Financial Clarity for Doctors Finity Group

Many people avoid insurance because they believe it is a waste of money, or worst case, a big scam.  In this episode of Financial Clarity for Doctors Rachelle and Corey talk about some of the reasons you may need insurance, and others most people can avoid.
First ask yourself:  If this happened, would it be financially devastating to me or my family?  If so, insurance is at least worth exploring.
You pay an outside company to share a risk with you. Simple as that.
Their goal is to make money. This is a business.
Your goal is to waste the least amount of money possible, but also to make sure if something big happens, it’s not all on you to figure it out.

 
Listen to the full episode to hear more about specific coverages that you may need, and others that you can almost always skip.
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.

In this episode, peek behind the curtain of Corey and Rachelle’s personal financial plans.  In social situations, it can be uncomfortable to pick your friend’s brains about how they approach financial planning, but on Financial Planning Basics for Doctors, we are an open book.  Here, and probably in our personal lives more than we should be!
Rachelle and Corey will chat about how they approach:
Emergency reserves
Spending and cash flow planning
Debt management
Do they pay extra on their mortgages???

Insurances
College savings
Retirement savings and investing
Tax planning
Estate planning
Hint: They struggle to be on top of this just like everyone else!

 
The bottom line is that we practice what we preach.  Savings, insurances, and proper debt management are important!  We also want to make sure that our plans reflect our values.
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.

We often focus in life (and in this podcast) on the things that are constantly evolving.  In this episode of Financial Clarity for Doctors, Corey and Rachelle discuss some of the constants in finances – the things you can anticipate AND address.
Some constants include:
How much you save matters.
The easier and more automated things are, the more you can do them consistently.
Be prepared for the lazier aspects of the human personality!

Discomfort can be a great tool for learning and improving.
Diversification reduces risk.
There is a trade off between risk and reward.
Death and Taxes!
 
We can’t prepare ourselves for many things in life because we don’t know about everything!  It makes sense to be cognizant of the things we DO know and act accordingly.  We’ve talked about this before, but focus on what you know (and also what you can control).
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.

In today’s episode, Rachelle and Corey talk about some of the scarier aspects of financial planning.  As we approach tax filing, retirement savings, and investing, there is often the nagging worry in the back of our minds.  We don’t want to mess up and get in trouble or derail our financial plan.  With potential errors, there are often ways to avoid pitfalls and even make corrections when needed.
A few examples of potential missteps:
Taxes! Everyone is worried about this right now because it’s that time of year.
For example, if you forget to record a Traditional IRA contribution for your “backdoor” Roth, you may end up paying taxes on an amount you shouldn’t have! BUT you can file an amended return.
Many tax errors are fixable with an amended return, but depending on the error you may have some penalty or late payment taxes.
If you’re really worried about it, it’s worth seeking the assistance of an accountant.


Betting big on something risky or more volatile…. You can definitely lose money this way, and with riskier investments it’s a good idea to treat those like gambling. Maybe throw a little money that way for fun, but that’s about it.
Not saving enough is probably the biggest risk here, but saving more is a great solution!

House purchase gone wrong.
Moving to a new city/job and buying a house immediately is risky.
If you end up needing to move, you can sell the home, but likely at a loss. Or you can potentially keep it and rent it out.
In the grand scheme of things, this is not ideal, but also something you can likely recover from.

 
There are so many other examples in this episode!  There are lots of errors we can potentially make, but also many ways to avoid or fix them when they happen.  Listen to 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.

In this episode, Corey and Rachelle discuss a few ways you can leave room for error in your financial plan.  Nothing goes perfectly!  Buffers in various aspects of your financial life can go a long way toward helping you achieve your goals.
“Room for Error” can mean a lot of different things:
Extra cash on hand! This may seem inefficient, but even some hugely successful companies do this.
When Bill Gates headed up Microsoft, they kept enough cash on hand to keep the company afloat for a year without revenue.
Ideally, you have enough to at least cover your bills for three to six months.

Wiggle room in your monthly spending.
If you can spend less than you’re making, you have room in the budget for the unexpected.

Boring, but very helpful when it comes to the unexpected.
Winter storms wreaked havoc this year with downed trees, burst pipes, and car accidents. Insurance is incredibly helpful in these circumstances.

Extra retirement savings. You may plan to work to Age 65, but there is no guarantee you will be able to.  Saving more can put you in great shape to make changes if needed.
Spending every cent you earn and living life to the fullest may be a lot more exciting, but it can also cause unnecessary stress.  Having a little “extra” set aside can help buy you some peace of mind.  That is a huge part of financial planning!
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.

Most people get a little advice from their parents once in a while.  A lot of times it’s great advice!  When it comes to financial advice, sometimes our parents may be advising based on the economic reality they faced, not the one you’re facing.  In this episode, Rachelle and Corey address some of the changes over time that have made financial planning different for our generation, and what may impact future generations.
Differences include:
Where people save money and how they use credit or debt as a tool.
Differences in housing affordability.
Staggering student loan debt for many of you.
A wide variety of retirement accounts and investment tools that are easily accessible to retail investors.
Less access to pensions and concerns about the future of Social Security Income.
And maybe the biggest difference – a willingness to talk about money! Not just with your parents, but with friends and colleagues as well at times.
The bottom line is that every person’s individual circumstances determine how we should approach paying down debt, saving for retirement, and many other financial goals.  Chances are, your situation is different than your parents’.  And different that your colleagues’ or neighbors’ for that matter as 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.