Finance for Physicians

By Daniel WrenneBusiness Education Self-Improvement Investing

Finance for Physicians episodes

June 02, 2022Are You In For A Major Financial Surprise When Your Children Start College
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
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Finance for Physicians
24 min
May 26, 2022Should I Take Another Job
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
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Finance for Physicians
23 min
May 19, 2022Money Decisions That Create More Happiness
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
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Finance for Physicians
31 min
May 12, 20225 Signs You're Working With An Insurance Agent Posing As An Advisor
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
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Finance for Physicians
25 min
May 05, 2022Avoiding COVID Forbearance Lifestyle Creep
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
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Finance for Physicians
9 min
April 28, 2022More Big Changes For Federal Student Loan Borrowers
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
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Finance for Physicians
20 min
April 21, 20225 Of The Most Overlooked Tax Breaks For Doctors
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?
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Finance for Physicians
31 min
April 14, 2022Renting Your Home Is The Key To Building Wealth
More people should be renting rather than buying a home. Why? For some people, renting their home is the key to building wealth.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the financial benefits of renting over buying a house.
Topics Discussed:
5 Big Reasons for Renting vs. Buying:
Shorter time horizon for training (5 years or less)
Transaction costs of buying and selling real estate
Real estate prices can go up or down
High-Cost Living Area: Too expensive to buy a home; renting is better
Homeownership requires more time, money, and effort than renting
Deal or transaction of buying a home is part of lifestyle creep
Benefit from having financial flexibility
Links:
Financial Residency Podcast
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Finance for Physicians
32 min
April 07, 2022Can You Max Out Both Your 403(b) and 457(b) Plans?
If you are employed and work for a hospital system or plan to work for one in the future, do you have access to a 401(k), 403(b), and/or 457(b) retirement plans?
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how different retirement plans interact collectively. Can you max out both your 403(b) and 457(b) plans?
Topics Discussed:
Tax shelter limits for 401(k), 403(b), and 457(b) retirement plans
Maximum for Employees:
401(k)/403(b) is $20,500 combined per year
457(b) is $20,500 separate limit
Retirement plans with mandatory and required contributions
457(b): Governmental or non-governmental plan, which is better and why?
Links:
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Finance for Physicians
12 min
March 31, 2022Using Your HSA To Build Wealth
If you already have or plan to set up or start a health savings account (HSA), how do you make sure it is efficient to build wealth and possibly invest?
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to best manage HSAs.
Topics Discussed:
HSA: Best tax shelter that exists as a vehicle to put your money into
HSA vs. Flex Spending Account (FSA): What’s the difference?
HSA Strategy:
Rule #1: It’s best not to spend out of your HSA
Rule #2: If using HSA to build wealth, make sure to invest cash
Rule #3: As you have healthcare expenses, save the receipts
When to start using your HSA? Balance equals future expected healthcare costs
HSA Beneficiaries: Make sure to identify spouse or dependents
When is the best time to fund HSA? Max out sooner than later
Cafeteria Plan: Better to funnel money through employer HSA for matching funds
Switching Providers: Keep up with transfers and minimize number of HSAs
Links:
HSA Bank
Lively
Why the HSA is a Hidden Gem
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Finance for Physicians
27 min

About Finance for Physicians

From the publisher's feed

The goal at Finance for Physicians is to help you use money as a tool to live a great life, on your own terms. Daniel Wrenne, podcast host and CEO of Wrenne Financial Planning, has spent the last…