Financial Residency

Do you remember the late Notorious B.I.G.'s song, Mo Money Mo Problems? Physicians can probably relate to it. On the flip side, some people believe that having more money makes you benefit from fewer problems.

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about how making more money often leads to more problems.

Topics Discussed:

• Does money make you happy? Depends on how you define problems

• $1 or $1 Million: More money makes simple things complex choices, decisions

• More assets means more checking, savings, credit card accounts go unclaimed

• Temptation: Easy to add something, but more painful to take something away

• What happens to your money? Be responsible and organized; not out of control

• Perceived Target: Doctors are rich, even residents with $400,000 in student loans

• Moral of the Story: Use money to improve and have less problems, happier life

• Slippery Slopes: Choose wisely between buying nice things or being generous

• Time: More money can buy time to prioritize and outsource tasks, responsibilities

LINK:

www.WrenneFinancial.com

Join me as I talk about financing a second home. With loan level price adjustments added it has just drastically made pricing, meaning rates or closing costs on second homes, considerably worse.

Link to website:

https://dougcrousephysicianloans.com/

Today we talk about terminating a contact. Jon Appino gives insight on terminating a contract and what to watch out for.

Check out his website and learn more in depth about Jon and his team!

Link:

https://[email protected]/

If you drive a car and/or rent or own a home, do you know how to purchase and save money on home and auto insurance while maintaining adequate coverage?   

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Andrew Wethall, an independent home and auto insurance agent for Energy Insurance Company. Andrew lives in Louisville, Kentucky, but works with customers all over the country. He makes clients’ insurance experiences easier all while maintaining adequate coverage at a fair price.  

Topics Discussed:

• Most Common Pitfalls: Re-evaluate insurance every 3 years after residency

• Cheapest Option: Understanding the bones policy with state minimum coverage

• Basic Auto Policy: Physical damage, comprehensive and collision, liability limits

• Agent/Client Relationship: Pay attention to policy and continue to grow

• Risks: Insurance works great for high cost and very unlikely risks

• Umbrella Policy: Additional liability insurance to cover your assets

• No-Fault States: Who's at fault for the accident or damage?

• Car Rentals: What should you do when they’re pushing the insurance add on?

• Insurance Pricing: Depends on credit, driving record, claims history, act of God

• Structure: Differences between homeowner’s and renter’s insurance?

• Out-of-Control Catastrophes: Earthquakes and floods are not usually covered

• Attractive Nuisance: Umbrella policy for fun things—from pools to trampolines

• Denied! Seek multiple opinions and work with an agent to get claims paid

LINKS:

www.WrenneFinancial.com

Today we're talking benefits. So as you look at your contract and you're looking at your benefits that may change year to year, First off. Does it say anything in the contract about benefits? We usually don't see too much in there. We might see something that says you'll be offered benefits. Join me as I discuss more on benefits!

LINKS:

www.ContractDiagnostics.com

It's that time of year again where many of you are considering giving generously to help others. What are some of the best tax strategies for giving?

In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a fellow Certified Financial Planner (CFP®) and founder of Anesthesia Success—a planning firm and podcast dedicated to helping anesthesia and pain physicians make successful career and financial decisions.

Topics Discussed:

• Charitably inclined? Uncle Sam encourages contributions to help everyone

• Science of Giving: Feels good when faith shapes financial plan/philosophy

• Giving Forms: Generously invest time, money, emotion for observable impact

• Is giving important? When? Giving imperfectly is better than not giving at all

• Standard vs. Itemized Deduction(s): Cultivate desire and mechanics of giving

• Charitable Contributions: Change from above- to below-the-line tax deduction

• Appreciated Securities: Giving a security that has unrealized taxable gains

• Taxable Accounts: Investment account type that has no inherent tax advantage

• Donor Advised Fund: Pros and cons of using the DAF strategy for giving

• Batched Giving: Strategically think about timing of gift based on tax situation

• Internal vs. External Factors: How will tax situations, brackets, policies change?

• Tax Impact: Qualified Charitable Distribution vs. Required Minimum Distribution

• Private Foundations: Give more meaningfully charitably to express generosity

LINKS:

www.WrenneFinancial.com

So we've got a quick blurb today on visa physicians and what they need to consider as they look at their employment contract and how they've differ than a traditional W2 physician.

Link:

www.ContractDiagnostics.com

Come and join us as Jon Appino talks on physician contracts, when to start the process, if you're getting paid enough and what red flags to be on alert about. Jon Appino and his team have been helping physicians for over a decade and they really know there stuff!

Check out his website and learn more in depth about Jon and his team!

Link:

https://[email protected]/

Can money buy happiness? You can have all the money in the world and be completely unhappy. How can they use money and time to live happier lives.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about the science behind using money and time to attain happiness. In the previous episode, Jeff discussed how physicians can better align time and money management with their values.

Topics Discussed:

Psychology and the Good Life: Laurie Santos's scientific research on happiness

Laurie's Lesson 1: Our minds are really bad at predicting happiness

Tangible vs. Intangible Things: What brings you the greatest happiness?

Laurie's Lesson 2: Circumstances don't play as big a role as people think they do

What drives happiness? 50% genes, 10% circumstances, 40% thoughts, actions, and attitudes

Laurie's Lesson 3: Time versus money, which do you value more?

Spare Time: Spend money on things that save time for best return on happiness

Trade Offs: Delegate to make time and gain back time that brings happiness

link:

www.WrenneFinancial.com

Today we discuss contracts with Jon Appino as he launches his new segment called Coffee and Contracts. Jon talks about the benefits of automatically renewing your contract.

LINK:

www.ContractDiagnostics.com