Corey Janoff and Rachelle Vanderzanden of Finity Group discuss pertinent financial planning topics affecting doctors and other medical professionals.
Episodes
Monday Jul 06, 2020
Monday Jul 06, 2020
Physician Contract Review
You worked hard to get where you are today, so it's essential you know what you're stepping into when you select you to make that next big move. Physician contracts can contain convoluted language in your contractual agreement(s); a team can lend you our experience and expertise to ensure that you can make a well-informed decision. If you're making the transition into practice after years of extensive training or looking to further your career with a new employer, having a physician contract review team can help you better understand your contract.
Contractual language can be scary or hard to understand to those unfamiliar, and occasionally essential items to your success and happiness in the role can be overlooked. Most contract reviews will help you by going over the compensation, benefits package, non-compete clauses, duties and obligations, retirement plan information, student loan forgiveness eligibility, and the like.
Understanding the full picture of what you're walking into, especially when you're just starting, can help you get your career on the right track. You spent countless hours and dollars preparing for this career; make sure you're getting what you're worth, and the confidence knowing your offer is comparable to your colleagues.
Learn more about Finity Groups Physician Contract Review services: https://thefinitygroup.com/services/physician-contract-review
Disclosure: We are not attorneys and this material is not to be construed as legal advice. Consult with an attorney licensed in your state for specific legal implications of your employment contract.
Monday Jun 22, 2020
Monday Jun 22, 2020
Transitioning to Practice
For doctors, one of the most significant life events is transitioning from residency or fellowship into practice. This usually involves a significant pay increase, a job change, possibly a move to a new city, student loan payments increasing, the desire to purchase a house, new car, maybe start a family, among other things. There are many things for physicians to address when it comes to financial planning around this time. If you can set the tone and start your attending career on the right foot, your long-term financial goals will be much more achievable. Today we will discuss setting up a good game plan for your transition to set you up for future financial success.
Creating a plan can be easy when you start with a goal in mind. Assessing your needs now and in the future will help you know what you need to so in the short term to be able to adequately save for retirement, as well as those other bigger purchases you may want down the road. The key is to take it one step at a time.
Tip of the day: Time and money are limited resources. You have to prioritize your goals – answer the question, “what do I want to accomplish?”
For further reading on transitioning to practice check out these blogs: For further reading on transitioning to practice check out these blogs:
Transitioning to Practice: https://thefinitygroup.com/blog/transitioning-from-residency-into-practice
Retirement: https://thefinitygroup.com/blog/how-much-money-does-a-doctor-need-to-retire
https://thefinitygroup.com/blog/saving-for-retirement-is-like-biking-across-the-country
Student Loans: https://thefinitygroup.com/blog/debt-some-guidance-on-how-to-get-rid-of-it
https://thefinitygroup.com/blog/medical-school-loan-dilemma
https://thefinitygroup.com/blog/how-to-qualify-for-public-service-loan-forgiveness
Buying a Home: https://thefinitygroup.com/blog/do-doctors-get-better-mortgage-rates
https://thefinitygroup.com/blog/should-i-buy-a-house-or-keep-renting
https://thefinitygroup.com/blog/the-doctor-mortgage-loan
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.
Monday Jun 08, 2020
Monday Jun 08, 2020
One thing almost every client asks about as they transition into practice is what to do first. You all have competing goals. If you have debt, you want to pay it off immediately. You also know you’re a little late to the retirement savings game and want a million dollars in savings tomorrow. So how do you figure out what to focus on first?
It depends! What makes sense for you does not necessarily make sense for your co-worker. Avoid the water cooler financial planning. The important thing is to approach strategically and make a plan for your cash flow.
One area to pay attention to is going to be Interest rates. Credit cards and personal loans can be pesky areas where we spend more than we need to be spending. An easy way to tackle interest rates is by lining them up by percentage and working your way down debt, starting highest to lowest.
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.
Monday May 25, 2020
Monday May 25, 2020
Own-Occupation Disability Insurance: Do I need it?
Hosts Corey Janoff and Rachelle Vanderzanden dive into detail on the important topic of own-occupation disability insurance. Many doctors have heard from somewhere that they need this, but do they really? When should you get it and why?
What is it? Long-term disability insurance is income protection. If you are unable to work for a few months, a few years, or even suffer from a career ending injury or illness, it will pay out a specific benefit amount. Own-occupation coverage specifies that you are considered disabled if you cannot do your job, even if you can still do something else.
Do I really need disability insurance? Short answer - yes. As a young worker, you build your entire financial plan around an assumption that you will make income in the future. With physicians, that income is generally a very large dollar amount. If we took that out of the plan, what are the chances that it would work?
When should I get coverage? Yesterday. Or the day before you get disabled, but we don’t know when that is. There are two big risks to waiting, 1) you could get disabled without coverage and 2) a medical condition, injury, family diagnosis, or other risk factor could come up that makes it much more difficult, or even impossible, to secure coverage.
How do I get started? There are a handful of companies that offer strong, own-occupation disability insurance coverage. Work with an independent agent to try to find the carrier that works best for you based on cost, underwriting requirements, and what you want in a policy.
Tip of the Day: If you need your income, you need disability insurance.
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.
Monday May 11, 2020
Monday May 11, 2020
On today's Financial Clarity for Doctors Podcast, we speak with popular author, Carl Richards, about having a discussion around finances with your spouse.
Our conversation with Carl Richards is essential listening for anyone who is or plans to have a partner one day. It's never too early to begin thinking about or talking about your financial future. Our guest lays out some ground rules to help make this conversation productive, healing, and eye-opening.
Family histories, lifestyle expectations, and identities all live within our views of finances, which can make the money discussion a personal and sometimes painful topic. Richards is here to show you how to start the money conversation. Provide you with rules like no shame, no blame, focus on what you can control, and time out. After listening to this podcast, you'll have the tools to begin the process. Remember, this is typically a process, not a one, and done conversation.
Tip of the day: Take some time to think about your earliest memory with money.
Carl Richards is a Certified Financial Planner™ professional and creator of the Sketch Guy Column, appearing in The New York Times since 2010. Carl has also been featured on Marketplace Money, Oprah.com, and Forbes.com. In addition, Carl has become a frequent keynote speaker at financial planning conferences and visual learning events around the world.
Through his simple sketches, Carl makes complex financial concepts easy to understand. His sketches also serve as the foundation for his
two books, The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money (Portfolio/Penguin).
He currently resides in London with his family.
You can find his articles for the NYT: https://www.nytimes.com/by/carl-richards
How to Talk About Money:
https://www.nytimes.com/guides/year-of-living-better/how-to-talk-about-money
For more information on Carl Richards, you can visit his website https://behaviorgap.com/ or find him on Twitter at https://twitter.com/behaviorgap?lang=en
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.
Monday Apr 27, 2020
Monday Apr 27, 2020
Why would you want to be on FIRE you ask? Because in this case FIRE means Financial Independence, Retire Early. That is a concept we can get behind and one that our guest Dr. Leif Dahleen is living and breathing. Leif is the author of the popular Physician on FIRE blog as well as a retired anesthesiologist. Retiring early might not be for everyone, but I think we are all striving for financial independence. What can you do to position yourself to achieve that kind of freedom?
Go where the money is. Especially early in your career, you can often make the choice to work in an area where doctors are in high demand, make more money, and sometimes even reduce your cost of living. This gives you a great opportunity to jump start your retirement savings.
Embrace downsizing. People tend to want to increase their lifestyles over time, but would you give up some creature comforts today in order to have more freedom? Living in a less expensive house, driving a less expensive car, and saving on other big items give you a lot more flexibility in your budget. And if you don’t need to support an extravagant lifestyle, then you don’t need as much in savings to get by in retirement.
It’s about having choices. Not everyone wants to retire early but being able to work on your own terms can have a huge impact on your satisfaction with your work. For some people, it is all about being able to spend more time with family while they are young, whether through early retirement or just a reduced work schedule.
Tip of the Day: Try living on half of your take-home pay and saving the rest. That may seem like a big sacrifice but for many physicians, it is still a substantial income.
Special thanks to Dr. Leif Dahleen of Physician on FIRE for joining us in today’s episode! Proceeds from his website are currently supporting Covid-19 relief through the CDC, WHO, Meals on Wheels, and Get Us PPE.
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
Diversification and asset allocation strategies do not assure profit or protect against loss. Past performance is no guarantee of future results. Investing involves risk. Depending on the types of investments, there may be varying degrees of risk. Investors should be prepared to bear loss, including total loss of principal.
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.
Monday Apr 13, 2020
Monday Apr 13, 2020
Nobody likes to see their investment portfolio decline in value. It doesn’t matter whether you are in retirement or just getting started with investing. The recent COVID-19 pandemic caught the world off guard, however, unexpected market movements from time to time really should be…expected. We discuss strategies for navigating this COVID-19 market with Aaron Lewis, MD – anesthesiologist by day, finance nerd by night.
Get a Plan. It is a lot easier to mentally prepare yourself for portfolio declines when you have a plan in place. Preparing in advance for how you may feel (fear, anxiety) and having a strategy for when it happens can help you survive the stormy waters.
Young doctors have the advantage of time. The one thing you cannot get back and cannot create more of is time. Younger doctors have the benefit of time on their side. When stocks decline in value, it creates a great opportunity for long-term investors to purchase shares at a discount and potentially benefit immensely in the future.
It’s normal to feel fear. You wouldn’t be human if you didn’t feel fear. Fear of “losing” money. Fear of not having enough. Fear of dying. We all experience fear. Acknowledge it, accept it, but in times like these, try not to act on it.
Tip of the Day: Focus on what’s important to you. Odds are, we won’t be able to accomplish everything we want in life. If we can achieve six or seven of our goals in life, chalk that up as a success. Really focus on what’s important to you and your financial goals that maximize happiness.
Special thanks to Dr. Aaron Lewis, of MoneyNerdMD.com, for joining us in today’s episode!
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
Diversification and asset allocation strategies do not assure profit or protect against loss. Past performance is no guarantee of future results. Investing involves risk. Depending on the types of investments, there may be varying degrees of risk. Investors should be prepared to bear loss, including total loss of principal.
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.
Monday Apr 06, 2020
Monday Apr 06, 2020
Peggy Haslach takes over the podcast this week with a special bonus episode. When I was young, mothers would say to their daughters, “Settle down and find yourself a good doctor to marry.” Today we are joined by Lara McElderry host of the “Married To Doctors” podcast who tells us that being married to a doctor is not the life of shopping and country clubs people seem to think it is. And she is very appreciative to the role she can play helping her doctor and other spouses of doctors.
The Spouses are the glue in the household. The spouses of doctors often must put their own lives on hold while their spouses finish their residencies and fellowships. That often requires they put up with moving and the possibility that it will take some time to get to their “dream doctor job.” The purpose of the “Married To Doctors” podcast is to provide community and support to those spouses that share the similar experiences of being married to a doctor.
The Spouses are the CEO, CFO and COO of the household. Often if the non-medical spouse in the household will be the ones that run the household both financially and operationally. These spouses not only need to keep the home running, but they need to learn how deal with specific issues that doctors and their families face.
The spouses are on the front line with their spouses during the COVID–19 crises. Those doctors who are treating the COVID patients are putting their lives on the lines. Those doctors that are not treating COVID-19 are clearing their schedules and are only working on limited cases and with limited supplies. This is putting stresses on the family. Doctors, nurses and all the professionals are truly our heroes right now.
Tip of the Day: It is important that we all take care of ourselves so that we can be there to care for our families. We are all looking for good solid advice and support these days. Please share if you know or work with an expert at working with people like you.
If you’d like to learn more about Lara, her and her work, check out MarriedToDoctors.com. You can also find a link to her MarriedToDoctors podcast: http://marriedtodoctors.libsyn.com/ and her new Positivity When Social Distancing Podcast: http://socialdistancing.libsyn.com/
For a video recording of this episode, check out the Finity Group’s YouTube channel. And for more financial planning tips from Peggy Haslach, find her on LinkedIn: @PeggyHaslach or FaceBook: Peggy Haslach – Finity Group, LLC
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.
Monday Mar 30, 2020
Monday Mar 30, 2020
Investment Risks
There are many different types of investment risks. The recent public health crisis and resulting market volatility has demonstrated one type of risk, but there are other things to consider with your long-term investments as well. Try not to focus on one type of risk and ignore all the others.
Changes in price. We have seen huge changes in the stock market almost daily lately. Focusing on daily pricing can be very stressful. If we are investing for long-term growth, we want to focus more on being allocated in a way that gives our money the opportunity to grow over long periods of time. In the short-term that means your money could go either up or down.
Inflation. Things get more expensive over time. If your long-term money is tied up in an account that cannot increase in value, when you need it, you may not have enough to get by comfortably.
Fear of missing out. Don’t get caught up in short-term returns and ignore what your real goals are. Sometimes that hot stock pick is entirely inappropriate.
Risk of not meeting your goals. Focus on being disciplined and saving enough. We can’t control what the stock market is doing, but we can control how much we are spending and how much we are saving. So focus on the things you can control and have reasonable expectations!
Tip of the Day: Focus on long-term goals with long-term money and keep any money you need in the short-term in an account that is stable in value. This means an FDIC-insured savings account!
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
Diversification and asset allocation strategies do not assure profit or protect against loss. Past performance is no guarantee of future results. Investing involves risk. Depending on the types of investments, there may be varying degrees of risk. Investors should be prepared to bear loss, including total loss of principal.
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.
Monday Mar 16, 2020
Monday Mar 16, 2020
Despite the recent volatility in the markets, we still need to save for retirement! Roth accounts can be a great source of tax-free income in retirement when used correctly. Some high-income earners cannot fund Roth IRAs directly, but there is a strategy many folks can use to get money into this account.
Roth IRA. What is it? A Roth Individual Retirement Account (IRA) is an account you fund with money that has already been taxed, and then qualified withdrawals are not taxable. In 2019 and 2020, you can contribute up to $6,000/person as long as you are below the income limits. Depending on your tax filing status, if you make over anywhere from $0-203,000, you may not be able to contribute directly into this account.
The back door. There are no income restrictions on converting money into a Roth IRA. The back-door strategy involves opening a Traditional IRA, making your contribution into that account, and then converting the money into a Roth IRA. It’s more complicated than that, so listen to the episode!
Tax filing. You must pay attention to your tax filing status and report contributions and conversions correctly. If you don’t, you may end up overcontributing or paying taxes that you do not owe.
Tip of the Day: You can make prior year IRA contributions up until the tax filing deadline for the year. You have until 4/15/2020 to make 2019 contributions!
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.