Finance for Physicians

By Daniel WrenneBusiness Education Self-Improvement Investing

Finance for Physicians episodes

March 24, 2022Using Financial Planning To Fight Physician Burnout
Burnout is something that occurs in all professions and to all kinds of people, but especially physicians. The burnout statistics are concerning.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about using financial planning to prevent physician burnout. Your finances and having a financial plan at your disposal is one of the best tools to fight burnout.
Topics Discussed:
What is good financial planning? Goal is to get an ideal life
Financial Vitals: Money can and does have a huge effect on how life turns out
Burnout Causes: Job issues, professional stress, and personal/financial factors
Burnout Symptoms: Depression, overworked, lack of confidence, stress, etc.
Self-care Solution: Takes time, confidence, and money to work on burnout issues
Links:
How to Help Combat Physician Burnout (White Coat Investor)
The Key Process Behind Using Money To Live Better Lives with Jennifer Quire
Financial Vitals Check Part 1: Clarify Values
Financial Vitals Check Part 2: Save, Spend, Give Ratio
Financial Vitals Check Part 3: Net Worth
Financial Vitals Check Part 4: Safety Net Check
Financial Vitals Check Part 5: Investment Plan
Financial Vitals Check Part 6: Taking Action
The Dangerous Pursuit of Financial Independence
Breaking Away From Traditional Primary Care
How Perfectionism In Medicine Spills Over Into Your Personal Finances
Finding Light In Life’s Darkest Times
Improving Medicine With Vulnerability
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Finance for Physicians
29 min
March 17, 2022How Will The Russian and Ukraine War Affect Your Planning
How was the U.S. economy before the war between Russia and Ukraine started? How have things changed and what will they look like in the future? Expect a ripple effect!
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how the Russian and Ukraine War will affect financial planning and economic adjustments in the United States and other countries.
Topics Discussed:
9% Inflation Rate: Changes associated with war do not play a role, yet
Work: Inflation should not be too big of a deal for those with a job/income
8% Unemployment Rate: Extremely low—people are working, plenty of jobs
Interest Rates: Will continue to be increased to keep inflation under control
Vanguard Total Stock Market: Index fund gauge indicates modest downturn
Supply and Demand: War sanctions and restrictions result in prices increasing
Economic Seasons: Difficult to predict what’s going to happen in the future
Reverse Globalization: Economic impact due to isolated sections and countries
Actions to Consider: Diversify portfolio, stay the course, take protective measures
Links:
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Finance for Physicians
37 min
March 10, 2022What Does The Bible Teach Us About Money
What are the big financial decisions presented in the Bible? Christian or not, it’s important to understand these fundamentals and let them be your guide when it comes to wealth and happiness.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about key lessons and takeaways he has observed from the Bible, specifically from Timothy, Matthew, Luke, Malachi, the Corinthians, and Proverbs.
Topics Discussed:
Lesson #1: Get your priorities in order, but money should not be first on the list
Hope in Wealth: Does not equal happiness or sadness, but is temporary
Lesson #2: God looks highly upon giving; focus on doing good, being generous
Higher or Not: How does giving rank in your financial priorities?
Lesson #3: Make plan to give, save, pay off debt for haste to not lead to poverty
Bible: Discourages material focus and encourages giving, saving, paying off debt
Links:
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Finance for Physicians
24 min
March 03, 2022Before You Buy Into Passive Income
Would you rather work for your income or get paid while you sleep? Before you buy into passive income, be aware of what you are getting into and understand the trade-offs.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the pros and cons of passive income for potential clients in medicine. Oftentimes, it can cause more harm than good.
Topics Discussed:
What is passive income? How is it different from active income?
Too Good To Be True: Why doesn’t everyone buy into passive income?
Two Forms of Income: Earn income from labor/time or assets/investments
Return on Investment (ROI): How you get income without earning it
Stocks/Mutual Funds: Most common forms of investing to earn income passively
Starting your own business involves higher return potential but greater risks
#1 Issue: Decision to pursue passive income with sole reason is to make money
Time Commitment: What do you want to do with your time? Live your ideal life
Links:
Are You Thinking About Investing In Real Estate Syndications
How to Use Real Estate to Build Wealth
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Finance for Physicians
28 min
February 24, 2022What is Passive Investing?
Passive Investing: What is it and how can you use what you learn about it to your advantage? Conduct research to gain knowledge, but consider conflicts of interest.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about passive versus active investing in the market to own assets. How do they compare and how are they different?
Topics Discussed:
What is passive investing? Own entire market with minimal expenses
What is active investing? Beat the market by picking winners, avoiding losers
Time Period Research: Passive strategy works better and yields better results
Individual and Work Retirement Plans: Basic foundation of passive investments
What to look for? Fund name, expense ratios, and investment timelines
How to invest in passive vehicle—buy ETF/mutual fund/direct indexing
Links:
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Finance for Physicians
25 min
February 17, 2022Planning For A New Baby
There are quite a few financial things to think about, especially when expecting your first child. Prepare, plan, and make it a priority!
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Heather Lovallo, Certified Financial Planner or CFP®, about preparing for having a baby. Heather has two children, Daniel has three kids, and expect more at the Wrenne Financial Planning firm!
Topics Discussed:
Disclaimer: Having children should not be and is not a financial decision
When is the right time financially to have children? Never
Common Concerns: Education savings, medical/care expenses, and buying gear
Medical Expenses: Know what insurance covers, type of birth (home or hospital)
Healthcare Savings: HSA, FSA, and HRA can be used for out-of-pocket costs
Ongoing and One-time Expenses: Diapers, food, clothing, and childcare
Childcare: Follow tax rules when paying contractors and household employees
Education Funding: Kids are expensive and get more expensive as they age
Life Insurance/Estate Planning: Get it done to feel secure, have peace of mind
Links:
Are You Saving Enough For Education
How To Help Your Children Maximize Their College Education
HSA vs. FSA vs. HRA - Healthcare Account Comparison
What is a 529 Plan?
LegalZoom
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Finance for Physicians
53 min
February 10, 2022Are You Thinking About Investing In Real Estate Syndications
Do you want to invest in real estate? How do you do it? There are many different ways to invest in the real estate landscape. Have you considered real estate syndications?
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Hugh Baker, a Certified Financial Planner or CFP®, about how to invest in the real estate market.
Topics Discussed:
What is real estate? Rentals, multifamily complexes, real estate syndications
Why invest? Leads to passive income, but it’s not always as easy as expected
Do you already own real estate? Average person does via funds and assets
Real Estate Exposure: Easy way to buy, rent, and sell with very little expense
What is an accredited investor? Someone who meets baseline requirements
Risk for Higher Return: Type of person interested in real estate syndications
Different Alternatives: Real estate syndications versus private real estate funds
Where to find deals? Credible sources (White Coat Investor, physician blogs)
How to measure success on deals? Depends on your goal
Links:
Vanguard Real Estate ETF (VNQ)
The White Coat Investor
Passive Real Estate Academy Course
About Schedule K-1 (Form 1065)
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Finance for Physicians
45 min
February 03, 2022Are You Saving Enough For Retirement
Are you on track for retirement? Where are you at, what’s most important, and where do you want to go? Are you saving enough income at this point in time to become financially independent?
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to know if you are saving enough money for retirement. Check your financial vitals against your financial plan. Run the numbers!
Topics Discussed:
Retirement Rules: Follow percentages of income or gross income before taxes?
False Assumptions: Everyone has same tax brackets, goals, values, priorities
Starting Line: Create, consult financial plan for values, goals, resources, priorities
Ways to calculate and run the numbers:
Rules of thumb
Linear return projections
Monte Carlo analysis
When? Run the numbers today and adjust over time to accommodate changes
Improve Efficiency: Maximize tax shelters, backdoor Roth IRAs, financial plan
Links:
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Finance for Physicians
28 min
January 27, 2022How To Finance Big Home Projects
You deserve what you want right now, especially when it comes to building or buying your dream home. Immediate gratification - that’s the American way. How do you decide if that makes sense and how do you make it happen financially?
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to finance big or small home projects. There’s always something to do. How do you fund your home projects, renovations, additions, and improvements?
Topics Discussed:
Typical Thought Process: Be aware to avoid cultural pulls and temptations
Reasons for Financing: Low interest rates, good investment, emotional drivers
Catalyst: When a reasonable small home project turns into an illogical big one
Solution: Create/consult financial plan, priorities, values, goals to be objective
Financing Factors:
What’s your cash flow situation?
How much equity is in your house?
What is your debt-to-income ratio?
Ways to Finance Home Projects:
Hardest: Save up or invest cash
Easier: Home equity line of credit or construction loan
Easiest: Home equity loan, cash out refinance, personal loan, credit cards
Links:
DIY Planning Guide
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Finance for Physicians
44 min
January 20, 2022Are You Saving Enough For Education
Are you saving enough for retirement, college, or student loans? What is the best way to accomplish your goal of college/education savings? What are your options? IRA, Roth IRA, or 529 plan.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to save for your children’s or anyone’s education. The best route to take if you know you’re going to need to save money for education is a 529 plan.
Topics Discussed:
What is a 529 plan? Tax qualified, tax preferential plan created by the IRS
Tax Benefits: Money you’ve already paid tax on can be put in 529 plan
Pros: Ability to grow asset/have interest on asset without being taxed on growth
Cons: Separate accounts create complexity, cost components, and tax penalties
How much is your state’s 529 plan tax deduction worth? Depends on state
Two Types: Most states offer advisor-sponsored or direct 529 plans
Inflation: Don’t project whether college education costs are going up or down
Financial Position: Are you going to actually use funding/income for education?
Qualified Expenses: Make educated guesses of what and how much is needed
529 Plan: How much to save and when to withdraw for education goals/priorities
Links:
How much is your state’s 529 plan tax deduction really worth?
How To Help Your Children Maximize Their College Education
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Finance for Physicians
38 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…