Finance for Physicians

Can more money and stuff really buy happiness? What does the world, science, and Bible teach us about money? Discover what Christianity says about properly managing money. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about underlying and non-negotiable values and beliefs regarding money to create more happiness. Topics Discussed: Wrong Direction: If getting rich is driving force, align/understand purpose, values Money: Tool to live good life through your goals, purpose, and values Bible: Covers money and personal finance lessons - lean on your faith Harvard Study: Does spending or giving money away make you happy? Income/Wealth: More money gives good return on happiness but doesn’t last Baseline Needs: After meeting them, why not try giving rather than spending Research: Giving money equals happiness, especially when you have a choice Links: Customer Reviews on iTunes Money spent on others can buy happiness (2008 Harvard Study) What Can We Learn From Jesus About Money with Dr. Ben Witherington III What Does The Bible Teach Us About Money Charitable Giving Strategies To Reduce Taxes with Justin Harvey Contact Finance for Physicians Finance for Physicians

Insurance agents posing as advisors is more common than you may realize and can create conflicts of interest. The key is having better awareness. Don’t get fooled again!  In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five ways to identify whether you are working with an insurance person who is posing as a financial advisor. Topics Discussed: Sign #1: Aggressive posers seek you out after making contact or via referrals Sign #2: Posers offer you free or low-cost financial “advice” Sign #3: Posers act as trusted advisors; don’t refer to themselves as salespeople Sign #4: Advice and product solutions offered by posers are similar across clients Sign #5: Agents posing as advisors make it difficult to leave them/their products Links: BrokerCheck National Association of Insurance Commissioners (NAIC) - State Based Systems How Conflicts Of Interest Muddy the Financial Advice Waters with Donovan Sanchez Contact Finance for Physicians Finance for Physicians

Are you struggling with the temptation related to student loan perks? What are the intended consequences of student loans and associated COVID forbearance programs?   In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about saving money to avoid the COVID-19 forbearance lifestyle creep. Topics Discussed: COVID Forbearance: No payments, no interest on student loans until Aug. 31 Good news? Yes, for PSLF, but what are people doing with the money? Average American Person: Temptation is to spend all or more money in pocket Consumption Effect and Awareness: Student loan payments will begin again Links: Public Service Loan Forgiveness (PSLF) How to Avoid Lifestyle Creep - Finance for Physicians Contact Finance for Physicians Finance for Physicians

New developments continue to be added to the federal student loan generosity trend. Changes will help address administrative complications and failures to provide relief and reduce harm to borrowers.   In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about recently announced federal student loan changes and how Public Service Loan Forgiveness (PSLF) qualification may affect physicians. Topics Discussed: COVID Forbearance: Extended again until Aug. 31 Change #1: End forbearance steering by not making forbearance easy Change #2: Eliminate the ability to opt-in to forbearance by text or email Links: Department of Education Announces Actions to Fix Longstanding Failures in the Student Loan Programs Federal Student Aid - Submit a Complaint PSLF Limited Waiver Opportunity Huge Benefit For Physicians Contact Finance for Physicians Finance for Physicians

Do you love to save on your taxes? One of the most overlooked or common mistakes is the failure to maximize tax breaks that are available to physicians.   In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about five of the most overlooked tax breaks for doctors. Personal finance is about avoiding errors or when it comes to filing income taxes with the Internal Revenue Service (IRS). Topics Discussed: 5 of the Most Overlooked Tax Breaks for Doctors: Health Savings Account (HSA): Build wealth and avoid income tax Tax Loss Harvesting: Capital gains and losses are taxable investments Backdoor Roth IRA: Indirectly fund Roth IRA if income is above threshold Business Expenses: For side-hustle or self-employed with 1099 income Work Retirement Plans: Max out 401(k), 403(b), 457(b), and pensions Links: Using Your HSA To Build Wealth Everything You Need To Know About Backdoor Roth IRA Can You Max Out Both Your 403b and 457b Plans? Contact Finance for Physicians Finance for Physicians

More people should be renting rather than buying a home. Why? For some people, renting their home is the key to building wealth.   In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the financial benefits of renting over buying a house. Topics Discussed: 5 Big Reasons for Renting vs. Buying: Shorter time horizon for training (5 years or less) Transaction costs of buying and selling real estate Real estate prices can go up or down High-Cost Living Area: Too expensive to buy a home; renting is better Homeownership requires more time, money, and effort than renting Deal or transaction of buying a home is part of lifestyle creep Benefit from having financial flexibility Links: Financial Residency Podcast Contact Finance for Physicians Finance for Physicians

If you are employed and work for a hospital system or plan to work for one in the future, do you have access to a 401(k), 403(b), and/or 457(b) retirement plans?    In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how different retirement plans interact collectively. Can you max out both your 403(b) and 457(b) plans? Topics Discussed: Tax shelter limits for 401(k), 403(b), and 457(b) retirement plans Maximum for Employees: 401(k)/403(b) is $20,500 combined per year 457(b) is $20,500 separate limit Retirement plans with mandatory and required contributions 457(b): Governmental or non-governmental plan, which is better and why? Links: Contact Finance for Physicians Finance for Physicians

If you already have or plan to set up or start a health savings account (HSA), how do you make sure it is efficient to build wealth and possibly invest?   In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to best manage HSAs. Topics Discussed: HSA: Best tax shelter that exists as a vehicle to put your money into HSA vs. Flex Spending Account (FSA): What’s the difference? HSA Strategy: Rule #1: It’s best not to spend out of your HSA Rule #2: If using HSA to build wealth, make sure to invest cash Rule #3: As you have healthcare expenses, save the receipts When to start using your HSA? Balance equals future expected healthcare costs HSA Beneficiaries: Make sure to identify spouse or dependents When is the best time to fund HSA? Max out sooner than later Cafeteria Plan: Better to funnel money through employer HSA for matching funds Switching Providers: Keep up with transfers and minimize number of HSAs Links: HSA Bank Lively Why the HSA is a Hidden Gem Contact Finance for Physicians Finance for Physicians  

Burnout is something that occurs in all professions and to all kinds of people, but especially physicians. The burnout statistics are concerning.   In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about using financial planning to prevent physician burnout. Your finances and having a financial plan at your disposal is one of the best tools to fight burnout. Topics Discussed: What is good financial planning? Goal is to get an ideal life Financial Vitals: Money can and does have a huge effect on how life turns out Burnout Causes: Job issues, professional stress, and personal/financial factors Burnout Symptoms: Depression, overworked, lack of confidence, stress, etc. Self-care Solution: Takes time, confidence, and money to work on burnout issues Links: How to Help Combat Physician Burnout (White Coat Investor) The Key Process Behind Using Money To Live Better Lives with Jennifer Quire Financial Vitals Check Part 1: Clarify Values Financial Vitals Check Part 2: Save, Spend, Give Ratio Financial Vitals Check Part 3: Net Worth Financial Vitals Check Part 4: Safety Net Check Financial Vitals Check Part 5: Investment Plan Financial Vitals Check Part 6: Taking Action The Dangerous Pursuit of Financial Independence Breaking Away From Traditional Primary Care How Perfectionism In Medicine Spills Over Into Your Personal Finances Finding Light In Life’s Darkest Times Improving Medicine With Vulnerability Contact Finance for Physicians Finance for Physicians

How was the U.S. economy before the war between Russia and Ukraine started? How have things changed and what will they look like in the future? Expect a ripple effect! In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how the Russian and Ukraine War will affect financial planning and economic adjustments in the United States and other countries. Topics Discussed: 9% Inflation Rate: Changes associated with war do not play a role, yet Work: Inflation should not be too big of a deal for those with a job/income 8% Unemployment Rate: Extremely low—people are working, plenty of jobs Interest Rates: Will continue to be increased to keep inflation under control Vanguard Total Stock Market: Index fund gauge indicates modest downturn Supply and Demand: War sanctions and restrictions result in prices increasing Economic Seasons: Difficult to predict what’s going to happen in the future Reverse Globalization: Economic impact due to isolated sections and countries Actions to Consider: Diversify portfolio, stay the course, take protective measures Links: Contact Finance for Physicians Finance for Physicians