143 episodes

Corey Janoff and Rachelle Vanderzanden of Finity Group discuss pertinent financial planning topics affecting doctors and other medical professionals.

Financial Clarity for Doctors Finity Group

    • Business
    • 5.0 • 21 Ratings

Corey Janoff and Rachelle Vanderzanden of Finity Group discuss pertinent financial planning topics affecting doctors and other medical professionals.

    Room for Error

    Room for Error

    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.

    • 35 min
    Not Your Parents Financial Plan

    Not Your Parents Financial Plan

    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.

    • 38 min
    What is Direct Indexing?

    What is Direct Indexing?

    Generally, Rachelle and Corey are big fans of keeping things simple on Financial Clarity for Doctors.  But in some situations, a little more complicated can be a lot more helpful!  For those in higher tax brackets, direct indexing can be a more tax efficient way to invest in the broader market than using mutual funds or ETFs.  In this episode of Financial Clarity for Doctors, learn a little more about it.
    In this episode, learn:
    How indexes are a measure of the performance of lots of different companies in a particular category.
    How mutual funds and ETFs are designed to mirror that performance.
    The difference between investing in an index fund and direct indexing.
    The index fund realizes gains and losses when it places trades to be more in line with the performance of the underlying index.
    With direct indexing, you can choose if/when/what to buy and sell to minimize capital gains.

    The benefits of index investing and direct indexing.
    This strategy may be more complicated than many people need in their financial plan, but can make a big difference in when and how you pay capital gains taxes, especially in large accounts.  If you have a large sum of money to invest in a brokerage account, definitely something to learn more about and consider.
    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.

    • 26 min
    Reflect on Your Financial Plan in the New Year

    Reflect on Your Financial Plan in the New Year

    The New Year is a great time to pause and reflect on your goals and values.  Your financial plan is a huge part of that!  In this episode of Financial Clarity for Doctors, Corey and Rachelle offer some suggestions of things to reflect on and how to use that to adjust.
    What should you focus on?
    Worried about anything financially? - Start there!  This can be uncomfortable but is likely the most productive use of your time.
    Reflect on your spending and ask yourself if you’re spending money on the things you value.
    Love good food? – Awesome!
    Enjoy traveling, but not enough to feel like your $20,000 spend was appropriate? – Plan smaller or fewer trips this year.

    Double check your progress on debt repayment.
    Knocking out credit cards?
    Crossing your t’s and dotting your i’s for PSLF?

    Review your progress toward short-term savings goals like a home down payment.
    Add up how much you were able to save toward your long-term goals. Was it 10% of your gross income?  20%?  20% is often a good goal to work toward as a medical professional.
    Take some time to make sure you have enough insurance coverage for your current situation.
    More kids and more income, may mean you need more life insurance for example.

    Speaking of kids, check your progress toward any college savings goals and other goals you may have for them.
    This is a lot!  Sometimes you feel comfortable reviewing on your own, but this is also a great thing to do with your financial advisor.  If you review a bit on your own and have specific thoughts or concerns for your advisor, schedule a meeting and make some adjustments.  When you have a better understanding of how you’re doing, you can plan much more effectively.
    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.

    • 36 min
    Predictions Sure to Be Wrong

    Predictions Sure to Be Wrong

    In this episode of Financial Clarity for Doctors, Rachelle and Corey try to predict the future!  We know we’ll be wrong about lots of things, but it’s still fun to try.  From predictions about the economy this coming year to thoughts about Taylor Swift and aliens, this episode has a little bit of everything.
    Prediction highlights include:
    Will the US economy be in a recession by the end of 2024 or not?
    Will the housing market finally slow down?
    What will happen to tax rates over the next few years?
    Will we continue to see good long-term returns in the stock market?
    And most importantly, are we going to meet some aliens here on Earth?
    To be clear, we don’t know the answers to any of these questions!  Lots of people try to predict the future, but if they get it right, it’s probably just luck.  Humans are great at speculating though, and we are no exception.  Send us some of your predictions, and we can do an episode in the future about what we all got right and what we got terribly wrong.
    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.

    • 45 min
    Gifting Thoughtfully This Holiday Season

    Gifting Thoughtfully This Holiday Season

    For many of us the holidays are joyful, and for others they are stressful (realistically, a combination of both!) – family stuff, cold and flu season, anxiety about gift giving?  There is something for everyone!  In this episode of Financial Clarity for Doctors, Corey and Rachelle discuss some ways to approach gifting a bit more thoughtfully to reduce your stress around at least one aspect of the holidays.
    Gifting with family and friends:
    When giving gifts to family and friends, make sure you establish reasonable expectations that work for everyone.
    You don’t want to make competitive gift-giving a sport in your circle, creating stress and possibly spending more money than necessary.
    With kids, redirect their attention to things that are not gifts. So many things to enjoy during the holidays!  Yes, they will want presents, but it doesn’t have to be the only thing that brings them happiness.

     Charitable giving:
    There is no right or wrong answer here, but if you are charitably inclined, this is a great time of year to gift.
    Set a budget for gifting and then find causes that align with your values (Charity Navigator has a great search function).
    Sometimes there are matching donation campaigns which make your impact larger.
    You can involve family and/or kids! They can help you select organizations or even participate in activities like putting together cold weather kits for the houseless.

    Giving is supposed to be about bringing joy to those receiving gifts, not stressing out the person giving the gift.  We can get back to that with a little thought.  Happy Holidays everyone!
    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.

    • 32 min

Customer Reviews

5.0 out of 5
21 Ratings

21 Ratings

Rachel LY ,

A must for all doctors!!

Outstanding financial advice for healthcare professionals. Succinct and high-yield information. Love this podcast!!!

Lids ,

Very helpful!

Thank you for making this easy and clear as our family goes through this process (navigating financial planning while in medical school).

soon to be urology resident ,

Valuable podcast!

Very informative in an easy to listen, simplified format! Very worthwhile!

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