Finance for Physicians

Real estate is a key part of wealth building in America, and we get asked about it all the time so we know you've been looking into it. But real estate can become a major headache for busy physicians if you aren't buying it right. That's why today's show will be about how to make sure you are buying into real estate that won't wreck your lifestyle while building your wealth. Our guest is Gregg Cohen, JWB Co-Founder. His company has redefined what investors can expect when investing in cash-flowing rental properties over the last 16 years (so much so, they've been made the front page of the WSJ twice!!) He joined the show for a lively discussion where you'll walk away understanding: - why the average real estate investor is buying real estate in a way that limits their upside and creates lifestyle problems - how to understand the upsides (and downsides) of the various types of real estate investments in a way that actually makes sense- what I think of real estate investments and how to fit them into your plan that most real estate guys don't understand- and more! If you're someone who's looking for a concrete path toward financial freedom but isn't sure where to start - we think you'll find our Q&A session with JWB Co-Founder Gregg Cohen extremely valuable. Links: JWB's Website JWB's Contact Number: (904) 677-6777 JWB's Email Address: info@jwbcompanies.com Not Your Average Investor Show

After facing a near-death experience in the form of cancer in 2018, probably because of the stress he endured at work, Dr. Andrew "Andy" Berkowski knew he wanted a change. In order to prevent such a condition from ever entering his life again, he had to gain more independence in his line of work (neurology & sleep). That meant starting his own direct care practice. In order to get educated on the money side, he consumed financial resources voraciously and spoke with a lot of colleagues about the logistics. Today, he's an outspoken expert who runs his own practice and preaches against the debilitating work conditions of the medical industry. If you want to learn how Dr. Berkowski... - Started his own direct care practice.- Recovered from a life-threatening condition.- Reduced his levels of stress as a practicing medical professional. You'll love this episode! Enjoy! Links: ReLACS Health My DPC Story Podcast Direct Specialty Care Alliance Contact Finance for Physicians Finance for Physicians

The busy lives that physicians lead rarely allow for side hustles and projects. But this guest made it work. Dr. Paula Muto is a 25+ year vascular surgeon veteran with an extensive array of methods of work that put her and her team amongst the best treaters of vein disease in the world. It'd have been awesome if we stopped at that, but Dr. Paula is also the founder and CEO of UberDoc - an online booking platform that helps patients find the best doctors in their zip code area. If you're a physician looking to earn extra money by leveraging your already existing expertise - Dr. Paula has paved the way, and we'll spend all of today's episode dissecting her playbook. Links: Muto Vein Center UBERDOC For physicians who want to join UberDoc Contact Finance for Physicians Finance for Physicians

Physicians are doing important work - they are saving lives every day. But physicians are also taking a pushback - the industry is harsh. Burnout runs rampant and the lack of good financial education leaves many professionals struggling with money all their professional lives. We're not all-knowing on this show, but we've identified a few key problems we encounter with physician finances repeatedly. On today's show, we're going to address these issues, how to solve them, and how to prevent them. If you're a physician struggling with their finances at the moment - we'd recommend you give this episode a shot. Thank you and enjoy! Links: Values Exercise Contact Finance for Physicians Finance for Physicians

The healthcare system keeps making it harder for doctors to make money, or worse, do what is right for their patients. This leaves doctors wondering how long they need to accept the constraints of a broken system But it doesn't have to be this way. A well-crafted personal brand can create opportunities for physicians, like you to call your own shots. LinkedIn is the perfect tool to create that. Once considered just a website for job seekers, LinkedIn is now a platform for creating the career YOU desire (and deserve). That's why we're bringing renown LinkedIn expert and keynote speaker, JD Gershbein, to break down the how to's of uncovering opportunities on the platform: - why so many physicians have become so active on LinkedIn in the last year- what these doctors are doing on the platform that diversify their income opportunities and give them control of their career- how to adapt principles from JD's LinkedIn style guide to make your profile stand out- and much more! If you want to gain control of your career and revenue generating opportunities, this show is for you!

It's rare to encounter a physician as good in finances as they are in the work world. And for a good reason. Medical jobs have the highest rates of burnout of all professions. Physicians just don't have time to care about investing, retiring early, wealth, etc. But today's guest - Dr. Elisa Chiang - did. And the results speak for themselves. Elisa is a board-certified ophthalmologist and fellowship-trained oculoplastic surgeon who, in her words, "Has worked both in private practice as well as for a bureaucratic hospital system." After experiencing burnout, she decided to go all in investing to achieve early retirement and escape the medical industry. Fast forward to today, she's a wealthy life coach that helps other people like her (physicians just like you) to make better life choices with their finances that serves their needs. The work of people like Elisa gets us excited about the future of personal finance in the physician work world. If you're a medical professional that: Struggles with burnout. Experiences second thoughts about their medical career Are confronted with big decisions like marriage, investments, retirement, moving, etc. You'll find this episode quite helpful! Enjoy! Links: Grow Your Wealthy Mindset The Grow Your Wealthy Mindset Podcast Contact Finance for Physicians Finance for Physicians

The world of medicine has been highly popularized thanks to popular culture tv shows, books, movies etc. - But what's even more incredible are the actual stories. If you spend a few minutes browsing the web, you'll find that more often than not reality is stranger than fiction. Those are the types of stories we're going to talk about on today's episode of Finance for Physicians, with our special guest Kevin Pho, MD, host of The Podcast by KevinMD. Kevin is a 20-year practicing internal medicine professional who also hosts one of the most popular newsletters in the physician world. On today's episode, we dive into a few interesting topics: 1. Pull some interesting stories from Kevin's Vault.2. Get deeper into finding out how Kevin's MD brand grew so popular.3. Talk about inspiring physician finance stories. And much more! If you enjoyed this episode, make sure to tune into our other interviews featuring our host, Daniel Wrenne of Wrenne Financial, and many more special guests! Links: Connect with Kevin Pho, MD: KevinMD.com The Podcast by KevinMD Contact Finance for Physicians Finance for Physicians

The foundations of our country were built through the work of ingenuity and innovation. The essence of the American spirit is the desire to solve problems. In other words, the American spirit is entrepreneurship. Unfortunately, the scale of American entrepreneurialism is still not at the size it can be in our industry: healthcare. Whether it's because of conservatism, risk or too many gatekeepers, healthcare has a ton of problems to solve with virtually nobody working on them! This presents a massive opportunity, especially for the huge pool of talent in the field that's busy in the labs and hospitals. It's not that we miss solutions... we need more entrepreneurs! Our guest today is an example of pinpointing an interesting, major problem and creating a novel and creative solution for it. Pablo Gonzalez is the founder and CEO of Be The Stage. His company's thesis is that community is the future of business development and the best tool to remain relevant and profitable in a world run by category-bending, business giants. Pablo met our co-host Daniel at college and they quickly hit it off. They've remained in contact ever since and even worked together to make the Finance For Physicians show the most interesting one in the niche! If you're a medical professional with an interesting idea, ready to propose it to the market, this episode will cover... - Category Design 101 & How to apply it to your life. - How to niche down and create a unique mould of opportunities for you as a medical professional. - How to create a category from scratch and capture 70% of the market. And much more! Enjoy! Links: Connect with Pablo: LinkedIn or Instagram Be The Stage Contact Finance for Physicians Finance for Physicians

In life, many people think they have to choose what they can have. They should choose happiness over wealth, family over career aspirations, etc. Today's guest proves that it's possible to have it all! Andy Hill is the founder and CEO of Marriage, Kids and Money - an online brand dedicated to helping people achieve the pillars of family health and well-being: Happiness and Wealth. This podcast won't give you all the answers - but it will instead guide you toward the right direction for you and your close ones: Developing the life you've always wanted to live! Enjoy! Links: Marriage, Kids and Money Website Make My Kid a Millionaire Contact Finance for Physicians Finance for Physicians

The healthcare system is by no means perfect. But it's up to us to change that. A hugely underrated topic in the medical world is the concept of community. Figuring out ways to band professionals together might just be the thing that solves some of our most urgent healthcare problems for good. That is exactly what we're going to discuss in this episode of the Finance For Physicians podcast. Our guest is Dr. Tim Hindmarsh - together with his partner Dr. May Hindmarsh, they're a dual-physician couple who have a blast doing life together. They are both Board Certified Family Practice Physicians who were born, raised, and trained in Canada and migrated to the wonderful world of the USA in 1994. They run the BS Free Md podcast, a successful business that they built on top of an already successful track record as a professional. We believe their way of approach (No BS) is exactly what the healthcare system needs more of right now, so we decided to gather up and brainstorm ways to help them spread that message. You don't want to miss this episode! Links: BS FREE MD BS FREE MD IG Contact Finance for Physicians Finance for Physicians

For today's edition of the Finance For Physicians podcast, we're bringing Dr. Jimmy Turner. Jimmy is the host of the Physician Philosopher podcast and Money Meets Medicine podcast. He's also the author of Determined: How Burned Out Doctors Can Thrive in a Broken Medical System. Jimmy made it early into his career. He built a six-figure business, received numerous awards, and became well-respected among his colleagues. He was practically living the dream many physicians never reach in their lives. But something was missing. He was more miserable than ever. Our podcast will illustrate the story of how he escaped that place and found his true passion: coaching other physicians on how to achieve their financial and professional objectives. Dr. Turner is quickly turning into a legend amongst physician circles, so we're extremely excited to provide you with this interview! Enjoy! Links: The Physician Philosopher Podcast Money Meets Medicine Podcast Contact Finance for Physicians Finance for Physicians

Entrepreneurship is a liberating concept. Outside of the promises of wealth and prestige, being an entrepreneur or cultivating the QUALITIES of an entrepreneur is a blueprint on how to solve problems better and solve better problems. Our guest today is the perfect example of that. Ernesto Gutierrez, MD is a practicing physician/entrepreneur with an extensive track record of success behind his back: Grew a stem cell therapy practice to 7+ figures in revenue. Helped develop regenerative medicine treatment protocols for conditions such as autism, multiple sclerosis, Parkinson's, and other neurodegenerative disorders. Started his own online business by risking it all... and made it. Ernesto has successfully made the transition from a practicing researcher and physician to an online entrepreneur. A feat that we're quite curious to discuss on today's episode! And more importantly... we'd like to discuss how you, the listener, can do the same. Links: Dr. Ernesto Gutierrez Website Breaking Away From Traditional Primary Care to Start a Concierge Medical Practice w/ Dr. Cady and Ryan Brown Using Money As A Tool To Live Regret-Free Lives w/ Dr. Jordan Grumet Jim Rohn's Free Audiobooks Contact Finance for Physicians Finance for Physicians

It's that time of the year when we all get excited to make 2023 (in that case) a year worth remembering.But very few of us stick to our new year's resolutions, which is a well-known fact.It's time to crack the consistency code and stick to our commitments.To help you do that, we've invited Dr. Hala Sabry, a part-time practicing emergency room physician, and a mom of five who's also the founder of Physician Mom's Group, a private 120k+ people FB group.On this edition of the Finance for Physician, you're going to learn... 1. How She Did It.2. How She Stays On Track Juggling So Many Different Projects.3. How You Can Do The Same. Listen now! Links: Dr. Hala Sabry's Website Free Legacy and Values Workbook Physician Moms Group You Are a Badass®: How to Stop Doubting Your Greatness and Start Living an Awesome Life Contact Finance for Physicians Finance for Physicians

Taxes! Nobody likes doing them, but it's a necessary evil. The good news? There are ways to minimize them. In fact, there are quite a few! We wanted to end this year's season of the Finance For Physicians podcast with a bang. That's why Daniel Wrenne, Founder of Wrenne Financial, covered tax minimization strategies for this show. If you're interested in learning how to: - How to legally minimize your taxes.- What methods of charitable giving help both the greater good - and your tax benefits.- Why it's important to organize your taxes properly. Then this is the episode for you! Links: Contact Finance for Physicians Finance for Physicians

Competent handling of finances is not easy, especially for doctors working 24/7 on the clock. But the truth is that we all have to get good at it. Whether because we have a debt to pay, a family to feed, or to survive the incoming recessions. Our guest today, Dr. Caroline Clerisme specializes in just that with her company Doctors Out Of Debt - helping doctors take a hold of their existing debt and live financially stable lives. But that's not all. Caroline is also the author of "Lily and the Talking Piggybank" a children's book about money. According to her, we shouldn't leave the children out of the picture when talking about finances and educate them on the matter as early as possible. On today's episode, we'll cover: - How "Lily and the Talking Piggybank" was created. - How to instill positive finance habits in your children. - How to help them NOT repeat your mistakes. - And much more content that we don't want to spoil you! Links: Doctors Out Of Debt Contact Finance for Physicians Finance for Physicians

In previous episodes, we established the importance of providing your kids good financial education as early as possible.In this episode, we'll talk about how to make it as enjoyable as possible for your children!Our guest today is Will Rainey. Will's story is remarkable because it ties back right into the topic of today's show - he went from working in the big corporate world, advising billion-dollar companies to kickstart Blue Tree, a reputable financial blog teaching parents how to pass on financial knowledge to their kids.Will is also the author of Grandpa's Fortune Fables, a best-selling book dedicated to teaching children the wisdom of markets through interactive fables. Links: Blue Tree Grandpa's Fortune Fables Rich Dad Poor Dad by Robert Kiyosaki The Psychology of Money by Morgan Housel The Richest Man In Babylon by George S. Clason The 4-Hour Workweek by Tim Ferriss

Using finances as a tool to live a more fulfilling and balanced life as a physician IS possible.Today's episode of Finance for Physicians tackles the next level of owning your finances: Passing down good financial education to the next generation - your kids.The guest that'll help us guide you through this important and intimidating objective is David Delisle. David is a born and bred entrepreneur, having made his first real estate investment at the ripe old age of 11(!!) He's also the author of "The Golden Quest", an interactive book that helps kids enjoyably learn about finances. (Some have called it "Rich Dad: meets "Calvin and Hobbs"!)The topics we're going to cover include:- How to get kids interested in finance in the first place.- When to start implementing these practices.- How to make the learning process, for you and your kids, easier.Tune in to this episode to explore how finances can be used to enrich the future of our children- and how we can get them interested in finance from the very beginning. Links: David Delisle's Website The Golden Quest: Your Journey to a Rich Life Contact Finance for Physicians Finance for Physicians

Today's episode is a tough one. We will tackle two of the most important topics in a person's life: Money and parenting. In this episode of "Finance for Physicians", Daniel Wrenne interviews Dr. Adam Broussard and Dr. David Weisenhorn, to dive deeper into the family and money matters that physicians often deal with. Dr. Adam is a practicing pediatric anesthesiologist, husband, father, certified life coach, and host of Dads Before Doctors, a podcast for physicians and other high-achieving fathers. Dr. David is a returning guest on our show and a good friend of our co-hosts. He's been working hard in the field of parenting research at the University Of Kentucky. He has a background in clinical mental health counseling - working with families over some of the most challenging problems in their lives. Topics of discussion include: - How money and parenting creatively can help enhance your work as a physician and family life- Why it is important to discuss money with your kids- What to look for when beginning the process of improving your finances as a physician Today's episode will be incredible; you won't want to miss it! Links: Die With Zero: Getting All You Can from Your Money and Your Life Mindset: The New Psychology of Success The Family Board Meeting: You Have 18 Summers to Create Lasting Connection with Your Children Find Adam: www.Adambroussardmd.com www.Dadsbeforedoctors.com About David: https://hes.ca.uky.edu/person/david-weisenhorn Mentioned: https://frontrowdads.com/ https://www.gobundance.com/ Contact Finance for Physicians Finance for Physicians

Money: The root of all evil, or at least most misfortune. It can be easy to fall into this victimhood mindset and assume wealth is bad.But our guest begs to differ. Jordan Grumet, MD is an ex-internal medicine physician turned podcaster and speaker who made it his mission to create as many purposeful, financially wealthy, and fulfilled medical professionals as possible.On this LIVE episode of Finance For Physicians, Daniel Wrenne and Jordan Grumet talked about: - Jordan's new book "Taking Stock," how to build wealth and live a regret-free life - Why there are unique financial challenges for physicians. - How to avoid getting caught up in the pursuit of more money and instead use money as a tool to live regret-free lives. - When to make time to ask the tough questions regarding finance. - And more.Ready to up your finance game as a medical professional? Listen today! Links: Jordan's Website Earn & Invest Podcast Contact Finance for Physicians Finance for Physicians

If you're a medical professional that is struggling financially or trying to pay off student debt, this episode of "Finance for Physicians" is for you!Our guest is Dr. Disha Spath: A first-generation immigrant success story, Disha found herself alongside her husband in a precarious financial situation with a huge debt to pay out after medical school. After living on the fence for a while, Disha and her husband finally managed to pay out the $750,000+ debt that was piled up and then went on to create a financial platform to help other physicians escape their situationHer secret? A shift in the mindset - Conscious Frugality.Now, we know what you're thinking: Nobody likes frugality. It's a tricky muscle to exercise and can often be hard to execute as a doctor. After all, you didn't go to medical school for years to live off ramen and Dollar Tree specials. We, alongside Dr. Disha, are here to say that this type of frugality mindset is not true! Frugality is a key financial budgeting skill that, if used correctly, is not about depriving yourself, but about making smarter financial decisions. Our host, Daniel Wrenne, and Dr. Disha talk us through the following:- How to pay off medical student loan debt.- When to get that dream house.- Why you can still have a comfortable life and save money.- Tips for raising a family on a budgetReady to learn more? Click play and let's take that uncomfortable topic, called finance, under comfortable control! Links: Dr. Disha Spath's Practice WCI Ambassador The Frugal Physician Contact Finance for Physicians Finance for Physicians

If you're in medicine, chances are you have experienced toxic work environments. Toxic work environments are a big problem in any industry, but it's even worse in medicine. Very often, it's the work culture, not the work itself that burns you out. Or at least that was the case with Dr. Lara Hochman. Lara is a family physician who found herself burnt out and out of a job after a stint at an unhealthy work environment but managed to pull herself by her bootstraps and build a business around helping physicians ESCAPE that same environment. We don't want to exaggerate, but how badass is that? On today's show, we're going to cover: - How Lara built her business. - The solution to toxic work culture in medicine. - What unhealthy and healthy environments look like. Ready to learn something new? Think you might be in a toxic environment? Tune in for our interview with Dr. Lara and let's figure it out together! Links: Happy Day Health Website Dr. Lara Hochman's FB Dr. Lara Hochman's LinkedIn Dr. Lara Hochman's YouTube Contact Finance for Physicians Finance for Physicians

When people talk about marriage and finances, they tend to only focus on the positive and optimistic side of the conversation.However, we have found that studying the potential pitfalls can be just as valuable as narrowing down and focusing on the positive side effects of sharing finances with your significant other.On today's episode of the "Finance For Physicians" podcast, Daniel is joined by his wife Alison Wrenne to chat more about: - What the ups and downs of financial management are as a family - How to work better as a team when it comes to communicating financial decisions/struggles - Why discussing finances can often cause significant hardship and heartache to many loving couplesWe're so excited to present to you this episode and explore the important topic of family finances! Links: Contact Finance for Physicians Finance for Physicians

As physicians, it's easy to feel like there are too many people to help with not enough time. On top of that, most physicians have other responsibilities at home, plus passions they pursue to fill their own buckets. But just because you're extremely busy, doesn't mean you need to sacrifice your joy or risk burning out. That's why we're bringing on a physician with multiple businesses and hobbies that is an expert in avoiding burnout, Dr. Diana Londoño. Dr. Londoño is a female urologist, a speaker, a certified life coach, a writer, and a podcaster. On top of all that, she runs a successful business that helps physicians deal with two of their biggest risks: burnout and stress overload. In this episode of the Finance For Physicians Podcast, with guest Dr. Diana Londoño, we're going to cover: - What inspired Dr. Londoño to become passionate about physician burnout, and the journey that made her an expert. - How to deal with information overload and burnout in a way few of us in the industry are aware of. - Why your mindset affects burnout, and how underestimating its importance leads to underperformance in day-to-day life. This will be a fascinating conversation between Daniel Wrenne and Dr. Diana Londoño full of practical tips to help you get the most out of your career, enjoy your time off, and be happier at home. Don't miss a chance to get personal advice unique to your situation. Links: Dr. Londoño's Website Free Support Services For Physicians Contact Finance for Physicians Finance for Physicians

Burnout is tough, especially for physicians. But you don't have to be a victim of it. There are ways to combat burnout.It's not this unfixable or unmanageable thing. There are steps you can take. This is why, for this episode, we're interviewing Dr. Sapna Shah-Haque! Dr. Sapna Shah-Haque is a primary care physician who's had numerous battles with burnout, even losing a friend to it, which is part of the reason she started her own podcast and started talking more about it! In this episode, we're going to cover: - How Dr. Sapna Shah-Haque overcame her numerous fights with burnout - Why she feels her lowest moments were a result of her extreme levels of stress as a physician. - What actionable steps you can implement to manage and beat burnout. We're so excited to present to you this conversation and can't wait to explore the important topic of burnout in the medical industry even further! Links: Physicians Anonymous Physicians Coaching Support Tend Health Dr. Sapna Shah-Haque's Practice Dr. Sapna Shah-Haque's Podcast Dr. Sapna Shah-Haque's LinkedIn Improving Medicine With Vulnerability Contact Finance for Physicians Finance for Physicians

Physicians are often associated with burnout. And there's a reason why.There are arguably few professions that rival the stress a physician has to endure throughout their career.But the stress isn't always at the hospital or the private practice. Financial matters can cause distress for physicians, but they can also be the solution.On this episode of the Finance for Physicians podcast, we're going to talk about:- The sneaky nature of burnout.- How medical professionals are prone to burnout from college.- Upward mobility in medical professions and how this addicts the physician to a more stressful lifestyle.- How to not miss out on family experiences as an ambitious professional- And so much more! Links: Contact Finance for Physicians Finance for Physicians

We went LIVE with our show, Finance for Physicians! We're over 100 episodes into our podcast, Finance for Physicians, and we've got the chance to learn great lessons together with our audience. But it's time to turn this audience into a community. That's why we did our first LIVE show! For this world premiere, Daniel Wrenne talked about: - What are the key lessons have been from the first 100 episodes- How Daniel realized that what is missing for physicians is a community of peers they can count on- Why the show is expanding beyond financial advice in order to make you smarter with your money- And much more! This is an interactive conversation that will shape the future of a community we'll build together. Links: Contact Finance for Physicians Finance for Physicians

As a doctor, you begin your professional career as a high-income earner. But many people don’t talk about the cost of this achievement. As you know, medicine is a demanding field that requires a lengthy, expensive education and rigorous hours of training. When you spend that much time studying and working, you don’t have the time for side jobs to offset the cost, or the mental space to learn about anything else other than how to treat patients. This means most physicians, like you, end up having to take out huge loans to survive, without time to get a proper financial education. But by the time you start to earn income, you begin to feel trapped by “the system”. You start to feel behind in life - forcing you to continue to sacrifice your quality of life and your patient quality of care starts to decrease. This leads to poor health, stressed relationships, and a propensity for burnout from a vocation you worked so hard to achieve. We have a solution: we believe control of our finances leads to having control of our life. Welcome to “Finance for Physicians” a show where we teach and empower doctors, like you, to practice medicine the ways you always dreamed you would- free of financial worry to provide the best level of care for your patients, your family, and yourself. Don’t believe that “burn-out is a necessary myth.” You don’t have to sacrifice your health, relationships, and your career to live the life you want. If you want to learn how to have better control of your finances and more control over your life, this show is for you! “Finance for Physicians” is hosted by financial expert, Daniel Wrenne, of Wrenne Financial.

The pandemic in America is starting to look like a memory of hard days gone by, but the effects can still be felt throughout our country. That reason is, probably, why the Biden Administration has decided to extend their Covid 19 Forberances to the end of this year. In this episode of the Finance For Physicians Podcast, Daniel Wrenne will go into detail with Jeff Wenger about the situation surrounding Covid Forbearances while also taking a look at the currently shifting loan-giving and forgiving policy of the Biden Administration. Topics Discussed: How to financially plan in accordance with the extended forbearance period if you have mortgage payments on the way. Student loan forgiveness: Are you eligible? Is it useful at all? The Federal Pell Grant. How it works and how to know if you’re eligible. Links: Updates On 4 Big Changes To Federal Student Loans Contact Finance for Physicians Finance for Physicians

Does it take you hours and hours to count and track every single expense, every single month? How can you monitor your spending without spending too much time that you do not have and cannot afford to waste? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how busy physicians can monitor spending without wasting hours by using a basic system that he developed to keep a pulse on cash flow and total household expenses. Topics Discussed: Goal: Make sure you’re not overspending or that your spending is aligned Cash Flow Tracking System: Shows if you’re on track or you’re slipping up Do’s and Don’ts: System only works if you do pay off credit card debt monthly Cash Balances: System watches them over time based on your spending Numbers: Starting cash balance, income, ending cash balance, and expenses What do your expenses need to be? What if they aren’t what they should be? Financial Plan: Decide how much for your lifestyle vs. spending vs. values/goals Categorization: Come up with categories that you want to sort everything by Expense Audit: Identify and plan what to cut/reduce by stopping/changing habits Links: Contact Finance for Physicians Finance for Physicians Full Episode Transcript: What’s up, everyone? I am recently returning from a podcast conference. Basically, a bunch of people like myself got together, shared ideas, and talked about how to improve. My goal up to this point has been just to basically produce episodes and share as much value as I can. Now that I’ve been at it for (I guess) a little over a year, maybe close to a year-and-a-half, the goal going forward is to start to proactively grow and really fine-tune the skill. This conference was super helpful in getting some ideas. I want to fill you guys in on that before we jump into the episode today, and share a couple of other things I’m going to be working on. Like I said, the big goal going forward is to really focus on growth and adding value, which has been my primary goal all along, is how do I get as many people listening as possible, and make sure it is valuable as possible. I got a lot of ideas from the conference. I’ll share those over time and you’ll start to see those come out over time as we implement them, but there are a couple I’ll throw out today. In terms of value add, a couple of ideas that I took away from that conference was along the lines of improving engagement. A couple of other things I’m thinking about is maybe doing some live format, where we allow the ability for guests to participate more in-shows, throw out questions, and just make it more interactive, with the goal being to make it more community-focused. Or maybe having a Facebook group where we’re doing form-type setup and having conversations. I have a lot of different ideas along the lines of building community and improving the interaction among you guys, so if you have ideas along those lines please share those. Ultimately, this show is for you guys, so I want to hear if you guys have ideas for how to provide more value and be more engaged. Ultimately, I want to know what you guys are looking for and what’s what we’re after. That’s the first big thing that I’m working on. The other big thing is growth. The goal there is to naturally grow through providing maximum value. Plus I think I’ll try to do a little bit more promotion, maybe on social media, although I’m not the most engaged. I’m not the social media type. Another big thing is poten

Have you maxed out your 401(k) or 403(b)? What should you do now? There are a lot of different options—what do those look like, what might be a good out, and what to pass on. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about 401(k)s and what to do after you max those out. Topics Discussed: Max Contribution Amount: $20,500 for an employed physician Financial Plan: Allows you to match your goals with dollars to put them to work Is the 401(k) enough? If not, how much do you need to save? Assume more What’s the next best option? Maximizing tax shelters for added tax benefit HSA: Use as healthcare savings account instead of healthcare spending account Backdoor Roth IRA: Fund a traditional IRA and then convert it into a Roth More Options: 457(b), cash balance, deferred compensation, and after-tax 401(k) What to consider? Complexities, different structures, expenses, and side jobs Tax-Loss Harvesting: List of things you can do to minimize taxation Alternative: Investing in real estate business can be active or passive income Short- vs. Long-Term Capital Gains: Which are least and most tax-efficient? Links: E*TRADE Robinhood Using Your HSA To Build Wealth Why the HSA is a Hidden Gem Everything You Need To Know About Backdoor Roth IRA with Jennifer Quire Are You Saving Enough For Retirement Digging Into Tax Loss Harvesting Before You Buy Into Passive Income Why is Permanent Life Insurance Such a Terrible Short Term Investment Contact Finance for Physicians Finance for Physicians Full Episode Transcript: Hey, guys. Hope you’re having a great day. I am planning to talk about 401(k)s and what to do after you max those out. That’s a pretty common question that comes up, and I think there are a lot of different options after that, so we’ll talk through what those might look like, what might be a good out and what might be options to maybe pass on. Before we get into that, I want to give you guys a quick update on just the podcast in general and tell you a couple of things we’ve been working on. If you’ve listened awhile, you know my goal is really to help physicians (in general) use money to live better. I think what’s different about us is we’re focused on the ‘live better’ part and not necessarily the ‘more money’ part. That’s been great to focus on that in this avenue. In my day job, I work with a lot of individuals. It’s more of a one-on-one basis. Our planning firm—Wrenne Financial Planning—have several financial planners, including myself, working one-on-one with physician families. This has been a really great way for me to work more in a one-to-many avenue. It seems like, so far, we started to ga

What are some of the behavioral tendencies we all can run into that affect our decision-making, and ultimately cause some big mistakes? What do big areas or behavioral tendencies look like? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about investing behaviors that will wreck your financial plan. Knowledge and awareness are needed to avoid behavioral finance mistakes. Topics Discussed: What is behavioral finance? When people make errors, mistakes, and biases Why? People are not rational or self-controlled and don’t identify tendencies Overconfidence: Common idea that you know more than you actually do Self-serving Bias: Attribute good things/outcomes to skill, bad outcomes to luck Hindsight Bias: You know more or knew more than you really did in the past Confirmation Bias: Focus on what confirms beliefs, ignore what contradicts them Recency Bias: Hone in on short-term and overemphasizes that importance Refer to your financial plan and remind yourself of your financial goals Anchoring Bias: Relying and latching onto too much pre-existing info Loss Aversion: Overly fearful of losses and pull to avoid losses Herd Mentality: Suffer from fear of missing out (FOMO)? Links: Confirming Fund Managers Overconfidence - SSRN Behavioral Finance - Charles Schwab Asset Management What To Do When Your Investments Start Tanking How Market Downturns Look and Feel The Power Of Diversification Investing During Wild Markets with David Blanchett Free DIY Financial Planning Guide for Physicians Predictably Irrational: The Hidden Forces That Shape Our Decisions Thinking, Fast and Slow The Psychology of Money: Timeless lessons on wealth, greed, and happiness The Big Short GameStop on CNBC Contact Finance for Physicians Finance for Physicians Full Episode Transcript: Hey, guys. Hope you’re having a great day. I am excited to talk about investing, and this is the third in our series of three shows, talking investing. In the first, we talked a little bit more about how to navigate scary downturns in the market. The second, we talked more about how those looked historically, some of the numbers, returns and that kind of thing. Today, we’re going to be talking about some of the behavioral tendencies we all can run into that can really affect our decision-making, and ultimately can cause some big mistakes. We&rsquo

What do market downturns look like? Understanding what they look like or what they have looked like historically is helpful. We can't predict the future, but we do know what happened in the past in order to navigate better if and when history is repeated. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how market downturns look and feel based on market history and market factors. Topics Discussed: Long View: Have a financial plan that ties your goals to your actions Timing: What if it's not the right time? Maybe it’s the worst possible time to invest Franklin Templeton: People recover fast, the scariest time may be when to invest Financial Information: Where to get it and who to trust FOMO: Fear of missing out on what everybody else is doing with investments I Bonds: When inflation is high, investments are terrible, they look appealing Reminder: What is the purpose of the money and what's the goal? Alternatives: You're potentially moving away from the best route for your goals Links: Playing the Probabilities - Wealth of Common Sense Blog What If You Only Invested at Market Peaks? Bob - The Terrible Market Timer Learning from the Lessons of Time - Franklin Templeton Brochure What To Do When Your Investments Start Tanking The Power Of Diversification Investing During Wild Markets with David Blanchett Free DIY Financial Planning Guide for Physicians Dow Jones Industrial Average Contact Finance for Physicians Finance for Physicians Full Episode Transcript: What's up, guys? Continuing on with the theme of last time, we're going to be talking about downturns in the market. We talked about (last time) how to navigate a scary investment market, and I gave you some tips on actions you can take. I think the big takeaway from that conversation was making sure you have a solid financial plan that includes an investment plan. If you don't have one of those, that's important to create first. It's always good to consult your financial plan, especially when things get dicey and emotional like they are in scary markets. Try to avoid making changes or taking actions based on things that are out of your control and emotions that come into play. Definitely check that out if you haven't listened to that as a precursor to this. Today, we're going to be digging in a little bit more into what those market downturns have looked like historically. I think this is part of the education component. Understanding what this looks like or what this has looked like in the past is really helpful. It has been for me. Of course, we can't predict the future, but we do know what history has looked like, so we'll talk about what that has looked like historically so that you can have a little bit more of that education and be better armed to navigate it as this type of thing happens again in the future. Okay, we're going to be referring to a few sources today to give

If you have been watching the markets lately, like I have, it's gotten a little dicey. It's been a while since we've had volatile downmarkets. What should you do when your investments get shaky? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about what to do when your investments start tanking. Markets do go up and down. If you've been investing long enough, you realize that’s just the way it goes. Topics Discussed: Downturns: People make big mistakes and lose a lot of ground—and money What to do? There are some things you should do and some things to avoid What is shaky market territory? People get emotional when it gets more volatile What are natural reactions? These feelings are normal: This time it’s different, but is it, really? Are you tempted to find winners and get rid of losers? Historically, people work through it and recover nicely What’s not normal? Things get completely backward sometimes: Past: Inflation was high, cash paid nothing, and mortgage rates were low Present: Cash pays nothing, inflation is very high, mortgage rates are up What are action items? Remember to refer to your financial and investment plans Give yourself a little space between the feeling and the action Educate yourself on how markets work Recognize that the market is out of your control for the most part Create awareness around human investing behaviors/behavioral finance Rebalance investments and benefit from tax-loss harvesting Change your pre-tax IRA or 401(k) to a Roth conversion If you have extra dollars, put them to good use and start investing What are questions to ask yourself: What is the underlying concern? What is the money that I'm concerned about? What's its purpose? When are you ultimately going to use it? What's it going to be for? Links: The Power Of Diversification Digging Into Tax-Loss Harvesting Investing During Wild Markets with David Blanchett Free DIY Financial Planning Guide for Physicians Vanguard Total Stock Market (VTI) Contact Finance for Physicians Finance for Physicians Full Episode Transcript: Hello, everyone. I hope you're having a great day. I have been watching the markets lately. It's gotten a little dicey. As of this recording, we're in about the middle of May, and things have gotten a little dicey lately. It's been a while since we've had volatile downmarkets. I guess the last time was in 2020 when COVID started happening. Before then, it's been a really long time. Even with 2020, that was really fast, and then it just shot right back up. Markets do go up and down. If you've been investing long enough, you realize that that's kind of the way it goes, but either way, even if you've done this a million times, it can get scary. There's a lot of fear, temptation, and stuff to think about potential changes to make. We're going to talk about that today—what to do when investments get shaky like they are now—go through some of the things you should be thinking about, and give you s

There's a lot of crazy stuff in the news. If you're old enough, you've experienced these crazy times before. The investment markets' economies go up and down. These kinds of things happen. With all the craziness going on in the markets and the world, what news—financial or otherwise—are you concerned about? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to make sure your financial plan is solid. Topics Discussed: What are I Bonds? Savings bond earns interest based on fixed and inflation rates Financial Plan: What is it? Foundation to going in good direction, making good decisions Why is it so important? Aligns values and goals for living out your ideal life What does it provide you? Clarifies your values, goals, and risks What does it not provide you? Path to getting rich Balancing Act: What’s most important? Think about today vs. tomorrow/priorities Components: Have/write a plan and clarify values to make progress toward goals Values Exercises: Every few years (at minimum) review your values Are your finances organized? Strive for balance, not perfection Awareness: Where’s your money going between saving, spending, and giving? Uncertainty: Be aware by knowing when you’re drifting from values and goals Links: Financial Vitals Check What Should You Do About Inflation Is Money A Tool Or The End Goal 3 Exercises To Help You Clarify Your Values White Coat Investor Dave Ramsey Contact Finance for Physicians Finance for Physicians Full Episode Transcript: Hello, everyone. Hope your day is going well today. We've gotten a lot of questions lately that revolve around a lot of the craziness going on in the markets and just the world in general. There's a lot of news out there that people are fearful of, concerned about, and that sort of thing. Today, I wanted to talk about your financial plan and how that ties into this. I think having a really good financial plan is the key defense against some of this fear. We'll help you navigate a lot of these questions that come up. I wanted to talk about the concept, explain what I'm talking about a little bit more, and go through that today. Hopefully, it'll help you in general, especially when things get a little hectic like they are now. There's a lot of stuff coming up in the news. It's a little bit of a crazy time. If you're old enough, you've seen these crazy times before. The investment markets' economies go up and down, so these kinds of things happen. By day, we're financial planners, we get to talk to people one-on-one, and we hear a lot of the concerns. The questions we often hear are like, well, should I change my investments? How do I deal with this inflation? We talked about that in the last episode. I'll link to that in the show notes. Should I buy into these XYZ investments? Lately, people are asking about I Bonds. Those kinds of questions are normal. They're good questions. Even not in scary markets, there are a lot of questions we get like, how am I doing? I want to make sure my investments are efficient. The chal

What are pros and cons of physician mortgage loans? What do you need to know before taking one out, especially during a crazy market and changing rates causing sticker shock? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Doug Crouse, mortgage lender that specializes in physician loans and author of Hippocratic House: Do No Harm When Purchasing Your First Physician Home. Topics Discussed: Advantages: Low down payments, lack of PMI, and new job qualifications House Poor HENRY? Don’t go into major debt to keep up with the Joneses Hippocratic House: What to ask/expect as a first-time physician home buyer Disadvantages: Some lenders price their physician loans higher due to upsides Due Diligence: What to consider with lenders—service, rate, and closing costs Doug’s Predictions: Rates will continue to climb but not at same pace ARM: Makes sense if you don’t stay in the house and you make enough money Links: Historical 30-Year Mortgage Rates Doug Crouse - Physician Loans at BMO Harris Bank Hippocratic House: Do No Harm When Purchasing Your First Physician Home by Doug Crouse (Amazon) Hippocratic House: Do No Harm When Purchasing Your First Physician Home (Free Copy) The Big Short Movie Contact Finance for Physicians Finance for Physicians Full Episode Transcript: Daniel: What's up, everyone? Welcome to the Finance for Physicians podcast. I'm your host, Daniel Wrenne. Join me as we dig into what it looks like for physicians to begin using their finances as a tool to live better lives. You can learn more about our resources at financeforphysicians.co. Let's jump into today's episode. Hey, guys. I hope you are having a great day. I am excited to have a special guest joining me today, and that is Doug Crouse. He is a mortgage lender who specializes particularly in physician loans. When it comes to physician loans, Doug pretty much knows all there is to know. He actually even wrote a book about it called the Hippocratic House: Do No Harm When Purchasing Your First Physician Home. He offers that as a gift. I think you can buy it on Amazon, but he will offer it as a gift if you contact them. Anyway, Doug knows physician loans backwards and forwards. We're going to be talking about some of the pros and cons of the physician loan and some of the things you need to know before you go about taking one out. We'll also talk about some of the crazy market stuff going on with mortgages lately. If you haven't been paying attention, the rates are through the roof. We're going to talk a little bit about what's going on there and how that might change over time. Without further ado, let's jump into today's episode. Doug, what's up, man? Doug: Hey, Daniel. Thanks for having me on. Daniel: How you been doing? Doug: Doing good. Daniel: Are you surviving all this mortgage craziness? Doug: It has been a little chaotic with the Fed move. It's a little shocking when I talk to some people and they see rates are two points higher than they were three months ago. That's kind of a sticker shock to some. Daniel: I guess it's been two months, three months time has been up about 2% on average? Doug: Yeah. I think, probably end of January, 1st of February, I

Are you stressed out about inflation? There's no reason to worry. It's better to focus on what you have control over and apply it to your situation. If changes need to be made, start making some good changes. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about what you should do about inflation, your concerns, and your assets. Topics Discussed: Inflation: What is it, why is it occurring, and how are recent events amplifying it? How much should you have in your pocket versus in other places? Financial Components: Consider income and assets when it comes to inflation Short- vs. Long-Term Inflation: Ups and downs of volatile times and emotions Steps to Take: Solid Financial Plan: Pair up your goals and purpose for your resources Cash: Maximize efficiency to be far less concerned/susceptible to inflation Key Takeaway: Worry less about inflation to have more confidence in decisions Links: Navigating High Inflation Periods How Will The Russian And Ukraine War Affect Your Planning Historical Inflation Rates: 1914-2022 For most U.S. workers, real wages have barely budged in decades Stocks vs. Bonds: Differences in Risk and Return Make a Case for Both Contact Finance for Physicians Finance for Physicians Full Episode Transcript: Hey, everyone. I am looking forward to talking about a hot topic today. It seems like it keeps coming up in our conversations with people. It's definitely in the news and the topic is inflation. We're going to be talking about inflation. Really focus today would be on applying it to your situation, just some things to be thinking about. The goal here is to not stress about it and make sure you're making good decisions at the end of the day. We're going to talk about that and hopefully, you'll get some takeaways to put you at ease here or if changes need to be made, start making some good changes. We'll jump into that now. Okay, so we're talking inflation. A few episodes back, I got into inflation and a little bit more of the why behind it and how it works. Definitely check that out. If you want to learn more about what's going on, what is inflation, why is it occurring now, and how's the recent events tying into that and amplifying it, so definitely check that out. I'll link to it in the show notes. Just a summary or quick review on that, basically, inflation is when prices, or the cost of goods and services increase over time. Whether it be like the gas prices are going up, over time, or the cost of bread and milk goes up. If you think about it, I'm sure you've seen those little books that they show the year you were born. I always remember seeing them in the Cracker Barrel, if you're from the South, you hopefully know what that is. They had to have these books. It shows 1983, that's when I was born. You can buy the book and it shows what was going on in 1983. One of the things they have in there is the cost of bread and milk, cost for a movie ticket, and all those sorts of things. It's always interesting to look at that because it's surprisingly low. If you especially talk to your g

What’s your perspective on money? Do you view it as a tool? Do you know how to use that tool? Is it like a hammer that you use to build a house, murder somebody, or that sits on the shelf and collects dust? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about using money as a tool and what happens when people don't view money as a tool. Topics Discussed: Money Spectrum: Some people go to extremes, but most are in the middle Temptation: What is more important—more money or more time with family? Money is a tool that does not buy happiness but helps you attain happiness 3 Ways to Recognize Money as a Tool: A tool for what? What are you building? Learn to use the tool. Are you using money to build your ideal life? Maintain awareness about the outcome. Are you using money effectively? Key Takeaway: Money should not be the end goal—you can't take it with you Links: The billionaire who refused to pay kidnappers to save his grandson’s life The Man Who Quit Money: An Interview with Daniel Suelo The Young Physicians Complete Guide To Creating A Financial Plan Financial Vitals Check Part 1: Clarify Values 3 Exercises To Help You Clarify Your Values The Key Process Behind Using Money To Live Better Lives with Jennifer Quire How Can You Become More Financially Competent What’s Your Relationship With Money Contact Finance for Physicians Finance for Physicians Full Episode Transcript: What's up guys? I hope you're having a great day. I was talking with a client the other day and he was sharing what I thought was a really interesting perspective on money. He was talking about teaching his kids about money. He described money like a hammer. You can use a hammer to build a house. You can also use it to murder somebody, or you can just let it sit on the shelf and collect dust. Most people don't exactly view money like a tool, like a hammer, for instance. Maybe they don't even know how to use the tool, like a hammer. If you see somebody swinging a hammer and they've never done it before, it's pretty obvious that they don't know how to use it. What he was sharing is that he wants to make sure that he's teaching his children to view money more like a tool, and help them to learn how to use the tool. I thought that was a fantastic concept to understand and remind ourselves of not only for our children, but really, it's a good reminder for most adults. I thought today, we would talk about that a little bit, talk about using money as a tool, maybe go through what this might look like, and how you can make sure you're continuing to move that direction. Before we get into using money and viewing money as a tool, what happens when yo

What is one of the best opportunities you have to take back control of your professional life and avoid burnout from happening? Physician entrepreneurship. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Myrdalis Diaz-Ramirez about how to get started as a physician entrepreneur. Dr. Díaz-Ramírez is a fellowship-trained, board-certified pain medicine physician and anesthesiologist with more than 20 years of experience. One of her passions is to help other physician entrepreneurs and future physicians design their lives to avoid burnout and be happy physicians practicing under their terms. She is the founder of maxAllure Mastermind and host of the Design Your Physician Life Podcast. Topics Discussed: Physician Entrepreneurship: What is it, and why is it beneficial? maxAllure Mastermind: Physicians talk, advance, and acquire momentum Either entrepreneurs or not? Everything can be taught and learned Happiness = Significance, control, and contribution of what you do in life Entrepreneurship Opportunities: Investor, inventor, coach, etc., to regain control Mission/Vision: Treat your life as a business and find/define your ‘what’ and ‘why’ Plan Priorities: Burnout is unsustainable and makes you unhappy, miserable Action Items: Recognize the problem and that change is needed Surround yourself with those who are successful and willing to help Join and participate in Facebook physician groups and masterminds Read/listen to Rich Dad Poor Dad and The Ultimate Jim Rohn Library Links: Dr. Myrdalis Diaz-Ramirez on LinkedIn maxAllure Leverage and Growth Summit for Physicians White Coat Investor Rich Dad Poor Dad by Robert Kiyosaki The Ultimate Jim Rohn Library Breaking Away From Traditional Primary Care to Start a Concierge Medical Practice Contact Finance for Physicians Finance for Physicians Full Episode Transcript: Daniel: What's up everyone? Welcome to the Finance For Physicians podcast. I'm your host, Daniel Wrenne. Join me as we dig into what it looks like for physicians to begin using their finances as a tool to live better lives. You can learn more about our resources at financeforphysicians.co. Let's jump into today's episode. Hey guys, hope you're having a great day. I'm excited to share my conversation I recently had with Dr. Myrdalis Diaz. We're going to be talking about what I would consider one of the best opportunities many of us have to really take control back in your life professionally and potentially move away from some of the burnout that's commonly happening. That's physician entrepreneurship. Dr. Diaz has been through this herself. She started medical practices, she sold them. She has started an entertainment business even, and has recently started a practice in innovative medicine and has a business where she helps lead physicians and facilitates a mastermind group, which if you're not aware of what a mastermind group is, that's a fantastic wa

What does financial competency look like? What are its fundamentals? Everybody wants to be competent, especially when it comes to competency with money. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the components of and how to gain financial competency. Topics Discussed: What is competency? Ability to do something successfully or efficiently Competency Components: Knowledge, skill, and behavior Competency Challenges: Knowing what you need, but not getting it done Overconfidence: Thinking you’ve gained wealth, but really, you have not Humans are Humans: Ask questions, ask for help, don't be too hard on yourself Warning Signs: Take literacy quiz to understand your relationship with money Links: Financial Capability Study: Take the Financial Literacy Quiz Financial Capability Study: Take the Investor Literacy Quiz What’s Your Relationship With Money? Contact Finance for Physicians Finance for Physicians Full Episode Transcript: Hello, hello. I hope everyone's doing well today. I was reading an article recently about competency, how to gain it, or what the different components of it were. I thought it was really interesting. The article was not about finances, but I thought it would be great to explore financial competency and what that might look like. That's what I wanted to talk about today. Going through what financial competency looks like. I think this is really important as far as fundamentals go. Everybody wants to go in that direction. Most people at least like the idea of competency with money. Exploring this, I think, will be helpful at a minimum as a refresh in some of the concepts. That's what we're going to dig into today and we'll get that going now. For starters, what is competency? That would be, as you might think, the ability to do something successfully or efficiently. This article I was reading was breaking down those components. There are three main components. Number one was knowledge. What is knowledge? Knowledge is what is known of a particular subject. It's kind of theoretical. That’s like the book smarts. The second component is skill. That would be the ability to do something. You're applying that knowledge to a specific situation. It's developed through experience and practice and is very much practical. The third component of competency is behavior. That would be like the way a person acts in response to a particular situation or stimulus, particularly in respect to others. Behavior, skill, and knowledge are all necessary components to gaining competency in any given subject. If you think about people that are highly competent in something, you're going to notice they should be solid in all of these three areas. I thought that was a good order, knowledge first, then skill, then behavior. I think you have to gain that knowledge first or at least some level of it before you start to work on the skill. Then when you get to the final level, it's like fine-tuning those behaviors and being aware of those. You got to learn the subject, you got to do it, then you got to learn those associated behaviors. I think that's a good order to follow for starters. Some people have gained some knowledge but they're definitely not yet competent. Say you're a baseball wiz or something like that, but you can't actually play baseball or maybe you're a baseball wiz and you can play baseball reall

What is the behavioral component and psychology of money? How do you deal with it tactically and practically? Your relationship with money is a big deal and makes a significant impact on your day-to-day decisions. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Danielle Seurkamp, Certified Financial Planner (CFP®) and founder of Well Spent Wealth Planning. Danielle focuses on the behavioral side of financial planning and personal finance and helps individuals and families to effectively achieve their financial goals. Topics Discussed: Financial Literacy: Ability to use knowledge, skills to manage financial resources Mental and Emotional Errors: Get in the way of ability to use knowledge/skills Financial Flashpoints/Money Scripts: Experiences shape relationship w/ money Financial Memories: Think about your past to identify your own money beliefs Financial Half-truths: Problems and promises can be positive or negative Financial Fears: Money is how you provide yourself food, shelter, and stay alive Financial Patterns: Be aware of reasons you spend money based on behaviors Awareness Exercises: Intentionally notice, track, and document feelings via journaling Make a counter-argument to push against your promises and beliefs Create genogram/chart of your family’s financial history Take money script inventory quiz Gain clarity on your values Financial Therapy: When to seek out help with money and relationships Links: Danielle Seurkamp on LinkedIn Financial Planning & Sustainable Investing - Well Spent Wealth Planning Genograms for Psychotherapy (Guide) - Therapist Aid Start Money Script - Your Mental Wealth Advisory Using a Journal Can Change Your Life - Jim Rohn Personal Values What Is Financial Therapy With Ed Coambs 3 Exercises To Help You Clarify Your Values Contact Finance for Physicians Finance for Physicians Full Episode Transcript: Daniel: What's up everyone? I am excited to have a guest with me today. We're going to be talking about money, of course, but talking about your relationship with money. My guest today is Danielle. Danielle, can you give us a quick intro? Say hello to everyone. Danielle: Everybody, I'm glad to be here with you. My name is Danielle Seurkamp. I'm a CFP. I am the founder of Well Spent Wealth Planning based in Cincinnati. I am fortunate enough to be in a study group with our illustrious host, Daniel. Daniel: Yeah, illustrious. It's good work. Danielle's not given you the full story. She's got an incredible background. She has all these designations and has all sorts of great involvement in our industry. If I was to boil down, Danielle has kind of gravitated towards the behavioral side of financial planning and personal finance. You have certified financial behavior specialists, that's one, and then you have a Master's. Danielle: Right, yup. Actually, my Master's wa

Do you get nervous when the stock market goes bad? Where are good places to invest? Discover the power of diversification to conquer volatility and uncertainty. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about diversification of your portfolio in order to keep more dollars in your pockets. Topics Discussed: What’s diversification? Spread money across investments for risk mitigation Options/Odds: Should you spread eggs into more baskets to grow a nest egg? Benchmark: How to track and measure success with investments in stock market ETF Tickers: What to search for/consider for spread of diversification categories Cryptocurrency: Is it a good way to diversify? Maybe, too new to know for sure Real Estate: Not good way to diversify if actively involved, not passively Links: What is Passive Investing? Investing in Digital Gold Vanguard Funds List Google Finance Morningstar Contact Finance for Physicians Finance for Physicians Full Episode Transcript: Hello, everyone. Hey, I hope you're having a great day. I was talking with a buddy two days ago and a conversation came up. The same sort of conversation happens with me a lot. The gist of the conversation was, "Oh, you're in finance?" (This is the guy talking to me.) "Oh, well, I've been investing in stocks. I have this one that I've been investing in since the stock market went down in the Covid downturn in early 2020." He told me this specific stock—I can't remember now—that he was buying. He wanted to make sure he wasn't making the same mistake that a lot of his family or friends had made and getting nervous when the market was bad, and instead, invested in something that he felt was a good place to invest. He proceeded to tell me about his experience investing in this stock. It did very well a year or so after, but lately it hadn't done as well. That's kind of what brought up (I think) his thought about this stock, is he was asking me about how we're handling the recent market volatility, which is a common dinner party conversation or question people ask me. This stock in particular he was describing, he was sharing, has been doing not so well, but he was still optimistic about it. Over that period of time—March, April, May of 2020, till now—it's still above breakeven, so he's still made some money on it. Overall, he felt pretty good about it, especially given the weak market that we're in now. As I'm recording this, this is close to them. It's early May 2022, and the market's been a little shaky. Given the market uncertainty, he felt pretty good about it. That is a conversation I've had too many times. I can't even remember how many times I've had it with people usually at social events. They're sharing about their experience in investing. Generally, it's a favorable lien. This example I just gave was kind of a little bit of a negativity creeping in but still overall favorable. It wasn't like they were asking my advice or opinion. They were trying to make conversation with me, knowing what profession I was in. I'm sure you all have had similar conversations about your profession as it comes up. After having that conversation and just seeing it come up so many times, I thought it would be good to talk today about diversification and

Tax-loss harvesting is a tax strategy, but how does it actually affect your tax return and are there any limitations? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about tax-loss harvesting—what it is, why it's beneficial, and how it works on your tax return. Topics Discussed: Tax-loss Harvesting: Only beneficial for those with taxable assets What is tax-loss harvesting? Book losses while staying with similar investments Wash-Sale Rule: Why the IRS won’t let you buy the same security back What are the benefits of tax-loss harvesting? Take up to $3,000 a year of capital losses to offset ordinary income Defer or postpone taxes on normally taxed investment account Give it away to a nonprofit or beneficiary to realize step-up in basis How does tax-loss harvesting work on taxes? Form 1040, Line 7, Schedule D Links: Wash-Sale Rule Step-Up in Basis Form 1040 Schedule D Contact Finance for Physicians Finance for Physicians Full Episode Transcript: Hello, everyone. I hope you're having a great day. Today, I was hoping to cover a question that's come up quite a few times in our work with clients one-on-one. One of you brought up the question specifically, so I wanted to make sure and maybe dig into this a little bit more. The question is about tax-loss harvesting, understanding that a little bit more, how it works into your tax return, and some of the specifics of how that works. I'm going to dig in a little bit today and cover that. For any of you guys that are either doing that or interested in it, I think this will be something to check out and hopefully get a little bit of knowledge on this. We'll jump into that now. Like I said, we're going to talk a little bit more specifically about tax-loss harvesting. I'll start out with just a brief summary of what it is and why it's beneficial, and then we'll talk about how it actually comes into play on your tax return. This is a tax strategy, so that's a really good question. It's like, well, how does this actually affect my tax return? We'll talk about that and any limitations around that. For starters, it's important to clarify that tax-loss harvesting is only beneficial for those of you that have taxable assets. That's an investment account in your name. It could be a brokerage account. It could be cryptocurrency. It could be a baseball card. You could buy and sell baseball cards. That's technically a taxable asset. A taxable asset is anything that's invested not in a tax-sheltered account. A tax-sheltered account is like a Roth IRA, 401(k), 529, those kinds of things. Tax-loss harvesting is only beneficial for taxable assets, typically a brokerage account or a joint investment account—sometimes it's called that—an investment account in your name or you and your spouse's name. That's an important clarification. Also, to clarify, the best tax strategy really that there is is to maximize tax-sheltered vehicles first. Tax-loss harvesting is great, but I've seen on multiple occasions where people are looking into tax-loss harvesting and maybe have taxable assets like I just talked about, but they haven't yet maximized those tax shelters. Oftentimes, it's even more efficient to just go ahead and max out all yo

Are you on auto-pilot and susceptible to routines and the rest of the world’s values? What’s most important to you in your life? There are solid steps or ways that you can take to clarify (or re-clarify) your true values. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about three specific exercises to help you clarify and align your values. Topics Discussed: What are values? Undercurrent or true driver to measuring happiness Values Awareness: Day-to-day actions in alignment with what’s most important Results: Better decisions, confidence, happier, and feeling more purpose-driven Symptoms: Feeling lost, lack of confidence in decision making, and stress Value of Values: Believe in, maintain, and reinforce awareness of your values Exercise #1: Values Clarification (highlight/prioritize/summarize what’s important) Exercise #2: Life Map (Reflect on past; visually pointing out life’s ups and downs) Exercise #3: 80th Birthday: Focus on future and purpose (who/what’s important) Links: Values Clarification (List of Values) Jason Waller - Executive Coaching Contact Finance for Physicians Finance for Physicians Full Episode Transcript: Hey, everyone. Today, I wanted to talk about values and throw out some ideas for how to clarify values. I think this is a super important thing, especially for us today; we're all just so busy. Sometimes it's just helpful to have a concrete, quick exercise to take your time out and think through some of these really important things. We'll jump into that and go through that. Hopefully, the takeaway here is you have some concrete steps or exercises you can take to start to either clarify for the first time or reclarify what’s really most important in your life. Before I jump into the exercises, I just want to clarify. I know we’ve covered this before, but values are like the undercurrent or the true driver to measuring happiness and how you're doing. In regards to finances, in an ideal world, you're using your finances and all the decisions around them to propel you towards your values and get you more in alignment with those values. I think values are more important than goals. Or maybe not more important. Maybe that's not the right word. I think values should be the underlying driver to your goals. Values, clarification, or understanding of your values I would consider the most important step before you start to get into financial planning and making decisions in life, especially the big ones, at anything. But for the purpose of our conversation, it's typically finances. Anyway, values are super important. I think the key here is awareness; being aware of your values. Over time, we have a tendency to get into routines and gravitate towards autopilot or sleepwalking, or just doing the thing, and that's where you start to lose touch with values, because values, being aware of them, you have to take your time out and be intentional. The further you go away from it, you get into that autopilot world and that's where you're susceptible to the pool of the world's values which can often be surface-level material, and are very likely not in alignment with your true values. We're going for values awareness and what that looks like is your actions day-to-day, especially with big things, are in better alignment with what's really most important. It requires understanding (first of all) what's most important because it kind of seems like you

Go with eyes wide open or be in for a major financial surprise when your children start college. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about you or your children funding their education. Topics Discussed: Who should pay for college? You, your children, student loans, or scholarships What has changed? Tuition costs, direct student loan cap, and responsibility Little to No Financial Aid: Based on physician’s above-average income Other Options: 529 Plan, investments/cash accounts, income, student loans Links: Net Price Calculator for University of Florida How Much Student Loan Can I Get (NerdWallet) How To Help Your Children Maximize Their College Education Are You Saving Enough For Education Financial Residency Podcast Contact Finance for Physicians Finance for Physicians

Are you looking for another job, or are recruiters seeking you out for opportunities? If you were offered a different job, would you think about taking it? Why, or why not? There’s a lot to consider. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about whether to accept another job. It can be difficult to make a decision and navigate your priorities as an in-practice physician. Topics Discussed: Temptations: Financial aspect—try to not first look at the money/compensation Values and Goals: What’s most important? Family, work/life balance, pay? Coworkers: Who will you work with and for? What kind of lives do they live? Position: Is it a job you enjoy? Are the pay/benefits decent? What are the hours? Student Aid: Confirm if the employer is Public Service Loan Forgiveness qualified Insurance Coverage: Are malpractice insurance and tail coverage provided? Employment Law: Hire a consultant or employment attorney to review contracts Links: PSLF Customer Reviews on iTunes Financial Residency Podcast Contact Finance for Physicians Finance for Physicians

Can more money and stuff really buy happiness? What does the world, science, and Bible teach us about money? Discover what Christianity says about properly managing money. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about underlying and non-negotiable values and beliefs regarding money to create more happiness. Topics Discussed: Wrong Direction: If getting rich is driving force, align/understand purpose, values Money: Tool to live good life through your goals, purpose, and values Bible: Covers money and personal finance lessons - lean on your faith Harvard Study: Does spending or giving money away make you happy? Income/Wealth: More money gives good return on happiness but doesn’t last Baseline Needs: After meeting them, why not try giving rather than spending Research: Giving money equals happiness, especially when you have a choice Links: Customer Reviews on iTunes Money spent on others can buy happiness (2008 Harvard Study) What Can We Learn From Jesus About Money with Dr. Ben Witherington III What Does The Bible Teach Us About Money Charitable Giving Strategies To Reduce Taxes with Justin Harvey Financial Residency Podcast Contact Finance for Physicians Finance for Physicians

Insurance agents posing as advisors is more common than you may realize and can create conflicts of interest. The key is having better awareness. Don’t get fooled again! In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five ways to identify whether you are working with an insurance person who is posing as a financial advisor. Topics Discussed: Sign #1: Aggressive posers seek you out after making contact or via referrals Sign #2: Posers offer you free or low-cost financial “advice” Sign #3: Posers act as trusted advisors; don’t refer to themselves as salespeople Sign #4: Advice and product solutions offered by posers are similar across clients Sign #5: Agents posing as advisors make it difficult to leave them/their products Links: BrokerCheck National Association of Insurance Commissioners (NAIC) - State Based Systems How Conflicts Of Interest Muddy the Financial Advice Waters with Donovan Sanchez Financial Residency Podcast Contact Finance for Physicians Finance for Physicians

Are you struggling with the temptation related to student loan perks? What are the intended consequences of student loans and associated COVID forbearance programs? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about saving money to avoid the COVID-19 forbearance lifestyle creep. Topics Discussed: COVID Forbearance: No payments, no interest on student loans until Aug. 31 Good news? Yes, for PSLF, but what are people doing with the money? Average American Person: Temptation is to spend all or more money in pocket Consumption Effect and Awareness: Student loan payments will begin again Links: Public Service Loan Forgiveness (PSLF) How to Avoid Lifestyle Creep - Finance for Physicians Financial Residency Podcast Contact Finance for Physicians Finance for Physicians

New developments continue to be added to the federal student loan generosity trend. Changes will help address administrative complications and failures to provide relief and reduce harm to borrowers. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about recently announced federal student loan changes and how Public Service Loan Forgiveness (PSLF) qualification may affect physicians. Topics Discussed: COVID Forbearance: Extended again until Aug. 31 Change #1: End forbearance steering by not making forbearance easy Change #2: Eliminate the ability to opt-in to forbearance by text or email Links: Department of Education Announces Actions to Fix Longstanding Failures in the Student Loan Programs Federal Student Aid - Submit a Complaint PSLF Limited Waiver Opportunity Huge Benefit For Physicians Financial Residency Podcast Contact Finance for Physicians Finance for Physicians

Do you love to save on your taxes? One of the most overlooked or common mistakes is the failure to maximize tax breaks that are available to physicians. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five of the most overlooked tax breaks for doctors. Personal finance is about avoiding errors or when it comes to filing income taxes with the Internal Revenue Service (IRS). Topics Discussed: 5 of the Most Overlooked Tax Breaks for Doctors: Health Savings Account (HSA): Build wealth and avoid income tax Tax Loss Harvesting: Capital gains and losses are taxable investments Backdoor Roth IRA: Indirectly fund Roth IRA if income is above threshold Business Expenses: For side-hustle or self-employed with 1099 income Work Retirement Plans: Max out 401(k), 403(b), 457(b), and pensions Links: Using Your HSA To Build Wealth Everything You Need To Know About Backdoor Roth IRA Can You Max Out Both Your 403b and 457b Plans? Financial Residency Podcast Contact Finance for Physicians Finance for Physicians

More people should be renting rather than buying a home. Why? For some people, renting their home is the key to building wealth. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the financial benefits of renting over buying a house. Topics Discussed: 5 Big Reasons for Renting vs. Buying: Shorter time horizon for training (5 years or less) Transaction costs of buying and selling real estate Real estate prices can go up or down High-Cost Living Area: Too expensive to buy a home; renting is better Homeownership requires more time, money, and effort than renting Deal or transaction of buying a home is part of lifestyle creep Benefit from having financial flexibility Links: Financial Residency Podcast Contact Finance for Physicians Finance for Physicians