Finance for Physicians

By Daniel WrenneBusiness Education Self-Improvement Investing

Finance for Physicians episodes

August 26, 2021When to Hire a Financial Planner
Have you ever worked with a financial planner? Do you have enough money saved for a financial planner to help? When are you ready to hire a financial planner? Depends on the situation or preference. If you want help, the sooner the better.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about when to hire a financial planner.
Topics Discussed:
Use Cases: When to start working with a financial planner
Human Capital Habits: How do you accumulate your wealth? Income
Life Transitions: Get finances right in the beginning by planning for the future
Finances and Investments: What are your options? Inefficiencies?
Backdoor Roth IRA: Involves all different facets of financial planner tasks
Reasons to Hire a Financial Planner:
Don’t have time to handle your finances.
Unsure if things are getting done correctly.
Complexity of your finances is intimidating.
Struggling to keep finances organized.
Ways to Engage a Financial Planner:
95% of the industry has a sales/commission component.
Verify terminology given by business to know if it is misleading.
Pay for financial planner’s advice.
You’re not locked in to work with the same financial planner forever.
When to Seek Help from a Financial Planner:
Educate yourself to make the best decision.
Know the pros and cons of finding a financial planner.
Figure out if now is the right time or not.
Links:
Jeff Wenger on LinkedIn
Wrenne Financial Planning
Hire or Fire Your Financial Advisor with Dr. Jim Dahle
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Finance for Physicians
32 min
August 20, 2021Getting Your PSLF Ducks In A Row
Are you still curious about student loans? Wondering what you need to prepare and apply for Public Service Loan Forgiveness (PSLF)? It’s not as straightforward as you might think, so get all your ducks in a row.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about starting and progressing through the PSLF process.
Topics Discussed:
Forbearance: What payment plans count for PSLF, but not COVID or others?
4 Income-driven Repayment Plans:
Pay As You Earn (PAYE)
Revised Pay As You Earn (REPAYE)
Income-Based Repayment (IBR)
Income-Contingent Repayment (ICR)
6-Month Grace Period: Default option for most loan types
Golden Ticket: After med school graduation, no income equals zero repayment
Strategies: Skip grace period - the more low-cost payments made, the better
Nonprofits: Verify payments and work for employer with PSLF certification
Additional Complications: Fed Loans (PSLF loan servicer) is leaving business
Loan Types: Make sure you have direct loans, or consolidate some of them
Timing: How to optimize PSLF and when to file tax returns with income evidence
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
Nonprofit and 501(c)(3) Exemption Requirements
Federal Student Aid
Jeff Wenger on LinkedIn
Wrenne Financial Planning
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Finance for Physicians
22 min
August 12, 2021What You Need To Know About Estate Planning
It’s important for everybody to get their estate planning done and done right, especially if they have others who depend on them. Anything you can do ahead of time reduces the pain and pressure of disputes and arguments among loved ones.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the basics of estate planning—how it works, what tools to use, and what documents to complete.
Topics Discussed:
3 Essential Estate Planning Documents:
Financial Power of Attorney: Durable, Springing, and other types
Healthcare Records/Files: Living Will and Healthcare Agent
Last Will and Testament: Designate executor, guardian, and assets
What happens if you don’t have a will? Depends on state laws
Characteristics to Consider: Who to name and why in documents?
Reminder: Not done until documents are signed and notarized
What’s the best option? Do-it-yourself legal documents vs. hiring an attorney
Trust: Legal entity that holds assets and directs proceeds/funds for future use
Links:
Estate Planning Organizer
Nolo
LegalZoom
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Finance for Physicians
46 min
August 05, 2021Navigating High Inflation Periods
Inflation is happening, and there are a lot of different perspectives on it. Most people view it negatively, but it doesn’t have to be that way. It’s not as scary as they make it out to be.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about inflation—what it is, the backstory behind it, how it works, what to consider, and how to navigate the changing environment.
Topics Discussed:
What is inflation? When prices increase over time
With or Without Inflation: Supply and demand to survive and drive up prices
Government Involvement/Responsibility: Makes money, pricing more complex
How It Works: Stimulus payments save jobs and give people money to spend
Short- vs. Long-term Inflation Spike: Data shows short-term blip will correct itself
Rule of 72: Translate percentage return to time period to when it doubles the cost
How susceptible are you to inflation? Go back to basics and refer to Inflation 101
Physician’s Income: At minimum, compensation needs to keep up with inflation
How susceptible are assets to inflation? Depends on efficiency (i.e. cash, stocks)
Beware: Avoid fear, manipulation, people selling scams due to hyper-inflation
Takeaways: Understand inflation basics - general awareness, keep pace with it
Links:
Inflation 101: What You Need to Know About Inflation
Consumer Price Index (CTI)
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Finance for Physicians
36 min
July 29, 2021How To Help Your Children Maximize Their College Education
College costs money, and it continues to increase. The actual price that you pay is difficult to understand because it has become progressively more expensive for those that have more financial resources—especially physicians who have or plan to have children in the future.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Joe Messinger about how college costs work and how to start planning sooner than later. Joe is a Certified Financial Planner, CFP®, and Founder of Capstone Wealth Partners and College Aid Pro.
Topics Discussed:
Tuition Costs: Different levels for in- versus out-of-state students
3X or Greater: How college costs have changed in the past 20 years
Why? Supply and demand led to out-of-control costs for college
Inflation: State colleges level off, but private colleges continue to increase costs
Price Transparency: Private colleges equate value to higher or discounted costs
Analogy: College cost is similar to medical bills because it’s different for everybody
College Funding Philosophy: Best way to pay for college is to save for college
3 Key Financial Aid Components:
Family’s finances
Student’s academics
School’s business model
High-income Hurdle: Family finances impact student’s ability to get financial aid
Sticker Price Shock: Some schools give money for merit, not just for need
Budget: Use school’s money first, then federal aid, and set limitations
Rule of Thumb: Save for one-third, pay for a third, and take out a third in loans
College Aid Pro: Changing the way America shops smart for college
Links:
Joe Messinger on LinkedIn
Capstone Wealth Partners
College Aid Pro
Free College Money Report™
Can a 529 Plan be Applied to a Student Loan?
Free Application for Federal Student Aid (FAFSA®)
Net Price Calculator
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Finance for Physicians
41 min
July 22, 2021Giving Generously As Early Career Physicians
Practice what you preach despite all the temptations and pressures of being a physician by shaping your finances around your priorities and values. You can only do three things with your money: Spend it, save it, or give it away—not always in that order.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Matt and Ashley Iles, a married couple who value their faith and giving to others. Both are approaching their three-year mark of being in-practice physicians.
Topics Discussed:
Conflicting, Competitive, Charitable Routes: Give 10% of money consistently
Role Models: Fiscal responsibility started with words of wisdom from parents
Spend-Giving: One of the couple’s favorite things to do that involves others
Neighborhoods: It’s not about keeping up, sticking out, or alienating others
Privileged Blessings: Set boundaries, be responsible, hire somebody to save $
Self-Awareness: Know your strengths and weaknesses to resist temptations
Mindshift: Money is not Matt and Ashley’s to keep; share and give it to the Master
Giving Now: Depends on individual situation and if giving is important to them
Future of Giving: As time goes on, not only give more money but time, too
Links:
Scarlet Hope
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Finance for Physicians
43 min
July 15, 2021How Physicians Can Negotiate Better Employment Terms
Knowing the right way to negotiate is important in many people’s lives. It’s helpful in employment arrangements/contracts and has many implications, especially financial ramifications. Negotiating is a skill that can make or break your job. Happy physicians deliver better care and better outcomes.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Linda Street, a practicing physician and certified life coach who specializes in helping physicians negotiate better employment terms.
Topics Discussed:
Financial Ramifications: Learn how to negotiate well or deal with consequences
Mistakes: Not knowing what you should negotiate for to avoid burnout
Fear of Being Greedy: Yet, more money does not always make everything work
You’re Not Alone: Easy to overcome negotiation issues with some guidance
Simply Street MD: Everyone knows a doctor with an enviable contract...be them
What is an enviable employment arrangement/contract? Be your own advocate
Conflict vs. Choices: Anything that’s been negotiated once can be renegotiated
Negotiation Techniques:
Mindset: Advocate for yourself by knowing exactly what you want and do
Market: Know what you should be paid compared with others
Make It Happen: Get a contract that serves your desires and goals
Skills: Physicians negotiate with patients/others every day to reach agreements
Leverage: Maximize perception of loss if you’re not there to get something better
Pre-anticipation: Create responses for all the reasons someone says, ‘no’
Links:
Simply Street MD
Simply Street MD Resources
Simply Street MD - Simply Worth It Podcast
Linda Street on Facebook
Linda Street on LinkedIn
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Finance for Physicians
43 min
July 08, 2021It’s Ok Not To Be Ok
Does the medical profession make you feel like you got to have everything together because everyone around you is perfect? Everything and everyone has flaws, including physicians who are far from perfect but pretend everything is all good all the time.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Christine Runyan, co-founder of Tend Health, which brings a team of clinicians to the intersection of clinical care, health professions, and technology. Christine understands and views clinician well-being through the lens of a psychologist.
Topics Discussed:
How perfectionism negatively affects physicians’ mental health
Ways for physicians to address perfectionism proactively
Physicians’ Mental Health: Getting to the point of it’s ok to not be ok
Tend Health: All work done via video telehealth platform and care for physicians
Barriers: Licensing and credentialing process asks about mental health history
Stigma and Culture: Amplifies sense of self-determination to get through anything
Be Human First: Maximize privacy, confidentiality, access to mental health care
Physician Stereotype: Paradox that they need help, but too often suffer in silence
What’s expected? Know the right answer, be curious/authentic, ask questions
Financial Aspects: Average resident/fellow has six-figure student loan balance
Coping Strategies: Self-awareness is super power to being honest with yourself
Links:
Christine Runyan, PhD, ABPP
Christine Runyan’s Email: [email protected]
Tend Health
Accreditation Council for Graduate Medical Education (ACGME)
Truth Be Told by Matthew West
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Finance for Physicians
47 min
July 01, 2021Why Atomic Habits Are A Gamechanger
Do shiny objects grab your attention? Do you want to get rich quickly? Lose weight overnight? There are no shortcuts in life. Make tiny changes to achieve remarkable results and outcomes.
Have you read the book, “Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones” by James Clear? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about why and how Atomic Habits are a gamechanger.
Topics Discussed:
Big Points from the Book:
Bad habits are underlying root cause of results and outcomes
Good daily habits lead to compounded interest of self-improvement
Goals vs. Systems: What’s the difference?
Goals are results and outcomes
Systems are processes that lead to those results/outcomes
Changing habits is challenging; breakthrough is the plateau of latent potential
Identity-based Habit: Focus on the intrinsic motivation of who you wish to become
Four Laws of Behavior Change:
Create Good Habit: Make it obvious, attractive, easy, and satisfying
Break Bad Habit: Make it invisible, unattractive, difficult, and unsatisfying
Habit Score Card: Brainstorm your existing habits - good and bad
Examples of Habits:
Track your finances regularly to know where your money is going
Stop spending so much money just because you have it
Pay off mortgage early by making extra payments to decrease debt
Implementation Intention: Pair new habit with a specific time and location
Habit Stacking: Take an existing habit and pair it with the habit you’re trying to form
Self-Control: Create an environment where you spend less time being tempted
Temptation Bundling: Pair action that you want to do with a habit you need to do
2-Minute Rule: When starting a new habit, it takes two minutes or less to form
Increasing Friction: Make it difficult to do bad habits (it’s easy to use credit cards)
Cardinal Rule: What’s rewarded is repeated, what’s punished is avoided
Environment: Be aware of people and things around you that form your habits
Links:
Atomic Habits by James Clear
Cold Turkey
You Need a Budget (YNAB)
Dave Ramsey
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Finance for Physicians
54 min
June 24, 2021The Slippery Slope of Financing Your Lifestyle
Is there good debt and bad debt? What’s the difference? Is it good or bad to have debt? It can be a slippery slope, so understand the psychology of debt before making big decisions to finance your lifestyle.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about debt. Buying things you can’t afford with money you don’t have just to impress people that you don’t know or like can be a big problem.
Topics Discussed:
Reasons why people finance things:
Leverage low interest rates
Increase efficiency and invest in other things
Buy something sooner for immediate gratification
Cultural challenge to do what everybody else does
More or Less: In reality, does having debt or paying it off make you happy?
Psychology of Debt: Save up before being susceptible to spending more
Key Takeaways:
Pay attention to debt-to-income ratio
Bring debt number/amount down
Save wisely to avoid being house poor or filing bankruptcy
Links:
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Finance for Physicians
21 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…