94 episodes

We know you understand medicine.  But what about money?  I'm sure you wish you knew more, but maybe you've struggled with knowing where to start.  Or maybe it's been overwhelming sorting through all the masses of content out there.  Maybe you just don't have the time.   Don't worry.  We've got you covered.  Just like medicine, it all starts with educating yourself.  That's where we come in.   We're here to get you caught up to speed.  Through thousands of one on one conversations with physicians helping them address their real life money challenges we've learned what works and what doesn’t.  In this podcast, we will be boiling it down to the key subjects that are most relevant to you today.  If you care about your money, and you're ready to learn, you're in the right place.   There is a lot at stake and you're not getting any younger, so we hope you're as excited as we are about tackling your money.  Let's do this!

Finance for Physicians Daniel Wrenne

    • Business
    • 4.7 • 30 Ratings

We know you understand medicine.  But what about money?  I'm sure you wish you knew more, but maybe you've struggled with knowing where to start.  Or maybe it's been overwhelming sorting through all the masses of content out there.  Maybe you just don't have the time.   Don't worry.  We've got you covered.  Just like medicine, it all starts with educating yourself.  That's where we come in.   We're here to get you caught up to speed.  Through thousands of one on one conversations with physicians helping them address their real life money challenges we've learned what works and what doesn’t.  In this podcast, we will be boiling it down to the key subjects that are most relevant to you today.  If you care about your money, and you're ready to learn, you're in the right place.   There is a lot at stake and you're not getting any younger, so we hope you're as excited as we are about tackling your money.  Let's do this!

    The Power Of Diversification

    The Power Of Diversification

    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 for risk mitigation
    Options/Odds: Should you spread eggs into more baskets to grow a nest egg?
    Benchmark: How to track and measure success with investments in stock market
    ETF Tickers: What to search for/consider for spread of diversification categories
    Cryptocurrency: Is it a good way to diversify? Maybe, too new to know for sure
    Real Estate: Not good way to diversify if actively involved, not passively

    Links:
    What is Passive Investing?
    Investing in Digital Gold
    Vanguard Funds List
    Google Finance
    Morningstar
    Contact Finance for Physicians
    Finance for Physicians
    Full Episode Transcript:
    Hello, everyone. Hey, I hope you're having a great day. I was talking with a buddy two days ago and a conversation came up. The same sort of conversation happens with me a lot. The gist of the conversation was, "Oh, you're in finance?" (This is the guy talking to me.) "Oh, well, I've been investing in stocks. I have this one that I've been investing in since the stock market went down in the Covid downturn in early 2020."
    He told me this specific stock—I can't remember now—that he was buying. He wanted to make sure he wasn't making the same mistake that a lot of his family or friends had made and getting nervous when the market was bad, and instead, invested in something that he felt was a good place to invest. He proceeded to tell me about his experience investing in this stock.
    It did very well a year or so after, but lately it hadn't done as well. That's kind of what brought up (I think) his thought about this stock, is he was asking me about how we're handling the recent market volatility, which is a common dinner party conversation or question people ask me.
    This stock in particular he was describing, he was sharing, has been doing not so well, but he was still optimistic about it. Over that period of time—March, April, May of 2020, till now—it's still above breakeven, so he's still made some money on it. Overall, he felt pretty good about it, especially given the weak market that we're in now. As I'm recording this, this is close to them. It's early May 2022, and the market's been a little shaky. Given the market uncertainty, he felt pretty good about it.
    That is a conversation I've had too many times. I can't even remember how many times I've had it with people usually at social events. They're sharing about their experience in investing. Generally, it's a favorable lien. This example I just gave was kind of a little bit of a negativity creeping in but still overall favorable. It wasn't like they were asking my advice or opinion. They were trying to make conversation with me, knowing what profession I was in.
    I'm sure you all have had similar conversations about your profession as it comes up. After having that conversation and just seeing it come up so many times, I thought it would be good to talk today about diversification and

    • 36 min
    Digging Into Tax-Loss Harvesting

    Digging Into Tax-Loss Harvesting

    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 harvesting? Book losses while staying with similar investments
    Wash-Sale Rule: Why the IRS won’t let you buy the same security back
    What are the benefits of tax-loss harvesting?

    Take up to $3,000 a year of capital losses to offset ordinary income
    Defer or postpone taxes on normally taxed investment account
    Give it away to a nonprofit or beneficiary to realize step-up in basis


    How does tax-loss harvesting work on taxes? Form 1040, Line 7, Schedule D

    Links:
    Wash-Sale Rule
    Step-Up in Basis
    Form 1040
    Schedule D
    Contact Finance for Physicians
    Finance for Physicians
    Full Episode Transcript:
    Hello, everyone. I hope you're having a great day. Today, I was hoping to cover a question that's come up quite a few times in our work with clients one-on-one. One of you brought up the question specifically, so I wanted to make sure and maybe dig into this a little bit more.
    The question is about tax-loss harvesting, understanding that a little bit more, how it works into your tax return, and some of the specifics of how that works. I'm going to dig in a little bit today and cover that. For any of you guys that are either doing that or interested in it, I think this will be something to check out and hopefully get a little bit of knowledge on this. We'll jump into that now.
    Like I said, we're going to talk a little bit more specifically about tax-loss harvesting. I'll start out with just a brief summary of what it is and why it's beneficial, and then we'll talk about how it actually comes into play on your tax return. This is a tax strategy, so that's a really good question. It's like, well, how does this actually affect my tax return? We'll talk about that and any limitations around that.
    For starters, it's important to clarify that tax-loss harvesting is only beneficial for those of you that have taxable assets. That's an investment account in your name. It could be a brokerage account. It could be cryptocurrency. It could be a baseball card. You could buy and sell baseball cards. That's technically a taxable asset.
    A taxable asset is anything that's invested not in a tax-sheltered account. A tax-sheltered account is like a Roth IRA, 401(k), 529, those kinds of things. Tax-loss harvesting is only beneficial for taxable assets, typically a brokerage account or a joint investment account—sometimes it's called that—an investment account in your name or you and your spouse's name. That's an important clarification.
    Also, to clarify, the best tax strategy really that there is is to maximize tax-sheltered vehicles first. Tax-loss harvesting is great, but I've seen on multiple occasions where people are looking into tax-loss harvesting and maybe have taxable assets like I just talked about, but they haven't yet maximized those tax shelters. Oftentimes, it's even more efficient to just go ahead and max out all yo

    • 25 min
    3 Exercises To Help You Clarify Your Values

    3 Exercises To Help You Clarify Your Values

    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 values? Undercurrent or true driver to measuring happiness
    Values Awareness: Day-to-day actions in alignment with what’s most important
    Results: Better decisions, confidence, happier, and feeling more purpose-driven
    Symptoms: Feeling lost, lack of confidence in decision making, and stress
    Value of Values: Believe in, maintain, and reinforce awareness of your values
    Exercise #1: Values Clarification (highlight/prioritize/summarize what’s important)
    Exercise #2: Life Map (Reflect on past; visually pointing out life’s ups and downs)
    Exercise #3: 80th Birthday: Focus on future and purpose (who/what’s important)

    Links:
    Values Clarification (List of Values)
    Jason Waller - Executive Coaching
    Contact Finance for Physicians
    Finance for Physicians
    Full Episode Transcript:
    Hey, everyone. Today, I wanted to talk about values and throw out some ideas for how to clarify values. I think this is a super important thing, especially for us today; we're all just so busy. Sometimes it's just helpful to have a concrete, quick exercise to take your time out and think through some of these really important things.
    We'll jump into that and go through that. Hopefully, the takeaway here is you have some concrete steps or exercises you can take to start to either clarify for the first time or reclarify what’s really most important in your life.
    Before I jump into the exercises, I just want to clarify. I know we’ve covered this before, but values are like the undercurrent or the true driver to measuring happiness and how you're doing.
    In regards to finances, in an ideal world, you're using your finances and all the decisions around them to propel you towards your values and get you more in alignment with those values. I think values are more important than goals. Or maybe not more important. Maybe that's not the right word. I think values should be the underlying driver to your goals.
    Values, clarification, or understanding of your values I would consider the most important step before you start to get into financial planning and making decisions in life, especially the big ones, at anything. But for the purpose of our conversation, it's typically finances.
    Anyway, values are super important. I think the key here is awareness; being aware of your values. Over time, we have a tendency to get into routines and gravitate towards autopilot or sleepwalking, or just doing the thing, and that's where you start to lose touch with values, because values, being aware of them, you have to take your time out and be intentional.
    The further you go away from it, you get into that autopilot world and that's where you're susceptible to the pool of the world's values which can often be surface-level material, and are very likely not in alignment with your true values. We're going for values awareness and what that looks like is your actions day-to-day, especially with big things, are in better alignment with what's really most important.
    It requires understanding (first of all) what's most important because it kind of seems like you

    • 23 min
    Are You In For A Major Financial Surprise When Your Children Start College

    Are You In For A Major Financial Surprise When Your Children Start College

    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
    Little to No Financial Aid: Based on physician’s above-average income
    Other Options: 529 Plan, investments/cash accounts, income, student loans

    Links:
    Net Price Calculator for University of Florida
    How Much Student Loan Can I Get (NerdWallet)
    How To Help Your Children Maximize Their College Education
    Are You Saving Enough For Education
    Contact Finance for Physicians
    Finance for Physicians

    • 23 min
    Should I Take Another Job

    Should I Take Another Job

    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 physician. 
    Topics Discussed:

    Temptations: Financial aspect—try to not first look at the money/compensation
    Values and Goals: What’s most important? Family, work/life balance, pay?
    Coworkers: Who will you work with and for? What kind of lives do they live?
    Position: Is it a job you enjoy? Are the pay/benefits decent? What are the hours?
    Student Aid: Confirm if the employer is Public Service Loan Forgiveness qualified
    Insurance Coverage: Are malpractice insurance and tail coverage provided?
    Employment Law: Hire a consultant or employment attorney to review contracts

    Links:
    PSLF
    Customer Reviews on iTunes
    Contact Finance for Physicians
    Finance for Physicians

    • 22 min
    Money Decisions That Create More Happiness

    Money Decisions That Create More Happiness

    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

    • 30 min

Customer Reviews

4.7 out of 5
30 Ratings

30 Ratings

maddie@podcastingyou ,

Amazing podcast!

This podcast is a must listen for physicians everywhere looking to improve their financial literacy and enhance their finance strategies! Daniel is a knowledgeable and skilled host and each episode is truly insightful.

Trevor Oldham ,

Awesome!

One of my new fav podcasts!

Cwwoodward0 ,

Applicable topics, focused on values and not just dollars

I worked with Dan a few years ago when I first graduated medical school, and was so impressed with the man himself and his business I thought I’d give his podcast a try. I have really enjoyed it so far, as the topics have felt much more real and applicable, as compared to other podcasts such as white coat investor. I feel like Dan focuses a lot on values, making your money work for your happiness, rather than just getting rich, so this podcast was what I was looking for.

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