Financial Clarity for Doctors

Unexpected Death

In this episode of Financial Clarity for Doctors, Rachelle & Corey talk about a more somber topic, the tragedy of unexpected death. While no one wants to think about or expect it to happen, preparing yourself financially for an unexpected death can leave one less thing to worry about in a time where we may feel helpless or out of control.  

In today’s episode, we’ll share personal stories of unfortunate events and how families were able to take the necessary steps to prepare ahead of time. We’ll also cover the importance of life insurance, estate planning and give you a plan for what to do should the worst happen.  

Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group. 

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

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. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated. 

Disproportionate Impacts of The Recession w/ Peggy Haslach

In this week’s Financial Clarity for Doctors, host Rachelle & Corey team up with Finity Group Financial Advisor Peggy Haslach to discuss the disproportionate impact the current recession has had on women and people of color. 

We’ve all heard the news that many across the country have lost jobs in the last year. But did you know that the job losses in Dec totaling 140,000 were predominately women and minorities – men and white women gained 16,000 jobs, while women minorities lost 156k - (Ellevest)

If that’s the general population, what is it doing to the medical field? During the current financial crisis and pandemic, more women doctors are leaving the workforce to stay home with their families, and overall, more doctors than in years past are choosing to leave the workforce—some quick stats for you. 

In 2020, 16,000 medical practices closed, and it’s expected that we’ll see another 8,000 close before things get better. (MedScape)

In this episode, we’ll speculate on why this is happening, what can be done to change the trajectory, and its impacts on the future of healthcare. We’ll also share personal stories from physicians we know who have had to make career changes this year. 

Buckel in this is an important episode you’ll want to hear

 

External Links:

https://www.ellevest.com/magazine/disrupt-money/jobs-lost-women-of-color

 

https://www.medscape.com/viewarticle/941690#vp_3

 

Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group.

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

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. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC.  Finity Group and Cambridge are not affiliated.

 

Protecting Short Term Needs with Tyler Olson

On this week's Financial Clarity for Doctors Hosts, Cory and Rachelle have on special guest, Tyler Olson. Tyler Olson is a Financial Advisor with Olson Consulting, LLC and is well known on Twitter at @OlsonPlanner, where you can find him tweeting about all things related to doctors and med students' finances. Tyler also is the host of the Money Mediator Podcast.   In this episode, we discuss important topics and share philosophies on everything from emergency reserves to disability insurance. We also hit on subjects such as living below your means, using debt as part of the "defense," and addressing short-term needs. This is an important episode you won't want to miss! For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter:  @CoreyJanoffCFP and @RachelleFinance    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. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC.  Finity Group and Cambridge are not affiliated.

2021 Predicitions

Welcome, 2021!! On this week’s episode of Financial Clarity for Doctors host, Corey and Rachelle start the year off with their predictions for the new year and help you with the tools to best structure your finances to handle unexpected events.  

 

2021 Predictions 

• Deep dark tunnel until at least mid-2021, however, we can see the light 
• Increasing optimism about the vaccine and economic 
• What will investor sentiment be moving forward?  

 

Links and notes:  

2020 World Economic Outlook from IMF - https://www.imf.org/en/publications/WEO/Issues/2020/01/20/weo-update-january2020 

• Modest growth ~3% in US, 2% Eurozone, 4.5% emerging markets, no mention of a virus 
• 2020 was a wild year, so let’s throw that away as an outlier 

 

2019 World Economic Outlook from IMF - https://www.imf.org/en/Publications/WEO/Issues/2019/01/11/weo-update-january-2019 

• Modest 3.5% global GDP growth, highlighting trade tensions as biggest risk. Actual: 2.5% (data.worldbank.org) 
• Expected crude oil to remain “just below $60”/barrel for 2019-2020 (at $45 today) 

• Side note, clean energy stocks up over 100% trailing 12 months (Dec 2019-2020) S&P Global Clean Energy Index 

• “deteriorating sentiment about growth prospects” in stocks driving bond yields down. 

• 2019, emerging market stocks performed the worst (MSCI EM Index)…were up 18.5%. Large cap US stocks up 31.5% (S&P 500) 
• US 10 year treasury at 2.71% on 1/1/2019, 1.76% 1/1/2020, so rates did drop. 

 

Every Year, Modest Growth Tends to be the prediction 

• All the big institutions have growth estimates for US stocks, cautiously in the 5-7% range.  
• Historically, S&P 500 has averaged about 10%/year. Rarely does it ever fall between 8-12%.   

• S&P 500 Last 20 years: 2019 +31%, 2018 -4%, 2017 +22%, 2016 +12%, 2015 +1%, 2014 + 14%, 2013 + 32%, 2012 +16%, 2011 +2%, 2010 +15%, 2009 + 26%, 2008 -37%, 2007 +5%, 2006 +16%, 2005 +5%, 2004 +11%, 2003 +29%, 2002 -22%, 2001 -12%, 2000 -9% 

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

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. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC.  Finity Group and Cambridge are not affiliated.  

Education Planning and College Savings 101

On this episode of Financial Clarity for Doctors, hosts Rachelle and Corey walk through college savings and education planning. We know the cost of college has been rising, and it can be expensive to send kids to school. The decision for how to pay for school is one many families are trying to make every day. In this episode, we’ll walk you through some options and ways to pay for college. The most important thing you do before deciding how to pay is to discuss how much you’re even willing to provide towards your child’s college costs. A few options we’ll discuss Saving ahead of time Paying out of pocket 529 plan Coverdell ESA Investment account To wrap up, establish your goals ahead of time and decide where funding college education lands in your priority goals. For more financial planning tips from Corey and Rachelle, find them on LinkedIn @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance   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. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated. 

Investing in Individual Stocks

In this week’s episode of Financial Clarity for Doctors, Corey and Rachelle talk about the trendy topic of investing in an individual stock. Is investing in individual stock a good idea or a bad idea? What should you consider before purchasing individual stock?

We’ll walk through a couple of different thought processes to consider, like considering your resources.   Think about your resources, and then think about the resources that other buyers/traders have. What others have or have access to that you may not?  

·  Knowledge, time, experience, tools, research, access to company management, boards, etc.

· High-frequency trading algorithms  

Also, consider luck vs. skill. We often attribute positions that do well to skill and positions that do poorly to luck when we make the decision, instead of considering the skill that it may take to make the better decision.

Another thing we cover in talking about this process is your goals. What purpose are you investing for? Have you met, or are you on track to meet your other financial goals first?

There’s lots more in this episode, so you’ll want to make sure you listen to the whole thing!

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

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. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated. 

Happy Thanksgiving! A Few of the Things We're Thankful This Year.

On this episode of Financial Clarity for Doctors, Rachelle and Corey celebrate the Thanksgiving spirit early by talking about all the things they're thankful for this year.  It's been a wild year, but we have lots to be thankful for, and we hope you do too.

Tip of the day: Take some time between now and Thanksgiving to write down or share with someone you love some of the things you're thankful for this year.  

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

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. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.

Permanent Life Insurance – The thing we all love to hate.

All too often, we see permanent life insurance being oversold or sold inappropriately. There is, however, a time and place for permanent life insurance. In this week’s episode of Financial Clarity for Doctors, we’ll walk you through all the essential information you should know before purchasing permanent life insurance.   

In this episode, we will start by giving you a brief overview of the several types of life insurance, whole, variable, adjustable, universal, etc. Then dive into what you can do with permanent life insurance or how it can be beneficial given the right circumstances. We’ll also go over a couple of different case studies to help you understand the real-world considerations and wrap it up with some information to help you know if permanent life insurance is right for you!  

 

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

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. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated. 

How Politics Affect the Stock Market w/Cole Kimball

In this episode of the Financial Clarity for Doctors podcast, Corey and Rachelle chat with Finity Group's Chief Investment Officer, Cole Kimball, CFA ® about the upcoming Presidential election and how the markets may react during election cycles. We talk about various economic policies and ask, do they hold up or is there more to the story?

As with most things in life and finances you'll come to find the answers mostly lies somewhere in the middle.

What about Congress?  We pay a lot of attention to presidential races, but does the political makeup of the House and Senate have an impact on the stock market?

Does the tax environment have an impact on the stock market? It seems like there’s a common conception that favorable tax environments for businesses can spur business growth, which should be good for investors in those companies – is there any data that supports or contradicts that?

Does policy matter over politics? Say, how we deal with trade as an example. Does that have an impact on international markets?

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

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. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC.  Finity Group and Cambridge are not affiliated. 

Socially Respoinsible Investing with Japie Steyn

Are you ready to make an impact with your investments? You may have heard of SRI, socially responsible investing and ESG, Environmental, Social, and Governance, but do you know what they actually mean? Or what they could mean for your investments?  

  

In today’s episode of Financial Clarity for Doctors, Corey and Rachelle speak with Finity Group’s very own Japie Steyn, Investment Coordinator, who has earned the credentials and designation of CSRIC (the first major financial credential dedicated to specifically to socially responsible investing). Join us today as we try to help you better understand how you can help your investment dollars make an 

impact for good.  

  

From this episode, you’ll walk away with a better understanding of SRI, ESG, and the resources you have at your disposal to put your money into companies that share values vital to you. You’ll also get a better understanding of some common misconceptions about the practice.  

  

To get you started, here is a bit more background on SRI and ESG. For further reading on the subject, check out our blog put on impact investing found here. 

  

SRI:  Socially Responsible Investing. Meaning, investments are screened using social, ethical, or environmental criteria, and information gets used to make investment decisions. SRI also includes shareholder activism and community economic development. Most of us think of SRI as excluding companies involved in companies that produce things like guns, 

tobacco, and alcohol. It also means including companies who are working towards sustainability, social justice, or ethical conduct objectives. 

  

ESG: ESG or ESG integration stands for Environmental, Social, and Governance. Companies get screened, and the ESG data is used by financial analysts who rate the companies, including or excluding them from the investment portfolios. 

 

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

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. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC.  Finity Group and Cambridge are not affiliated.