Financial Clarity for Doctors

Why Home & Auto Insurance is So Expensive

The economy is doing well, but if that’s the case, why do day-to-day expenses feel tight for so many people?  In this episode of Financial Clarity for Doctors, Corey and Rachelle tackle one expense that has been hit hard by inflation.  But why has home and auto insurance become so much more expensive?

In this episode, we tackle:

• The basic structure of home and auto insurance
• A few reasons why these insurance lines have become more expensive, including:
  • More expensive/larger homes and cars.
  • Increasing costs of supplies and repairs
  • A rise in lawsuits
  • More weather-related claims
• And what to do to make sure you are not overpaying.

With underlying costs being higher, it makes sense that the insurance costs are also higher.  But you can shop around and structure your coverage in more efficient ways to reduce costs as much as possible.  Or you can drive a really old car to see if that helps!  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.

 

 

 

Will Housing Ever Be Affordable?

In the midst of a housing shortage, Corey and Rachelle walk through some of the reasons housing has become so expensive in this episode of Financial Clarity for Doctors. Is it possible for this to get better in the future?

Some of the topics discussed include:

• Supply and demand for housing
  • The influence of the 2008 housing crisis and the pandemic
• The affects of regulation on housing costs
• The changing dynamics of home ownership including foreign investors and short-term rentals
• Possible solutions for this challenge, including increased multi-family housing, government subsidies, and naturally changing demographics.

Every location is different, and when making decisions about home ownership or renting, look at all the factors.  This can include things like how long you plan to own the home, where you are living, and the price of comparable rentals.  It is often assumed that buying is better, but that’s simply not the case every time.  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.

Getting Together & Breaking Up: Planning for Couples

In this episode of Financial Clarity for Doctors, Corey and Rachelle tackle planning for couples.  Whether you are working on moving in with someone, getting married, or separating after a long-term relationship, you will have some big financial decisions.  Open communication can be key, but what should you even be talking about?

Financial topics that affect couples include:

• The simple things like paying bills!
• How to manage banking and split household expenses.
• Questions of ownership.
  • What if you owned a house and then got married?
  • What if you bought real estate with a partner when you were NOT married?
• How to make sure your assets pass to the person you would like to have them if you pass unexpectedly.
• How and when to consider things like life insurance.
• How to get on the same page (or at least come to an understanding) on long-term goals like retirement savings.

Just like with almost every relationship issue, talking openly about your current financial situation and your goals can be key to making sure there are not misunderstandings with your partner when it comes to money.  Many decisions about how to manage specifics are personal preference, but it’s great to get on the same page if 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.

Investing in an Election Year

Politics can certainly make life spicy and a little stressful!  But how should things like a presidential election affect your investment decisions?  Should they at all?  In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff discuss some of the implications of investing during a presidential election year. 

In this episode you will hear about:

• A few basics on how the stock market functions, including everyone trying to use their crystal balls to guess what happens next.
• Statistics on stock market performance under different presidents.
• Policy issues that can potentially affect the stock market (taxes may be the best example).
• Things that affect the stock market and are not related to politics. Hint – this is a much longer list!

The bottom line is that politics matter a lot!  BUT they do not affect your investments nearly as much as you think.  As we go through this election, don’t let politics influence your investment strategy.  There are too many other things that matter much more.  Listen to the full episode to learn more.

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.

Life Insurance Considerations for Doctors

It’s September and that means we are diving into life insurance awareness month!  The reason we need a whole month to raise awareness on this topic is because nobody wants to think about their own mortality; but it’s still important.  In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff discuss why, when, and how to explore life insurance. 

In this episode you will hear about:

• Some of the reasons people secure life insurance.
• The process to get life insurance.
• The differences between term life insurance and permanent life insurance.
• Things to think about when securing coverage, such as how much coverage and how long you need it to last.

The goal of this conversation is not to be morbid or pessimistic.  The goal is to consider a plan to make sure if we lose someone unexpectedly, we have less to worry about on the financial side of things and can spend more time focusing on family and healing.  Listen to the full episode to learn more.

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.

Preparing for Declining Interest Rates

In this episode of Financial Clarity for Doctors, Corey Janoff and Rachelle Vanderzanden discuss the changing interest rate environment and a few things to think about as the economy adjusts. 

Interest rate discussion topics include:

• How the Federal Reserve uses interest rates to influence the economy.
• How interest rates can potentially affect the stock market.
• Mortgage interest rates and refinancing.
• Housing costs.
• High yield savings accounts and certificates of deposit.

Interest rates have a short-term effect on everything from the stock market to the interest on your bank account.  With most financial planning topics, the goal is to set a course and stick to it, but interest rate changes could mean a change to your short-term strategy.  Listen to the full episode to learn more.

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.

College Savings Revisited

Rachelle Vanderzanden and Corey Janoff revisit the topic of saving for college in this episode of Financial Clarity for Doctors.  We walked through some basics on this topic a few years ago, but things change over time! 

Some of the topics covered include:

• Discussing how you would like to support your children with higher education. Establish some goals!
• The increasing costs of higher education.
• Savings ahead of time vs paying out of pocket as expenses arise.
• Different types of accounts that can be used to fund education.
  • Recent changes for 529 college savings plans.

Tune in for more on ways to save and recent developments in college savings planning.  Keep in mind that this may be one of many financial goals, and one important step is to make sure you understand where this fits on your priority list.  There are loans for school; there are not loans for retirement.

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 if You Need to Decrease Savings?

In this episode, Corey and Rachelle talk about when and how to potentially decrease your savings.  We spend a lot of time talking about how to save more over time, but sometimes life happens and you may need to make some adjustments in the other direction.  Listen to the episode to learn more about how to thing strategically about making these adjustments.

Thoughts to consider from this episode:

• Assess why cash flow is tight: New baby?  New mortgage?  Is this a temporary change?
• Go back to your goals and move things around if needed. Don’t lose sight of what’s important to you.
• Review your spending to see if you can make any changes there BEFORE reducing savings. Can you potentially shift some short-term savings to long-term savings now?
• If you ultimately decide you need to decrease savings, start with non-qualified accounts. Try to keep maxing out retirement plans as much as possible.

Listen to the full episode to hear more about how to implement these strategies in your own plan.  If you do find yourself in a position where you need to decrease savings, try to start increasing those savings again as soon as possible.

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 You Need to Know About Social Security

In today’s episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff discuss the ins and outs of Social Security.  Some of the history behind it.  How the benefits work. Will it be around in the future?

Some highlights from today’s episode:

• The history of Social Security and what it was designed for.
• How it is funded.
• How benefits are calculated and where to find your estimated future benefits.
  • Some examples based on when you start receiving Social Security benefits.
• The future outlook of Social Security.
• How to incorporate Social Security into your financial strategy.

Listen to the full episode to learn more!

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.

You're Inheriting Money; Now What?

In today’s episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff discuss some basics of what it means to inherit money.  Projections show that there will be a large transfer of wealth from Baby Boomers to younger generations.  How will that be taxed?  What should you do with the money? 

Inheritance considerations discussed in this episode include:

• How do assets move from one person to another when someone passes away?
• What happens when someone passes away without a will?
• How are different kinds of things taxed when you inherit them?
  • There are big differences between retirement accounts, property, business assets, and non-retirement investment accounts.
• Do I need to worry about estate taxes?
• What should I do with the money I receive?
  • Review your goals before you decide!
• How do I know if the investments in accounts are appropriate for me?

This topic is complicated and there’s a lot to discuss.  Listen to the full episode to learn more!

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.