Corey Janoff and Rachelle Vanderzanden of Finity Group discuss pertinent financial planning topics affecting doctors and other medical professionals.
Episodes
Monday Jun 12, 2023
Monday Jun 12, 2023
In this episode, Rachelle and Corey tackle some basic goals you can tackle at each stage of your career. These goals build on each other over time. This is not designed to be a comprehensive list, but can be a great quick-start guide!
Examples include:
- Living frugally and focusing on minimizing debt as a student.
- Starting some basic retirement savings and protecting your income as a trainee.
- Maxing out tax-advantaged retirement plans and building a good savings buffer as a new attending.
- Clarifying your longer-term goals as you are settled into practice.
- Refining your exit strategy as you get ready for retirement.
- AND spending your hard-earned savings sustainably as a retiree.
Listen to the full episode for more tips on how to approach debt repayment and savings over time.
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.
Wednesday Jun 07, 2023
Wednesday Jun 07, 2023
This weeks blog, written by Peggy Haslach, discusses financial planning for the LGBTQIA+ community.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
Monday May 29, 2023
Monday May 29, 2023
Corey and Rachelle dive into the idea of housing arbitrage in the newest episode of Financial Clarity for Doctors. If you bought a home or refinanced it at historically low interest rates, you may be able to work that to your advantage in a unique way.
The scenario this episode explores involves:
- A homeowner in a desirable area with a comparatively low monthly cost.
- Example cost (mortgage, taxes, insurance): $6,000 per month.
- Exploring moving to a neighboring town where costs are lower, but want to rent first.
- Example rental cost: $3,000 per month.
- In the meantime, will rent out their existing home (in the desirable area).
- Example rental income: $6,500 per month.
- By doing this, they are generating positive cash flow of $3,500 per month!
- Lower monthly housing costs for them, and a bit more income than expenses on the home.
- This could potentially apply in other situations, where you are considering a move to another city with a lower cost of living as well.
Listen to the full episode to learn more and explore some of the potential risks. This is not for everyone!
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.
Tuesday May 23, 2023
Tuesday May 23, 2023
In this week's blog, we dive into the costs of buying, selling, and owning a home and whether it makes sense to buy or rent in the short-term.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
Wednesday May 17, 2023
Wednesday May 17, 2023
In this week's blog, we dive into what to look for in a disability insurance policy, so you can secure the policy that's right for you.
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
Monday May 15, 2023
Monday May 15, 2023
In this special 100th episode of Financial Clarity for Doctors, Rachelle and Corey discuss some principles of money that are worth incorporating into our daily lives. Bottom line – A lot (but not all) of this is behavioral!
Numbers Driven Principles:
- Some of this needs to be backed up by data! Including discussions of:
- The time value of money
- Risk/reward trade offs
- Diversification
- Inflation and compound interest (compounding can work for you AND against you)
Behavior-Driven Principles:
- Luck is luck. Don’t get too hung up when you are randomly on either side of it.
- Uncertainty is a given. Stop trying to focus on what may or may not happen and focus on what you can control!
- Stop comparing yourself to others.
- People have different goals and values and different ways of supporting that with their resources.
- Appearances can be very deceiving.
- Separate fun from investing. It should be boring!
- Financial independence can have a huge impact on happiness and satisfaction.
- Even if you are working, you are doing it on your own terms now.
Listen to the full episode for these tips and so many 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.
Monday May 01, 2023
Monday May 01, 2023
In this episode of Financial Clarity for Doctors, Corey and Rachelle weigh the pros and cons of different types of employers. It’s job search time, and while money isn’t everything, it is important to understand the financial benefits of each job to make an informed decision.
Financial Considerations When Deciding on a Job:
- First – Pay! Not just the dollar amount.
- Is it salary or production-based?
- If production-based, get some estimates of what new physicians have earned.
- Are there bonuses and how likely are you to get these bonuses?
- What are the hours? Call? You may not be getting paid more if you’re working twice as much!
- Is it salary or production-based?
- You can assign these a dollar value as well!
- Retirement benefits can be huge!
- Matching, flat employer contributions, pension benefits.
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- How much will you pay for medical insurance?
- How much life and long-term disability insurance do they offer?
- Will you need to purchase tail insurance if/when you leave?
- Public Service Loan Forgiveness (PSLF) and other loan repayment programs.
- Does your prospective employer qualify for PSLF or other programs?
- How much could you potentially have forgiven?
- The larger your loan balance, the more attractive loan forgiveness is.
- Retirement benefits can be huge!
Look beyond the obvious when making employment decisions, and don’t sell yourself short!
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.
Monday Apr 17, 2023
Monday Apr 17, 2023
Today on Financial Clarity for Doctors, Corey and Rachelle unpack some of the details behind the fall of Silicon Valley Bank (SVB). Is the whole banking industry in trouble, and should we be worried?
Banking is reliant on trust:
- Depositors need to trust that the money they place in the bank will be there when they need it or the whole system collapses.
- If banks give customers reasons to be afraid, then people may withdraw their money.
- Lots of SVB depositors tried to withdraw money within a short period of time, and the bank could not easily liquidate investments (some of which had lost money) and distribute all those bank account balances at the same time.
- Federal government stepped in to make the depositors whole again.
- Federal protections in place to help facilitate trust in the banking industry.
- Look for FDIC insurance coverage at your bank, which protects most balances up to $250,000.
- In the case of SVB, the government helped make depositors whole above the FDIC limits.
Simple steps like double-checking FDIC limits and coverage at your bank, can help ensure that your deposits are safe.
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
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.
Wednesday Apr 12, 2023
Wednesday Apr 12, 2023
In this week's blog, we remind everyone of the upcoming one-time adjustment for student loans to receive PSLF credits for payments that were previously ineligible to count towards PLSF. Make sure you have all of your ducks in a row by end of 2023 to be eligible to receive the credits!!! Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.
Monday Apr 03, 2023
Monday Apr 03, 2023
Today on Financial Clarity for Doctors, Corey and Rachelle discuss different ways of purchasing a home. With housing inventory still being low in many places, it can be helpful to explore all your options.
Types of Homes to Consider:
- Homes for sale by another owner (pre-owned homes).
- Can include single family homes, but also condominiums or townhomes.
- This is the fastest way to get into a home generally, but the home is what it is.
- Can potentially negotiate on price and other items.
- New construction homes that have already been built or are in the process of being built.
- This will be a brand new home, and you may even get to pick some of the finishes if the build is not complete.
- Much less negotiation with a new home.
- Custom homes
- This can be more expensive, slower, and more challenging to finance, but will be the closest to exactly what you want.
You may be limited a bit by your timeframe, but if you have the time, it is well worth it to explore all options available to you.
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
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.