Episodes
Monday Mar 02, 2020
How Sleep Affects Burnout w/Brandon Peters
Monday Mar 02, 2020
Monday Mar 02, 2020
Dr. Brandon Peters took some time to speak with us about the importance of sleep and how it is a huge part of your overall health and how it can improve the quality of your work and help you avoid burnout.
Healthy sleep habits. Most people need 7-9 hours of sleep per night, and it is important to do this as consistently as possible. Develop a routine that helps your body be ready for sleep. Cut out caffeine by mid-afternoon, limit heavy exercise two hours before bed, set aside work or other challenging topics an hour before bed, and cut out alcohol an hour or two before bed as well.
Stress and anxiety can affect your sleep. Everyone worries sometimes. Maybe try “scheduled worry time”. List the things that are stressful and try to find some solutions. Ideally you spend some time thinking about your stressors and finding solutions to a few of them during the day. At night, you may not be able to do a lot about them.
The research. There is no evidence that people get better at being sleep-deprived. There is evidence that adequate sleep can provide benefits almost immediately (mental and physical).
Tip of the Day: If you try to go to sleep early and sleep longer, but struggle to fall asleep and stay asleep, you may just be in bed for too long!
If you’d like to learn more about Dr. Peters’ research you can read more of his research on www.verywell.com. You can also find more information about him at www.brandonpetersmd.com.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden
Instagram: @CoreyJanoff and @VanderzandenRachelle
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.
Friday Feb 14, 2020
Single on Valentine's Day? Let's Talk Money!
Friday Feb 14, 2020
Friday Feb 14, 2020
Are you bored hearing Corey and Rachelle talk about financial planning for families and couples? This one is for the lonely hearts (or happily single folks) out there on Valentine’s Day!
Don’t ignore insurance: It’s not just for families. Disability insurance protects YOU. It’s your ability to earn an income and work toward your own goals that you should be protecting. If you plan on having a family eventually, it can also make a lot of sense to look into life insurance. The cost is dependent on your age and health and any decline in health can make it more expensive or harder to get.
Take advantage of that single status. Kids and spouses can drag you down (financially)! If you are single and have fewer financial responsibilities, take the opportunity to get a head start on paying off student loans or saving for retirement.
Pay attention to your tax bracket. Higher income can push you into a higher income tax bracket much more quickly when you file as a single person. This can make it even more beneficial for some folks to do pre-tax savings into a retirement plan at work, which reduces your taxable income.
Tip of the Day: Revel in your flexibility and freedom and make financial decisions that help you reach your goals. Be selfish! It’s all about you.
For a video recording of this episode and others, check out the Finity Group’s YouTube channel. Be sure to subscribe to Financial Clarity for Doctors on your preferred podcast app to listen on the go!
And for more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or 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.
Thursday Jan 30, 2020
Tax Planning for Doctors w/Ryan Kramer
Thursday Jan 30, 2020
Thursday Jan 30, 2020
With tax season finally here, we know our clients will come up with lots of questions for us. We can tell them how to make a backdoor Roth IRA contribution, but most of the time we’re going to tell you to ask your CPA or tax planner! In this episode, we’re going to try to beat you to it and ask our favorite CPA for you. That’s where Ryan Kramer comes in.
When should you start planning for taxes? Right now. Waiting until close to the tax filing deadline to start to come up with tax deductions is not going to work. Remember to keep in mind taxes that you will have to pay in retirement as well instead of just focusing on tax deductions now.
Retirement savings and taxes. Some retirement plan contributions can reduce your taxable income and others can leave you with tax free income in retirement. Which is more appropriate for you depends on what tax bracket you are in, and what your income may look like in the future (including retirement!).
Should independent contractors form business entities? It depends! This is a very complicated question with very complicated answers. If you work locum tenens or as an independent contractor in some other capacity, touch base with a CPA and a financial advisor to find out what’s best for you.
When should you get in work with a CPA or other tax professional? If you’re afraid you’re going to mess something up or just miss something, get some help.
Tip of the Day: You can make Roth IRA and Traditional IRA contributions for the tax year up until the tax filing deadline (usually April 15th), but if you are using the “backdoor” Roth strategy your tax filing will be much easier if you do it all within the calendar year.
Thank you for joining us, Ryan! If you’d like to get in touch with Ryan Kramer, please feel free to reach out to us anytime.
For a video recording of this episode, check out the Finity Group’s YouTube channel. And for more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or 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.
Saturday Jan 18, 2020
Avoiding Burnout w/the Physician Philosopher
Saturday Jan 18, 2020
Saturday Jan 18, 2020
Getting paid more is not the solution to avoiding burnout. Jimmy Turner, the Physician Philosopher, is here to help us get our financial houses in order so that we can work the way we want and the amount we want.
Burnout. We all know this is a problem for a lot of doctors. Financial insecurity can be a huge contributor by forcing people into work that they don’t enjoy for the sake of money.
What can you do? Don’t increase your lifestyle the second you start as an attending! Maybe give yourself a small percentage increase but use the majority to attack debts and build up your savings. Having a lower debt burden and a buffer will give you more flexibility. Focus on “not making things worse” by spending too much.
Flexibility. If you’re in a good spot with your finances, you have a lot more flexibility to change things you don’t like at work. Not a fan of taking those extra call shifts? Don’t do it. Hate your job? Then find a new one – even if it pays less.
Be content now. It makes sense to focus on goals, but not at the exclusion of enjoying the here and now. There is no magic five years down the road that is going to suddenly make you happy, so learn to be happy with what you already have.
Tip of the Day: If you can limit what you spend on unnecessary luxuries, you can spend more on the things that make you happy. Chances are that’s money spent on things that give you more time, not stuff.
Watch a video version of this episode on Finity Group's YouTube channel!
If you’d like to learn more about Jimmy’s life and what he teaches, check out his website. You can also find a link to his book on the website: The Physician Philosopher’s Guide to Personal Finance. You can also find Jimmy on Twitter: @TPP_MD
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or 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.
Friday Jan 03, 2020
PSLF: What Doctors Need to Know
Friday Jan 03, 2020
Friday Jan 03, 2020
Spencer Salvador joins us to talk specifics about PSLF and what doctors need to do to qualify for student loan forgiveness!
“Is Public Service Loan Forgiveness (PSLF) a good fit for me?” - This is one of the most frequent questions we get from residents and fellows and doctors new in practice. Often followed by a statement that indicates they don’t trust the program. That is understandable! However, as the law is written today, it may be a good fit for many physicians. It really just depends on your career path.
What is PSLF? “The PSLF Program forgives the remaining balance on your Federal Direct student loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.”
What are the main steps to qualify? The above seems simple, but there are a lot of requirements in that one sentence. A qualifying employer is generally a non-profit or government entity (academic institutions and many hospitals often qualify). Qualifying repayment plans include income-driven repayment plans as well as the standard 10-year payment plan. If you are unsure if you meet the requirements, check with someone! You also must file the correct paperwork to verify that you meet the requirements. The PSLF Employment Certification Form is a big one. Make sure you file this each year.
Why have so few people been able to qualify? There was a lot of misinformation about how to pursue this program from the beginning. Many who thought they qualified did not have the correct loans (Direct) or were not in the correct payment plans. For now, the law has not been changed and more people are working toward qualifying.
Tip of the Day: If you are a doctor considering PSLF, we encourage you to educate yourself as much as possible and be proactive. File the appropriate forms and check in with FedLoan servicing to verify that the number of qualifying payments you’ve made are being counted accurately. If you are unsure PSLF is a good fit for your career, try to file the appropriate paperwork to keep your options open.
More Reading:
- Federal Student Aid, Public Service Loan Forgiveness (PSLF)
- Salvador, Spencer. Financial Clarity Blog: How to Qualify for Public Service Loan Forgiveness
Thank you to Spencer Salvador for walking us through some of the key steps of PSLF!
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter: @CoreyJanoffCFP and @RachelleFinance. Be sure to also check out Finity Group's YouTube Channel for video episodes of our podcast and other content.
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.
Sunday Dec 15, 2019
Holiday Gift Giving
Sunday Dec 15, 2019
Sunday Dec 15, 2019
Happy Holidays to all our listeners! This short episode highlights a few tips for not breaking the bank over the holidays and making the most of your time with loved ones. We also have a video version of this one with us wearing our festive holiday attire! Check it out on our YouTube channel: https://youtu.be/zrav8ejiHU8.
Tips for our listeners:
- Young kids do not need extravagant presents, or even a lot of them! They love whatever they get (and in the case of Corey’s brother, even just an empty box as a child).
- Plan ahead with your holiday shopping and you can be more thoughtful as well as spreading your costs over the year.
- Some people don’t want or need presents! Think about giving the gift of your time or sharing an experience with them.
- Don’t be tricked by sales and gimmicks! You are spending money, not just ‘saving’ money when buying something on sale.
- Gift exchanges and group gifts can be great options. Less is more sometimes!
Wishing you all a joyous, low-stress, holiday season!
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or 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.
Sunday Dec 08, 2019
Estate Planning Essentials w/Bob Kabacy
Sunday Dec 08, 2019
Sunday Dec 08, 2019
Estate Planning
Creating a will and other estate planning documents is not exactly fun, but it’s a gift to those you leave behind. One thing we can do is make our wishes clear, so our loved ones can navigate a difficult situation a little more easily.
What is estate planning? At its most basic, an estate plan is a set of documents that help others carry out your wishes when you are incapacitated or have passed away. Some of the main components include a will, documents that direct medical and financial decisions if you are incapacitated (medical directive and power of attorney), and potentially a trust.
Always name a guardian for your children. This is one of the main purposes of a will for individuals with minor children. The courts will attempt to determine a guardian for your children in line with their best interests, but it may not be what you would have wanted.
Beneficiaries. Revisit beneficiary designations on investment accounts and insurance policies periodically (especially if things change). If your will and the beneficiary on an account contradict each other, the beneficiary designation will typically be followed.
Tip of the Day: There are lots of “do it yourself” services out there but having a guide through the estate planning process can help you make sure that you don’t miss things. There may be things you don’t know that you don’t know.
Thank you to Bob Kabacy for joining us on the show. Feel free to reach out to us if you’d like to get in touch with him or an estate planning attorney near you.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or 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.
Sunday Nov 24, 2019
Selling a Home w/Rick McDowell
Sunday Nov 24, 2019
Sunday Nov 24, 2019
Maybe you’ve purchased a home before, but have you ever tried to sell one? Not as easy as you think! Rick McDowell is back with a few tips to make it as painless as possible.
Your home has to look like someone else can live there! When people walk into your home, they want to be able to imagine living there. Keep it tidy! Put away the things you don’t need, so there is more room in people’s minds for their own things.
Make your home as accessible as possible. It might not be convenient, but people may need to look at your house at a time that fits THEIR schedule. And you don’t want to be there!
Price it right the first time. If a house is on the market for a while, buyers may think there is something wrong with your home. Discuss strategies with your real estate agent. It could be different depending on what kind of market you are in.
Tip of the Day: In the words of Rick McDowell, “Clean. Clean. Clean. First impressions are best impressions!”
Huge thank you again to Rick McDowell! Feel free to reach out if you’d like to get in touch with him or someone in his network in a city near you.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or 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. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Sunday Nov 10, 2019
Home Buying w/Rick McDowell
Sunday Nov 10, 2019
Sunday Nov 10, 2019
Thinking about buying a home but have no idea where to start? Rick McDowell is here to help! This is something that comes up for a lot of physicians early in their careers, so we wanted to put together an episode with a few tips and tricks.
Communication is key! Have a clear outline of what your needs and wants are and communicate that with your real estate agents and your spouse. You have to get on the same page with your expectations.
Your down payment is not the only cost to get into the home. There are many fees associated with buying a home including appraiser fees, inspections, title insurance, ongoing maintenance, and taxes to name a few. Be fully aware of the costs you are going to need up front.
Real estate markets are unpredictable. If markets appreciate at three percent, you can recoup a lot of the costs of the purchase over about three years. We don’t necessarily know what the real estate market will look like over a specific time period, so plan to stay in a home for a while. Find something you love enough to own for at least a few years!
Tip of the Day: Understand the costs of home buying and ongoing maintenance before making this huge decision. Renting is not always throwing away money and buying a home is not always a good fit.
Huge thank you to Rick McDowell! Feel free to reach out if you’d like to get in touch with him or someone in his network in a city near you.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or 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. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
Sunday Oct 27, 2019
Divorce (2/2): What to Know Beforehand w/Blake Van Zile
Sunday Oct 27, 2019
Sunday Oct 27, 2019
Divorce – What to Know Beforehand
In this episode, we continue our discussion about divorce with attorney Blake Van Zile. In the second part, we talk about some surprising things that come up in divorces, the affect of divorce on businesses, and what to look for in an attorney. As well as a few funny anecdotes to break up the divorce-talk tension.
Unexpected things in divorce. If you agree that one spouse can stay in the home, make sure that it is feasible financially. One party may need to secure life insurance if they are responsible for child support or alimony.
Businesses in divorce. If one or both spouses are business owners, decisions regarding the business often need to go through attorneys. Often even a non-working spouse may have an interest in the business.
What do you look for in an attorney? Someone you can talk to about everything - even the things that you said or did when very upset. You need to trust them enough to be honest with them.
Tip of the Day: When going through a divorce, revisit your estate plan to ensure that if something happens, your assets are distributed the way that you want them to be.
Huge thank you to our guest, Blake Van Zile. Look her up on LinkedIn if you get a chance: @BlakeVanZile
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, or legal or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.