Financial Clarity for Doctors

What's a Pension and Do Doctors Get One?

In this episode of Financial Clarity for Doctors, Corey Janoff and Rachelle Vanderzanden, discuss some of the basics of pensions.  How do you get one, what are the benefits, and exactly how do these things work?

Some pension basics covered in this episode include:

• What type of employers off these retirement plans and who contributes to them.
• The types of investment risk associated with these plans (and who takes that risk).
• How pension benefits are calculated – this can vary but is often offered as a monthly or annual benefit amount in retirement.
• How to compare the benefit of a pension to other employer retirement plan offerings.
  • This can be especially helpful if you are offered a choice between a pension benefit and a 403b or 401k.

Lots of folks think of pensions as an additional benefit provided by employers that are working hard for their employees, but every plan is different.  Some of funded by the employer, some are funded by the employee, or a combination of the two.  Take some time to evaluate the quantitative benefit of any retirement plan when you’re considering new employment opportunities.

For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.

Common Questions We Get

In this episode of Financial Clarity for Doctors, Corey Janoff and Rachelle Vanderzanden walk through some of the most common questions they hear from clients.  Everything from ‘why is the sky blue?’ to ‘how do you capture a swarm of honeybees?’  Just kidding!  They’re all questions about money.  Below are a few examples.

Common questions include:

• Is now a good time to invest?
• Should I make changes to my investments based on current news headlines?
• Should I try to pay off my mortgage quickly?
• Should I invest in real estate?
• Should I pay for my new car in cash or take out an auto loan?
• Do you think PSLF is going away?
• Do I really need disability or life insurance?
• And many, many more….

Everyone has questions!  Listen to the full episode to hear how Corey and Rachelle tackle these ones with clients on a day-to-day basis.

For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.

Career Transitions

Most folks, including doctors, do not end up staying in their first jobs long-term.  In this episode of Financial Clarity for Doctors, Corey Janoff and Rachelle Vanderzanden talk over some of the financial implications of career transitions.

These implications include:

• Changes in income amounts and the structure of pay
• Differences in work requirements
• Tax differences from place to place
• Things to look for in retirement plans and how to compare them
• Other benefits, including insurances
• How to negotiate as you consider a change

This episode also covers many of the reasons physicians may choose to switch jobs and how to make transitions as smoothly as possible. Job changes can be hugely stressful, and being well-informed is a very important part of that process.  Listen to the full episode for more to keep in mind as you think about making this big life change!

 

For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance 

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.

The Beginning of Another Trump Presidency

In this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff walk through some of the attention-grabbing headlines during the first few weeks of President Trump’s second term.  Most people have at least some reaction to everything we see, but how might this affect your finances?

Topics covered in this episode include:

• Policy proposals and potential economic impacts (or lack of economic impacts).
• How is the stock market reacting to dramatic headlines?
• The potential impacts of new policies on medical careers.
• Student loans.

When you are investing for the long-term, it doesn’t usually make sense to adjust your strategies based on what’s happening in the world at this moment.  BUT it is completely understandable to want to debrief.  We are all notoriously terrible at how current news headlines will affect the economy and the stock market, so try not to let your knee-jerk reactions impact your investment decisions.

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.

Planning for Pet Expenses

In this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff discuss all the fun expenses that come along with pet ownership.  When you love something, it tends to cost you a little more!

Topics covered in this episode include:

• Basic ongoing expenses of pet ownership.
• How the costs of pet ownership have changed over time.
• The ins and outs of pet insurance.
• How to be prepared for large, unexpected costs and deal with them when they arise.

We have all heard or experienced the horror stories of a nine-week-old puppy eating socks or chocolate.  As a pet owner, expecting the unexpected is a great place to start.  To learn more, listen to the full episode.

For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance 

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.

What it Means to Be a Fiduciary

If you’ve researched financial planning and professional advice, chances are you have come across the word ‘fiduciary’.  But what does it really mean?  In this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff unpack the word and other qualifications for Financial Advisors.

Tune in to hear more about:

• The different standards financial professionals are held to depending on their licensing, including:
  • A fiduciary or best interest standard
  • The suitability standard.
• Regulations in finance and how they have worked over time to protect consumers.
• Ethics in financial planning. This can be upheld by an employer to a certain extent but is also dependent on individual professionals.
• Additional certifications that financial professionals can work toward and how they encourage an ethical approach.

Regulations and ethics standards are important, but when working with any professional, their ethics and your relationship with them will always be the most important.  Referrals can be a great way to find someone that has already built a trusting relationship with clients.  Folks are unlikely to refer you to someone they don’t trust!

For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance 

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.

Year in Review & 2025 Predictions

In this episode of Financial Clarity for Doctors, Corey and Rachelle check the accuracy of their crystal ball and try out some predictions for next year (even though they have proven they’re not great about it!).

Tune in to hear more about what they expect on:

• The stock market
• Student loans
• Interest rates
• Basically, everything that you can’t really predict!
• For 2024, moderate guesses tended to be fairly safe, but the more outlandish ones were way off base. Who would have guessed!
  • Neither thought there would be a recession in 2024 – correct!
  • Both thought there would be modest interest rate decreases – correct!
  • Corey thought Taylor Swift would make the Forbes 400 list – not yet, but she can still make it!
  • Rachelle thought we might meet some aliens in the future – who the heck knows….

Predictions may be fun, but as always, we try to make our plans based on the things we can control.  Things like how much we’re spending and how much we’re saving.  So have some fun, but make some solid plans as well!  To hear more, listen to the full episode.

For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance 

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.

New Retirement Savings Rules

In this episode of Financial Clarity for Doctors, our hosts Rachelle Vanderzanden and Corey Janoff chat through some upcoming changes to retirement savings rules. A handful of adjustments happen every year, but there are also some new updates coming up because of the Secure Act and the Secure Act 2.0.

Updates include:

• Details on increases to contribution limits.
• New 401k/403b catch up rules for folks aged 60-63.
• New Roth rules for catch up contributions starting in 2026.
• Updated limits on social security wage limits and covered compensation for workplace retirement plans.
• How to set aside as much as possible into your tax-advantaged accounts whether you are a W-2 employee or self-employed.

For most people, retirement plans are one of the best ways to save on taxes.  Make sure you are using them to your advantage as much as possible!  To hear more, listen to the full episode.

For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance 

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.

Should You Do That Home Renovation?

In this episode of Financial Clarity for Doctors, Corey and Rachelle walk through when it makes sense to tackle home renovations (and when it doesn’t).  As always, think about your goals and the resources needed to achieve those goals.

Good examples of renovations include:

• Necessary repairs and maintenance. If you don’t do it now, you’re likely going to NEED to do it later.
• Smaller cosmetic updates like paint. These are typically lower cost and can increase the value of your home.
• Larger remodels (kitchens and bathrooms) and expansions that help you make your current home more livable.
  • These will not add enough value to your home to make the cost worthwhile financially, but can potentially help you stay in a home with a much lower mortgage interest rate.
  • This doesn’t usually make sense if you are not planning to stay in the home for a long time.

Downsides of renovating include:

• For most larger renovations, you will likely not recoup the cost through appreciation in your home value. For example, the Return on Investment (ROI) for kitchen and bathroom remodels is less than 50%.
• It can be incredibly disruptive to your home life. Depending on the size of the renovation, your home may not be livable for a while.
• Most remodels go over budget and are not completed on time.

A remodel can be enticing, especially when interest rates are high and getting into that next home may be out of reach.  But go into it with a very clear understanding that the process will have a lot of bumps in the road – more money, more time, more stress than you expect.  To hear more, listen to the full episode.

For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance 

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.

Should You Pay Off Your Mortgage Faster

In this episode of Financial Clarity for Doctors, Corey and Rachelle talk about the pros and cons of paying extra on your mortgage.  When interest rates were lower, there was not a lot of incentive to pay down a very low-interest rate debt faster than necessary.  But with higher rates, it may make sense for you.

Some things to consider include:

• Your mortgage interest rate
  • Do you have a magical pre-2023 sub 4% interest rate mortgage? That is much different than the 7% plus on most mortgages right now.
  • How large of a tax deduction are you getting for your mortgage interest?
• Do you think you will stay in this home longer term?
• Think about all the things you could do with extra money each month
  • Save more for retirement
  • Start college savings
• Your risk tolerance
  • Paying down debt has a predictable pay off
  • One alternative to paying down debt is investing more money. You could potentially make more this way, but there are always risks to investing.

The mortgage pay off sheet from the bank will give you a bad case of sticker shock.  No one likes to see that total interest paid amount.  But consider all of the ways you can productively use extra cash flow before deciding that paying down your mortgage is the right choice for you.  To hear more, listen to the full episode.

For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance 

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.