).
- And how to withdraw in ways that are as tax efficient as possible.
- Other sources of income in retirement, including social security and home equity.
- Potential large end-of-life costs.
Saving as much as possible is the best way to make sure you don’t run out of money later in life, but we can also stretch those dollars as much as possible.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Lots of people value experiences like travel in their lives. With clients, this often makes the top three for short-term goals. In this episode of Financial Clarity for Doctors, Rachelle and Corey walk through some ways to travel without breaking the bank - so you can do the thing you love right now, but also put some resources aside for your future self.
Travel tips discussed include:
- Timing when you go and when you pay!
- Bringing the kids only when it makes sense.
- Being selective about where you travel.
- Balancing big trips and little trips.
- Is Santorini worth almost twice as much as Crete?
- What to do when you get to your location.
- Using points and rewards.
Financial planning is all about priorities. If traveling is a priority for you, then do it! But you might as well do it in a smart way.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, Corey and Rachelle walk through the time consuming (and somewhat rewarding!) process of building a custom home. Corey speaks from personal experience and walks through the entire process.
Tune in to learn about:
- All the pros and cons (marital discord and all).
- The process – from buying the land to deciding which way you want your windows to open.
- The costs – Surprise! Sometimes it may be less expensive to build your dream rather than buy an existing home and try to make it work.
- Financing options.
- And the time commitment! It takes a long time and can be like another full-time job!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this week's blog, we dive into college savings strategies, as well as some recent changes to the rules around 529 college savings plans.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Why is it that people get so nervous and uncomfortable when discussing money? Many of us were taught as children that it is rude to discuss money, but knowledge is power! In this episode of Financial Clarity for Doctors, Corey and Rachelle discuss a few taboo money topics and why money needs to be a part of our everyday discourse.
In this episode we walk through the following off-limits topics (and a few more!):
- Salary – Sometimes this is even specifically prohibited in the workplace, but how else do you know whether you are being paid fairly?
- Debt – Discussing this can help you feel less shame (they have loans too!) and can help you come up with some solutions to deal with it.
- Gift giving – We have made this a habit and expectation in our culture but refuse to talk about the money and resources that go into it.
- Big purchases (house/luxury items) – Sometimes these purchases take a lot out of us, but we pretend it’s all easy and under control. Discussing the reality can help others understand the sacrifices we sometimes make to attain these things.
Social norms change all the time, and this one is worth changing. We need to learn to discuss both the positive and negatives of money and help younger generations understand and learn from our own experiences. We can’t do that without talking about it.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
If you are looking for more resources to dive into financial planning, this episode is for you! Corey and Rachelle list out a few of their favorite books, blogs, and podcasts. There is a little something for everyone here!
Books:
- Some of our favorites include:
- Financial Planning Basic for Doctors by Marshall Weintraub, et al.
- Advisors at our firm wrote this one!
- The Psychology of Money by Morgan Housel
- Behavior Gap and The One Page Financial Plan by Carl Richards
- The Opposite of Spoiled by Ron Lieber
- Financial Planning Basic for Doctors by Marshall Weintraub, et al.
Blogs:
- Everyone’s favorite, The White Coat Investor! A little biased against advisors and a little heavy on the advertisements, but still a wealth of information.
- Another classic, The Physician on FIRE. For those that want to achieve financial independence as quickly as possible.
- If you like numbers and analysis, Of Dollars and Data with Nick Maggiulli is great.
- If you like a little of everything, Abnormal Returns aggregates daily finance articles and blogs from around the web.
Podcasts:
- Do you really want or need anything other than our pearls of wisdom? Maybe! Different perspectives can be very helpful and cover different topics.
- Bonnie Koo at Wealthy Mom MD talks about her own journey through medical training and debt.
- Corey’s favorite, Morgan Housel, has a podcast!
Listen to the episode to hear more about these resources and our thoughts on them. With any media, especially resources found online, use your critical thinking skills and verify information before committing it to long-term memory. In the end, a lot of this is behavior-based, and you have to find the resources that work well for you.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
They’re coming! Take one final breath of fresh air before your federal student loan payments resume. Finally. In today’s episode, Corey and Rachelle chat about what to expect when payments resume and some of the additional changes to income-based repayment plans.
The final stretch:
- If all goes as planned, interest on student loans is resuming in September and payments are resuming in October.
- If you haven’t already, log into your student loan servicer’s website to verify your next payment due date and amount.
REPAYE to become SAVE:
- If you are currently enrolled in Revised Paye as You Earn (REPAYE) you will now be enrolled in the Saving on a Valuable Education (SAVE) plan.
- The payment amount will still be 10% of your discretionary income, but discretionary income is determined using 225% of the federal poverty level instead of 150% as it was in the past.
- If your income-driven payment does not cover the interest, 100% of that accumulating interest is eliminated.
- You will be able to file separately from your spouse and only use your own income with SAVE. With REPAYE, you had to use both incomes.
Other changes this summer:
- IRS integration for income verification and family size which will mean automatic income recertification if you enroll.
- Redesigned and simplified application through Studentaid.gov.
To hear more about the details of these changes and others, listen to the full episode. To read more about the SAVE plan, read the Federal Student Aid announcement on the program here.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
This week's blog post is an overview of the financial topics you should be addressing during your training years.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode, Rachelle and Corey discuss the value a Financial Advisor can provide to different types of people. Not everyone is the same, so the answer to this question is not always the same!
Folks that we think could potentially get a LOT of value from working with an advisor include:
- People that feel very uncomfortable dealing with money. This is a lot of people and can be for any number of reasons.
- People who haven’t been taught the basics of managing their finances. This includes folks that aren’t sure how to protect themselves from risk, how much to save, how much they can afford to spend on a home, and much more.
- People who ignore all things related to money. You can’t ignore it forever!
- People who want to delegate some of the financial aspects of their lives. Some folks don’t want to spend the time and mental effort managing all of this on their own.
For the Do-It-Yourselfer:
- There are some folks that really enjoy learning about financial topics and prefer to tackle this on their own.
- If you can understand your own biases, save a lot, and do things very consistently, this can be the way to go!
- For these folks, sometimes it can make sense to use a fee-based or fee-only advisor to review and spot check things occasionally. Totally up to you!
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode, Rachelle and Corey use a LOT of metaphors to explore the idea that investing for long-term growth should be boring! This isn’t a game; it’s trying to achieve your goals (like having enough money when you retire) without taking on unnecessary and often unsuccessful risks.
Our favorite metaphor:
- Did you know that Greenland sharks have a life expectancy of 250-500 years?!
- They grow very slowly, live in cold water, and are more or less immune to most cancers and diseases.
- Definitely a slow and steady wins the race creature!
Applying this to investing:
- When you invest for exciting returns in the short-term, you win some and you lose some. Not usually the best results when you do that over a long period of time.
- More exciting = more risky
- Taking a well-diversified approach does not usually result in “exciting” returns. Sometimes your portfolio goes up a bit, sometimes it goes down. But it gives you the best change of “good enough” returns over a long period of time.
- Less exiting = less risky
Sometimes folks think investing is glamourous; but if you’re doing it right, it’s more like the Greenland shark.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
This week's blog post dives into 11 ideas you can implement to help educate your children about money.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
In this episode, Rachelle and Corey tackle some basic goals you can tackle at each stage of your career. These goals build on each other over time. This is not designed to be a comprehensive list, but can be a great quick-start guide!
Examples include:
- Living frugally and focusing on minimizing debt as a student.
- Starting some basic retirement savings and protecting your income as a trainee.
- Maxing out tax-advantaged retirement plans and building a good savings buffer as a new attending.
- Clarifying your longer-term goals as you are settled into practice.
- Refining your exit strategy as you get ready for retirement.
- AND spending your hard-earned savings sustainably as a retiree.
Listen to the full episode for more tips on how to approach debt repayment and savings over time.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
This weeks blog, written by Peggy Haslach, discusses financial planning for the LGBTQIA+ community.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
Corey and Rachelle dive into the idea of housing arbitrage in the newest episode of Financial Clarity for Doctors. If you bought a home or refinanced it at historically low interest rates, you may be able to work that to your advantage in a unique way.
The scenario this episode explores involves:
- A homeowner in a desirable area with a comparatively low monthly cost.
- Example cost (mortgage, taxes, insurance): $6,000 per month.
- Exploring moving to a neighboring town where costs are lower, but want to rent first.
- Example rental cost: $3,000 per month.
- In the meantime, will rent out their existing home (in the desirable area).
- Example rental income: $6,500 per month.
- By doing this, they are generating positive cash flow of $3,500 per month!
- Lower monthly housing costs for them, and a bit more income than expenses on the home.
- This could potentially apply in other situations, where you are considering a move to another city with a lower cost of living as well.
Listen to the full episode to learn more and explore some of the potential risks. This is not for everyone!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this week's blog, we dive into the costs of buying, selling, and owning a home and whether it makes sense to buy or rent in the short-term.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
In this week's blog, we dive into what to look for in a disability insurance policy, so you can secure the policy that's right for you.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
In this special 100th episode of Financial Clarity for Doctors, Rachelle and Corey discuss some principles of money that are worth incorporating into our daily lives. Bottom line – A lot (but not all) of this is behavioral!
Numbers Driven Principles:
- Some of this needs to be backed up by data! Including discussions of:
- The time value of money
- Risk/reward trade offs
- Diversification
- Inflation and compound interest (compounding can work for you AND against you)
Behavior-Driven Principles:
- Luck is luck. Don’t get too hung up when you are randomly on either side of it.
- Uncertainty is a given. Stop trying to focus on what may or may not happen and focus on what you can control!
- Stop comparing yourself to others.
- People have different goals and values and different ways of supporting that with their resources.
- Appearances can be very deceiving.
- Separate fun from investing. It should be boring!
- Financial independence can have a huge impact on happiness and satisfaction.
- Even if you are working, you are doing it on your own terms now.
Listen to the full episode for these tips and so many more!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, Corey and Rachelle weigh the pros and cons of different types of employers. It’s job search time, and while money isn’t everything, it is important to understand the financial benefits of each job to make an informed decision.
Financial Considerations When Deciding on a Job:
- First – Pay! Not just the dollar amount.
- Is it salary or production-based?
- If production-based, get some estimates of what new physicians have earned.
- Are there bonuses and how likely are you to get these bonuses?
- What are the hours? Call? You may not be getting paid more if you’re working twice as much!
- Is it salary or production-based?
- You can assign these a dollar value as well!
- Retirement benefits can be huge!
- Matching, flat employer contributions, pension benefits.
-
- How much will you pay for medical insurance?
- How much life and long-term disability insurance do they offer?
- Will you need to purchase tail insurance if/when you leave?
- Public Service Loan Forgiveness (PSLF) and other loan repayment programs.
- Does your prospective employer qualify for PSLF or other programs?
- How much could you potentially have forgiven?
- The larger your loan balance, the more attractive loan forgiveness is.
- Retirement benefits can be huge!
Look beyond the obvious when making employment decisions, and don’t sell yourself short!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
Today on Financial Clarity for Doctors, Corey and Rachelle unpack some of the details behind the fall of Silicon Valley Bank (SVB). Is the whole banking industry in trouble, and should we be worried?
Banking is reliant on trust:
- Depositors need to trust that the money they place in the bank will be there when they need it or the whole system collapses.
- If banks give customers reasons to be afraid, then people may withdraw their money.
- Lots of SVB depositors tried to withdraw money within a short period of time, and the bank could not easily liquidate investments (some of which had lost money) and distribute all those bank account balances at the same time.
- Federal government stepped in to make the depositors whole again.
- Federal protections in place to help facilitate trust in the banking industry.
- Look for FDIC insurance coverage at your bank, which protects most balances up to $250,000.
- In the case of SVB, the government helped make depositors whole above the FDIC limits.
Simple steps like double-checking FDIC limits and coverage at your bank, can help ensure that your deposits are safe.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this week's blog, we remind everyone of the upcoming one-time adjustment for student loans to receive PSLF credits for payments that were previously ineligible to count towards PLSF. Make sure you have all of your ducks in a row by May 1st to be eligible to receive the credits!!!
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
In this episode of Financial Clarity for Doctors, Corey & Rachelle dive into different types of homes to buy (pre-owned, new, and custom), pros and cons of each, and things to be mindful of. They also touch on ways to finance a home purchase.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this week's blog, we through 10 tax deductions for doctors for ways to potentially save money on taxes.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
In this episode of Financial Clarity for Doctors, Corey and Rachelle tackle some of the best places to put extra cash savings. Having “too much cash” is a good problem to have, but we want to be as efficient as possible with anything you don’t need for your day-to-day expenses.
Topics discussed include:
- Good reasons to have cash reserves and not-so-good reasons
- Emergency reserves and short-term spending needs? Both good reasons to have cash on hand!
- High-interest savings accounts
- Very liquid and quite a few yielding a decent amount of interest at this time
- Certificates of deposit
- Potentially a higher yield than a savings account but less liquidity
- I Bonds and other treasury bonds and bills
- Lots of different amounts of times to be invested
- Structured investments including market-linked C.D.s and issuer-protected or buffered notes
- More complicated, but can potentially participate in some stock market performance with less risks
Ideally, we are not keeping too much money on cash (we may be better off investing some of those dollars), but for the dollars that we do need to keep fairly safe and/or liquid, let’s try to at least earn a little interest!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this episode of Financial Clarity for Doctors, Corey and Rachelle discuss the benefits of pre-tax and Roth retirement accounts. We love savings, but it’s important to understand when and how you pay taxes. You will have to pay taxes on your retirement savings, it’s just a matter of when.
Pre-Tax Retirement Savings:
- Tax deduction now.
- Can grow without paying taxes along the way.
- Pay ordinary income taxes on withdrawals.
- Can contribute through work retirement plans up to a maximum.
- Generally, not accessible before age 59.5 without penalty taxes.
- Best in your peak income earning years if you are in a high tax bracket.
Roth Retirement Savings:
- No tax deduction now.
- Can grow without paying taxes along the way.
- Withdrawals in retirement are tax free.
- Can contribute through Roth IRA (potentially “backdoor” Roth) and many employers offer a Roth deferral option. These plans have a maximum as well.
- The growth in the account is generally not accessible until Age 59.5 without penalty taxes.
- Pay taxes now at a known rate, instead of later at an unknown rate.
- Best when you are in a lower tax bracket than you expect to be in the future or in retirement.
One last note – keep in mind that taxes change over time. We can make decisions now based on current tax rates, but we don’t know what tax rates will be later in our careers or in retirement. Ideally, we have retirement savings that is diversified across tax treatments, so that we can adapt to changing tax environments in retirement.
For more financial planning tips from Corey and Rachelle, find them on social media!LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this week's blog, we talk about own-occupation disability insurance for physicians and how to estimate how much coverage you should get.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
In this episode, Corey and Rachelle take a little inspiration from Bill Perkins and his book Die with Zero. It’s an interesting concept (but scary to most people). Ultimately, the idea is to use the resources you have while you can enjoy them.
In this episode, they will chat about:
- Thinking of every dollar you leave behind as hours you worked.
- Strategically planning WHEN to use your money and other resources including time.
- When you are young and healthy, you are better able to enjoy things.
- Planning to gift money earlier rather than at the end of your life.
- Kids may benefit more from resources earlier on when they don’t have a lot of their own resources.
- Charitable organizations can always use support sooner than later as well.
- Ways to protect yourself in the case of a long lifespan.
- Creating income streams.
- Using insurances to mitigate some of the larger risks like high-cost end of life care.
It is still important to develop healthy savings and spending habits, but it’s also important to use and enjoy the resources you have.
For more financial planning tips from Corey and Rachelle, find them on social media!LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this week's blog, we walk through benefits of working locums as a doctor.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
In this episode, Corey and Rachelle discuss a few retirement savings and tax law changes. One thing we like to say in planning, is that tax laws change all the time. This is one example of how those changes can affect you and your retirement savings.
This was a large part of a huge spending bill, and the below notes are not intended to be comprehensive. There are just a few tidbits we thought our listeners might find interesting.
Highlights from the bill:
- For small business setting up a 401k, you can now apply for a tax credit of up to 100% of the startup costs (an increase from 50%).
- Employer matching contributions can now be Roth as well as pre-tax. If Roth, the dollars would be taxable to the employee at the time of contribution.
- Employers can now match student loan payments into a 401k or 403b.
- The deadline to set up a Solo 401k will now be the tax filing deadline instead of the end of the calendar year.
- You can now make Roth contributions into both SEP IRAs and SIMPLE IRAs.
- There will be additional opportunities for “catch-up” contributions. These are increased contribution limits for older retirement plan savers.
- Required minimum contributions will not be required until you are age 75 starting in 2033.
- For 529 plans that have been established for more than 15 years, can roll up to $35,000 total from the 529 into the beneficiary’s Roth IRA.
- And so much more! Listen to the episode for a few more tidbits.
For more financial planning tips from Corey and Rachelle, find them on social media!LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.
In this week's blog, we walk through some ways to estimate how much money a doctor needs to retire.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
In this episode, Corey and Rachelle discuss how to approach leaving money behind, whether that is for family, charitable causes, or the government. Just kidding! The goal is for YOU to be able to direct where your wealth goes, which can include minimizing taxes if possible.
What are your goals and your family’s goals for passing on wealth?
- Make sure to consider what you really want in terms of legacy and estate planning. Passing on wealth is not for everyone! Your goal could be to spend every cent you have and enjoy life to the fullest, and that’s okay too.
- If your goal is to leave a legacy, then reassess these goals periodically. Things change over time.
If you’ve decided this is an important goal for you:
- Spend conservatively and save A LOT. Remember, you want to have more than enough for your own retirement.
- Using Roth and brokerage accounts can be very helpful for passing on wealth in a tax-advantaged way.
- If you inherit a Roth account, you do not pay taxes on the growth if you take qualified withdrawals.
- Taxable brokerage accounts get a “step up in basis” when inherited. The dollar amount that is exempt from taxes is not the purchase price, but the price when the investments are inherited.
- Think about gifting money (at least up to the gift tax exclusion amount) during your life.
- Make estate planning a priority! Talk to an attorney to make sure your wishes are very clear and to potentially help manage taxes.
- Consider charitable donations. These can be made in a variety of ways to reduce your tax burden during life and on your estate.
For more financial planning tips from Corey and Rachelle, find them on social media!LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
In this week's blog, we list 23 financial goals you can shoot for in 2023. Don't worry about accomplishing them all! Pick several to commit to and go from there!
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
In this episode, Corey and Rachelle breakdown cash balance retirement plans. What are they and are they a good fit for you?
What the heck is a cash balance plan?
• Another pre-tax retirement plan, meaning you do not pay taxes on the money you deposit now, but you do pay taxes on withdrawals in the future.• Many pre-tax retirement plans are defined contribution plans (401k, IRA, SEP) meaning that there is a specific contribution amount.• Cash balance plans are different because the goal is to provide a “defined benefit” similar to an old-school pension.• Many people terminate the plan and roll the balance into an IRA instead of using them like a pension.You can potentially put a LOT of money into them, but you can’t set them up just anywhere. A cash balance plan may be a good fit for you if:
• You are self-employed and want to contribute more to retirement than the IRS plan maximum for a 401k or SEP IRA.• You are a business owner who wants to contribute more to retirement AND you don’t mind setting aside some funds for your employees as well.There are lots of rules with these and costs as well. It can be a great way to save a lot of money for retirement while saving on taxes, but proceed cautiously and learn as much as you can first.
For more financial planning tips from Corey and Rachelle, find them on social media!LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
This episode is an extra special one where Corey interviews his dad, Dr. Kenneth Janoff, a retired surgeon about his career in medicine and achieving financial independence.
He shares stories from growing up in New Jersey, going to medical school at Temple University, what it was like transitioning from med school in North Philly to residency in Portland, OR in the late 70’s. He shares his experience starting his own practice straight out of fellowship and successfully running that practice for over 30 years. They also talk about how medicine has changed over the past four decades.
They get into what started his interest in business and investing, some of his investment successes (and misses), contributing factors to achieving financial independence (such as prioritizing saving and investing early on), and offer advice for how to prepare for an enjoyable retirement.
He wraps up the conversation with a story about getting disabled midway through his career (fortunately it wasn’t permanent) and the importance of disability insurance.
For more financial planning tips from Corey and Rachelle, find them on social media!LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
In this week's blog, we list five important actions to take in order to become financially independent one day.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
How to Approach Investing When Markets Are Down
In this episode, Corey and Rachelle take a slightly different approach to talking about the stock market this year. There have been many ups and downs over 2022, but as investors, how do we deal with that volatility? What should we do differently, if anything?
In some situations, doing nothing is the best option:
- First, unless you have a specific reason to do so, now is not the time to exit the stock market. Selling investments when they are down locks in losses. If you are a long-term investor, it’s unlikely that makes sense for you.
- Quit looking at things every day! We all know things have been messy this year. Looking at your accounts every day will not change that, but will increase your stress level. You should be reviewing your accounts every few months, but for long-term investors it is generally not necessary to do that daily.
There are a just a couple more proactive things you can consider as well:
- You may want to consider rebalancing back to your original target allocation. When the market is volatile, your allocation can become very skewed to any areas of the market that have outperformed relative to others. Not the same as selling out of your investments entirely.
- Think about investing “extra” money you have on the sidelines. If you are sitting on money you do not need in savings (NOT your emergency fund) put that money to work for you. This is always true, but especially so when the market is down. Treat this like a sale on investments.
- If you have money in a taxable brokerage account, you can also consider doing some tax-loss harvesting. More on this topic was recorded in Episode 29 on Tax Loss Harvesting.
If the market is making you nervous, do your best to avoid the constant doom and gloom financial reporting. And keep in mind your time horizon. If you are not retiring for 20 or 30 years, it doesn’t make sense to stress out a bunch about the stock market right now.
For more financial planning tips from Corey and Rachelle, find them on social media!LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
In this week's blog, we discuss the power of compound interest, how it can benefit you if you get it working in your favor, and how it can potentially hurt you if you get on the wrong side of it.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
In this week's blog, we discuss what an IRA is, benefits of using one for retirement savings, and how to set one up.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
If you watch the news or have tried to borrow money any time recently, you know interest rates have increased A LOT this year. New mortgages 30-year fixed mortgages are averaging more than 7%. Drastically different from the 2.5-3.5% you could get during covid. In this episode, Corey and Rachelle ask, “what should we do differently?”
It’s not all bad news!
- High-interest savings accounts have variable interest rates.
- If you don’t have one yet, you can set one up and likely get a 3% annual yield or more.
- Bond yields have also increased dramatically. More conservative investments now have more to offer.
- If you have an existing fixed-rate-mortgage, your home payment is much more affordable than it would be if you had to take out a similar-sized loan today.
New and variable-rate debts are the challenge.
- If you are in the market for a new home, you may need to adjust your budget or save a larger down payment.
- Run the numbers to see what fits in your budget and try not to stretch yourself too thin.
- Review your existing debts to see if any other items have a variable interest rate, and try to pay them off if the rates are getting too high.
- This can include home equity lines of credit and even private student loans.
- Prepare yourself if you have an Adjustable-Rate Mortgage. Educate yourself on when your rate can increase and how much it is allowed to increase.
- When thinking about new purchases, find out what your financing options before deciding to buy.
- It will be much harder to come across low interest financing.
- It may make sense to purchase more things in cash or even delay large purchases.
When things change, sometimes we need to adjust our plans and expectations. Review your own finances and goals to see if you can adjust anything to make your situation better. If you have questions, email us at podcast@thefinitygroup.com.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
In this week's blog, we discuss the pros and cons of securing disability insurance as a resident or fellow.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
Once in a while, we have to “eat our vegetables” and talk about insurances. In this episode, Corey and Rachelle tackle long-term care insurance in recognition of long-term care insurance awareness month. Insurance conversations almost always revolve around things we would rather not think about, and this is no different. But most of us will have to deal with aging, and a lot of us will have to deal with the increased costs that can come along with that. Ignoring it won’t help!
So, what is long-term care?
- Medical and non-medical assistance to help a person unable to perform some or all activities of daily living. This could be at home or in a facility.
- It can be VERY expensive.
- Can live for a long time after needing care.
- A private nursing room costs an average of almost $8,000 per month.
- Seventy percent of people aged 65 or older, will need long-term care during their lifetime.
How does insurance for long-term care work?
- Usually, cannot get unless you are fairly healthy.
- Generally, set up with a maximum monthly benefit and/or lifetime coverage amount.
- Sometimes includes inflation protection, but not always.
- Can be an add-on feature to life insurance, can be a shared policy with a partner or an individual policy.
- Cost can potentially change after time, even after you have a policy.
Should you get long-term care insurance?
- Age is one consideration. Most policies only offered to those who are 40 or older. If you get too early, you may pay a lot for the policy over time.
- Wealth is another.
- For those who have saved a great deal and expect to have more money than they need to retire, you likely don’t need coverage, but may want it to protect that wealth for your heirs.
- If you have very little resources in retirement, you may qualify for need-based-aid (Medicaid), but you basically have to be destitute to qualify.
- For those that are in between, you may need some support to be able to afford long-term care without completely depleting your resources.
This is a complex topic and a complicated insurance product. Do lots of research when looking into this, and as always, let us know if any questions come up. You can always email us at podcast@thefinitygroup.com.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
In this week's blog, we discuss strategies for investing when the market is down in value.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
This week's blog post dives into the purpose and benefits of tax-deferred retirement accounts and how they can be utilized in your retirement savings strategy.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
A few weeks ago Corey and Rachelle tackled teaching kids about money on Financial Clarity for Doctors. This week they dive into a few financial preparations that you can take on as a household when you are expecting. If this is you – get ready for some big changes!
A financial checklist for when you’re expecting:
- Review your insurances.
- Do you have enough disability insurance to fully-protect your income?
- Do you have enough life insurance? Protect earnings, but also economic value brought into the household by non-income-earning partners.
- Review health insurance options to decide on the best option for prenatal and postpartum care, but also well child visits.
- Review any short-term expenses including time off work and getting baby all set up.
- If possible, pencil in some extra for help when baby arrives. Cleaning, food, etc.
- Walk through a hypothetical budget for after baby has arrived. Pencil things in like diapers, but also childcare and college savings if that is a goal.
- Look into childcare EARLY. Waitlists can be long, and you don’t want to deal with that added stress later on.
- Discuss your goals for college savings, but don’t ignore your own goals. Your kids might be upset if you’re still working at Age 70, because you wanted to put them through school.
- Get a basic will and estate plan in place
- Specify who you want to care for baby if you are not able to do so.
- Make it official, preferably with an attorney.
When you bring a little one into the family, everything changes – both financially and in every other way you can think of. Keep in mind that you cannot “save up” to support a child long-term. It will be an ongoing expense, likely for decades. We all want to do what’s best for our kids, but make sure to prioritize your well-being too (financial and otherwise). Best of luck to you all!
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
This week's blog post dives into the factors that impact the cost of disability insurance.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
In this episode of Financial Clarity for Doctors, Corey and Rachelle chat about the whirlwind year we have had in the stock market so far. It’s easy to look back and explain stock market movement in hindsight, but much harder to predict in advance. But sometimes understanding the “why”, can help you avoid making poor choices – like selling when your portfolio is down 25%. Listen for a little bit of context.
Why is the stock market down?
- Why is the stock market down?
- The dynamic duo – inflation and interest rates
- To try to bring inflation down, the Federal Reserve raises the federal funds rate, which leads to higher interest rates across the board
- Stock prices go down, because the market thinks it will be harder for companies to make a profit with rates higher, but also because higher rates can lead to a decrease in jobs and/or wages
- Geopolitical risk
- International conflict increases energy prices, and creates some fear in the stock market, which can lead to some indexes declining
- Affects international and emerging markets stock pricing more than domestic stock
- Bottom line, part of this is the stock market trying to predict things that have not happened yet
- The dynamic duo – inflation and interest rates
- What is down? – Everything, but in different ways
- Bonds are down, but not as much as stocks
- Domestic stocks are down, with growth companies and small companies being hit harder than the tried-and-true big companies
- Developed international and emerging markets are down more than the aggregate domestic stock index
- This is why you want to be diversified. A well-diversified portfolio is still down, but less than if you were to double down on some of the higher risk/potentially higher return indexes
Keep in mind that nobody knows what will happen next in the stock market. Just because someone has been correct in the past, does not mean they will be in the future. If you are a long-term investor, it is important to stay focused on your long-term goals. Generally, that means being consistent, and not reacting too much to short-term performance.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
This week's blog post is about the Public Service Loan Forgiveness program (PSLF) and whether or not you should pursue it.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
In this episode of Financial Clarity for Doctors, Corey and Rachelle jump into a topic that is near and dear to their hearts. Teaching the little ones about money! Money has been a taboo subject for too long. When we don’t talk about it, we fail to set our kids up for success. It’s important for them to understand, even at an early age, that every piece of clothing, every toy, even the roof of their head requires resources of time and money. There are many age-appropriate ways to teach kids about money.
Some teaching examples by age include:
- At any age
- Point out the cost of individual items.
- Talk about wants vs needs.
- Talk with them about the tradeoffs of time and money. If we work more, we have more money, but less time to spend with you. What do you think about that?
- Ages 5 and under:
- Sticker or token system for chores or good behavior. Can be exchanged for a reward of your choice.
- Ages 5 and up:
- Consider a small allowance.
- Discuss saving for something larger vs making smaller purchases.
- Open a savings account for them and give them interest credits.
- Play games that use money.
- If you have any accounts set up for them (like a 529) explain it to them and look at it with them periodically.
- Ages 12 and up:
- Consider a larger allowance and more responsibility for their own expenses. Give them a chance to manage their own budget with low stakes.
- Enter a stock market simulation contest.
Money is not everything, but it is a very important part of how the world works. Talking with kids about it on a regular basis will help them make better decisions when they are older, and you can’t look over their shoulder any more.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
This week's blog post walks through how to tax-loss harvest your taxable investment accounts to help reduce your overall tax liability.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
This week's blog post, written by Braden Balocan, is about the temporary limited waiver student loan forgiveness program. Deadline is October 2022. Act now to take advantage of it!
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
In today’s episode of Financial Clarity for Doctors, Corey and Rachelle talk about one of the main reasons financial planning can be so challenging. Unfortunately, you have to wait a LONG time to find out if you made the best choices. When we are talking about long-term planning, the short-term success or failure of specific choices doesn’t matter quite as much. So how can you tell if you’re on the right track?
Examples of this challenge include:
- Short-term performance of investments. Doesn’t really matter if it’s retirement money! Only long-term performance matters.
- Consistent income from a rental property over time.
- College savings. How do you know you’re saving enough when you have no idea how much college will cost?
The bottom line is that we cannot always know that we are making the best or optimal choice for our financial plan. You CAN know that you are making GOOD choices. Good financial choices include things like saving more for retirement or putting extra toward debt. We can only know which one was the optimal choice with hindsight, but we can know that both are a good choice now.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
We're starting to record an audio version of our weekly blog posts that can be found at www.theFinityGroup.com/blog. Be on the lookout for these to arrive in your feed each week.
September is Life Insurance Awareness Month, so this week's blog is titled, Term vs. Whole Life Insurance, written by Corey Janoff.
In today’s episode of Financial Clarity for Doctors, Corey and Rachelle discuss the Biden administration’s recently announced student loan plan. The biggest question on everyone’s minds is do I qualify for any loan forgiveness? Chances are you may not qualify as an attending, but as a trainee, it’s very likely you do.
Some highlights of the new plan:
- Extended forbearance through 12/31/2022
- They say this is the last time! Get ready to make those payments.
- $10,000 of loan forgiveness for single filers making less than $125,000 or households earning less than $250,000
- You can potentially receive double the award if you received a Pell Grant for some of your college costs
- Changes to payment calculations for some borrowers/loans
- To keep up-to-date on federal student loan announcements, you can subscribe to updates from the Department of Education
Also, for listeners working toward Public Service Loan Forgiveness, keep in mind that the temporary limited waiver for PSLF is ending October 31st. This was an opportunity to potentially have more loans forgiven or more payments counted. If you have not looked into this yet, read more here: PSLF Limited Waiver
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Being the First Black Doctor at a Hospital
In today’s episode of Financial Clarity for Doctors, Corey and Rachelle are joined by their colleague, Antwon Weary and Sonya Williams, MD. Sonya and Antwon both share their experiences of being a couple of the few black individuals in their work lives. Antwon joined Finity Group as the first (and only) black advisor at the firm. Sonya was the first black doctor ever at her hospital in rural Indiana. Women and people of color are underrepresented in the financial services industry and in hospitals in rural America as well (surprise!).
Some of the topics they tackle include:
- Dealing with imposter syndrome
- How race and/or gender can affect you financially
- The value of mentors and colleagues
- How to recharge your batteries and stay connected to your roots
Often in business, we try to separate social and financial issues, but they are inherently connected. It will take a multi-faceted approach to remedy the economic impacts of systemic racism and sexism, but one aspect of that is talking about it. We want to hear your stories! Reach out to us anytime.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Get your pen and paper ready! In today’s episode of Financial Clarity for Doctors, Corey and Rachelle run through various tips for those of you getting by on a trainee’s salary (or maybe even student loans). You may not be able to make huge strides toward your financial goals before you get that big bump in salary, but you can absolutely put yourself in a good position to hit the ground running when you do.
In this episode, you’ll find tips on:
- Managing your month-to-month budget
- Figuring out what to do with student loans
- When to look into disability and life insurance
- Renting vs buying on a resident salary
- How much to save and where
Bottom line, live within your means! And then manage your debt and save as well as you can.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
In the previous episode of Financial Clarity for Doctors, Corey and Rachelle talked about stock performance year-to-date. Today they unpack one potential part of that decline – the fear of a “recession”. The dreaded “R” word. In reality, the stock market and the economy are connected but not the same. A recession is a measure of the growth (or lack thereof) in the economy, while the stock market is related to how much we as investors think a share of a company may be worth.
As pundits, corporate leaders, and individual investors start to fear a recession, the stock market can go down in anticipation of a potential decrease in business revenue. But what is a recession really? And what might that look like today?
In this episode Corey and Rachelle discuss:
- How a recession is defined and measured
- How individuals can be affected by a recession
- Which things are worth worrying about and which are not
- How to offset some risks associated with a recession for yourself and your family
In the end, we care about how the economy is faring, but the impact on individuals is sometimes very small. Medical professionals are often more insulated from some of the bigger risks of a recession including job losses. Try to keep things in perspective and focus on the things you can control.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Stock market got you down? In this episode of Financial Clarity for Doctors, Corey and Rachelle chat about how expectations of stock market performance stack up against the reality we deal with from year to year. How we deal with our expectations can have an impact on how we react to volatility, and therefore how our investments perform long term.
In this episode we’ll chat about:
- The average return is not the expected return each year
- How widely can returns actually range?
- How to anchor your expectations in the reality of a volatile market
- Diversifying across various types of companies
When it comes down to it, a lot of financial planning (including investing) is behavioral. Generally, we have a stronger emotional reaction to negative outcomes than we do to positive outcomes. The bad seems twice as bad as the good seems good. For long-term investors, consistency is important, so we have to be very careful to keep all of this in perspective.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
In this episode of Financial Clarity for Doctors, Corey and Rachelle address one of the questions clients frequently ask them. How much can we afford to spend on housing? Whether you are renting or buying, housing costs have increased dramatically and that’s a big part of the overall inflation numbers. If you locked in a mortgage at a low rate a couple of years ago, you may be sitting pretty, but for those that are renting or looking for a new place – everything is expensive! Rents increased 10-15% in 2021 and housing prices increased by about 15% from May of 2021 to May of 2022. When you pile rising mortgage interest rates on top of that, monthly payments have increased substantially.
In this episode we’ll chat about:
- Guidelines for how much of your income should be spent on housing
- Exceptions to the rule
- Separating wants vs needs
- The impact of housing costs on other parts of your financial plan
- How rising interest rates on new (and variable rate) mortgages translate to higher payments
And the best piece of advice we can give – buy the least amount of house to make you happy. Housing will likely be your biggest expense, so if you can limit that, you will have much more money to put toward other goals.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Thanks for listening to Financial Clarity for Doctors everyone! Everyone loves to talk about the important of diversifying their investments, but in this episode Rachelle and Corey dive into a different way to think about diversification. Yes, it’s important to make sure we’re not putting all our eggs in one basket (let’s not go all in on one company folks!), but let’s take a minute to think about the different kinds of baskets we can use.
Taxes are confusing! In this episode we’ll chat about:
- Tax advantages associated with various types of retirement accounts.
-
Roth vs pre-tax savings options.
-
Capital gains taxes.
- How and when you will be taxed on your investments. With almost every investment account, you must pay taxes at some point.
- Retirement distribution strategies.
- The magical unicorn that is a Health Savings Account.
Bottom line, it is very, VERY, important to understand the tax implications of different investment strategies. But also to understand that tax law is constantly evolving. If you can diversify your savings with accounts that are taxed in different ways, you have some flexibility to adapt to changing tax law when you are taking distributions. This can dramatically affect how much tax you pay and how much income you have in retirement.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Thanks for listening to Financial Clarity for Doctors everyone! In today’s episode your favorite podcast hosts Rachelle Vanderzanden and Corey Janoff speak with Jennifer Wiggins of Aegis Malpractice solutions about all things malpractice insurance. Don’t miss this one if you work with or own a private practice, you’re looking at new contracts, doing some moonlighting, or thinking about what it might look like to open your own practice someday. Ideally, every doctor knows the basics of this very important topic.
The many mysteries we go over with Jennifer include:
- The difference between claims made and occurrence-based malpractice policies
- What the heck is tail coverage?
- What do doctors get sued for?
- Shopping how-tos
- Ways to minimize your risks (hint: bedside manner isn’t just about getting people to like you)
As with any insurance, malpractice is another example of paying for protection that you hope you will never need to use. No one wants to get disabled, but we need disability insurance just in case. Obviously, we hope a lawsuit never comes up, but one in three doctors are sued out some point in their careers. That is A LOT. And if you are in a surgical specialty, you will almost certainly face a lawsuit at some point in your career.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Welcome back and thank you for listening to another episode of Financial Clarity for Doctors! In this episode, Corey and Rachelle chat about one way you can improve your financial situation. In general, you can either decrease your spending (difficult) or increase your income (maybe less difficult). Let’s focus on increasing that income!
Ways to make more money include:
- Negotiating – When you take on that first attending job, but also throughout your career
- Working extra shifts and boosting RVUs
- Side hustles like MedLegal work, reviewing insurance claims, writing/speaking, and locums
- Making the change to a higher paying job
As always, Rachelle and Corey bring it back to money values in the end. You should always be asking yourself if you are aligning the way you spend and make money with the things that really matter to you. If you are earning more, put that extra toward your big goals. And making more money to achieve your financial goals can absolutely make sense, but for some folks, the priority may be more time and flexibility which may mean reducing that spending.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Doctor Mortgages w/Casey McLaughlin
Welcome back and thank you for listening to another episode of Financial Clarity for Doctors! In this episode, we chat with Casey McLaughlin of US Bank about all things related to Physician Home Loans aka “Doctor Mortgages”.
Including:
- Are they really any better than conventional loans?
- Do I pay a higher interest rate? Really important right now!
- How to shop for the best mortgage.
- Can you use doctor loans to buy a rental property or vacation home?
- And how to prepare yourself (and your credit!) for buying that first home.
For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
In this episode of Financial Clarity for Doctors, Corey and Rachelle discuss what you can do with old retirement accounts!
They cover what your options are, from taking a distribution, to rolling the money to your next employer’s retirement plan, or possibly rolling into an IRA, among others.
They’ll address the pros and cons of each choice, as well as your options if you are retiring!
You don’t want to lose track of your old accounts!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
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APPLE PODCASTS
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome back and thank you for listening to another episode of Financial Clarity for Doctors!
Today we’re going to go against the grain and take a somewhat contrarian approach to the common themes you may see in typical headlines or blog posts. These opinions may go against what you’ve been told before, or maybe they go under the radar.
In this episode we discuss:
- Budgets Are Overrated
- Detailed Written Financial Plans Are Overrated
- 30 Yr Mortgage > 15 Year Mortgage if...
- Real Estate Typically Isn't a Great Investment
- Managing Expectations is the Biggest Driver of Happiness
https://thefinitygroup.com/
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media! APPLE PODCASTS INSTAGRAM FACEBOOK TWITTER LINKEDIN Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome back and thank you for listening to another episode of Financial Clarity for Doctors!
Today's episode features special guest Jordan Frey, MD. Also known as, "The Prudent Plastic Surgeon."
In this episode we discuss:
- Tips to Get Started With Financial Wellbeing
- Giving Advice to Your Former Self
- Financial Mistakes to Avoid
- Expectations Vs Reality
- Getting Your Spouse Involved
https://thefinitygroup.com/
https://prudentplasticsurgeon.com/
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media! APPLE PODCASTS INSTAGRAM FACEBOOK TWITTER LINKEDIN Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome back and thank you for listening to another episode of Financial Clarity for Doctors! Today we're going to talk about buying your first home.
The process of buying a home can be extremely overwhelming, especially for first time home buyers. This episode will give you some tips to make the process a little less staggering.
In this episode Corey & Rachelle discuss:
- Timing Is Everything
- Preparing to Buy a House
- How Much House Can You Afford?
- Should You Stretch Your Budget Early in Your Career?
- General Rules of Thumb
- Understanding Different Mortgage Types
- How to Prepare Your Mindset
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media! APPLE PODCASTS INSTAGRAM FACEBOOK TWITTER LINKEDIN https://thefinitygroup.com/
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome back and thank you for listening to another episode of Financial Clarity for Doctors! Today we want to talk about the mistakes you shouldn't make in financial planning.
People probably overestimate how badly they can mess up their financial planning. If you are paying attention and putting resources toward your goals, then you are likely making some good progress. The fact that you are even listening to this podcast is a very good sign.
That being said, there are some common mistakes that we see clients make, so we wanted to talk through a few pitfalls to avoid.
In this episode Corey & Rachelle discuss:
- Debt Avoidance At All Cost
- Buying Too Much House
- Prioritizing Retirement
- Insurance Coverage
- College Savings
- Timing The Market
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media! APPLE PODCASTS INSTAGRAM FACEBOOK TWITTER LINKEDIN https://thefinitygroup.com/
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome back and thank you for listening to another episode of Financial Clarity for Doctors! Today we want to talk about trying to time the market and possible strategies for when and how to do it.
We often come across prospective clients who are sitting on cash. Not sure how to go about investing it. Maybe waiting to invest because the market is at an all time high. Maybe they read an article predicting a possible pull-back.
Taking that plunge and investing a large sum of money is scary! You wouldn’t be human if you weren’t a little bit nervous.
In this episode Corey & Rachelle discuss:
- Common Misconceptions in "Timing the Market"
- Dollar Cost Averaging
- Systemic Savings Plan
- Living Below Your Means
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media! APPLE PODCASTS INSTAGRAM FACEBOOK TWITTER LINKEDIN https://thefinitygroup.com/
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome back and Happy New Year! Thank you for listening to another episode of Financial Clarity for Doctors!
Public Service Loan Forgiveness has been in the news quite a bit lately, and some of it has been good for a change! In October of 2021 the Department of Education released new guidance designed to temporarily loosen some of the rules that have made it more difficult to qualify for forgiveness. Key word being “temporarily”.
In this episode Corey & Rachelle discuss:
- What Does This Affect?
- How Does This Affect Your Loans?
- Examples
- The Other Big News
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media! APPLE PODCASTS INSTAGRAM FACEBOOK TWITTER LINKEDIN https://thefinitygroup.com/
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome back and Happy New Year! Thank you for listening to another episode of Financial Clarity for Doctors!
Today we want to talk about simple solutions vs complex solutions. Sometimes we can’t believe that the best strategy is a simple one.
In this episode Corey & Rachelle discuss:
- Real Life Examples
- Investing Examples
- The Power In Simplicity
- Using Complexity When Necessary
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media! APPLE PODCASTS INSTAGRAM FACEBOOK TWITTER LINKEDIN https://thefinitygroup.com/
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome back and thank you for listening to another episode of Financial Clarity for Doctors!
Today we want talk about the concept of stealth wealth, i.e., flying under the wealth radar so people don’t realize how wealth you actually are.
In this episode Corey & Rachelle discuss:
- Stories of Stealth Wealth
- Keeping Up With The Joneses
- The Benefits of Stealth Wealth
- Financial Independence
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media! APPLE PODCASTS INSTAGRAM FACEBOOK TWITTER LINKEDIN https://thefinitygroup.com/
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome back and thank you for listening to another episode of Financial Clarity for Doctors!
Expect to see a lot of headlines as we close out the year, particularly on the tax side of things with the upcoming changes to the tax code
In this episode Corey & Rachelle discuss:
- Social Security Headlines
- Is Social Security Going Bankrupt?
- Upcoming Tax Law Changes
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media! APPLE PODCASTS INSTAGRAM FACEBOOK TWITTER LINKEDIN https://thefinitygroup.com/
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome back to another episode of Financial Clarity for Doctors!
Have you ever wondered what happens to your money when it goes into your plan at work if you do NOTHING? Today we are going to talk about a type of mutual fund commonly referred to as a Target Date Fund or a Lifestyle fund. They are almost always in your work plans, but you can use them in other accounts as well.
In this episode Corey & Rachelle discuss:
- What is a Target Date Fund?
- The Pros to Target Date Funds
- The Cons to Target Date Funds
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media! APPLE PODCASTS INSTAGRAM FACEBOOK TWITTER LINKEDIN https://thefinitygroup.com/
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome back to another episode of Financial Clarity for Doctors!
Disability insurance is a hot topic for young doctors. The most common question we get – Do I need my own policy? There is a ton of heavy-handed advertising which can make it seem like it’s just a sales ploy, when in reality it is a VERY important part of financial planning.
In this episode Corey & Rachelle discuss:
- Why You Need Individual Disability Insurance
- The Pitfalls of Group Coverage
- Disability Insurance Cost Overview
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media! APPLE PODCASTS INSTAGRAM FACEBOOK TWITTER LINKEDIN https://thefinitygroup.com/
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome to another episode of Financial Clarity for Doctors!
Today we want to discuss your happiness and satisfaction and how it is largely tied to your expectations.
As a little kid, if you got the present you asked for, you were elated. If you didn’t, you were disappointed. The best way to avoid disappointment is properly managing your expectations.
In this episode we will talk about:
- Does Your Income Rise Faster Than Your Expectations
- Lifestyle Expectations
- Focusing on What You Can Control & What Matters
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media! APPLE PODCASTS INSTAGRAM FACEBOOK TWITTER LINKEDIN https://thefinitygroup.com/
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome to another episode of Financial Clarity for Doctors!
We spend a lot of time talking about how to make sure you are in a good position to reach your long-term goals. For most of our clients and listeners, you are in a good position with your career and income trajectory to be able to do that! You’ve worked hard and you will very likely make a good income!
However, we do talk to a lot of folks, especially folks that are still on a resident or fellow salary, that are not in a good spot to work toward those long-term goals. Sometimes, they aren’t even in a good spot to be able to make ends meet from month to month.
Today, we are going to focus on a few strategies to make the day-to-day more doable.
In this episode we will dive deeper into:
- Managing Expenses
- Debt Management
- Spend Less or Make More
- Your Long Term Outlook
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media! APPLE PODCASTS INSTAGRAM FACEBOOK TWITTER LINKEDIN https://thefinitygroup.com/
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome to another episode of Financial Clarity for Doctors! In todays episode we will discuss arguably the most important factor in achieving your long-term financial goals: how much you save.
The more you save, the sooner you’ll get to where you want to go financially. Basic math. It will also give you more flexibility and cushion.
In this episode we will dive deeper into:
- Client Success Stories
- Living Below Your Means
- Retirement: How Long To Achieve Financial Independence
- Why Savings Rate Can Be More Important Than Rate Of Return & Other Metrics
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media! APPLE PODCASTS INSTAGRAM FACEBOOK TWITTER LINKEDIN https://thefinitygroup.com/
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome to another episode of Financial Clarity for Doctors. In todays episode we will discuss a topic regarding one of the most common requests we get... Budgeting!
Many people only consider their ability to meet their fixed expenses and that is what we want to avoid. In this episode we will dive deeper into the following:
- Traditional Budgeting
- Backwards Budget
- The Importance of AWARENESS
- Housing
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media! APPLE PODCASTS INSTAGRAM FACEBOOK TWITTER LINKEDIN https://thefinitygroup.com/
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome to another episode of Financial Clarity for Doctors. In today's episode we want to talk about investing. Specifically, investing towards your specific financial goals.
What would most people say if you asked them, "Why are you invested the way you are?"
We also discuss:
- Risk Return Objectives
- Time Horizons
- Liquidity Needs
- Income VS Growth
- ESG Investing
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media! APPLE PODCASTS INSTAGRAM FACEBOOK TWITTER LINKEDIN Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
In today's episode we talk about the difference between having a financial plan and engaging in financial planning.
In this episode we discuss:
- Initial steps in building a financial plan
- Understanding the different variables that can change over time
- What does engaging in financial planning look like?
- Being proactive instead of reactive
Thank you so much for listening to this episode of Financial Clarity for Doctors podcast! A financial planning podcast for physicians and other medical professionals.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media! APPLE PODCASTS INSTAGRAM FACEBOOK TWITTER LINKEDIN Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
A few episodes ago we talked about big things mattering more than little things. In this episode we will talk about how little things matter, too. Not in the sense that a single Starbucks coffee will impact your life – far from it. Rather, how small micro-actions compounded over time can create big results.
There are parallels between the principals to achieving physical fitness and financial fitness. We utilize this analogy in depth to further explore how small actions add up over time.
We also explore this principal in the context of:
- Savings
- Debt
- Retirement
- Charitable Giving
- Reading
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media!
https://thefinitygroup.com/
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
In today's episode we have a special guest coming all the way from Australia, Aussie Doc Freedom!
In this episode we discuss:
- What female investors do well that we can all learn from
- How we can make financial literacy more approachable
- Female role models in investing
- Tips for younger investors
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle, find them on
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Find our guest Aussie Doc Freedom: https://aussiedocfreedom.com/
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Apple Podcasts
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
In today's episode we dive into the latest MGMA Physician income data!
In this episode we discuss:
- What specialties make the most
- Geographic Data
- How to utilize this data for yourself
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle, find them on
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media!
Apple Podcasts
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
In today's episode we speak with the Founding Partners of Quantor Capital; Julio Cacho, PH.D. and Juan Carlos Herrera.
In this episode we discuss:
Why do many people make bad investment decisions?
-
How can investors that are early in their careers obtain the best outcome for themselves?
-
What is the efficient market hypothesis?
-
Is there a scientific way to invest?
-
What are some of the pros and cons of private vs public investments? Private equity vs public equity etc.
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle, find them on
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow Finity Group On Social Media!
https://thefinitygroup.com/
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome to another episode of the Financial Clarity for Doctors Podcast. Being that this is the 50th episode of the podcast, we decided to something special.
In this episode we break down 50 of our all-time favorite pieces of financial wisdom. Our list is graced by everyone from Warren Buffett to Maya Angelou & Robert Kiyosaki.
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle, find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
https://thefinitygroup.com/
https://www.instagram.com/finitygroup
https://www.facebook.com/FinityGroup/
https://twitter.com/FinityGroup
https://www.linkedin.com/company/finity-group-llc
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
We have a lot of different listeners. Some folks want to learn about tax-loss harvesting, and others would really like to know what the heck a brokerage account is. In this episode, we wanted to go back to basics for all our listeners that want a solid introduction to investing.
In this episode we’re going to spend time talking about the different accounts you can invest in, and what the investments look like inside those accounts. Don’t make the mistake of thinking they are the same thing! The account is merely a shell that tells the IRS how to tax what’s inside. For example, a Roth IRA is not automatically an investment.
In this episode you will learn:
- Different Account Types and their corresponding tax treatment
- What is inside these accounts
- Maxing Out Tax favorable Accounts
- Investment Goals to Consider
- The Different forms of diversification
Visit https://thefinitygroup.com/podcast for more information on the show. You can also email the show at podcast@theFinityGroup.com.
For more financial planning tips from Corey and Rachelle, find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
People tend to focus too much on the little things, such as how much they spend on coffee, or what their portfolio returned last quarter. In reality, the little things don't matter much when it comes to achieving financial goals. It's the big things you should be paying attention to:
- Housing
- Student loans
- Cars
- Travel
- Childcare/schooling expenses
- Saving enough for retirement
Do you have a strategy to achieve your goals? It likely doesn't matter if you pick the ABC or XYZ large-cap mutual fund in your 401k. Max out your 401k and save enough elsewhere so getting the best possible returns doesn't matter.
Visit https://thefinitygroup.com/podcast for more information on the show. You can also email the show at podcast@theFinityGroup.com.
For more financial planning tips from Corey and Rachelle, find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Welcome to another episode of the Financial Clarity for Doctors Podcast. The housing market is going crazy right now and it’s great topic given the time of year.
We are getting closer to summer and the change of academic calendar. Graduating med students are going into residency, residents moving on to fellowship, as others are starting attending jobs in a new cities.
In this episode we will discuss the pros and cons of buying vs renting and the ideal scenarios for both.
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle, find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Follow The Finity Group as well:
Finity Group Website
Finity Group Instagram
Finity Group Facebook
Finity Group Twitter
Finity Group LinkedIn
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome to another episode of the Financial Clarity for Doctors Podcast. In this episode we wanted to dive into one of the hot topics of the day – the exciting world of cryptocurrency. As a disclosure, this discussion is intended for informational purposes only, not as a recommendation to buy or not to buy or even to sell.
First, we zoom out and examine currency as a whole and the general history of Bitcoin itself.
We also break down the differences between crypto currencies and more common investments like stocks and bonds.
Lastly, we dive into the potential ways to make money with cryptocurrencies.
Thank you so much for listening to this episode!
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle, find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
https://thefinitygroup.com/
https://www.instagram.com/finitygroup
https://www.facebook.com/FinityGroup/
https://twitter.com/FinityGroup
https://www.linkedin.com/company/finity-group-llc
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome to another episode of the Financial Clarity for Doctors Podcast. We are very excited to explore a topic outside of our general expertise, investing in startups. So, we brought in an expert to answer all of our questions, Eric Perlmutter-Gumbiner aka Mr. EPG.
Eric has a BS in Business Administration, coupled with an MBA and a law degree, all from USC. He provides council to startup companies and he also advises and negotiates contracts for investors in startups.
Doctors get pitched business/investment ideas from friends, family and acquaintances all the time. In this episode you will learn what to consider before investing and what key questions you should be asking.
We dive into the common ways investment opportunities are structured and what investors should know about their exit strategy in order to realize a return on their investment.
Eric has a lot of experience reviewing these types of contracts, so we ask him what he looks for and if there are any common red flags or must haves.
Thank you so much for listening to this episode.
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle, find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
https://thefinitygroup.com/
https://www.instagram.com/finitygroup
https://www.facebook.com/FinityGroup/
https://twitter.com/FinityGroup
https://www.linkedin.com/company/finity-group-llc
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
On this week’s episode of Financial Clarity for Doctors host Rachelle and Corey talk about a topic so many have undertaken during the past year—home renovations! For those of you who have been considering or waiting for the warmer weather to get started on your home reno projects, it can get pricy fast!
In this episode we’ll dig into the many options you have to fund your projects. We’re all for doing things you want if it makes you happy and can afford it. But never confuse needs and wants.
Questions to ask yourself:
When looking at your list of financial goals and priorities, consider where home project ranks. How important is this project to you? Are you better off selling, moving, and buying a better house?
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle, find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
On this week's episode of the Financial Clarity for Doctors podcast, we chat about a topic on the top of many people's minds this past year, timing the market! Over the years, many clients have come to us concerned about investing when we are at this stage in a market cycle. At the time of recording this episode, we are trading near all-time highs. No one knows when we will hit a peak or when the market might have another correction. And NO ONE wants to be the person that puts in a whole bunch of money right before a correction. We can take an educated guess, but our educated guesses are often wrong. So what do you do? Focus on the things you can control.
How long you are invested is a much better predictor of investment growth than the exact moment you invested or the specific stocks/etc. You invest in.
A few tips and takeaways from this episode:
Focus on What You Can Control
- How much you invest, what you invest in, how you react to market events, how much you need to live on.
- Nobody can control returns. Bernie Madoff claimed to be able to assure returns... look how that turned out.
- Lots of uncertainties in life. Worrying never solved anything. Greed gets people into a lot of trouble.
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle, find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
In this episode of Financial Clarity for Doctors, Rachelle & Corey talk about a more somber topic, the tragedy of unexpected death. While no one wants to think about or expect it to happen, preparing yourself financially for an unexpected death can leave one less thing to worry about in a time where we may feel helpless or out of control.
In today’s episode, we’ll share personal stories of unfortunate events and how families were able to take the necessary steps to prepare ahead of time. We’ll also cover the importance of life insurance, estate planning and give you a plan for what to do should the worst happen.
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle, find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
In this week’s Financial Clarity for Doctors, host Rachelle & Corey team up with Finity Group Financial Advisor Peggy Haslach to discuss the disproportionate impact the current recession has had on women and people of color.
We’ve all heard the news that many across the country have lost jobs in the last year. But did you know that the job losses in Dec totaling 140,000 were predominately women and minorities – men and white women gained 16,000 jobs, while women minorities lost 156k - (Ellevest)
If that’s the general population, what is it doing to the medical field? During the current financial crisis and pandemic, more women doctors are leaving the workforce to stay home with their families, and overall, more doctors than in years past are choosing to leave the workforce—some quick stats for you.
In 2020, 16,000 medical practices closed, and it’s expected that we’ll see another 8,000 close before things get better. (MedScape)
In this episode, we’ll speculate on why this is happening, what can be done to change the trajectory, and its impacts on the future of healthcare. We’ll also share personal stories from physicians we know who have had to make career changes this year.
Buckel in this is an important episode you’ll want to hear
External Links:
https://www.ellevest.com/magazine/disrupt-money/jobs-lost-women-of-color
https://www.medscape.com/viewarticle/941690#vp_3
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
On this week's Financial Clarity for Doctors Hosts, Cory and Rachelle have on special guest, Tyler Olson. Tyler Olson is a Financial Advisor with Olson Consulting, LLC and is well known on Twitter at @OlsonPlanner, where you can find him tweeting about all things related to doctors and med students' finances. Tyler also is the host of the Money Mediator Podcast.
In this episode, we discuss important topics and share philosophies on everything from emergency reserves to disability insurance. We also hit on subjects such as living below your means, using debt as part of the "defense," and addressing short-term needs. This is an important episode you won't want to miss!
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome, 2021!! On this week’s episode of Financial Clarity for Doctors host, Corey and Rachelle start the year off with their predictions for the new year and help you with the tools to best structure your finances to handle unexpected events.
2021 Predictions
- Deep dark tunnel until at least mid-2021, however, we can see the light
- Increasing optimism about the vaccine and economic
- What will investor sentiment be moving forward?
Links and notes:
2020 World Economic Outlook from IMF - https://www.imf.org/en/publications/WEO/Issues/2020/01/20/weo-update-january2020
- Modest growth ~3% in US, 2% Eurozone, 4.5% emerging markets, no mention of a virus
- 2020 was a wild year, so let’s throw that away as an outlier
2019 World Economic Outlook from IMF - https://www.imf.org/en/Publications/WEO/Issues/2019/01/11/weo-update-january-2019
- Modest 3.5% global GDP growth, highlighting trade tensions as biggest risk. Actual: 2.5% (data.worldbank.org)
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Expected crude oil to remain “just below $60”/barrel for 2019-2020 (at $45 today)
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Side note, clean energy stocks up over 100% trailing 12 months (Dec 2019-2020) S&P Global Clean Energy Index
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“deteriorating sentiment about growth prospects” in stocks driving bond yields down.
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2019, emerging market stocks performed the worst (MSCI EM Index)…were up 18.5%. Large cap US stocks up 31.5% (S&P 500)
- US 10 year treasury at 2.71% on 1/1/2019, 1.76% 1/1/2020, so rates did drop.
Every Year, Modest Growth Tends to be the prediction
- All the big institutions have growth estimates for US stocks, cautiously in the 5-7% range.
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Historically, S&P 500 has averaged about 10%/year. Rarely does it ever fall between 8-12%.
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S&P 500 Last 20 years: 2019 +31%, 2018 -4%, 2017 +22%, 2016 +12%, 2015 +1%, 2014 + 14%, 2013 + 32%, 2012 +16%, 2011 +2%, 2010 +15%, 2009 + 26%, 2008 -37%, 2007 +5%, 2006 +16%, 2005 +5%, 2004 +11%, 2003 +29%, 2002 -22%, 2001 -12%, 2000 -9%
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
On this episode of Financial Clarity for Doctors, hosts Rachelle and Corey walk through college savings and education planning. We know the cost of college has been rising, and it can be expensive to send kids to school. The decision for how to pay for school is one many families are trying to make every day.
In this episode, we’ll walk you through some options and ways to pay for college. The most important thing you do before deciding how to pay is to discuss how much you’re even willing to provide towards your child’s college costs.
A few options we’ll discuss
Saving ahead of time Paying out of pocket 529 plan Coverdell ESA Investment account To wrap up, establish your goals ahead of time and decide where funding college education lands in your priority goals.
For more financial planning tips from Corey and Rachelle, find them on LinkedIn @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
In this week’s episode of Financial Clarity for Doctors, Corey and Rachelle talk about the trendy topic of investing in an individual stock. Is investing in individual stock a good idea or a bad idea? What should you consider before purchasing individual stock?
We’ll walk through a couple of different thought processes to consider, like considering your resources. Think about your resources, and then think about the resources that other buyers/traders have. What others have or have access to that you may not?
· Knowledge, time, experience, tools, research, access to company management, boards, etc.
· High-frequency trading algorithms
Also, consider luck vs. skill. We often attribute positions that do well to skill and positions that do poorly to luck when we make the decision, instead of considering the skill that it may take to make the better decision.
Another thing we cover in talking about this process is your goals. What purpose are you investing for? Have you met, or are you on track to meet your other financial goals first?
There’s lots more in this episode, so you’ll want to make sure you listen to the whole thing!
For more financial planning tips from Corey and Rachelle, find them on LinkedIn @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
On this episode of Financial Clarity for Doctors, Rachelle and Corey celebrate the Thanksgiving spirit early by talking about all the things they're thankful for this year. It's been a wild year, but we have lots to be thankful for, and we hope you do too.
Tip of the day: Take some time between now and Thanksgiving to write down or share with someone you love some of the things you're thankful for this year.
For more financial planning tips from Corey and Rachelle, find them on LinkedIn @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
All too often, we see permanent life insurance being oversold or sold inappropriately. There is, however, a time and place for permanent life insurance. In this week’s episode of Financial Clarity for Doctors, we’ll walk you through all the essential information you should know before purchasing permanent life insurance.
In this episode, we will start by giving you a brief overview of the several types of life insurance, whole, variable, adjustable, universal, etc. Then dive into what you can do with permanent life insurance or how it can be beneficial given the right circumstances. We’ll also go over a couple of different case studies to help you understand the real-world considerations and wrap it up with some information to help you know if permanent life insurance is right for you!
For more financial planning tips from Corey and Rachelle, find them on LinkedIn @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
In this episode of the Financial Clarity for Doctors podcast, Corey and Rachelle chat with Finity Group's Chief Investment Officer, Cole Kimball, CFA ® about the upcoming Presidential election and how the markets may react during election cycles. We talk about various economic policies and ask, do they hold up or is there more to the story?
As with most things in life and finances you'll come to find the answers mostly lies somewhere in the middle.
What about Congress? We pay a lot of attention to presidential races, but does the political makeup of the House and Senate have an impact on the stock market?
Does the tax environment have an impact on the stock market? It seems like there’s a common conception that favorable tax environments for businesses can spur business growth, which should be good for investors in those companies – is there any data that supports or contradicts that?
Does policy matter over politics? Say, how we deal with trade as an example. Does that have an impact on international markets?
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Are you ready to make an impact with your investments? You may have heard of SRI, socially responsible investing and ESG, Environmental, Social, and Governance, but do you know what they actually mean? Or what they could mean for your investments?
In today’s episode of Financial Clarity for Doctors, Corey and Rachelle speak with Finity Group’s very own Japie Steyn, Investment Coordinator, who has earned the credentials and designation of CSRIC (the first major financial credential dedicated to specifically to socially responsible investing). Join us today as we try to help you better understand how you can help your investment dollars make an
impact for good.
From this episode, you’ll walk away with a better understanding of SRI, ESG, and the resources you have at your disposal to put your money into companies that share values vital to you. You’ll also get a better understanding of some common misconceptions about the practice.
To get you started, here is a bit more background on SRI and ESG. For further reading on the subject, check out our blog put on impact investing found here.
SRI: Socially Responsible Investing. Meaning, investments are screened using social, ethical, or environmental criteria, and information gets used to make investment decisions. SRI also includes shareholder activism and community economic development. Most of us think of SRI as excluding companies involved in companies that produce things like guns,
tobacco, and alcohol. It also means including companies who are working towards sustainability, social justice, or ethical conduct objectives.
ESG: ESG or ESG integration stands for Environmental, Social, and Governance. Companies get screened, and the ESG data is used by financial analysts who rate the companies, including or excluding them from the investment portfolios.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Hosts Corey Janoff and Rachelle Vanderzanden dive into 12 smart moves doctors should make in today's episode of the Financial Clarity for Doctors podcast. We've worked with many doctors and dentists over the years and have observed our fair share of the good, the bad, and the ugly when it comes to money moves. Keep reading and listening if you want to put your best foot forward.
Money moves we'll cover in this episode?
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Have a Game Plan for Your Student Loans
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Keep Your Mortgage Under 2x Income
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Get Own Occ Disability Insurance!
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Get Life Insurance If You Have (or plan to have) Dependents
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Get Umbrella Liability Insurance
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Get an Estate Plan
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Save 20% of Income for Retirement
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Max Out Tax-Advantaged Accounts
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Diversify
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Don't Chase Returns
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Earmark Retirement Savings for Retirement
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Have a Plan to Achieve Your Goals
Most doctors aren't very money savvy. The fact that you are listening to this podcast puts you way ahead of your peer group regarding financial competence. Not all of it is fun. It will take some discipline and dedication to adhere to these principles. However, it is all doable, and you can do it!
This list is by no means complete, but it covers some of the big things to devote attention to on your quest for financial independence.
For further reading: Baby Step Your Way to Financial Independence
10 Money Moves Savvy Doctors Make
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle, find them on LinkedIn @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Hosts Corey and Rachelle dive into the subject of raising children, specifically the cost of raising children.
What makes kids so expensive, you ask?
Impact on Income.
Childcare expenses.
Housing.
Transportation.
Food.
Vacations.
Clothing.
Activities.
Healthcare.
To name a few…
In today’s episode, we’ll cover these expenses with some savvy tips to help you along the way. For many of us who chose to have children, we probably aren’t retiring in our 40’s and jet-setting around the world. And that is perfectly OK.
Like many things in financial planning, goals and priorities are at the forefront. What’s important to you and your family?
For more financial planning tips from Corey and Rachelle, find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Welcome to our 30th episode and one year anniversary of the Financial Clarity for Doctors Podcast!
This week on the podcast, Corey and Rachelle help you better understand how much money doctors need to retire. If you’ve been listening to us for a while now, or have been keeping up on the blog, you might be able to guess today’s question. So, how much money does a doctor need to retire…. It depends!
There are several factors when considering how much you may need, and everyone’s situation is going to be a little different based on your lifestyle, goals, and family situation. In this podcast, we start by digging into what items you need to consider to understand your baseline expenses and the lifestyle you want to live while in retirement.
Once you understand how much money you need and the age you would like to retire by, we need to plan to get to your goal. Again, the right plan for you is going to depend on your current circumstances and needs.
Tip of the day: Get started early and get going often!
For further learning on this subject check out the links below
https://thefinitygroup.com/blog/how-much-money-does-a-doctor-need-to-retire
https://thefinitygroup.com/blog/saving-for-retirement-is-like-biking-across-the-country
https://thefinitygroup.com/blog/retirement-savings-targets-by-age
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
This week on the podcast, Corey and Rachelle dive deep into Tax Loss Harvesting with our special guest and Chartered Financial Analyst (CFA®), Zach Kill of Finity Group LLC.
In a perfect world, our investments only appreciate in value and we happily pay taxes on our investment earnings. As it turns out, the world isn’t perfect and sometimes investments go down in value. While not ideal, this can present an opportunity to save on taxes by “harvesting” those losses.
In this episode you’ll learn all how to wisely harvest your investment losses to work in your favor to help lower your taxes when applicable. You’ll also learn how to understand capital gains and losses and the tax implications of each.
For higher income earners, taxes are one of your biggest enemies, so any opportunities to reduce your tax burden can be attractive.
Tax-loss harvesting does not come without its catches. To properly tax loss harvest you need to stay diligent about how you’re going about it to avoid things like a wash sale, which would negate your tax benefits.
If done correctly, you will maintain your overall investment strategy while reducing your tax burden over time.
Check out more at Thefinitygroup.com
You've most likely heard of behavioral economics and are familiar with some of the leading theorists, Richard Thaler, Amos Tversky, or Daniel Kahneman, and so on. You may even be able to talk about a few of the main concepts during friendly conversations with friends or family. In today's podcast, our own Finity behavioral economics guru, Owen Chambers, will help take you further into behavioral economics.
We'll dig deep into some of the many behavioral economic concepts to help you better understand your brain and how it may or may not be assisting you when it comes to financial decision making. On your own, are you typically more risk-averse when it comes to making decisions? For example, did you know that you're more likely to be less risk-averse according to the behavioral theory when you're with a group of people than on your own? Or, in a couple or pairing when it comes to money decisions, the more risk-prone individual is often more willing to make a less risky investment out of respect for their less risk-averse partner? These ideas and others like; inflations vs. investment risk, the anchoring effect, hindsight bias, and confirmation bias are discussed in this episode. We guarantee you won't want to miss out!
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Ep. 27 How Much House Can a Doctor Afford?
There are a multitude of things to consider when buying a home. In this week's Financial Clarity for Doctors podcast, we help you better understand things to consider when determining how much house you can afford as a doctor. We discuss all the costs associated with purchasing and owning a home, and how to make smart homeownership decisions so you can still achieve your other important financial goals. Below are a few of the topics we cover.
1 - Your neighborhood – will you be feeling the ache to keep up with the Joneses
2 – What about the internal and external work that may need to be done on the house
3 – Are you sure you plan on sticking around for a while? Preparing to sell quickly from the initial time you bought can have adverse financial effects.
4 – Did you calculate all other debt into the equation? If you just completed residency, you are more likely to be paying off a hefty student loan.
Tip of the day: Just because you may be approved for a significant loan from the bank for a bigger or nicer home does not mean you need to take the money. The key to keeping on the path of financial success is to keep your housing cost below 20% of your income.
To learn more about purchasing a home as a doctor, check out the blog posts below:
Cost of Short Term Home Ownership: https://thefinitygroup.com/blog/cost-of-short-term-home-ownership
1 Predictor of Wealth Accumulation: https://thefinitygroup.com/blog/1-predictor-of-wealth-accumulation
The Doctor Mortgage Loan: https://thefinitygroup.com/blog/the-doctor-mortgage-loan
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Physician Contract Review
You worked hard to get where you are today, so it's essential you know what you're stepping into when you select you to make that next big move. Physician contracts can contain convoluted language in your contractual agreement(s); a team can lend you our experience and expertise to ensure that you can make a well-informed decision. If you're making the transition into practice after years of extensive training or looking to further your career with a new employer, having a physician contract review team can help you better understand your contract.
Contractual language can be scary or hard to understand to those unfamiliar, and occasionally essential items to your success and happiness in the role can be overlooked. Most contract reviews will help you by going over the compensation, benefits package, non-compete clauses, duties and obligations, retirement plan information, student loan forgiveness eligibility, and the like.
Understanding the full picture of what you're walking into, especially when you're just starting, can help you get your career on the right track. You spent countless hours and dollars preparing for this career; make sure you're getting what you're worth, and the confidence knowing your offer is comparable to your colleagues.
Learn more about Finity Groups Physician Contract Review services: https://thefinitygroup.com/services/physician-contract-review
Disclosure: We are not attorneys and this material is not to be construed as legal advice. Consult with an attorney licensed in your state for specific legal implications of your employment contract.
Transitioning to Practice
For doctors, one of the most significant life events is transitioning from residency or fellowship into practice. This usually involves a significant pay increase, a job change, possibly a move to a new city, student loan payments increasing, the desire to purchase a house, new car, maybe start a family, among other things. There are many things for physicians to address when it comes to financial planning around this time. If you can set the tone and start your attending career on the right foot, your long-term financial goals will be much more achievable. Today we will discuss setting up a good game plan for your transition to set you up for future financial success.
Creating a plan can be easy when you start with a goal in mind. Assessing your needs now and in the future will help you know what you need to so in the short term to be able to adequately save for retirement, as well as those other bigger purchases you may want down the road. The key is to take it one step at a time.
Tip of the day: Time and money are limited resources. You have to prioritize your goals – answer the question, “what do I want to accomplish?”
For further reading on transitioning to practice check out these blogs: For further reading on transitioning to practice check out these blogs:
Transitioning to Practice: https://thefinitygroup.com/blog/transitioning-from-residency-into-practice
Retirement: https://thefinitygroup.com/blog/how-much-money-does-a-doctor-need-to-retire
https://thefinitygroup.com/blog/saving-for-retirement-is-like-biking-across-the-country
Student Loans: https://thefinitygroup.com/blog/debt-some-guidance-on-how-to-get-rid-of-it
https://thefinitygroup.com/blog/medical-school-loan-dilemma
https://thefinitygroup.com/blog/how-to-qualify-for-public-service-loan-forgiveness
Buying a Home: https://thefinitygroup.com/blog/do-doctors-get-better-mortgage-rates
https://thefinitygroup.com/blog/should-i-buy-a-house-or-keep-renting
https://thefinitygroup.com/blog/the-doctor-mortgage-loan
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
One thing almost every client asks about as they transition into practice is what to do first. You all have competing goals. If you have debt, you want to pay it off immediately. You also know you’re a little late to the retirement savings game and want a million dollars in savings tomorrow. So how do you figure out what to focus on first?
It depends! What makes sense for you does not necessarily make sense for your co-worker. Avoid the water cooler financial planning. The important thing is to approach strategically and make a plan for your cash flow.
One area to pay attention to is going to be Interest rates. Credit cards and personal loans can be pesky areas where we spend more than we need to be spending. An easy way to tackle interest rates is by lining them up by percentage and working your way down debt, starting highest to lowest.
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Own-Occupation Disability Insurance: Do I need it?
Hosts Corey Janoff and Rachelle Vanderzanden dive into detail on the important topic of own-occupation disability insurance. Many doctors have heard from somewhere that they need this, but do they really? When should you get it and why?
What is it? Long-term disability insurance is income protection. If you are unable to work for a few months, a few years, or even suffer from a career ending injury or illness, it will pay out a specific benefit amount. Own-occupation coverage specifies that you are considered disabled if you cannot do your job, even if you can still do something else.
Do I really need disability insurance? Short answer - yes. As a young worker, you build your entire financial plan around an assumption that you will make income in the future. With physicians, that income is generally a very large dollar amount. If we took that out of the plan, what are the chances that it would work?
When should I get coverage? Yesterday. Or the day before you get disabled, but we don’t know when that is. There are two big risks to waiting, 1) you could get disabled without coverage and 2) a medical condition, injury, family diagnosis, or other risk factor could come up that makes it much more difficult, or even impossible, to secure coverage.
How do I get started? There are a handful of companies that offer strong, own-occupation disability insurance coverage. Work with an independent agent to try to find the carrier that works best for you based on cost, underwriting requirements, and what you want in a policy.
Tip of the Day: If you need your income, you need disability insurance.
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
On today's Financial Clarity for Doctors Podcast, we speak with popular author, Carl Richards, about having a discussion around finances with your spouse.
Our conversation with Carl Richards is essential listening for anyone who is or plans to have a partner one day. It's never too early to begin thinking about or talking about your financial future. Our guest lays out some ground rules to help make this conversation productive, healing, and eye-opening.
Family histories, lifestyle expectations, and identities all live within our views of finances, which can make the money discussion a personal and sometimes painful topic. Richards is here to show you how to start the money conversation. Provide you with rules like no shame, no blame, focus on what you can control, and time out. After listening to this podcast, you'll have the tools to begin the process. Remember, this is typically a process, not a one, and done conversation.
Tip of the day: Take some time to think about your earliest memory with money.
Carl Richards is a Certified Financial Planner™ professional and creator of the Sketch Guy Column, appearing in The New York Times since 2010. Carl has also been featured on Marketplace Money, Oprah.com, and Forbes.com. In addition, Carl has become a frequent keynote speaker at financial planning conferences and visual learning events around the world.
Through his simple sketches, Carl makes complex financial concepts easy to understand. His sketches also serve as the foundation for his
two books, The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money (Portfolio/Penguin).
He currently resides in London with his family.
You can find his articles for the NYT: https://www.nytimes.com/by/carl-richards
How to Talk About Money:
https://www.nytimes.com/guides/year-of-living-better/how-to-talk-about-money
For more information on Carl Richards, you can visit his website https://behaviorgap.com/ or find him on Twitter at https://twitter.com/behaviorgap?lang=en
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Why would you want to be on FIRE you ask? Because in this case FIRE means Financial Independence, Retire Early. That is a concept we can get behind and one that our guest Dr. Leif Dahleen is living and breathing. Leif is the author of the popular Physician on FIRE blog as well as a retired anesthesiologist. Retiring early might not be for everyone, but I think we are all striving for financial independence. What can you do to position yourself to achieve that kind of freedom?
Go where the money is. Especially early in your career, you can often make the choice to work in an area where doctors are in high demand, make more money, and sometimes even reduce your cost of living. This gives you a great opportunity to jump start your retirement savings.
Embrace downsizing. People tend to want to increase their lifestyles over time, but would you give up some creature comforts today in order to have more freedom? Living in a less expensive house, driving a less expensive car, and saving on other big items give you a lot more flexibility in your budget. And if you don’t need to support an extravagant lifestyle, then you don’t need as much in savings to get by in retirement.
It’s about having choices. Not everyone wants to retire early but being able to work on your own terms can have a huge impact on your satisfaction with your work. For some people, it is all about being able to spend more time with family while they are young, whether through early retirement or just a reduced work schedule.
Tip of the Day: Try living on half of your take-home pay and saving the rest. That may seem like a big sacrifice but for many physicians, it is still a substantial income.
Special thanks to Dr. Leif Dahleen of Physician on FIRE for joining us in today’s episode! Proceeds from his website are currently supporting Covid-19 relief through the CDC, WHO, Meals on Wheels, and Get Us PPE.
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Diversification and asset allocation strategies do not assure profit or protect against loss. Past performance is no guarantee of future results. Investing involves risk. Depending on the types of investments, there may be varying degrees of risk. Investors should be prepared to bear loss, including total loss of principal.
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Nobody likes to see their investment portfolio decline in value. It doesn’t matter whether you are in retirement or just getting started with investing. The recent COVID-19 pandemic caught the world off guard, however, unexpected market movements from time to time really should be…expected. We discuss strategies for navigating this COVID-19 market with Aaron Lewis, MD – anesthesiologist by day, finance nerd by night.
Get a Plan. It is a lot easier to mentally prepare yourself for portfolio declines when you have a plan in place. Preparing in advance for how you may feel (fear, anxiety) and having a strategy for when it happens can help you survive the stormy waters.
Young doctors have the advantage of time. The one thing you cannot get back and cannot create more of is time. Younger doctors have the benefit of time on their side. When stocks decline in value, it creates a great opportunity for long-term investors to purchase shares at a discount and potentially benefit immensely in the future.
It’s normal to feel fear. You wouldn’t be human if you didn’t feel fear. Fear of “losing” money. Fear of not having enough. Fear of dying. We all experience fear. Acknowledge it, accept it, but in times like these, try not to act on it.
Tip of the Day: Focus on what’s important to you. Odds are, we won’t be able to accomplish everything we want in life. If we can achieve six or seven of our goals in life, chalk that up as a success. Really focus on what’s important to you and your financial goals that maximize happiness.
Special thanks to Dr. Aaron Lewis, of MoneyNerdMD.com, for joining us in today’s episode!
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Diversification and asset allocation strategies do not assure profit or protect against loss. Past performance is no guarantee of future results. Investing involves risk. Depending on the types of investments, there may be varying degrees of risk. Investors should be prepared to bear loss, including total loss of principal.
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Peggy Haslach takes over the podcast this week with a special bonus episode. When I was young, mothers would say to their daughters, “Settle down and find yourself a good doctor to marry.” Today we are joined by Lara McElderry host of the “Married To Doctors” podcast who tells us that being married to a doctor is not the life of shopping and country clubs people seem to think it is. And she is very appreciative to the role she can play helping her doctor and other spouses of doctors.
The Spouses are the glue in the household. The spouses of doctors often must put their own lives on hold while their spouses finish their residencies and fellowships. That often requires they put up with moving and the possibility that it will take some time to get to their “dream doctor job.” The purpose of the “Married To Doctors” podcast is to provide community and support to those spouses that share the similar experiences of being married to a doctor.
The Spouses are the CEO, CFO and COO of the household. Often if the non-medical spouse in the household will be the ones that run the household both financially and operationally. These spouses not only need to keep the home running, but they need to learn how deal with specific issues that doctors and their families face.
The spouses are on the front line with their spouses during the COVID–19 crises. Those doctors who are treating the COVID patients are putting their lives on the lines. Those doctors that are not treating COVID-19 are clearing their schedules and are only working on limited cases and with limited supplies. This is putting stresses on the family. Doctors, nurses and all the professionals are truly our heroes right now.
Tip of the Day: It is important that we all take care of ourselves so that we can be there to care for our families. We are all looking for good solid advice and support these days. Please share if you know or work with an expert at working with people like you.
If you’d like to learn more about Lara, her and her work, check out MarriedToDoctors.com. You can also find a link to her MarriedToDoctors podcast: http://marriedtodoctors.libsyn.com/ and her new Positivity When Social Distancing Podcast: http://socialdistancing.libsyn.com/
For a video recording of this episode, check out the Finity Group’s YouTube channel. And for more financial planning tips from Peggy Haslach, find her on LinkedIn: @PeggyHaslach or FaceBook: Peggy Haslach – Finity Group, LLC
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Investment Risks
There are many different types of investment risks. The recent public health crisis and resulting market volatility has demonstrated one type of risk, but there are other things to consider with your long-term investments as well. Try not to focus on one type of risk and ignore all the others.
Changes in price. We have seen huge changes in the stock market almost daily lately. Focusing on daily pricing can be very stressful. If we are investing for long-term growth, we want to focus more on being allocated in a way that gives our money the opportunity to grow over long periods of time. In the short-term that means your money could go either up or down.
Inflation. Things get more expensive over time. If your long-term money is tied up in an account that cannot increase in value, when you need it, you may not have enough to get by comfortably.
Fear of missing out. Don’t get caught up in short-term returns and ignore what your real goals are. Sometimes that hot stock pick is entirely inappropriate.
Risk of not meeting your goals. Focus on being disciplined and saving enough. We can’t control what the stock market is doing, but we can control how much we are spending and how much we are saving. So focus on the things you can control and have reasonable expectations!
Tip of the Day: Focus on long-term goals with long-term money and keep any money you need in the short-term in an account that is stable in value. This means an FDIC-insured savings account!
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Diversification and asset allocation strategies do not assure profit or protect against loss. Past performance is no guarantee of future results. Investing involves risk. Depending on the types of investments, there may be varying degrees of risk. Investors should be prepared to bear loss, including total loss of principal.
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Despite the recent volatility in the markets, we still need to save for retirement! Roth accounts can be a great source of tax-free income in retirement when used correctly. Some high-income earners cannot fund Roth IRAs directly, but there is a strategy many folks can use to get money into this account.
Roth IRA. What is it? A Roth Individual Retirement Account (IRA) is an account you fund with money that has already been taxed, and then qualified withdrawals are not taxable. In 2019 and 2020, you can contribute up to $6,000/person as long as you are below the income limits. Depending on your tax filing status, if you make over anywhere from $0-203,000, you may not be able to contribute directly into this account.
The back door. There are no income restrictions on converting money into a Roth IRA. The back-door strategy involves opening a Traditional IRA, making your contribution into that account, and then converting the money into a Roth IRA. It’s more complicated than that, so listen to the episode!
Tax filing. You must pay attention to your tax filing status and report contributions and conversions correctly. If you don’t, you may end up overcontributing or paying taxes that you do not owe.
Tip of the Day: You can make prior year IRA contributions up until the tax filing deadline for the year. You have until 4/15/2020 to make 2019 contributions!
Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Dr. Brandon Peters took some time to speak with us about the importance of sleep and how it is a huge part of your overall health and how it can improve the quality of your work and help you avoid burnout.
Healthy sleep habits. Most people need 7-9 hours of sleep per night, and it is important to do this as consistently as possible. Develop a routine that helps your body be ready for sleep. Cut out caffeine by mid-afternoon, limit heavy exercise two hours before bed, set aside work or other challenging topics an hour before bed, and cut out alcohol an hour or two before bed as well.
Stress and anxiety can affect your sleep. Everyone worries sometimes. Maybe try “scheduled worry time”. List the things that are stressful and try to find some solutions. Ideally you spend some time thinking about your stressors and finding solutions to a few of them during the day. At night, you may not be able to do a lot about them.
The research. There is no evidence that people get better at being sleep-deprived. There is evidence that adequate sleep can provide benefits almost immediately (mental and physical).
Tip of the Day: If you try to go to sleep early and sleep longer, but struggle to fall asleep and stay asleep, you may just be in bed for too long!
If you’d like to learn more about Dr. Peters’ research you can read more of his research on www.verywell.com. You can also find more information about him at www.brandonpetersmd.com.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden
Instagram: @CoreyJanoff and @VanderzandenRachelle
Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Are you bored hearing Corey and Rachelle talk about financial planning for families and couples? This one is for the lonely hearts (or happily single folks) out there on Valentine’s Day!
Don’t ignore insurance: It’s not just for families. Disability insurance protects YOU. It’s your ability to earn an income and work toward your own goals that you should be protecting. If you plan on having a family eventually, it can also make a lot of sense to look into life insurance. The cost is dependent on your age and health and any decline in health can make it more expensive or harder to get.
Take advantage of that single status. Kids and spouses can drag you down (financially)! If you are single and have fewer financial responsibilities, take the opportunity to get a head start on paying off student loans or saving for retirement.
Pay attention to your tax bracket. Higher income can push you into a higher income tax bracket much more quickly when you file as a single person. This can make it even more beneficial for some folks to do pre-tax savings into a retirement plan at work, which reduces your taxable income.
Tip of the Day: Revel in your flexibility and freedom and make financial decisions that help you reach your goals. Be selfish! It’s all about you.
For a video recording of this episode and others, check out the Finity Group’s YouTube channel. Be sure to subscribe to Financial Clarity for Doctors on your preferred podcast app to listen on the go!
And for more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
With tax season finally here, we know our clients will come up with lots of questions for us. We can tell them how to make a backdoor Roth IRA contribution, but most of the time we’re going to tell you to ask your CPA or tax planner! In this episode, we’re going to try to beat you to it and ask our favorite CPA for you. That’s where Ryan Kramer comes in.
When should you start planning for taxes? Right now. Waiting until close to the tax filing deadline to start to come up with tax deductions is not going to work. Remember to keep in mind taxes that you will have to pay in retirement as well instead of just focusing on tax deductions now.
Retirement savings and taxes. Some retirement plan contributions can reduce your taxable income and others can leave you with tax free income in retirement. Which is more appropriate for you depends on what tax bracket you are in, and what your income may look like in the future (including retirement!).
Should independent contractors form business entities? It depends! This is a very complicated question with very complicated answers. If you work locum tenens or as an independent contractor in some other capacity, touch base with a CPA and a financial advisor to find out what’s best for you.
When should you get in work with a CPA or other tax professional? If you’re afraid you’re going to mess something up or just miss something, get some help.
Tip of the Day: You can make Roth IRA and Traditional IRA contributions for the tax year up until the tax filing deadline (usually April 15th), but if you are using the “backdoor” Roth strategy your tax filing will be much easier if you do it all within the calendar year.
Thank you for joining us, Ryan! If you’d like to get in touch with Ryan Kramer, please feel free to reach out to us anytime.
For a video recording of this episode, check out the Finity Group’s YouTube channel. And for more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Getting paid more is not the solution to avoiding burnout. Jimmy Turner, the Physician Philosopher, is here to help us get our financial houses in order so that we can work the way we want and the amount we want.
Burnout. We all know this is a problem for a lot of doctors. Financial insecurity can be a huge contributor by forcing people into work that they don’t enjoy for the sake of money.
What can you do? Don’t increase your lifestyle the second you start as an attending! Maybe give yourself a small percentage increase but use the majority to attack debts and build up your savings. Having a lower debt burden and a buffer will give you more flexibility. Focus on “not making things worse” by spending too much.
Flexibility. If you’re in a good spot with your finances, you have a lot more flexibility to change things you don’t like at work. Not a fan of taking those extra call shifts? Don’t do it. Hate your job? Then find a new one – even if it pays less.
Be content now. It makes sense to focus on goals, but not at the exclusion of enjoying the here and now. There is no magic five years down the road that is going to suddenly make you happy, so learn to be happy with what you already have.
Tip of the Day: If you can limit what you spend on unnecessary luxuries, you can spend more on the things that make you happy. Chances are that’s money spent on things that give you more time, not stuff.
Watch a video version of this episode on Finity Group's YouTube channel!
If you’d like to learn more about Jimmy’s life and what he teaches, check out his website. You can also find a link to his book on the website: The Physician Philosopher’s Guide to Personal Finance. You can also find Jimmy on Twitter: @TPP_MD
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Spencer Salvador joins us to talk specifics about PSLF and what doctors need to do to qualify for student loan forgiveness!
“Is Public Service Loan Forgiveness (PSLF) a good fit for me?” - This is one of the most frequent questions we get from residents and fellows and doctors new in practice. Often followed by a statement that indicates they don’t trust the program. That is understandable! However, as the law is written today, it may be a good fit for many physicians. It really just depends on your career path.
What is PSLF? “The PSLF Program forgives the remaining balance on your Federal Direct student loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.”
What are the main steps to qualify? The above seems simple, but there are a lot of requirements in that one sentence. A qualifying employer is generally a non-profit or government entity (academic institutions and many hospitals often qualify). Qualifying repayment plans include income-driven repayment plans as well as the standard 10-year payment plan. If you are unsure if you meet the requirements, check with someone! You also must file the correct paperwork to verify that you meet the requirements. The PSLF Employment Certification Form is a big one. Make sure you file this each year.
Why have so few people been able to qualify? There was a lot of misinformation about how to pursue this program from the beginning. Many who thought they qualified did not have the correct loans (Direct) or were not in the correct payment plans. For now, the law has not been changed and more people are working toward qualifying.
Tip of the Day: If you are a doctor considering PSLF, we encourage you to educate yourself as much as possible and be proactive. File the appropriate forms and check in with FedLoan servicing to verify that the number of qualifying payments you’ve made are being counted accurately. If you are unsure PSLF is a good fit for your career, try to file the appropriate paperwork to keep your options open.
More Reading:
- Federal Student Aid, Public Service Loan Forgiveness (PSLF)
- Salvador, Spencer. Financial Clarity Blog: How to Qualify for Public Service Loan Forgiveness
Thank you to Spencer Salvador for walking us through some of the key steps of PSLF!
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter: @CoreyJanoffCFP and @RachelleFinance. Be sure to also check out Finity Group's YouTube Channel for video episodes of our podcast and other content.
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Happy Holidays to all our listeners! This short episode highlights a few tips for not breaking the bank over the holidays and making the most of your time with loved ones. We also have a video version of this one with us wearing our festive holiday attire! Check it out on our YouTube channel: https://youtu.be/zrav8ejiHU8.
Tips for our listeners:
- Young kids do not need extravagant presents, or even a lot of them! They love whatever they get (and in the case of Corey’s brother, even just an empty box as a child).
- Plan ahead with your holiday shopping and you can be more thoughtful as well as spreading your costs over the year.
- Some people don’t want or need presents! Think about giving the gift of your time or sharing an experience with them.
- Don’t be tricked by sales and gimmicks! You are spending money, not just ‘saving’ money when buying something on sale.
- Gift exchanges and group gifts can be great options. Less is more sometimes!
Wishing you all a joyous, low-stress, holiday season!
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Estate Planning
Creating a will and other estate planning documents is not exactly fun, but it’s a gift to those you leave behind. One thing we can do is make our wishes clear, so our loved ones can navigate a difficult situation a little more easily.
What is estate planning? At its most basic, an estate plan is a set of documents that help others carry out your wishes when you are incapacitated or have passed away. Some of the main components include a will, documents that direct medical and financial decisions if you are incapacitated (medical directive and power of attorney), and potentially a trust.
Always name a guardian for your children. This is one of the main purposes of a will for individuals with minor children. The courts will attempt to determine a guardian for your children in line with their best interests, but it may not be what you would have wanted.
Beneficiaries. Revisit beneficiary designations on investment accounts and insurance policies periodically (especially if things change). If your will and the beneficiary on an account contradict each other, the beneficiary designation will typically be followed.
Tip of the Day: There are lots of “do it yourself” services out there but having a guide through the estate planning process can help you make sure that you don’t miss things. There may be things you don’t know that you don’t know.
Thank you to Bob Kabacy for joining us on the show. Feel free to reach out to us if you’d like to get in touch with him or an estate planning attorney near you.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Maybe you’ve purchased a home before, but have you ever tried to sell one? Not as easy as you think! Rick McDowell is back with a few tips to make it as painless as possible.
Your home has to look like someone else can live there! When people walk into your home, they want to be able to imagine living there. Keep it tidy! Put away the things you don’t need, so there is more room in people’s minds for their own things.
Make your home as accessible as possible. It might not be convenient, but people may need to look at your house at a time that fits THEIR schedule. And you don’t want to be there!
Price it right the first time. If a house is on the market for a while, buyers may think there is something wrong with your home. Discuss strategies with your real estate agent. It could be different depending on what kind of market you are in.
Tip of the Day: In the words of Rick McDowell, “Clean. Clean. Clean. First impressions are best impressions!”
Huge thank you again to Rick McDowell! Feel free to reach out if you’d like to get in touch with him or someone in his network in a city near you.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Thinking about buying a home but have no idea where to start? Rick McDowell is here to help! This is something that comes up for a lot of physicians early in their careers, so we wanted to put together an episode with a few tips and tricks.
Communication is key! Have a clear outline of what your needs and wants are and communicate that with your real estate agents and your spouse. You have to get on the same page with your expectations.
Your down payment is not the only cost to get into the home. There are many fees associated with buying a home including appraiser fees, inspections, title insurance, ongoing maintenance, and taxes to name a few. Be fully aware of the costs you are going to need up front.
Real estate markets are unpredictable. If markets appreciate at three percent, you can recoup a lot of the costs of the purchase over about three years. We don’t necessarily know what the real estate market will look like over a specific time period, so plan to stay in a home for a while. Find something you love enough to own for at least a few years!
Tip of the Day: Understand the costs of home buying and ongoing maintenance before making this huge decision. Renting is not always throwing away money and buying a home is not always a good fit.
Huge thank you to Rick McDowell! Feel free to reach out if you’d like to get in touch with him or someone in his network in a city near you.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Divorce – What to Know Beforehand
In this episode, we continue our discussion about divorce with attorney Blake Van Zile. In the second part, we talk about some surprising things that come up in divorces, the affect of divorce on businesses, and what to look for in an attorney. As well as a few funny anecdotes to break up the divorce-talk tension.
Unexpected things in divorce. If you agree that one spouse can stay in the home, make sure that it is feasible financially. One party may need to secure life insurance if they are responsible for child support or alimony.
Businesses in divorce. If one or both spouses are business owners, decisions regarding the business often need to go through attorneys. Often even a non-working spouse may have an interest in the business.
What do you look for in an attorney? Someone you can talk to about everything - even the things that you said or did when very upset. You need to trust them enough to be honest with them.
Tip of the Day: When going through a divorce, revisit your estate plan to ensure that if something happens, your assets are distributed the way that you want them to be.
Huge thank you to our guest, Blake Van Zile. Look her up on LinkedIn if you get a chance: @BlakeVanZile
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, or legal or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
In our very first episode with a guest, we talk about all things divorce-related with attorney Blake Van Zile. We loved talking about divorce so much that we had to break this one into two parts. In this first part, we focus on some basics of divorce, child support and alimony, and prenuptial agreements.
What is the main goal in a divorce? Trying to find a fair and equitable way to end a marriage. This doesn’t mean you are going to get everything you want.
How do you prepare for a divorce? Talk to an attorney before making any moves and know what your finances really look like before filing if possible. Everything can be much harder to track down after you are in a divorce proceeding.
Child support and alimony payments. Laws vary from state to state, but generally income is a big driver in child support and alimony calculations. The duration of a marriage can impact alimony calculations as well.
The pre-nup. If you have any significant assets, a pre-nup can be very advantageous for documenting what each partner is bringing into a marriage. A pre-nup that is unreasonable may not hold up in court.
Tips of the Day (we couldn’t do just one!):
Get your facts straight.
Keep your receipts!
Pets are not kids. They are property.
Huge thank you to our guest, Blake Van Zile. Look her up on LinkedIn if you get a chance: @BlakeVanZile
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
You can’t focus only on the dollars and cents. Life is about making memories, and it’s important to find the right balance between your current quality of life and financial security now and in the future.
Make some goals. We always want people to prioritize reaching their financial goals, whether that’s being prepared to retire early or paying down debt quickly. You also need to prioritize experiencing the world.
Avoid burnout. Of course you should work hard! But not at the expense of being able to maintain a long and enjoyable career.
Leave room for a personal life. For those of us with young families, keep in mind that your kids are only young once. And you are only young once too! Most people don’t get healthier over time, so make sure you leave a little room to do some exciting things while you have age and health on your side.
Tip of the Day: Balance is key. You can’t always make the fun choice, but you can’t always make the financially optimal choice either.
Thank you to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group for providing support and inspiration.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
September is life insurance awareness month, and we are diving in with some helpful tidbits.
Why life insurance? There are lots of different reasons people consider life insurance including business loans, estate planning, and as a supplement to retirement planning. Most people look into it to protect your families. Whatever the reason, it is important to understand a few key things about how to get it and what it is.
How do I get life insurance? For coverage outside of work, you generally provide certain medical details (and most likely complete a brief health exam!). Life insurance companies will decide if they want to offer you coverage and how much it will cost by looking at your health, age, gender, and even hobbies. The younger, healthier, and less dangerous you are the easier it is to get coverage.
What should I get? That depends (our favorite answer). If you have a young family and just want to make sure the kids are taken care of until they’re grown, a temporary or term life insurance product is probably the best choice. You can usually get more of it for much less money. Permanent life insurance can make sense for estate planning, business planning, and to build cash value. Take it slow with this one!
Tip of the Day: If you think you will need life insurance during your life, keep in mind that it will likely be easier to get and less expensive as a healthy young person. So stop getting older. And don’t jump out of any planes.
Thank you to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group for providing support and inspiration.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
We discuss retirement savings strategies for attendings and resident physicians and ways to get to a point where you are investing an adequate amount for your retirement goals.
Student loans are the specter hanging over many young physicians with an average loan balance of $200,000 when they finish medical school. For those who don’t have student loans, you might want to keep that to yourself…. Rachelle and Corey are here to rehash the details and offer some tips for the different stages of your career!
In the debut episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden talk about why doctors are notoriously bad with money.