Finance for Physicians

Are you unknowingly paying more taxes than you should?

Double taxation is a common but avoidable issue that costs people thousands of dollars each year.

In this episode, financial planner Hugh Baker joins us to break down three critical tax strategies that are often misused.

Listen in to learn how to recognize the pitfalls of the backdoor Roth strategy, why mixing account types is a bad idea, and the importance of saving key tax forms to prevent costly mistakes.

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

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

We’re back!

After a brief hiatus, we’re excited to relaunch Finance for Physicians with fresh insights and a commitment to bringing you new episodes twice a month.

Today, I’m sitting down with student loan expert Jeff Wenger, and together we’re tackling the latest in student loan chaos—specifically, the SAVE Plan, which has recently been hit with a court injunction, throwing many borrowers into uncertainty.

Listen in as we break down how this ruling could affect physicians working toward Public Service Loan Forgiveness (PSLF), what repayment options are still on the table, and what might happen if the SAVE Plan doesn’t survive.

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

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

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

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

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

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

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

You’re going to die after listening to this.

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

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

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

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

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

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

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

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

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

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

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

You'll see that they each had 3 commonalities:

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

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

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

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

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

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

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

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

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

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

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

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

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

Links:

Richard Ricci - Mortgage Loan Officer, NMLSR # 659699

Richard Ricci on LinkedIn

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Finance for Physicians 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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