Financial Clarity for Doctors

This episode is an extra special one where Corey interviews his dad, Dr. Kenneth Janoff, a retired surgeon about his career in medicine and achieving financial independence. 

He shares stories from growing up in New Jersey, going to medical school at Temple University, what it was like transitioning from med school in North Philly to residency in Portland, OR in the late 70’s. He shares his experience starting his own practice straight out of fellowship and successfully running that practice for over 30 years.  They also talk about how medicine has changed over the past four decades.

They get into what started his interest in business and investing, some of his investment successes (and misses), contributing factors to achieving financial independence (such as prioritizing saving and investing early on), and offer advice for how to prepare for an enjoyable retirement.

He wraps up the conversation with a story about getting disabled midway through his career (fortunately it wasn’t permanent) and the importance of disability insurance. 

For more financial planning tips from Corey and Rachelle, find them on social media!

In this week's blog, we list five important actions to take in order to become financially independent one day.  

Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.

How to Approach Investing When Markets Are Down

In this episode, Corey and Rachelle take a slightly different approach to talking about the stock market this year.  There have been many ups and downs over 2022, but as investors, how do we deal with that volatility?  What should we do differently, if anything?

In some situations, doing nothing is the best option:

• First, unless you have a specific reason to do so, now is not the time to exit the stock market. Selling investments when they are down locks in losses.  If you are a long-term investor, it’s unlikely that makes sense for you.

There are a just a couple more proactive things you can consider as well:

• You may want to consider rebalancing back to your original target allocation. When the market is volatile, your allocation can become very skewed to any areas of the market that have outperformed relative to others.  Not the same as selling out of your investments entirely.

If the market is making you nervous, do your best to avoid the constant doom and gloom financial reporting.  And keep in mind your time horizon.  If you are not retiring for 20 or 30 years, it doesn’t make sense to stress out a bunch about the stock market right now.

For more financial planning tips from Corey and Rachelle, find them on social media!

In this week's blog, we discuss the power of compound interest, how it can benefit you if you get it working in your favor, and how it can potentially hurt you if you get on the wrong side of it.  

Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.

In this week's blog, we discuss what an IRA is, benefits of using one for retirement savings, and how to set one up.  

Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.

If you watch the news or have tried to borrow money any time recently, you know interest rates have increased A LOT this year.  New mortgages 30-year fixed mortgages are averaging more than 7%.  Drastically different from the 2.5-3.5% you could get during covid.  In this episode, Corey and Rachelle ask, “what should we do differently?”

It’s not all bad news!

• High-interest savings accounts have variable interest rates.

• If you don’t have one yet, you can set one up and likely get a 3% annual yield or more.

New and variable-rate debts are the challenge.

• If you are in the market for a new home, you may need to adjust your budget or save a larger down payment.

• Run the numbers to see what fits in your budget and try not to stretch yourself too thin.

• This can include home equity lines of credit and even private student loans.

• It will be much harder to come across low interest financing.

When things change, sometimes we need to adjust our plans and expectations.  Review your own finances and goals to see if you can adjust anything to make your situation better.  If you have questions, email us at [email protected].

For more financial planning tips from Corey and Rachelle, find them on social media!

In this week's blog, we discuss the pros and cons of securing disability insurance as a resident or fellow.  

Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.

Once in a while, we have to “eat our vegetables” and talk about insurances.  In this episode, Corey and Rachelle tackle long-term care insurance in recognition of long-term care insurance awareness month.  Insurance conversations almost always revolve around things we would rather not think about, and this is no different.  But most of us will have to deal with aging, and a lot of us will have to deal with the increased costs that can come along with that.  Ignoring it won’t help!

So, what is long-term care?

• Medical and non-medical assistance to help a person unable to perform some or all activities of daily living. This could be at home or in a facility.

• Can live for a long time after needing care.

How does insurance for long-term care work?

• Usually, cannot get unless you are fairly healthy.

Should you get long-term care insurance?

• Age is one consideration. Most policies only offered to those who are 40 or older.  If you get too early, you may pay a lot for the policy over time.

• For those who have saved a great deal and expect to have more money than they need to retire, you likely don’t need coverage, but may want it to protect that wealth for your heirs.

This is a complex topic and a complicated insurance product.  Do lots of research when looking into this, and as always, let us know if any questions come up.  You can always email us at [email protected].

For more financial planning tips from Corey and Rachelle, find them on social media!

In this week's blog, we discuss strategies for investing when the market is down in value. 

Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.

This week's blog post dives into the purpose and benefits of tax-deferred retirement accounts and how they can be utilized in your retirement savings strategy.  

Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.