Financial Clarity for Doctors

AI Financial Advice

In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden dive into the world of financial advice driven by Artificial Intelligence.  Computers are becoming more and more sophisticated and nuanced in their ability to answer questions and provide advice and information on a wide range of topics.  Can we rely on AI for good financial advice?

In this episode we walk through:

• Current uses of AI in financial advising including sophisticated note taking and answers to questions based in facts. For example, what is the 401k contribution limit in 2025?
• We also talk about some of the limits of AI in this world.
  • One of the biggest factors is not knowing what information to provide in order to get a good output. For example, if you forget to prompt for inflation, would that be included in an answer regarding retirement readiness?
  • Financial advice can also be very nuanced and influenced by individual goals, how much risk a person can tolerate, compromises between partners, and personal experiences. It’s hard for a computer to know you well enough to take those things into consideration.

In short, artificial intelligence may be helpful to solve some of the factual and math questions in finance, but it doesn’t seem like we are there yet with the personal side of things.  Which is a very big part of planning!  Listen to the full episode to hear more about ways that AI may be able to help in plan, and areas where it may struggle a bit.

For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.

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.

How Assumptions Affect Our Financial Plans

In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden unpack many of the assumptions that are built into financial planning.  This is necessary when you can’t predict the future, but how conservative or aggressive your assumptions are can greatly impact your chances of success.

Some of these assumptions include:

• Your projected age of retirement
• How much money you will need to be comfortable in retirement
  • What inflation rates will be between now and then
• Investment returns
• Estimated taxes at different points during your career and retirement
• How much you will be able to save
• How much income you will receive from social security

 

No two projections will look the same.  They all rely on assumptions, because we don’t have all the data we need for the next 30, 40, or 50 years.  When you are working through financial projections, it is a great idea to adjust the inputs to see how your assumptions are impacting your plans.  For example, if you adjust your inflation estimate from 2.5% to 3.25%, you will need to save MUCH more or modify your standard of living to reach your goals.  We recommend focusing on the things you can control (mostly your spending and your savings) but also understand how different future outcomes outside your control can affect your plans.

 

For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.

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.

Selling to Private Equity

In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden walk through some details of selling different types of medical practices to private equity.  This trend is growing and could potentially affect you whether you are employed by a large hospital system or the sole owner of your own practice.

In this episode, you will hear:

• Discussion of the movement away from physician-owned private practices to larger groups and hospitals.
• The growth of private equity in medicine.
• The objectives of private equity firms and the doctors who are looking for investors.
• A few examples of how a buyout can be structured.
• Considerations when you are trying to decide if it is worth it. Or even possible.

If you’re curious about these sorts of transactions, give this one a listen!  Even if you aren’t currently employed in a situation where this is possible, it could come up in the future.

For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.

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.

Impacts of OBBBA on Giving, Taxes, etc.

This episode of Financial Clarity for Doctors delves into some updates to charitable giving under the new One Big Beautiful Bill as well as some other items in the bill that may affect listeners.  Hosts Corey Janoff and Rachelle Vanderzanden walk through some highlights.  Keep in mind that federal policy evolves as the executive branch and Congress evolve.  This is the tax structure for now, but not forever.

Changes under the One Big Beautiful Bill Act include:

• Non-itemizers may deduct charitable gifts of up to $1,000 per person, $2,000 per couple.
• Itemized deductions will be limited to gifts exceeding 0.5% of Adjusted Gross Income (AGI).
  • Grouping gifts into a single tax year may still be beneficial for many people.
• Tax brackets, higher standard deductions, and high estate tax exemptions have been made “permanent”.
• Student loans from the federal government will be limited for new borrowers.
• Student loan payment plans will be limited to two options for new borrowers: a standard repayment plan and the income-driven RAP plan.
  • The new RAP plan will be 10% of AGI (not discretionary income).
• Existing borrowers may need to switch payment plans if they are on SAVE or PAYE before July 2028, but still have more options than new borrowers.
• Most tax credits geared toward energy efficiency are being phased out.
• Introduction of “Trump” accounts with a $1,000 federal government deposit for kids born from 2025 to 2028.
• Increased requirements for Medicaid reimbursements may affect many providers.

 

This bill was huge!  You can listen to the full episode to hear more, but if there is a specific item you think may affect you, do some additional research.  Pay special attention to the energy tax credit phase out if you were planning to do some of this in your home/life, student loans for your kids and your loans if you still have them, and how Medicaid reimbursements may affect you as a provider.  Listen to the full episode to learn more!

 

For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.

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.

Tax-Efficient Charitable Giving

For those of you that are interested in giving, let’s try to do so as tax efficiently as possible!  In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff walk through a few ways you can give money to the causes that are near and dear to your heart and pay a little less in taxes at the same time.  Often, the larger the gift, the more tax benefits, but even small gifts can potentially have tax benefits.

A few ways to get tax deductions for charitable contributions include:

• Smaller gifts to qualifying non-profits if you already itemize on your taxes.
• Gifting appreciated stock from non-qualified accounts.
• Gifting money to donor-advised funds.
• Setting up private foundations.
• Bequeathing money from a potentially taxable estate.
• Setting up a trust specifically for charitable giving.

Some of your tax money may go to causes you support, but choosing your own causes can be much more rewarding and potentially lessen that tax burden.  Listen to the full episode to learn more!

For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.

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.

Busting Financial Planning Myths

There is a lot of “common knowledge” in life that may or may not be right for you.  In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff debunk some financial planning myths that simply don’t hold true for most people any longer.  As always, you should take the specifics of your situation into consideration when making any financial decisions.

“Myths” discussed include:

• You can set up a financial plan once and then call it good!
• All debt is bad.
• Renting is a waste of money.
• Social security will go bankrupt (and there will be no remaining benefits) by the time you retire.
• The goal of investing is to get the best returns.
• And so many more!

As we start feeling a little more comfortable talking about money, we can learn a lot from the people and resources around us!  But we can also gather information that is incorrect or just isn’t appropriate for your own plan.  Take a little time to make decisions (especially big ones) with your personal goals and information in mind and don’t rely on “common knowledge”.  Listen to the full episode to learn more!

For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.

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.

Do You Need Alternatives in Your Portfolio?

Some investments are flashier or more exciting than others.  But do you really need flashy and exciting to meet your financial goals?  In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden and Corey Janoff talk about alternative investment strategies and whether you may need them as part of your investment strategy.

This episode covers some basics of alternative investments including:

• Advantages and disadvantages of these kinds of tools.
  • Advantages include diversification and potentially higher returns.
  • Disadvantages include potential for greater losses, higher costs, lack of liquidity, and less regulation than more traditional investments.
• Different types of alternative investments (hedge funds, structured notes, private equity, etc.)
• How to evaluate whether these may be an appropriate addition to your plan.

As always, whether a particular strategy makes sense for you depends on your financial status, goals, and even personality.  Most folks will not need complicated alternative investments to meet their goals, but it can be something to consider for folks who are willing to take on more risks and costs to explore something a little different (and potentially exciting if you are successful).

For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.

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.

The Goalpost Keeps Moving

In this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff discuss how our expectations adjust over time.  If we continue to want more and more, how will we ever be satisfied with what we already have?

Discussions in this episode include:

• Nostalgia about the “good ol’ days”.
• Comparisons of expected standard of living in the middle of the twentieth century and today.
• How personal expectations change over time. Most folks don’t want to live like college students as working adults!
• The idea that rising expectations leads to more work and money to meet those expectations.
• Ways to potentially curb your expectations so you are less reliant on money and work.

Much of financial planning is behavioral.  If you can adjust your behavior, it may be much easier to meet your goals.

For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.

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.

Is PSLF Still Worth It?

Public Service Loan Forgiveness is a hot topic for many medical professionals still trying to work their way out of school debt.  In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff walk through the current state of the program and whether or not it’s still worth pursuing.

This episode discusses:

• The basic parameters of Public Service Loan Forgiveness (PSLF).
• Historical context of proposed changes to the program.
• The current payment plan drama, including where we are at with the SAVE plan.
• Possible next steps for folks with federal student loans.

As with everything, whether a particular path is appropriate for you depends on your individual circumstances.  If you believed PSLF was a good fit for you previously, chances are that program is still a good “Plan A”.  But just like other parts of your financial plan, it is always helpful to have a Plan B.

For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.

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.

How to Value Your Time

In this episode of Financial Clarity for Doctors Finity Group financial advisors, Corey Janoff and Rachelle Vanderzanden, discuss a few ways you can work through how to value your own time.

Valuing your time:

• Why does it matter? This can help you decide all sorts of things!  Such as….
  • How much to work (assuming you have the flexibility to decide)
  • Whether it makes sense to do something yourself or pay someone else to do it
  • How to discuss finances with family and loved ones
• Your time spent in training is an investment in future earnings, which are not simple to predict.
• As an attending, think about how much time you spend to be able to work. This includes time at work, getting to work, continuing education, and time at home spent on work tasks.
• If you know your total time commitment per year and your annual pay, you can get a basic hourly rate for yourself and use that to decide lots of things.
  • For example, buying this new car is equivalent to me working five hours per month – is that worth it to me?

Money isn’t everything.  Some people work to live.  If that’s you, take some time to consider how much work you are doing to support your lifestyle and whether that’s worth it to you.  Other people love their work!  If that is closer to your attitude, you may want to work more even if the pay is low.  There are no wrong answers if you are making decisions that fit you and your family.  Listen to the full episode to learn more! 

For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.

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.