Corey Janoff and Rachelle Vanderzanden of Finity Group discuss pertinent financial planning topics affecting doctors and other medical professionals.
Episodes
Monday Jun 06, 2022
Monday Jun 06, 2022
Thanks for listening to Financial Clarity for Doctors everyone! Everyone loves to talk about the important of diversifying their investments, but in this episode Rachelle and Corey dive into a different way to think about diversification. Yes, it’s important to make sure we’re not putting all our eggs in one basket (let’s not go all in on one company folks!), but let’s take a minute to think about the different kinds of baskets we can use.
Taxes are confusing! In this episode we’ll chat about:
- Tax advantages associated with various types of retirement accounts.
- Roth vs pre-tax savings options.
- Capital gains taxes.
- How and when you will be taxed on your investments. With almost every investment account, you must pay taxes at some point.
- Retirement distribution strategies.
- The magical unicorn that is a Health Savings Account.
Bottom line, it is very, VERY, important to understand the tax implications of different investment strategies. But also to understand that tax law is constantly evolving. If you can diversify your savings with accounts that are taxed in different ways, you have some flexibility to adapt to changing tax law when you are taking distributions. This can dramatically affect how much tax you pay and how much income you have in 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
Monday May 23, 2022
Monday May 23, 2022
Thanks for listening to Financial Clarity for Doctors everyone! In today’s episode your favorite podcast hosts Rachelle Vanderzanden and Corey Janoff speak with Jennifer Wiggins of Aegis Malpractice solutions about all things malpractice insurance. Don’t miss this one if you work with or own a private practice, you’re looking at new contracts, doing some moonlighting, or thinking about what it might look like to open your own practice someday. Ideally, every doctor knows the basics of this very important topic.
The many mysteries we go over with Jennifer include:
- The difference between claims made and occurrence-based malpractice policies
- What the heck is tail coverage?
- What do doctors get sued for?
- Shopping how-tos
- Ways to minimize your risks (hint: bedside manner isn’t just about getting people to like you)
As with any insurance, malpractice is another example of paying for protection that you hope you will never need to use. No one wants to get disabled, but we need disability insurance just in case. Obviously, we hope a lawsuit never comes up, but one in three doctors are sued out some point in their careers. That is A LOT. And if you are in a surgical specialty, you will almost certainly face a lawsuit at some point in your career.
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
Monday May 09, 2022
Monday May 09, 2022
Welcome back and thank you for listening to another episode of Financial Clarity for Doctors! In this episode, Corey and Rachelle chat about one way you can improve your financial situation. In general, you can either decrease your spending (difficult) or increase your income (maybe less difficult). Let’s focus on increasing that income!
Ways to make more money include:
- Negotiating – When you take on that first attending job, but also throughout your career
- Working extra shifts and boosting RVUs
- Side hustles like MedLegal work, reviewing insurance claims, writing/speaking, and locums
- Making the change to a higher paying job
As always, Rachelle and Corey bring it back to money values in the end. You should always be asking yourself if you are aligning the way you spend and make money with the things that really matter to you. If you are earning more, put that extra toward your big goals. And making more money to achieve your financial goals can absolutely make sense, but for some folks, the priority may be more time and flexibility which may mean reducing that spending.
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
Monday Apr 25, 2022
Monday Apr 25, 2022
Doctor Mortgages w/Casey McLaughlin
Welcome back and thank you for listening to another episode of Financial Clarity for Doctors! In this episode, we chat with Casey McLaughlin of US Bank about all things related to Physician Home Loans aka “Doctor Mortgages”.
Including:
- Are they really any better than conventional loans?
- Do I pay a higher interest rate? Really important right now!
- How to shop for the best mortgage.
- Can you use doctor loans to buy a rental property or vacation home?
- And how to prepare yourself (and your credit!) for buying that first home.
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
Monday Apr 11, 2022
Monday Apr 11, 2022
In this episode of Financial Clarity for Doctors, Corey and Rachelle discuss what you can do with old retirement accounts!
They cover what your options are, from taking a distribution, to rolling the money to your next employer’s retirement plan, or possibly rolling into an IRA, among others.
They’ll address the pros and cons of each choice, as well as your options if you are retiring!
You don’t want to lose track of your old accounts!
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
Follow Finity Group On Social Media!
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Monday Mar 28, 2022
Monday Mar 28, 2022
Welcome back and thank you for listening to another episode of Financial Clarity for Doctors!
Today we’re going to go against the grain and take a somewhat contrarian approach to the common themes you may see in typical headlines or blog posts. These opinions may go against what you’ve been told before, or maybe they go under the radar.
In this episode we discuss:
- Budgets Are Overrated
- Detailed Written Financial Plans Are Overrated
- 30 Yr Mortgage > 15 Year Mortgage if...
- Real Estate Typically Isn't a Great Investment
- Managing Expectations is the Biggest Driver of Happiness
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
Follow Finity Group On Social Media!
APPLE PODCASTS
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Monday Mar 14, 2022
Monday Mar 14, 2022
Welcome back and thank you for listening to another episode of Financial Clarity for Doctors!
Today's episode features special guest Jordan Frey, MD. Also known as, "The Prudent Plastic Surgeon."
In this episode we discuss:
- Tips to Get Started With Financial Wellbeing
- Giving Advice to Your Former Self
- Financial Mistakes to Avoid
- Expectations Vs Reality
- Getting Your Spouse Involved
https://prudentplasticsurgeon.com/
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
Follow Finity Group On Social Media!
APPLE PODCASTS
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Monday Feb 28, 2022
Monday Feb 28, 2022
Welcome back and thank you for listening to another episode of Financial Clarity for Doctors! Today we're going to talk about buying your first home.
The process of buying a home can be extremely overwhelming, especially for first time home buyers. This episode will give you some tips to make the process a little less staggering.
In this episode Corey & Rachelle discuss:
- Timing Is Everything
- Preparing to Buy a House
- How Much House Can You Afford?
- Should You Stretch Your Budget Early in Your Career?
- General Rules of Thumb
- Understanding Different Mortgage Types
- How to Prepare Your Mindset
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
Follow Finity Group On Social Media!
APPLE PODCASTS
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Monday Feb 14, 2022
Monday Feb 14, 2022
Welcome back and thank you for listening to another episode of Financial Clarity for Doctors! Today we want to talk about the mistakes you shouldn't make in financial planning.
People probably overestimate how badly they can mess up their financial planning. If you are paying attention and putting resources toward your goals, then you are likely making some good progress. The fact that you are even listening to this podcast is a very good sign.
That being said, there are some common mistakes that we see clients make, so we wanted to talk through a few pitfalls to avoid.
In this episode Corey & Rachelle discuss:
- Debt Avoidance At All Cost
- Buying Too Much House
- Prioritizing Retirement
- Insurance Coverage
- College Savings
- Timing The Market
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
Follow Finity Group On Social Media!
APPLE PODCASTS
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Monday Jan 31, 2022
Monday Jan 31, 2022
Welcome back and thank you for listening to another episode of Financial Clarity for Doctors! Today we want to talk about trying to time the market and possible strategies for when and how to do it.
We often come across prospective clients who are sitting on cash. Not sure how to go about investing it. Maybe waiting to invest because the market is at an all time high. Maybe they read an article predicting a possible pull-back.
Taking that plunge and investing a large sum of money is scary! You wouldn’t be human if you weren’t a little bit nervous.
In this episode Corey & Rachelle discuss:
- Common Misconceptions in "Timing the Market"
- Dollar Cost Averaging
- Systemic Savings Plan
- Living Below Your Means
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
Follow Finity Group On Social Media!
APPLE PODCASTS
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions—advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Through Cambridge Investment Research, Inc., Securities are offered a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.