Financial Residency

Today we're gonna talk about funding backdoor Roth IRAs and HSAs.

Links:

www.WrenneFinancial.com

Today I want to go over some questions we get asked at our webinars.

LINKS:

www.ContractDiagnostics.com

If you have been watching the markets lately, like I have, it's gotten a little dicey. It's been a while since we've had volatile down markets. What should you do when your investments get shaky?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about what to do when your investments start tanking. Markets do go up and down. If you've been investing long enough, you realize that's just the way it goes.

Topics Discussed: • Downturns: People make big mistakes and lose a lot of ground—and money • What to do? There are some things you should do and some things to avoid • What is shaky market territory? People get emotional when it gets more volatile • What are natural reactions? These feelings are normal: ◦ This time it's different, but is it, really? ◦ Are you tempted to find winners and get rid of losers? ◦ Historically, people work through it and recover nicely • What's not normal? Things get completely backward sometimes: ◦ Past: Inflation was high, cash paid nothing, and mortgage rates were low ◦ Present: Cash pays nothing, inflation is very high, mortgage rates are up • What are action items? ◦ Remember to refer to your financial and investment plans ◦ Give yourself a little space between the feeling and the action ◦ Educate yourself on how markets work ◦ Recognize that the market is out of your control for the most part ◦ Create awareness around human investing behaviors/behavioral finance ◦ Rebalance investments and benefit from tax-loss harvesting ◦ Change your pre-tax IRA or 401(k) to a Roth conversion ◦ If you have extra dollars, put them to good use and start investing • What are questions to ask yourself: ◦ What is the underlying concern? ◦ What is the money that I'm concerned about? What's its purpose? ◦ When are you ultimately going to use it? What's it going to be for?

Links:

www.WrenneFinancial.com

What is important when deciding where to get your loan? Doug talks about rates, fees and service.

Link to website:

https://dougcrousephysicianloans.com/

Tis the season of giving. Today we talked with Rachelle Motsinger who has gone on countless medical missions. She shares several stories about her experiences and talks about how giving back recharged her as she was feeling burnt out in her career.

What are some of the behavioral tendencies we all can run into that affect our decision-making, and ultimately cause some big mistakes? What do big areas or behavioral tendencies look like?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about investing behaviors that will wreck your financial plan. Knowledge and awareness are needed to avoid behavioral finance mistakes.

Topics Discussed: • What is behavioral finance? When people make errors, mistakes, and biases • Why? People are not rational or self-controlled and don't identify tendencies • Overconfidence: Common idea that you know more than you actually do • Self-serving Bias: Attribute good things/outcomes to skill, bad outcomes to luck • Hindsight Bias: You know more or knew more than you really did in the past • Confirmation Bias: Focus on what confirms beliefs, ignore what contradicts them • Recency Bias: Hone in on short-term and overemphasizes that importance • Refer to your financial plan and remind yourself of your financial goals • Anchoring Bias: Relying and latching onto too much pre-existing info • Loss Aversion: Overly fearful of losses and pull to avoid losses • Herd Mentality: Suffer from fear of missing out (FOMO)?

Links:

www.WrenneFinancial.com

What do market downturns look like? Understanding what they look like or what they have looked like historically is helpful. We can't predict the future, but we do know what happened in the past in order to navigate better if and when history is repeated.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how market downturns look and feel based on market history and market factors.

Topics Discussed: • Long View: Have a financial plan that ties your goals to your actions • Timing: What if it's not the right time? Maybe it's the worst possible time to invest • Franklin Templeton: People recover fast, the scariest time may be when to invest • Financial Information: Where to get it and who to trust • FOMO: Fear of missing out on what everybody else is doing with investments • I Bonds: When inflation is high, investments are terrible, they look appealing • Reminder: What is the purpose of the money and what's the goal? • Alternatives: You're potentially moving away from the best route for your goals

Links:

www.WrenneFinancial.com

Today I talk about a client we helped renegotiate his contact 5 months into starting at a new job.

LINKS:

www.ContractDiagnostics.com

Match season is almost here. Doug addresses physician loans for incoming residents. When can medical students close on a physician loan?

Link to website:

https://dougcrousephysicianloans.com/

Investing in real estate is a hot topic for physicians.

Today we have Dr. Sendhil Krishnan who is an interventional cardiologist and owner of MD Senior Living on the show to talk about residential senior living facilities.

Link:

www.MDSeniorLivingAcademy.com