Financial Clarity for Doctors

Investing in an Election Year

Politics can certainly make life spicy and a little stressful!  But how should things like a presidential election affect your investment decisions?  Should they at all?  In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff discuss some of the implications of investing during a presidential election year. 

In this episode you will hear about:

• A few basics on how the stock market functions, including everyone trying to use their crystal balls to guess what happens next.
• Statistics on stock market performance under different presidents.
• Policy issues that can potentially affect the stock market (taxes may be the best example).
• Things that affect the stock market and are not related to politics. Hint – this is a much longer list!

The bottom line is that politics matter a lot!  BUT they do not affect your investments nearly as much as you think.  As we go through this election, don’t let politics influence your investment strategy.  There are too many other things that matter much more.  Listen to the full episode to learn more.

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 

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.

Life Insurance Considerations for Doctors

It’s September and that means we are diving into life insurance awareness month!  The reason we need a whole month to raise awareness on this topic is because nobody wants to think about their own mortality; but it’s still important.  In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff discuss why, when, and how to explore life insurance. 

In this episode you will hear about:

• Some of the reasons people secure life insurance.
• The process to get life insurance.
• The differences between term life insurance and permanent life insurance.
• Things to think about when securing coverage, such as how much coverage and how long you need it to last.

The goal of this conversation is not to be morbid or pessimistic.  The goal is to consider a plan to make sure if we lose someone unexpectedly, we have less to worry about on the financial side of things and can spend more time focusing on family and healing.  Listen to the full episode to learn more.

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 

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.

Preparing for Declining Interest Rates

In this episode of Financial Clarity for Doctors, Corey Janoff and Rachelle Vanderzanden discuss the changing interest rate environment and a few things to think about as the economy adjusts. 

Interest rate discussion topics include:

• How the Federal Reserve uses interest rates to influence the economy.
• How interest rates can potentially affect the stock market.
• Mortgage interest rates and refinancing.
• Housing costs.
• High yield savings accounts and certificates of deposit.

Interest rates have a short-term effect on everything from the stock market to the interest on your bank account.  With most financial planning topics, the goal is to set a course and stick to it, but interest rate changes could mean a change to your short-term strategy.  Listen to the full episode to learn more.

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 

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.

College Savings Revisited

Rachelle Vanderzanden and Corey Janoff revisit the topic of saving for college in this episode of Financial Clarity for Doctors.  We walked through some basics on this topic a few years ago, but things change over time! 

Some of the topics covered include:

• Discussing how you would like to support your children with higher education. Establish some goals!
• The increasing costs of higher education.
• Savings ahead of time vs paying out of pocket as expenses arise.
• Different types of accounts that can be used to fund education.
  • Recent changes for 529 college savings plans.

Tune in for more on ways to save and recent developments in college savings planning.  Keep in mind that this may be one of many financial goals, and one important step is to make sure you understand where this fits on your priority list.  There are loans for school; there are not loans for 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 

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.

What if You Need to Decrease Savings?

In this episode, Corey and Rachelle talk about when and how to potentially decrease your savings.  We spend a lot of time talking about how to save more over time, but sometimes life happens and you may need to make some adjustments in the other direction.  Listen to the episode to learn more about how to thing strategically about making these adjustments.

Thoughts to consider from this episode:

• Assess why cash flow is tight: New baby?  New mortgage?  Is this a temporary change?
• Go back to your goals and move things around if needed. Don’t lose sight of what’s important to you.
• Review your spending to see if you can make any changes there BEFORE reducing savings. Can you potentially shift some short-term savings to long-term savings now?
• If you ultimately decide you need to decrease savings, start with non-qualified accounts. Try to keep maxing out retirement plans as much as possible.

Listen to the full episode to hear more about how to implement these strategies in your own plan.  If you do find yourself in a position where you need to decrease savings, try to start increasing those savings again as soon as possible.

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 

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.

What You Need to Know About Social Security

In today’s episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff discuss the ins and outs of Social Security.  Some of the history behind it.  How the benefits work. Will it be around in the future?

Some highlights from today’s episode:

• The history of Social Security and what it was designed for.
• How it is funded.
• How benefits are calculated and where to find your estimated future benefits.
  • Some examples based on when you start receiving Social Security benefits.
• The future outlook of Social Security.
• How to incorporate Social Security into your financial strategy.

Listen to the full episode to learn more!

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 

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.

You're Inheriting Money; Now What?

In today’s episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff discuss some basics of what it means to inherit money.  Projections show that there will be a large transfer of wealth from Baby Boomers to younger generations.  How will that be taxed?  What should you do with the money? 

Inheritance considerations discussed in this episode include:

• How do assets move from one person to another when someone passes away?
• What happens when someone passes away without a will?
• How are different kinds of things taxed when you inherit them?
  • There are big differences between retirement accounts, property, business assets, and non-retirement investment accounts.
• Do I need to worry about estate taxes?
• What should I do with the money I receive?
  • Review your goals before you decide!
• How do I know if the investments in accounts are appropriate for me?

This topic is complicated and there’s a lot to discuss.  Listen to the full episode to learn more!

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 

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.

State of the US Economy

In this episode, Corey Janoff and Rachelle Vanderzanden walk through some key economic indicators of the US Economy in early 2024.  The media would have us believe things are going very poorly, but how do we interpret the data?

US Economic Indicators:

• Inflation is the biggest issue people mention, but has decreased substantially to 3.4% year over year in April of 2024.
  • When adjusting for wage increases, people are generally not paying more as a percentage of their income in 2023 for goods and services than they did in 2019.
• Unemployment is currently going on 27 months of a lower than 4% unemployment rate. Which is more than a 50-year record!
• Housing is challenging. Prices remain high and interest rates are high, which means prospective new home buyers will pay much more for a home each month than they would have a couple of years ago.
• Many things cost less today as a percentage of income than they have in the past.
  • In the 1950s many people spent more than 20% of their income on food. Today the average is under 10%.

 

There are many different things that make up the “economy”.  It is always nuanced, but keep in mind that the media has a vested interest in keeping your attention.  Doom and gloom grabs a larger audience than feel good stories.  Be aware of what’s happening in the world, but focus on what you can control.  Chances are, a lot of you are doing pretty well!

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 

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.

Increasing Your Luck Surface Area

Rachelle Vanderzanden and Corey Janoff tackle some ways to increase occurrences and the impact of good luck (and decrease the impact of bad luck) in this episode of Financial Clarity for Doctors.  There will always be things out of our control, and we might as well prepare for them the best we can.

How do you increase chances of “good luck” and decrease chances of “bad luck” in your financial plan?

• Have some extra cash on hand for emergencies.
• Work hard and be kind. If you have the support of the folks around you, they will often help things go more smoothly.
• Take on less debt than you can afford.
• Be aggressive with your savings.
• Build some diversification into that plan!

Things will not always go as we plan.  It’s important to have plans B, C, and D lined up just in case.

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 

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 Feel Rich?

In this episode of Financial Clarity for Doctors, Corey Janoff and Rachelle Vanderzanden talk about the moving goalposts of what it means or feels like to be “rich”.  Such a loaded word!  But how much you earn or have may not matter nearly as much as where you live or even your attitude.  If we compare ourselves with some averages, it can put things into perspective a bit.

How do you even measure being rich?

• Income – Keep in mind that many of our listeners are in the top 5-10% of earners in the US.
  • Median household income was $74,580 in 2022.
  • Only 12% of households earn above $200,000 per year.
  • Only 2.6% of households earn above $400,000 per year.
• Net Worth – This is a little harder to measure. You can look at the things you own/money you have set aside and then look at your debts.  Early career physicians often have a negative net worth with the student loan balances, but many are able to build this fairly quickly as attendings.
• Cash Flow – High fixed expenses (like mortgage, student loan payments, and childcare) can make things feel tight from month-to-month. Definitely does not make you feel rich.
• Comparisons – Who are you comparing yourself to? A person making a median income with a median net worth, or your older colleagues at work who have had more time to grow their wealth.

Money is only one way to measure wealth.  We can also look at things like health, time with family, and a sense of purpose.  Even if you are not a top earner or a person with a large net worth, that doesn’t have to stop you from feeling rich.  Is your glass half empty or half full?  Listen for the full episode to hear more.

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 

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.