Finance for Physicians

By Daniel WrenneBusiness Education Self-Improvement Investing

Finance for Physicians episodes

November 04, 2021The #1 Reason Physicians Make Bad Financial Decisions
Physicians are super smart, work hard, and have tons of earning potential. Even more importantly, they are in a trusted profession that provides value and makes a difference.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about the main reason why physicians make bad financial decisions and how to avoid them to stay on track.
Topics Discussed:
Financial Solutions: Best or worst place to start? It depends
Home Buying Decision: Avoid being house poor and pressured to pay bills
Financially Fine: Learn to live the ideal life that you hoped to live
What went wrong? Buying a nice home is not a mistake, it’s the buying process
Ideal Future: Children? Life/work balance? Financial freedom? Charitable giving?
Financial Resources: What’s available? Income/earning potential vs. priorities
Financial Decision: What’s your budget? Incorporate true all-in costs
Efficiency Hacks: Ways to improve outcomes of financial decisions
Financial Planning Process: Avoid temptation/shiny objects, stay out of trouble
Links:
Free DIY Financial Planning Guide
Schedule a free call with Wrenne Financial Planning
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Finance for Physicians
24 min
October 28, 2021Potential Major Tax Changes & the PSLF Waiver
The wild economy is causing some unique changes to taxes and student loans. How can you take advantage of and benefit from loan forgiveness and proposed changes to the tax laws?
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about existing and pending potential major tax changes, including the Public Service Loan Forgiveness (PSLF) Waiver.
Topics Discussed:
PSLF Waiver:
Who does it affect? Non-profit workers with federal student loans
If you qualify:
Make sure your loans are direct federal loans
Make sure prior employment is certified/verified
Proposed Tax Law Changes:
Increase to the tax brackets
Increase capital gains tax rates
Increase tax loss harvesting benefits or deferring gains on capital assets
Increase if business/practice is taxed as S Corp profit
Disallow backdoor Roth IRA conversions on after-tax dollars
Strategies to Consider:
Accelerate income into 2021 while tax brackets are lower
Increase incentive to maximize deductions in 2022
Accelerate capital gains in 2021 to minimize taxation in 2022
Complete backdoor and other Roth IRA conversions before end of 2021
Links:
PSLF Limited Waiver Opportunity Huge Benefit For Physicians
The First Step To Reduce Your Taxes with David Glenn
Chairman Neal Announces Additional Days of Markup of the Build Back Better Act
Analyzing Biden’s New “American Families Plan” Tax Proposal
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Finance for Physicians
26 min
October 21, 2021Finding Light In Life's Darkest Times
Suicide is a serious topic that most people don’t talk about, but we all know people who struggle with depression and have attempted or committed suicide. Take time to talk and tackle it head-on with scripture to save lives.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Matthew Sleeth, a speaker, author, and creation care leader. Matthew is a former emergency room physician and chief of hospital medical staff who resigned from his position to teach, preach, and write about faith and health. Matthew’s newest book is, “Hope Always: How to Be a Force for Life in a Culture of Suicide.”
Topics Discussed:
Matthew’s Career Path: Progressed from high school flunky to medical school
Domino Effect: When bad or evil things happen to good people
The Bible: How Matthew’s career trajectory changed after meeting the Lord
Christian Conversations: Going to church is to give, not get something
Suicide: How to talk about and manage taboo topics fundamental to faith
Mind, Body, and Soul: Traditional suicide approach then versus now
Suicide Stats: All-time high now in the United States since the great depression
Modern Thinking: What is our purpose? Nothing matters anymore
Young People’s Disease: Why do you feel that way? Do you have a plan for that?
Suicide Prevention: Recoil from harmful thoughts and talk to someone to get help
Suicide Signs/Consequences: Use everything that works to stay alive, save lives
Links:
Matthew Sleeth, MD
Hope Always: How to Be a Force for Life in a Culture of Suicide
Solid Steps Radio
Canada’s Medical Assistance in Dying Law
Men Are From Mars, Women Are From Venus
Making Relationships Work
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Finance for Physicians
41 min
October 14, 2021PSLF Limited Waiver Opportunity Huge Benefit For Physicians
If you have a federal student loan, are you aware of recent changes and the Public Service Loan Forgiveness (PSLF) Limited Waiver Opportunity? For a limited period of time, borrowers may receive credit for past payments on loans not qualified for PSLF.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about PSLF and other student loan changes regarding prior payments and loans. The federal government is trying to follow through on the promises of PSLF.
Topics Discussed:
PSLF Refresher: Must have a qualified loan, payments, and employer
PSLF Problems: Too much red tape, confusion, servicer errors, and declines
#1 Qualifier: Loan type - you must have a direct loan to qualify for PSLF
Deadline: Complete consolidation into Direct Loan Program by Oct. 31, 2022
Limited Time Waiver - Federal government’s proposed solutions for borrowers:
Prior payments may count with qualifying employment certification
Perks for borrowers in the military/inactive duty
Future automation for qualifying federal employees’ PSLF progress
Reviews and audits of prior PSLF processing and denials
Are corrections still incorrect? Request the second review
Links:
Federal Student Aid - PSLF Limited Waiver Opportunity
Federal Student Aid - PSLF Help Tool
Federal Student Aid - PSLF Direct Consolidation
The Federal Family Education Loan Program (FFEL)
Federal Perkins Loans
Parent PLUS Loans
COVID Forbearance
Finance for Physicians: Why Federal Student Loans Are A Great Bet For Many Physicians With Travis Hornsby
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Finance for Physicians
29 min
October 07, 2021How Physicians Can Avoid Becoming House Poor
Buying a home is a big decision. It’s one of the biggest purchases that you are ever going to make in your life, and it’s the #1 error or issue that causes financial challenges for people. Everyone is susceptible, including physicians.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to his colleague, Jennifer DeLorbe Quire, a Certified Financial Planner CFP®, about home-buying decisions.
Topics Discussed:
Do’s and Don’ts: How to make sure you stay on the right side of the tracks
Wrong Path: Approaching decision without big-picture plan in place
Right Way: Prioritize, plan, and identify purpose of what’s most important
Timeline: Don’t be pressured or rushed into buying a house; there’s other options
Proceed with Caution: How one decision affects absolutely everything else
Need vs. Want: Justifying emotions with logic - spending more than you should
Cash Flow: Home costs add up, calculate budget, and build in a margin
How much should you spend on a house? Plan for what needs to be saved, what’s most important, and what’s left over
Links:
How Much Should Physicians Spend on Their Home?
The Complete Guide To Physician Mortgage Loans
All-In Home Costs Calculator
The Key Process Behind Using Money To Live Better Lives with Jennifer Quire
Hire or Fire Your Financial Advisor with Dr. Jim Dahle and Alan Moore
The White Coat Investor - Should I Sell My House to Pay Off My Student Loans?
Jennifer Quire on LinkedIn
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Finance for Physicians
32 min
September 30, 2021What's It Like Being Married To A Doctor
What is it like being the spouse of a physician? You get to witness their journey from being an undergrad through residency and then being in-practice. Plus, it gives you a front-row seat to financial and non-financial issues that physicians experience.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Hugh Baker, a Certified Financial Planner or CFP® who is married to Kerry, a primary care physician in practice.
Topics Discussed:
Passion or Pay? Most physicians become doctors as a calling/dream profession
Medical School and Marriage: No better time than quick break before residency
Financial Challenges/Stressors: Just scraping by with help from parents’ payroll
Transitioning into Training: Real job running a hospital as a family medicine resident
Counterintuitive Costs: Spent money on cleaning service to spend time together
Save Money, Buy Time: Not frugal, but spent money on anything time related
Outcomes and Priorities: Is there something you could have done differently?
Children: Challenging time that amplifies potential problems with relationships
House Poor: Not an option because of interest in splurging on vacations
Big Picture Money: Decision fatigue affects conversations and costs
What’s Important: Listen, be supportive, and align with values to avoid mistakes
Upbringing: What’s your relationship with money? How do you relate to money?
Patient Population: Constant push for physicians to do more with less
Flexible Fund: Cash in savings means ability to choose to not work somewhere
Links:
Contact Finance for Physicians
Finance for Physicians
59 min
September 23, 2021The Dangerous Pursuit of Financial Independence
For some physicians, achieving financial independence is the end-all-be-all to living the good life. Pursuing it can be fantastic when well-balanced and a key factor to reducing burnout.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Donovan Sanchez, a Certified Financial Planner (CFP) and founder of Skyview Financial Planning, about the pursuit of financial independence.
Topics Discussed:
What is financial independence? Financially set for life
Pursuit of Financial Independence: Be reflective, thoughtful, and understanding
Does financial independence buy happiness and solve life’s problems?
Physician’s Perspective: Achieve financial independence sooner than later
Field of Medicine: Doctor’s motivation is to help people, make money, escape
I.R.E. Movement: Pressure to payoff student loans in extraordinary timeframe
Time and Money: What’s more important? Do you trade dollars for time?
On Living a Rich Life: What would make your life really rich?
Busy Work: Sacrifices need to be made from time to time - no regrets
Vision Document: What do you want your life to be like?
On track or not? Ask someone you love and trust to provide honest feedback
Links:
Donovan Sanchez’s Website
4 Ways Financial Independence Fights Burnout
On Living a Rich Life
How Conflicts of Interest Muddy the Financial Advice Waters
Financial Independence Retire Early (F.I.R.E.) Movement
Breaking Away From Traditional Primary Care to Start a Primary Concierge Service with Drs. Cady and Ryan Brown
Citizen Kane
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Finance for Physicians
48 min
September 16, 2021Improving Medicine With Vulnerability
Physicians feel the pressure to be perfect, and sometimes hide or fail to address their own mental wellness. Medicine’s intense focus on the quality of patient care is generally a good thing, but in some cases has unintended negative consequences. It takes courage for a physician to be vulnerable.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. John Budin, an accomplished physician, speaker, and blogger. John discusses why he chose to practice medicine and what he describes as the mental health closet.
Topics Discussed:
John’s Case: Pressure to hide mental health flaws that make physicians human
Mental Health Closet: Why John finally publicly shared bipolar disorder diagnosis
Culture of Medicine: Vulnerability is opposite of professionalism and success
Caregivers vs. Receivers: Difficult for doctors to acknowledge need, ask for help
License at Risk: Career consequences, repercussions for revealing mental health
Stigma Solution: Support and care for colleagues struggling with mental health
Community: Increased mental health awareness with doctors, residents, students
Physician’s Financial Path: Scary, uncertain aspects of being destabilized in life
First Step: Get treatment publicly or behind closed doors to remain confidential
Accept Humanness: Ways to become who you are, authentic, and vulnerable
Links:
Physician Living with Bipolar Disorder
Poll: Workplace Stigma, Fear of Professional Consequences Prevent Emergency Physicians from Seeking Mental Health Care
International Society for Bipolar Disorders
American Psychological Association (APA)
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Finance for Physicians
48 min
September 09, 2021Breaking Away From Traditional Primary Care to Start a Concierge Medical Practice
When you’re miserable or not satisfied with your traditional primary care position at a major hospital, it’s time for a big change to live your best life and values. Focus on your future goals and dreams.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Drs. Cady and Ryan Brown, who started their own concierge medical practice, Downtown Drs. Brown, located in Lexington, Kentucky.
Topics Discussed:
Cady and Ryan’s concierge medical practice and career progression
Primary Care Patient Load: From honeymoon period to fast track to burning out
PTO Requirements: Physicians not valued as people, professionals in practice
Reassurance and Education: Patients need to know if things are okay or not
How and why Cady and Ryan created concierge medical practice from scratch
Tradeoff: More security, less setup work for autonomy, independence, finances
Competition: Not many concierge medical practices, but demand definitely exists
Pressures/Stressors: Different now, feels better being in control of own destiny
Links:
Downtown Drs. Brown
Meet the Drs. Brown
Concierge Medicine Today
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Finance for Physicians
42 min
September 02, 2021When To Refinance Student Loans
If you are going for Public Service Loan Forgiveness (PSLF), it is not the optimal time to refinance your student loans. If you’re not sure, don’t refinance because you may qualify for PSLF. Never say never!
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about when is the optimal time to refinance your student loans.
Topics Discussed:
Refinance: Means getting new lender to pay off old loan to start new private loan
Reasons not to refinance out of a federal student loan:
COVID forbearance
20- or 25-year forgiveness programs
Revised Pay As You Earn (REPAYE) interest subsidy
Reasons to Refinance:
To get a better interest rate and make progress on loans
Pay the least amount out-of-pocket over time
Locked-in Loans: What if you lose your PSLF-qualified or income-driven job?
What if you start with private loans? With record-low interest rates, refinance now
Personal Preference: Move on with life, refinance, pay it off ASAP if PSLF is out
Links:
A Guide to Public Service Loan Forgiveness (PSLF)
9 Biggest Student Loan Misconceptions
Should I Drop Out Of PSLF
Avoid Leaving Money On The Table With PSLF
Why Student Loans Are A Great Bet For Many Physicians
How To Capitalize On Record Low Student Loan Interest Rates
Getting Your PSLF Ducks In A Row
Credible
SoFi
CommonBond
Jeff Wenger on LinkedIn
Wrenne Financial Planning
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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…