Financial Residency

You deserve what you want right now, especially when it comes to building or buying your dream home. Immediate gratification - that's the American way. How do you decide if that makes sense and how do you make it happen financially?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to finance big or small home projects. There's always something to do. How do you fund your home projects, renovations, additions, and improvements?

Topics Discussed: • Typical Thought Process: Be aware to avoid cultural pulls and temptations • Reasons for Financing: Low interest rates, good investment, emotional drivers • Catalyst: When a reasonable small home project turns into an illogical big one • Solution: Create/consult financial plan, priorities, values, goals to be objective • Financing Factors: ◦ What's your cash flow situation? ◦ How much equity is in your house? ◦ What is your debt-to-income ratio? • Ways to Finance Home Projects: ◦ Hardest: Save up or invest cash ◦ Easier: Home equity line of credit or construction loan ◦ Easiest: Home equity loan, cash out refinance, personal loan, credit cards

Are you on track for retirement? Where are you at, what's most important, and where do you want to go? Are you saving enough income at this point in time to become financially independent?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to know if you are saving enough money for retirement. Check your financial vitals against your financial plan. Run the numbers!

Topics Discussed: • Retirement Rules: Follow percentages of income or gross income before taxes? • False Assumptions: Everyone has same tax brackets, goals, values, priorities • Starting Line: Create, consult financial plan for values, goals, resources, priorities • Ways to calculate and run the numbers: ◦ Rules of thumb ◦ Linear return projections ◦ Monte Carlo analysis • When? Run the numbers today and adjust over time to accommodate changes • Improve Efficiency: Maximize tax shelters, backdoor Roth IRAs, financial plan

Links:

www.WrenneFinancial.com

Did you ever wonder why the mortgage interest rate you were given doesn't always match up to the annual percentage rate (APR)? Doug explains the difference between the two on this week's episode of the Mortgage Minute.

Link to website:

https://dougcrousephysicianloans.com/

Ever contemplated entering into a business contract with a private equity firm or starting a side gig? Dr. Tammy talked to Michael Schaff who is a healthcare and corporate attorney with Wilentz, Goldman & Spitzer to learn more about the legal side of the equation. You can find more about Michael and his firm at www.wilentz.com.

Today we are doing a Q&A by answering questions from our Facebook group. I have on Hugh Baker to help answer some questions.

Links:

www.WrenneFinancial.com

Today we're gonna talk about negotiations and who you're negotiating with.

LINKS:

www.ContractDiagnostics.com

Today I want to go over loan estimates again and just briefly touch on closing disclosures.

Link to website:

https://dougcrousephysicianloans.com/

Please join us with Brendan Chao who is an employment litigation attorney to talk about what to do if you are the victim of harassment, bullying or discrimination.

Link:

www.BChaoLaw.com

Today we will be another answering questions that have been big in the Facebook group to talk about.

Links:

www.WrenneFinancial.com