Finance for Physicians

What does financial competency look like? What are its fundamentals? Everybody wants to be competent, especially when it comes to competency with money. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the components of and how to gain financial competency. Topics Discussed: What is competency? Ability to do something successfully or efficiently Competency Component...

What is the behavioral component and psychology of money? How do you deal with it tactically and practically? Your relationship with money is a big deal and makes a significant impact on your day-to-day decisions.    In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Danielle Seurkamp, Certified Financial Planner (CFP®) and founder of Well Spent Wealth Planning. Danielle...

Do you get nervous when the stock market goes bad? Where are good places to invest? Discover the power of diversification to conquer volatility and uncertainty.  In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about diversification of your portfolio in order to keep more dollars in your pockets. Topics Discussed: What’s diversification? Spread money across investments fo...

Tax-loss harvesting is a tax strategy, but how does it actually affect your tax return and are there any limitations?  In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about tax-loss harvesting—what it is, why it's beneficial, and how it works on your tax return. Topics Discussed: Tax-loss Harvesting: Only beneficial for those with taxable assets What is tax-loss harvesti...

Are you on auto-pilot and susceptible to routines and the rest of the world’s values? What’s most important to you in your life? There are solid steps or ways that you can take to clarify (or re-clarify) your true values.  In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about three specific exercises to help you clarify and align your values. Topics Discussed: What are v...

Go with eyes wide open or be in for a major financial surprise when your children start college. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about you or your children funding their education.  Topics Discussed: Who should pay for college? You, your children, student loans, or scholarships What has changed? Tuition costs, direct student loan cap, and responsibility L...

Are you looking for another job, or are recruiters seeking you out for opportunities? If you were offered a different job, would you think about taking it? Why, or why not? There’s a lot to consider. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about whether to accept another job. It can be difficult to make a decision and navigate your priorities as an in-practice ph...

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 dr...

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 p...

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...

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 affe...

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 Serv...

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 buyi...

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),...

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 dif...

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 Discuss...

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%...

What are the big financial decisions presented in the Bible? Christian or not, it’s important to understand these fundamentals and let them be your guide when it comes to wealth and happiness. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about key lessons and takeaways he has observed from the Bible, specifically from Timothy, Matthew, Luke, Malachi, the Corinthians,...

Would you rather work for your income or get paid while you sleep? Before you buy into passive income, be aware of what you are getting into and understand the trade-offs. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the pros and cons of passive income for potential clients in medicine. Oftentimes, it can cause more harm than good. Topics Discussed: What is pass...

Passive Investing: What is it and how can you use what you learn about it to your advantage? Conduct research to gain knowledge, but consider conflicts of interest. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about passive versus active investing in the market to own assets. How do they compare and how are they different? Topics Discussed: What is passive investing?...

There are quite a few financial things to think about, especially when expecting your first child. Prepare, plan, and make it a priority! In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Heather Lovallo, Certified Financial Planner or CFP®, about preparing for having a baby. Heather has two children, Daniel has three kids, and expect more at the Wrenne Financial Planni...

Do you want to invest in real estate? How do you do it? There are many different ways to invest in the real estate landscape. Have you considered real estate syndications?  In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Hugh Baker, a Certified Financial Planner or CFP®, about how to invest in the real estate market. Topics Discussed: What is real estate? Rentals, mul...

Are you on track for retirement? Where are you at, what’s most important, and where do you want to go? Are you saving enough income at this point in time to become financially independent?  In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to know if you are saving enough money for retirement. Check your financial vitals against your financial plan. Run the numbe...

You deserve what you want right now, especially when it comes to building or buying your dream home. Immediate gratification - that’s the American way. How do you decide if that makes sense and how do you make it happen financially? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to finance big or small home projects. There’s always something to do. How do you...

Are you saving enough for retirement, college, or student loans? What is the best way to accomplish your goal of college/education savings? What are your options? IRA, Roth IRA, or 529 plan. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to save for your children’s or anyone’s education. The best route to take if you know you’re going to need to save money for...