32 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

    • Investing
    • 4.9 • 17 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!

    How to Use Real Estate to Build Wealth

    How to Use Real Estate to Build Wealth

    Even with your own home, have you noticed that real estate prices have been a bit hectic? How do you build wealth with real estate? Not with your primary residence.   
    In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about real estate as an investment outside of your primary residence. You are building wealth with your home, but it is hard to realize that wealth.   
    Topics Discussed: 

    Real Estate Market Prices: Massive increases in short periods of time
    Crazy Market: What are the reasons? Nobody really knows underlying causes
    Supply and Demand: Low supply and high demand drives up real estate prices
    Why is demand high? People still want to buy or invest in real estate
    Why is supply low? Cautious builders, lumber costs, lack of skilled labor, rules
    Real Estate Investing - Alternative approaches to make money: 

    Appreciation: Own property that increases in value
    Rent: Own property that is rented out to others to generate income
    Loan: Charge interest on money loaned for real estate deals 

    Ways to Own Real Estate: Short- or long-term rentals, flips, multi-units, raw land   
    Real Estate Responsibilities: Do you want to be an investor or more involved?
    Why people write/talk about real estate: Hype, interest, and money to be made
    Big Benefits: Diversify, passive income, tax shelters, and better returns 
    Downsides: Time, dealing with people, risks, returns, complexity, and alternatives
    Purpose: Why do you want to invest in real estate and build a portfolio?

    Links:
    Real Estate Investment Trust (REIT)
    VRBO
    Airbnb
    Finance For Physicians 

    • 43 min
    Why the HSA is a Hidden Gem

    Why the HSA is a Hidden Gem

    What is a health savings account (HSA), and why are so few people utilizing it? The HSA is one of the best tax shelters that exists to build wealth.   
    In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about how the HSA works, how to decide if it is a good fit for you, and ways to manage an HSA to maximize its efficiency.   
    Topics Discussed: 

    Two Groups of People: 

    Those who don’t use HSA at all
    Those who do, but don’t maximize its efficiency

    What is the HSA? Access to an account via a qualified health insurance plan
    What is a qualified health insurance plan? Separate part of plan to use HSA 
    Why is the HSA a great way to build wealth?

    Rollover balance
    Invest those dollars 
    Offers tax benefits

    Decision-making Factors: 

    Low utilization of healthcare insurance
    Higher expected upcoming healthcare costs
    Out-of-pocket costs
    Matching HSA funds 
    Incorporate tax benefits

    Open Enrollment: Run the numbers before you choose an option

    Links:
    HSA Comparison Template 
    HSA Tax Benefits 
    Why You Should Pass On Using Your HSA For Current Health Care Costs 
    HSA vs. IRA vs. 401k  
    Finance For Physicians 

    • 27 min
    Why I Drive an 18-Year-Old Car

    Why I Drive an 18-Year-Old Car

    What make, model, and year is the car you drive? Thinking about buying a new one? Why? Consider all factors to make the right, not wrong buying decision.    

    In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about why he drives an 18-year-old Toyota Avalon. The 2003 vehicle has heated leather seats and a 6-disc CD changer—it’s still in good condition and comfortable to drive.  

    Topics Discussed:


    Car Buying: How to make a good, solid, level-headed decision
    Practical Perspective: Base decision on purpose, need, safety, reliability
    Mechanical Issues: Tend to trigger alternative options for an upgrade
    Identity and Psychology: What drives car-buying marketing decisions?
    Timeout: Do your priorities align with buying a new car?
    Key Purposes:

    Get from Point A to Point B


    Comfort level


    Makes you look better


    Economic and environment friendly


    Consider alternatives




    Links:

    Edmunds: Cost of Car Ownership Tool (5-Year Cost Calculator)

    Why Drive Old Cars?

    Finance For Physicians

    • 20 min
    Tomorrow’s Never Guaranteed

    Tomorrow’s Never Guaranteed

    Sometimes, it takes an unexpected wake-up call to remind you to take care of yourself, family, and finances. You never know when it could be your last day, and tomorrow is not guaranteed.  
    In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about a recent personal medical experience and what went through his mind at the time. You don’t know what the future holds. Make sure that your financial planning is in place before it’s too late. 
    Topics Discussed:
    Optic Disc Edema: Minor eye issue, nothing serious turns into something major

    No Joke: Physicians change their tone, confirm serious situation, and trip to ER
    Thought #1: Is my family going to be okay financially if I am not around?
    Thought #2: Have I been a good steward of my money?
    Thought #3: Have I led a meaningful life and taught my values?
    Thought #4: Is the business going to be okay if I am not around?
    Consider the following: Am I covered financially and independent?
    Legal Logistics: How everything gets sorted out and settled
    Financial Organizer: Save time and effort with access and passwords
    God is first, others second, I am third - culture pushes it the other direction

    Links:
    Optic Disc Edema
    LastPass
    I Am 3rd Organization
    Buy/Sell Agreement
    Finance For Physicians

    • 24 min
    Stories from the Trenches of Financial Planning for Physicians

    Stories from the Trenches of Financial Planning for Physicians

    When you run across something weird or strange, how do you avoid major mistakes and minimize errors? Get a second opinion, especially when it comes to the good, the bad, and the ugly of financial planning for physicians.    
    In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a Certified Financial Planner (CFP®), about stories and experiences with physician families. Sometimes, the best and juiciest ones are difficult to change substantive facts enough to preserve client confidentiality. 
    Topics Discussed:
    Good: Immense value from financial advisors who understand physician finances

    Bad: Save documents and keep records on servicer when third-part is paying
    Ugly: Ultra high-risk investment activities—bordering on gambling
    Understand the Deal: Perform due diligence and review contracts for red flags
    Compensation: What money are you leaving on table based on how you’re paid?
    Accurate Alignment: Involve spouse for honest answers about financial security
    Life Lessons: Follow money, understand incentive/stakes, deal w/ consequences
    Moral of the Story: Sometimes, it’s worthwhile to pay a fair fee for a CPA

    Links:
    Justin Harvey’s Email
    Anesthesia Success
    Anesthesia and Pain Management Success Podcast
    Public Service Loan Forgiveness (PSLF)
    501(c)(3) Requirements
    Robinhood
    TurboTax
    Finance For Physicians

    • 43 min
    How Much Cash Should You Have For A Rainy Day

    How Much Cash Should You Have For A Rainy Day

    Do you have enough money in the bank for your rainy day fund? What amount is too low or too much just in case you need it?    
    In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about setting the cash target. Ideally, you’re not over or under. By knowing what you need to get to, you’re empowered to make better decisions to reduce stress and risks, and increase return on your dollar. 
    Topics Discussed:

    Before Building Emergency Reserves:

    Have at least one month of expenses in checking account
    Pay off prior credit card debt and loan balances


    Start Building Up Reserves:

    Set the target by saving three to six months of income/expenses
    Personalize range based on your situation (1 to 12 months)


    Risk Factors and Reasons for Reserves:

    What do you own that has upkeep costs? Houses, cars, and boats
    How large is your household? Single, married, and children
    What is your insurance deductible? Change if necessary
    How much does your household earn and how secure are earnings?
    What percentage of income is being spent versus saved?
    How diversified are your income sources?


    Ideal Target: Establish emergency reserves and put in a bank savings account
    Common Mistakes:

    Commingling rainy day savings with other savings accounts
    View as insurance policy, not as a return or way to maximize investment
    Don’t use credit card or HELOC debt as alternative to emergency reserves
    Revisit and adjust ideal target; don’t set it and forget it
    Get some kind of return on your reserves, just don’t get greedy
    Use actual, not estimated expenses to calculate your rainy day reserves



    Links:
    How Much Should I Have in My Emergency Savings Account?
    Finance For Physicians

    • 22 min

Customer Reviews

4.9 out of 5
17 Ratings

17 Ratings

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