Finance for Physicians

By Daniel WrenneBusiness Education Self-Improvement Investing

Finance for Physicians episodes

January 13, 2022Financial Vitals Check Part 6: Taking Action
If you don’t do anything or take action by following up on your financial vitals plan, it’s not of any value to you. The purpose is to make progress and improve sooner by staying on track and measuring success.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about steps to move forward by planning, checking, and tracking your financial vitals. Happiness is when your values are in alignment with your actions.
Topics Discussed:
Goal: Come up with a game plan based on an individual’s vitals and customize it
Financial Vitals Recap:
Part 1: Clarify values
Part 2: Save, spend, give ratio
Part 3: Net worth
Part 4: Safety net check
Part 5: Investment plan
Annually or As Needed: How often to check if financial vitals are in alignment
Other Financial Vitals: Consider education funding and business-related items
Key Takeaway: Create plan to take action for checking financial vitals
Links:
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
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Finance for Physicians
36 min
January 06, 2022Real Life Story Of Public Service Loan Forgiveness Success
Concerns over Public Service Loan Forgiveness (PSLF) continue. Will it pan out or not? Have you thrown in the towel already and refinanced to private student loans? It may be a big mistake to pull the plug on it completely. Do what you need to do to be approved and fully forgiven.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Indranil Sen-Gupta, a physician and faculty member for the University of California at Irvine School of Medicine. Indranil shares how he received PSLF. Now, he is done with PSLF and his balance is zero!
Topics Discussed:
PSLF vs. FFEL: Be aware of loan programs and requirements
PSLF Qualified Payment Plans:
Pay-As-You-Earn (PAYE)
Revised PAYE (REPAYE)
Income-Based Repayment (IBR)
Income Contingent Repayment (ICR)
COVID and Cash Flow: Admin freeze led to qualified zero-dollar payments
PSLF or Job (or Both): What should come first? What’s more important?
Qualified Employer: Keep/update form, certify/track payments, match accounts
Timeline: Getting forgiveness is happening, just takes time to achieve
In Retrospect: Pay little to zero first year and minimize adjusted gross income
Links:
Indranil Sen-Gupta
Public Service Loan Forgiveness (PSLF)
PSLF Waiver
Federal Family Education Loan (FFEL) Program
PSLF Limited Waiver Opportunity Huge Benefit For Physicians
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Finance for Physicians
35 min
December 30, 2021Financial Vitals Check Part 5: Investment Plan
Do you have an investment plan in place? You may have more than one fund, such as for retirement or charitable giving. Maybe you want to save or invest money for college or a vacation home.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about having an investment plan (also known as an investment policy statement) that is organized based on a specific purpose or goal.
Topics Discussed:
What is an investment plan? High-level but simple summary/outline of goal
What’s the benefit of working with a financial planner vs. doing it yourself?
What are the key parts of an investment plan?
Purpose and Responsibility
Investment Philosophy
Summary of Review Process
Summary of Accounts/Asset Allocation Target
Links:
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
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Finance for Physicians
28 min
December 23, 2021Financial Vitals Check Part 4: Safety Net Check
Life doesn’t always go as planned. It’s full of twists, turns, and curveballs. Cover all your bases in the event of a worst-case scenario because it can come out of left field. You never see it coming or know when something could happen.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about performing a safety net check as part of your financial vitals.
Topics Discussed:
What is a safety net check? Checking coverage for worst-case scenario
When to plan for unexpected, unplanned events? Now—before it’s too late
What are the odds? Based on large groups of people, not individuals
What’s your other financial vitals? Safety net coverage takes more than assets
Important Info: What to document/track for life, disability, other insurance policies
Who is covered (insured)? You, your spouse, children, or beneficiaries
Estate Plan: Who needs it and why? Indicates who handles and gets what
What are worst-case scenarios? Unexpected death, disability, or emergency
Is your safety net adequate? If not, increase or decrease coverage, reserves
Links:
What You Need To Know About Estate Planning
Financial Vitals Check Part 1: Clarify Values
Financial Vitals Check Part 2: Save, Spend, Give Ratio
Financial Vitals Check Part 3: Net Worth
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Finance for Physicians
34 min
December 16, 2021Financial Vitals Check Part 3: Net Worth
If you have clarified your values and determined your saving, spending, giving ratio, the final financial vital to measure is your net worth. What is your net worth? What do you track with your net worth? How do you track your net worth? What can you use it for and why is it beneficial?
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to calculate, track, and increase your net worth and decrease your debt.
Topics Discussed:
Net Worth = Total Assets - Total Liabilities
Adding to assets or subtracting debt increases net worth
Negative Net Worth: Part of the medical career track for physicians
Compound Interest: Exponential growth when earning interest on your interest
Net Worth: Changes over time, track it to monitor inefficiencies and progression
Debt-to-Income Ratio: How high is your debt relative to your earning potential?
Values/Goals: Net worth should depend on your plan for what’s most important
Links:
Monthly Net Worth Tracker Template
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Finance for Physicians
23 min
December 09, 2021Financial Vitals Check Part 2: Save, Spend, Give Ratio
Once you clarify your values, financial vitals are used similarly to health vitals to quickly check if you are making progress toward your goals and what’s most important to live a better life.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to measure specific financial vitals based on your values.
Topics Discussed:
Save, Spend, Give Ratio: Percentage-wise, where is your money going?
True Spending: Budget is always underestimated; total spending is more realistic
Strategy: DIY vs. work with financial planners, others to calculate numbers
Key to Success: Quick financial vitals checks measured against your values
Links:
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Finance for Physicians
15 min
December 02, 2021Financial Vitals Check Part 1: Clarify Values
Physicians and their patients know that vitals are measurements of the body’s most important basic functions. Checking and tracking vitals indicate how your health is now and maybe in the future. Vitals are a progress check to prevent potential problems.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about checking your financial vitals. He discusses how medical vitals are similar to financial ones because they tell you how you’re doing and what goals to set to improve your health and well-being.
Topics Discussed:
Goals, Values, Priorities: Measuring medical/financial vitals depends on individual
Why are values so important? Key factors between living a good life or not
Clarify Values: What’s most important and what are your goals? Why?
Net Worth Vital: How important is building wealth and financial independence?
Cultural Norms: Immediate gratification, materialism, perfection, bigger is better
Chart Path: Balance what’s most important and what's pulling you in different directions
The Three Questions:
If you were financially secure, how would you live your life?
If time to live is limited, what will you do with the remainder of your life?
If you have only one day left to live, what will be left undone and missed?
Fourth Question: Years from now, how well have you done financially, and what has to happen for that to occur?
Links:
George Kinder’s Three Questions
Dan Sullivan - The Strategic Coach
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Finance for Physicians
26 min
November 25, 2021How To Make The Right Decision
How do you live out your values in day-to-day decision making, especially when you operate on autopilot? What standards and steps can you take to be more intentional?
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to make the right decisions regarding finances and other aspects of your life. Align your values to guide your actions and decisions.
Topics Discussed:
Values: What is most important? Are you aware of your decisions and actions?
Right thing to do? Is this a good decision? Consult values before decisions
Good Decisions: Worst part is when you justify it with logic and reason
Steps and Processes: Preparation, experience, and expertise are mandatory
Step 1: Take time to make a decision
Step 2: Sleep on a decision
Step 3: Share idea with people you trust and ask for advice/feedback
Step 4: Big picture summary - where do you want to go, what’s important?
Links:
Will Congress End Backdoor Roth Conversions?
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Finance for Physicians
33 min
November 18, 2021The Power Of Building In Margin With Your Finances
Being a perfectionist or analytical type of person works out well in some areas of life. However, when it comes to financial aspects, especially budgeting, life can become problematic, not predictable.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the power of building in margin with your personal finances. Don’t set yourself up for failure or disappointment because things change and life happens.
Topics Discussed:
Budgeting:
What are you doing with your money?
What are your day-to-day financial decisions?
Building in Margin:
What is it?
How much should it be?
What are underlying root causes?
What can you afford?
How can it negatively affect your situation?
How to avoid it if possible?
Simple Solution: Shift to mindset that nothing is perfect, build in bigger margin
Links:
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Finance for Physicians
25 min
November 11, 2021Should You Combine Finances With Your Spouse
When you’re married, should you combine your finances with your spouse? How you navigate money will either pull you together or push you apart.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about managing finances for married couples. Consider the pros and cons of couples combining (or not) their finances.
Topics Discussed:
Good and bad reasons to separate finances:
To keep some stuff private from spouse (i.e., gift giving)
To spend without scrutiny or criticism from spouse (no finger pointing)
Unequal spending habits and/or unequal income causes discomfort
Let the more responsible spouse manage all the money/finances
To hide spending that a spouse does not want the other to know about
In most cases, operate as one and pull everything together. Why?
Consult and follow advice from the Bible
Personal experience transitioning from being single to married
Clients experience better outcomes when finances combined completely
Sheds light on major problematic issues that need to be addressed
Keys to a Good Marriage:
Open communication about issues
Transparency builds and breeds trust
Accountability aspect of sharing everything in a loving way
50/50: Combining finances helps to establish equality
Compromise when operating as one with combined finances
Action Items - Before Combining Finances:
Talk through and resolve big issues
Get rid of individual accounts and combine them into one joint account
Ongoing, regular conversations about finances to be on same page
Give spouse opportunity to speak and listen to what they have to say
Compromise more often than you have in the past
Links:
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Finance for Physicians
33 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…