Finance for Physicians

By Daniel Wrenne

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 deca... more

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FAQs about Finance for Physicians:

How many episodes does Finance for Physicians have?

The podcast currently has 215 episodes available.

Finance for Physicians episodes:

April 22, 2021What Type of Life Insurance Should You Own?
Life Insurance: How does it work and do you really need it? Are you worth more or less alive or dead? What you need to know to protect yourself and your loved ones.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about what type of life insurance you should own. When you are young and healthy, cover your life or earning potential because the risk of untimely death happening is extremely low, but the costs of income loss are extremely high.
Topics Discussed:
Life Insurance Recommendations: Understand conflicts, know what to look for
Why get it? Tomorrow isn’t guaranteed, avoid leaving family in a financial pinch
When to get it? Before you urgently need it, when everything is good
How much does it cost? Depends on health and age
How much will you need? Enough, but always told to buy more
How long will you need it? Longer the lock-in period, the more expensive
Insurance Industry: Agents receive a high percentage of premiums for policies
Advisor vs. Agent: What are the differences? Incentives? Disincentives?
Coverage Calculations: Identify the correct amount of death benefits based on goals
Types of Life Insurance Coverage:
Human Life Value: Wrongful death determines lost earnings
Financial Need Analysis: Maintain specific lifestyle, goals, assets, liabilities
Term Life: Temporary death benefits for a set time period
Permanent: Combines cost of term plus investment component
Conditional: Secure coverage immediately before underwriting
Links:
Contact Finance For Physicians
Finance For Physicians
...more
52min
April 15, 2021 How to Use Real Estate to Build Wealth
Even with your own home, have you noticed that real estate prices have been a bit hectic? How do you build wealth with real estate? Not with your primary residence.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about real estate as an investment outside of your primary residence. You are building wealth with your home, but it is hard to realize that wealth.
Topics Discussed:
Real Estate Market Prices: Massive increases in short periods of time
Crazy Market: What are the reasons? Nobody really knows underlying causes
Supply and Demand: Low supply and high demand drives up real estate prices
Why is demand high? People still want to buy or invest in real estate
Why is supply low? Cautious builders, lumber costs, lack of skilled labor, rules
Real Estate Investing - Alternative approaches to make money:
Appreciation: Own property that increases in value
Rent: Own property that is rented out to others to generate income
Loan: Charge interest on money loaned for real estate deals
Ways to Own Real Estate: Short- or long-term rentals, flips, multi-units, raw land
Real Estate Responsibilities: Do you want to be an investor or more involved?
Why people write/talk about real estate: Hype, interest, and money to be made
Big Benefits: Diversify, passive income, tax shelters, and better returns
Downsides: Time, dealing with people, risks, returns, complexity, and alternatives
Purpose: Why do you want to invest in real estate and build a portfolio?
Links:
Real Estate Investment Trust (REIT)
VRBO
Airbnb
Finance For Physicians
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44min
April 08, 2021 Why the HSA is a Hidden Gem
What is a health savings account (HSA), and why are so few people utilizing it? The HSA is one of the best tax shelters that exists to build wealth.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about how the HSA works, how to decide if it is a good fit for you, and ways to manage an HSA to maximize its efficiency.
Topics Discussed:
Two Groups of People:
Those who don’t use HSA at all
Those who do, but don’t maximize its efficiency
What is the HSA? Access to an account via a qualified health insurance plan
What is a qualified health insurance plan? Separate part of plan to use HSA
Why is the HSA a great way to build wealth?
Rollover balance
Invest those dollars
Offers tax benefits
Decision-making Factors:
Low utilization of healthcare insurance
Higher expected upcoming healthcare costs
Out-of-pocket costs
Matching HSA funds
Incorporate tax benefits
Open Enrollment: Run the numbers before you choose an option
Links:
HSA Comparison Template
HSA Tax Benefits
Why You Should Pass On Using Your HSA For Current Health Care Costs
HSA vs. IRA vs. 401k
Finance For Physicians
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28min
April 01, 2021 Why I Drive an 18-Year-Old Car
What make, model, and year is the car you drive? Thinking about buying a new one? Why? Consider all factors to make the right, not wrong buying decision.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about why he drives an 18-year-old Toyota Avalon. The 2003 vehicle has heated leather seats and a 6-disc CD changer—it’s still in good condition and comfortable to drive.

Topics Discussed:

Car Buying: How to make a good, solid, level-headed decision
Practical Perspective: Base decision on purpose, need, safety, reliability
Mechanical Issues: Tend to trigger alternative options for an upgrade
Identity and Psychology: What drives car-buying marketing decisions?
Timeout: Do your priorities align with buying a new car?
Key Purposes:
Get from Point A to Point B
Comfort level
Makes you look better
Economic and environment friendly
Consider alternatives

Links:

Edmunds: Cost of Car Ownership Tool (5-Year Cost Calculator)

Why Drive Old Cars?

Finance For Physicians
...more
21min
March 25, 2021 Tomorrow’s Never Guaranteed
Sometimes, it takes an unexpected wake-up call to remind you to take care of yourself, family, and finances. You never know when it could be your last day, and tomorrow is not guaranteed.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about a recent personal medical experience and what went through his mind at the time. You don’t know what the future holds. Make sure that your financial planning is in place before it’s too late.
Topics Discussed:
Optic Disc Edema: Minor eye issue, nothing serious turns into something major
No Joke: Physicians change their tone, confirm serious situation, and trip to ER
Thought #1: Is my family going to be okay financially if I am not around?
Thought #2: Have I been a good steward of my money?
Thought #3: Have I led a meaningful life and taught my values?
Thought #4: Is the business going to be okay if I am not around?
Consider the following: Am I covered financially and independent?
Legal Logistics: How everything gets sorted out and settled
Financial Organizer: Save time and effort with access and passwords
God is first, others second, I am third - culture pushes it the other direction
Links:
Optic Disc Edema
LastPass
I Am 3rd Organization
Buy/Sell Agreement
Finance For Physicians
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25min
March 18, 2021 Stories from the Trenches of Financial Planning for Physicians
When you run across something weird or strange, how do you avoid major mistakes and minimize errors? Get a second opinion, especially when it comes to the good, the bad, and the ugly of financial planning for physicians.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a Certified Financial Planner (CFP®), about stories and experiences with physician families. Sometimes, the best and juiciest ones are difficult to change substantive facts enough to preserve client confidentiality.
Topics Discussed:
Good: Immense value from financial advisors who understand physician finances
Bad: Save documents and keep records on servicer when third-part is paying
Ugly: Ultra high-risk investment activities—bordering on gambling
Understand the Deal: Perform due diligence and review contracts for red flags
Compensation: What money are you leaving on table based on how you’re paid?
Accurate Alignment: Involve spouse for honest answers about financial security
Life Lessons: Follow money, understand incentive/stakes, deal w/ consequences
Moral of the Story: Sometimes, it’s worthwhile to pay a fair fee for a CPA
Links:
Justin Harvey’s Email
Anesthesia Success
Anesthesia and Pain Management Success Podcast
Public Service Loan Forgiveness (PSLF)
501(c)(3) Requirements
Robinhood
TurboTax
Finance For Physicians
...more
44min
March 11, 2021 How Much Cash Should You Have For A Rainy Day
Do you have enough money in the bank for your rainy day fund? What amount is too low or too much just in case you need it?
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about setting the cash target. Ideally, you’re not over or under. By knowing what you need to get to, you’re empowered to make better decisions to reduce stress and risks, and increase return on your dollar.
Topics Discussed:
Before Building Emergency Reserves:
Have at least one month of expenses in checking account
Pay off prior credit card debt and loan balances
Start Building Up Reserves:
Set the target by saving three to six months of income/expenses
Personalize range based on your situation (1 to 12 months)
Risk Factors and Reasons for Reserves:
What do you own that has upkeep costs? Houses, cars, and boats
How large is your household? Single, married, and children
What is your insurance deductible? Change if necessary
How much does your household earn and how secure are earnings?
What percentage of income is being spent versus saved?
How diversified are your income sources?
Ideal Target: Establish emergency reserves and put in a bank savings account
Common Mistakes:
Commingling rainy day savings with other savings accounts
View as insurance policy, not as a return or way to maximize investment
Don’t use credit card or HELOC debt as alternative to emergency reserves
Revisit and adjust ideal target; don’t set it and forget it
Get some kind of return on your reserves, just don’t get greedy
Use actual, not estimated expenses to calculate your rainy day reserves
Links:
How Much Should I Have in My Emergency Savings Account?
Finance For Physicians
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23min
March 04, 2021 How to Avoid Lifestyle Creep
Everyone has suffered from lifestyle creep to some extent. Somewhere along the way, you go from eating ramen noodles to the finer things in life. You become used to spending your entire salary.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about how to avoid lifestyle creep. What is it? How does it happen? How do you prevent it?
Topics Discussed:
Tricky Transitions: Going from little income to being paid the big bucks
Keep up with the Joneses: When you make more money, you tend to splurge
Lifestyle Creep: Taking on obligations and a million tiny spending decisions
Hedonic Adaptation: Making progress and adding little pleasures leads to pain
‘Drug’ of Choice: Easier to add comfortable things, than to take them away
Why is lifestyle creep so dangerous? Lack of awareness creates conflict
Symptoms: What you want, not what you need; how disposable income is spent
Risk Factors: Are you a spender? Listen to others and seek expert guidance
‘B’ Word: Be intentional and aware of budget by checking your cash balances
Team Effort: Resist temptation, finger pointing; be accountable about spending
Lifestyle Creep Challenges:
Acknowledge underlying financial issues
Be intentional before spending
Identify highest priorities to align finances
Alternatives: Time, dedication, and intentionality to find free options
Links:
Monitor Spending in 10 Minutes Per Month
Jeff Wenger on LinkedIn
Cash Flow Tracking Excel Templates
What Is Financial Therapy
Wrenne Financial Planning
Finance For Physicians
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33min
February 25, 2021 Investing During Wild Markets with David Blanchett
Have you been paying attention to the financial news? Most of it is covering all the craziness around stocks. GameStop, AMC, and others went way up only to go way back down. These days, everyone has a Robinhood account and is trading stocks on margin. Plus, the COVID pandemic has added all sorts of volatility to the stock market.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to David Blanchett about investing during the craziness of a wild market. David is the Head of Retirement Research for Morningstar’s Investment Management Group and an Adjunct Professor of Wealth Management at The American College.
Topics Discussed:
COVID: How the pandemic and being isolated at home has affected investing
Day Trading: For better or worse, people want to invest in, buy individual stocks
Today’s Market: Everyone wants to buy and trade to make money, not possible
False Confidence: How long until the bubble bursts because it will, eventually
Winners and Losers: Problem with day traders is they report one, not the other
Can you beat the stock market? First, learn from mistakes made from investing
Smarter than...? Good investing is boring, advisors don’t and can’t time market
Utility Grievance: How much do you like something and quantify preferences?
Weigh Outcomes: Downside of doing it yourself is much worse than upside
Short Selling: Put on your blinders and don’t follow what everybody else does
Links:
David Blanchett’s Website
David Blanchett on LinkedIn
Morningstar’s Investment Management Group
The American College
GameStop
AMC
Tesla
Robinhood
Charles Schwab
Etrade
Warren Buffett
S&P 500
Finance For Physicians
...more
34min
February 18, 2021 How To Capitalize On Record Low Mortgage Rates
Now that interest rates are as low as they’ve ever been, mortgage refinancing is extremely popular. But it’s also a confusing process. Do you know how to figure out when refinancing makes sense? What are the right rules to follow when refinancing your mortgage?

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about how physicians can capitalize on record-low mortgage rates. Compare and analyze all mortgage options that incorporate closing costs and other complexities. The decision to refinance is not so clear-cut and straightforward.

Topics Discussed:

Why refinance? New loan costs + closing costs > existing loan costs

What? Find and set up a new mortgage to pay off old, existing mortgage
How? Depends on the specifics of the deal
What drives mortgage interest rates? Market or economic factors:
10-year treasury rate
Supply and demand
Credit score
Percentage of home equity
Debt-to-income ratios
Loan payoff term
Loan size
What is the true cost of the loan? Add closing costs, interest and sometimes PMI
Break-Even Point: When interest rate savings equal closing costs
Long-term Costs: What’s the cross-benefit of keeping and paying fees?
Amortization Schedule: Run numbers using calculator for current/potential loan
Other Considerations: Compare rates, different lenders, and loan estimates

Links:

Historical 30-Year Mortgage Rates

Mortgage Amortization Calculator

Credit checks shouldn’t hurt you (within 45 days)

Loan Estimate Explainer

How Physician Loans Work

Finance For Physicians
...more
25min

FAQs about Finance for Physicians:

How many episodes does Finance for Physicians have?

The podcast currently has 215 episodes available.

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