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Daniel Wrenne

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Finance for Physicians
Finance for PhysiciansWhy Our Physician Client Divorce Rate Is So Low: What We’ve Learned About Money and MarriageWhy is the physician divorce rate lower among the families we work with, even though money is one of the top causes of marital conflict? In this episode, Daniel Wrenne and Jen Quire dig into the surprising reasons behind our incredibly low client divorce rate—and what it reveals about the powerful connection between money, communication, values, and partnership. Listen in as they share the common habits they see in couples who stay strong despite the pressures of medical life. You’ll hear why financial planning is far more than spreadsheets and investment deci...
2025-11-2533 minFinance for Physicians
Finance for PhysiciansShould You Switch Hospitals? Start Private Practice? Leave Medicine? - A DIY ExerciseEmbark on a transformative journey with Daniel Wrenne, the trusted financial advisor dedicated to physicians' financial well-being. In this compelling episode of Finance for Physicians, Daniel unravels the art of intentional living through values-centric decision-making. Clarifying Your Values: Daniel guides you through thought-provoking questions, helping you uncover and prioritize your core values. Understand why this step is pivotal in making informed decisions across both personal and financial aspects of your life. Putting Values into Action: Explore practical strategies to translate identified values into actionable behaviors. Daniel shares insights on ranking values, crafting meaningful descriptions, and aligning...
2024-01-2337 minFinance for Physicians
Finance for PhysiciansCan Real Estate Income Replace Your Physician Salary with Daniel WrenneJoin Daniel Wrenne in this episode of Finance for Physicians as he tackles the common question among physicians - can real estate income replace your salary? Daniel provides a high-level overview of real estate investment options, from ultra-passive REITs to more hands-on approaches like owning single-family homes. Discover the pros and cons of each method, considering factors like time commitment, risk, and potential returns. Daniel also shares insights into the slow-yet-steady growth of ultra-passive investments like REITs and explores the more active side of real estate, where higher returns come with increased responsibilities. Whether you're...
2024-01-1614 minFinance for Physicians
Finance for PhysiciansSecond Opinion On Insurance Producer with Daniel WrenneWelcome back to Finance for Physicians. Today, Daniel Wrenne continues the discussion on crucial questions from physician families. In this episode, he delves into the realm of product-based advisors and the complex world of "jack of all trades" advisors. Daniel breaks down the product-based advisor model, emphasizing their focus on selling financial products like disability insurance and life insurance. He unravels the incentive structures, revealing how these advisors get compensated and why their advice might be swayed toward selling more products. But wait, there's more! Daniel also sheds light on the "jack of all trades"...
2024-01-0913 minFinance for Physicians
Finance for PhysiciansSecond Opinion On AUM Financial Advisor with Daniel WrenneJoin Daniel Wrenne on Finance for Physicians as he tackles a burning question: Is the AUM Advisor approach the right fit for physicians? In this episode, Daniel breaks down the 1% fee structure, sheds light on service levels tied to account size, and unveils potential conflicts of interest. Discover the ins and outs of AUM advisors, from manageable fees for smaller balances to potential drawbacks as your investments grow. Daniel emphasizes the importance of trust and awareness in the advisor-client relationship. Don't miss this candid exploration of the AUM advisory model. Tune in for a balanced...
2024-01-0215 minFinance for Physicians
Finance for PhysiciansDon't Let Your Parents Get Hosed By Their Advisor with Daniel WrenneToday, we delve into a crucial topic that concerns many of us with aging parents and their financial well-being. Daniel Wrenne here, and in this episode, we're sharing a real-life case study that uncovers potential pitfalls in managing a family's wealth, especially when cognitive decline becomes a factor. In this eye-opening episode, we discuss the story of Josh and Mary (not their real names), a couple with substantial assets managed by an advisor. As Josh's parents age, he becomes increasingly concerned about the transparency and efficiency of their financial strategy. The situation takes a turn for the...
2023-12-2616 minFinance for Physicians
Finance for PhysiciansHow To Navigate New Practice, New House, New Job, New Location with Daniel WrenneIn this episode of Finance for Physicians, Daniel Wrenne dives into a common question many new clients face as they transition into practice or a new stage of life. Whether it's a higher income, starting a family, or moving to a new location, the overwhelming nature of change can leave you wondering, "Where do I even start?"Daniel addresses the following: - The importance of not rushing decisions and being cautious, especially with significant choices.- Recognizing common temptations and pressures, such as earning more money, buying a forever home, or succumbing to lifestyle inflation.
2023-12-1917 minFinance for Physicians
Finance for PhysiciansAre Roth IRAs Really This Bad?Join Daniel Wrenne in this episode as he tackles the provocative question: "Are Roth IRAs Really This Bad?" Inspired by a listener's email and an article claiming significant losses, Daniel dissects the arguments, dispels myths, and emphasizes the importance of personalized financial planning for physicians.   Discover insights into scenarios from training to early retirement and learn why blanket statements about Roth IRAs may not apply to everyone. Don't miss out on this empowering discussion to make informed decisions about your retirement planning.   Transform your financial outlook today! Access our exclusive free re...
2023-12-1226 minFinance for Physicians
Finance for PhysiciansReview Your Tax Return Like A Pro with Daniel WrenneJoin Daniel Wrenne, your go-to financial advisor for physicians, as he navigates the nuances of tax season in this episode of Finance for Physicians. Daniel breaks down the essential steps for physicians to review their tax returns effectively. In this insightful discussion, Daniel covers crucial topics, including spotting common errors like missing dependents and ensuring accuracy in income reporting, especially for those with multiple W-2s. Gain valuable tips on optimizing dividend portfolios, understanding IRA distributions, and navigating the complexities of capital gains and losses. Whether you've already filed your taxes or are gearing up...
2023-11-2814 minFinance for Physicians
Finance for PhysiciansThe Best Investment You're Likely Missing Out On with Daniel WrenneAre you making the best investment in your life? In this insightful episode of Finance for Physicians, your host Daniel Wrenne takes a unique approach to the age-old question of the best investment. Join Daniel as he shares a compelling story of a physician, Diana Londoño, who made a life-changing $33,000 investment in herself. Discover the unconventional path Diana took to overcome burnout and achieve remarkable success. Instead of traditional investments like stocks or businesses, she chose to invest in personal development. Daniel explores how this investment not only transformed her life but also enhanced her skills a...
2023-11-2115 minFinance for Physicians
Finance for PhysiciansWhat To Do With An Inheritance Or Other Windfall with Daniel Wrenne and Hugh BakerJoin Daniel Wrenne and financial advisor Hugh Baker in this episode of Finance for Physicians as they delve into the intricacies of managing a significant inheritance, specifically tailored for early-career physicians. Daniel and Hugh share their insights on navigating the financial landscape after receiving a substantial windfall. Whether it's a million-dollar inheritance or a smaller sum, the duo explores practical considerations and strategic approaches to ensure physicians make the most of their newfound financial resources.   Discover the importance of intentionality when managing sudden wealth, the value of buying time through strategic investments, and the happiness quotient tied to c...
2023-11-1412 minFinance for Physicians
Finance for PhysiciansWhere Should You Save For Education, UTMA or I Bonds with Daniel Wrenne and Jeff WengerIf you're a parent or caregiver, planning for your child's education is a crucial financial decision. In this episode of the Finance for Physicians podcast, host Daniel Wrenne delves into the options available for saving for your child's education. Whether you're considering the traditional 529 plan, exploring the benefits of I Bonds, thinking about UTMA accounts, or even contemplating an investment account, this episode has you covered. Daniel is joined by certified financial planner Jeff Wenger to discuss the pros and cons of these various education savings vehicles. They break down the nuances, from tax benefits and growth...
2023-11-0721 minFinance for Physicians
Finance for PhysiciansHow Do You Know Which Type Of Financial Planner To Look For with Daniel Wrenne and Jeff WengerWelcome to the "Finance for Physicians" podcast, join Daniel Wrenne and Jeff Wenger, as they dive into a multitude of financial topics designed to empower physicians on their financial journey.In this episode, Daniel and Jeff tackle pressing questions and explore a wide range of financial themes that resonate with physicians. They discuss everything from optimizing cash flow and determining affordable homeownership to advising on the ideal percentages of income to save and invest for your unique financial goals.Whether you're a medical student, resident, attending physician, or an established practitioner, this podcast offers invaluable...
2023-10-3117 minFinance for Physicians
Finance for PhysiciansShould You Max Out Your Children's Roth IRA with Daniel WrenneIn this episode, we explore a critical financial question that often surfaces in the world of family finance: Is it a smart move to maximize contributions to a Roth IRA for your children? Host Daniel Wrenne, a seasoned financial advisor specializing in working with physicians, delves deep into this intriguing topic in a thought-provoking episode. In this conversation, Daniel unravels the complexities of funding Roth IRAs for your children and sheds light on the potential pitfalls and benefits of this financial strategy. The episode covers a range of essential aspects, including: The critical rules and regulations...
2023-10-2424 minFinance for Physicians
Finance for PhysiciansStudent Loan Servicer Problems To Beware Of with Daniel Wrenne and Jeff WengerIn this episode of "Finance For Physicians," Daniel Wrenne and student loan expert Jeff Wenger unravel the complications surrounding student loan servicers. As student loan payments resume after a pandemic-induced hiatus, the duo highlights the emerging problems that borrowers, especially physicians, should be wary of. From unexpected payment changes to incorrect income certifications and IDR anniversary dates, Daniel and Jeff share valuable insights into how to navigate these issues. They offer practical advice on how to handle problems with your student loan servicer and ensure you stay on track for loan forgiveness, particularly for Public Service Loan...
2023-10-1720 minFinance for Physicians
Finance for PhysiciansHow Much To Save For Retirement When Going Into Practice with Daniel WrenneWelcome to another insightful episode of "Finance for Physicians." In this episode, we dive deep into the world of financial planning, particularly focusing on those crucial financial decisions when transitioning into a higher income bracket. Whether you're a recent graduate starting a high-paying job or an experienced professional anticipating a significant income boost, this episode is packed with valuable advice to help you make informed choices. Daniel talks about the importance of understanding work retirement plans, including 401(k)s, 403(b)s, 457 plans, and more, as powerful tools for tax sheltering. Discover how to maximize these opportunities within your...
2023-10-1040 minFinance for Physicians
Finance for PhysiciansIs Your Old Student Loan Plan Still Going To Cut It Now That Payments Are Resuming with Daniel Wrenne and Jeff WengerJoin Daniel Wrenne and Jeffrey Wenger as they navigate the complex landscape of student loan repayment strategies in this episode! With a focus on helping physicians, particularly those working with Public Service Loan Forgiveness (PSLF) in mind, Daniel and Jeff take you on a journey through the recent changes in student loan policies. They explore the historical approaches to student loans and delve into how the transition to the new SAVE Plan (Saving on a Valuable Education Plan) can impact your financial future. Discover the intricacies of student loan management and gain insights into crafting...
2023-10-0321 minFinance for Physicians
Finance for PhysiciansNew Strategies Emerging As The New SAVE Plan Rolls Out with Daniel Wrenne and Jeff WengerIn this episode, Daniel and Jeff dive into the intricacies of the new Student Loan Affordability and Value for Education (SAVE) Plan, shedding light on emerging strategies for student loan borrowers. The SAVE Plan is making waves in the world of student loan repayment, offering exciting opportunities for those seeking to manage their debt effectively. The hosts explore the advantages and considerations of the SAVE Plan compared to other repayment options, such as PAYE and IBR, and discuss the crucial factor of filing taxes jointly or separately when optimizing student loan payments. They also touch upon the...
2023-09-2638 minFinance for Physicians
Finance for PhysiciansAnother Student Loan Change That Could Affect Physicians’ Lives Again with Daniel Wrenne and Jeff WengerJoin Daniel Wrenne and Jeff Wenger on an enlightening episode of "Finance for Physicians," where they explore the dynamic world of student loans, financial planning, and more. In this engaging conversation, Daniel and Jeff discuss recent updates and developments in the field, offering valuable insights and strategies to empower physicians in managing their financial futures. Discover essential tips, uncover emerging trends, and gain a deeper understanding of the financial intricacies that impact medical professionals. Whether you're a medical resident starting your career or an experienced practitioner looking to optimize your financial strategy, this episode is packed with...
2023-09-1921 minFinance for Physicians
Finance for PhysiciansHow To Not Be House Poor with Daniel Wrenne Welcome to "Finance For Physicians" with your host, Daniel Wrenne! In this episode, Daniel discusses a crucial financial topic: making wise housing decisions.  We highlight the following essential factors when making housing decisions: Work-Life Balance: Consider work hours, income stability, and avoid overworking. Family Values and Priorities: Understand what truly matters to you and your spouse, incorporating family time, travel, and more into the financial equation. Current Lifestyle: Assess your spending habits and lifestyle to make realistic financial plans. Insurance and Worst-Case Scenarios: Ensure you have adequate coverage to protect your income and assets. Financial Planning: C...
2023-09-1219 minFinance for Physicians
Finance for PhysiciansWhat You Must Understand About The 457b Plan with Daniel WrenneWelcome to another episode of Finance For Physicians, where we dive deep into the financial matters that matter most to physicians. In this episode, your host, Daniel Wrenne, takes the stage solo to unravel the complexities surrounding the 457B plan – a topic that's crucial for physicians managing their finances independently. In this concise yet insightful episode, Daniel breaks down the fundamental aspects of the 457B plan. He sheds light on the key distinctions between the two primary flavors of this retirement plan: the governmental and non-governmental 457B plans. Daniel explains why having access to a governmental 457B pl...
2023-09-0513 minFinance for Physicians
Finance for PhysiciansUsing The 4% Rule To Calculate Your Retirement Number with Daniel WrenneIn this episode of Finance For Physicians, hosted by financial advisor Daniel Wrenne, we demystify the often daunting question: "How do you know when you have enough to retire?" Tailored to physicians, this insightful discussion delves into the widely used 4% rule—a simple yet powerful tool for gauging retirement readiness.   Daniel expertly breaks down the mechanics of the 4% rule, providing practical examples and insights into its application. Beyond the calculations, he explores the real-world implications for physicians, considering factors like lifestyle changes, investment strategies, and future earnings growth. Discover how to personalize the rule to your unique circumstances.   Whether you're a se...
2023-08-2221 minFinance for Physicians
Finance for PhysiciansThe Interesting Stories Behind Physicians' Lives with Kevin Pho, MDThe world of medicine has been highly popularized thanks to popular culture tv shows, books, movies etc. - But what's even more incredible are the actual stories. If you spend a few minutes browsing the web, you'll find that more often than not reality is stranger than fiction. Those are the types of stories we're going to talk about on today's episode of Finance for Physicians, with our special guest Kevin Pho, MD, host of The Podcast by KevinMD. Kevin is a 20-year practicing internal medicine professional who also hosts one of the m...
2023-02-1425 minFinance for Physicians
Finance for PhysiciansEnd Of Year Money Moves For Doctors (Last Minute)Taxes! Nobody likes doing them, but it's a necessary evil. The good news? There are ways to minimize them. In fact, there are quite a few! We wanted to end this year's season of the Finance For Physicians podcast with a bang. That's why Daniel Wrenne, Founder of Wrenne Financial, covered tax minimization strategies for this show. If you're interested in learning how to: - How to legally minimize your taxes.- What methods of charitable giving help both the greater good - and your tax benefits....
2022-12-2753 minFinance for Physicians
Finance for PhysiciansManaging Finances As A Married Couple with Alison WrenneWhen people talk about marriage and finances, they tend to only focus on the positive and optimistic side of the conversation.However, we have found that studying the potential pitfalls can be just as valuable as narrowing down and focusing on the positive side effects of sharing finances with your significant other.On today's episode of the "Finance For Physicians" podcast, Daniel is joined by his wife Alison Wrenne to chat more about: - What the ups and downs of financial management are as a family - How to work better as...
2022-11-0133 minFinance for Physicians
Finance for PhysiciansCreating A Community For Physicians: World Premier LIVE SHOWWe went LIVE with our show, Finance for Physicians! We're over 100 episodes into our podcast, Finance for Physicians, and we've got the chance to learn great lessons together with our audience. But it's time to turn this audience into a community. That's why we did our first LIVE show! For this world premiere, Daniel Wrenne talked about: - What are the key lessons have been from the first 100 episodes- How Daniel realized that what is missing for physicians is a community of peers they can count on
2022-10-0455 minFinance for Physicians
Finance for PhysiciansTrailer Episode: Premier of Season 2As a doctor, you begin your professional career as a high-income earner. But many people don’t talk about the cost of this achievement. As you know, medicine is a demanding field that requires a lengthy, expensive education and rigorous hours of training. When you spend that much time studying and working, you don’t have the time for side jobs to offset the cost, or the mental space to learn about anything else other than how to treat patients. This means most physicians, like you, end up having to take out huge loans to survive, without time...
2022-09-2704 minFinance for Physicians
Finance for PhysiciansMaxed Out My 401k, Now WhatHave you maxed out your 401(k) or 403(b)? What should you do now? There are a lot of different options—what do those look like, what might be a good out, and what to pass on.  In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about  401(k)s and what to do after you max those out. Topics Discussed: Max Contribution Amount: $20,500 for an employed physician Financial Plan: Allows you to match your goals with dollars to put them to work Is the 401(k) enough? If not, how much do you need...
2022-09-0833 minFinance for Physicians
Finance for PhysiciansInvesting Behaviors That Will Wreck Your Financial PlanWhat are some of the behavioral tendencies we all can run into that affect our decision-making, and ultimately cause some big mistakes? What do big areas or behavioral tendencies look like? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about investing behaviors that will wreck your financial plan. Knowledge and awareness are needed to avoid behavioral finance mistakes. Topics Discussed: What is behavioral finance? When people make errors, mistakes, and biases Why? People are not rational or self-controlled and don’t identify tendencies Overconfidence: Common idea that you know more th...
2022-09-0127 minFinance for Physicians
Finance for PhysiciansHow Market Downturns Look and FeelWhat do market downturns look like? Understanding what they look like or what they have looked like historically is helpful. We can't predict the future, but we do know what happened in the past in order to navigate better if and when history is repeated. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how market downturns look and feel based on market history and market factors. Topics Discussed: Long View: Have a financial plan that ties your goals to your actions Timing: What if it's not the right time...
2022-08-2529 minFinance for Physicians
Finance for PhysiciansWhat To Do When Your Investments Start TankingIf you have been watching the markets lately, like I have, it's gotten a little dicey. It's been a while since we've had volatile downmarkets. What should you do when your investments get shaky? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about what to do when your investments start tanking. Markets do go up and down. If you've been investing long enough, you realize that’s just the way it goes. Topics Discussed: Downturns: People make big mistakes and lose a lot of ground—and money What to do? Ther...
2022-08-1831 minFinance for Physicians
Finance for PhysiciansHow Solid Is Your Financial PlanThere's a lot of crazy stuff in the news. If you're old enough, you've experienced these crazy times before. The investment markets' economies go up and down. These kinds of things happen. With all the craziness going on in the markets and the world, what news—financial or otherwise—are you concerned about? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to make sure your financial plan is solid. Topics Discussed: What are I Bonds? Savings bond earns interest based on fixed and inflation rates Financial Plan: What is i...
2022-08-1129 minFinance for Physicians
Finance for PhysiciansPhysician Mortgage Loan Pros and ConsWhat are pros and cons of physician mortgage loans? What do you need to know before taking one out, especially during a crazy market and changing rates causing sticker shock? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Doug Crouse, mortgage lender that specializes in physician loans and author of Hippocratic House: Do No Harm When Purchasing Your First Physician Home. Topics Discussed: Advantages: Low down payments, lack of PMI, and new job qualifications House Poor HENRY? Don’t go into major debt to keep up with the Joneses Hi...
2022-08-0440 minFinance for Physicians
Finance for PhysiciansWhat Should You Do About InflationAre you stressed out about inflation? There's no reason to worry. It's better to focus on what you have control over and apply it to your situation. If changes need to be made, start making some good changes. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about what you should do about inflation, your concerns, and your assets. Topics Discussed: Inflation: What is it, why is it occurring, and how are recent events amplifying it? How much should you have in your pocket versus in other places? Financial Components: Consider...
2022-07-2823 minFinance for Physicians
Finance for PhysiciansIs Money A Tool Or The End GoalWhat’s your perspective on money? Do you view it as a tool? Do you know how to use that tool? Is it like a hammer that you use to build a house, murder somebody, or that sits on the shelf and collects dust? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about using money as a tool and what happens when people don't view money as a tool. Topics Discussed: Money Spectrum: Some people go to extremes, but most are in the middle Temptation: What is more important—more mone...
2022-07-2118 minFinance for Physicians
Finance for PhysiciansHow To Get Started As A Physician EntrepreneurshipWhat is one of the best opportunities you have to take back control of your professional life and avoid burnout from happening? Physician entrepreneurship. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Dr. Myrdalis Diaz-Ramirez about how to get started as a physician entrepreneur. Dr. Díaz-Ramírez is a fellowship-trained, board-certified pain medicine physician and anesthesiologist with more than 20 years of experience. One of her passions is to help other physician entrepreneurs and future physicians design their lives to avoid burnout and be happy physicians practicing under their terms. Sh...
2022-07-1444 minFinance for Physicians
Finance for PhysiciansHow Can You Become More Financially CompetentWhat 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 Components: Knowledge, skill, and behavior Competency Challenges: Knowing what you need, but not getting it done Overconfidence: Thinking you’ve gained wealth, but really, you have not Humans are Humans: Ask questions, ask for help, don't be...
2022-07-0717 minFinance for Physicians
Finance for PhysiciansWhat's Your Relationship With MoneyWhat 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 focuses on the behavioral side of financial planning and personal finance and helps individuals and families to effectively achieve their financial goals. Topics Discussed: Financial Literacy: Ability to use knowledge, skills to mana...
2022-06-3052 minFinance for Physicians
Finance for PhysiciansThe Power Of DiversificationDo 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 sea...
2022-06-2336 minFinance for Physicians
Finance for PhysiciansDigging Into Tax-Loss HarvestingTax-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...
2022-06-1625 minFinance for Physicians
Finance for Physicians3 Exercises To Help You Clarify Your ValuesAre 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 fee...
2022-06-0923 minFinance for Physicians
Finance for PhysiciansAre You In For A Major Financial Surprise When Your Children Start CollegeGo 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 ...
2022-06-0223 minFinance for Physicians
Finance for PhysiciansShould I Take Another JobAre 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 ba...
2022-05-2622 minFinance for Physicians
Finance for PhysiciansMoney Decisions That Create More HappinessCan 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...
2022-05-1930 minFinance for Physicians
Finance for Physicians5 Signs You're Working With An Insurance Agent Posing As An AdvisorInsurance 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 posers seek you out after making contact or via referrals Sign #2: Posers offer you free or low-cost financial “advice” Sign #3: Posers act as trusted advisors; don’t refer to themselve...
2022-05-1224 minFinance for Physicians
Finance for PhysiciansAvoiding COVID Forbearance Lifestyle CreepAre 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. 31 Good news? Yes, for PSLF, but what are people doing with the money? Average American Person: Temptation is to spend all or more money in pocket Consumption Effect and Awareness: Student loan payments will begin ag...
2022-05-0508 minFinance for Physicians
Finance for PhysiciansMore Big Changes For Federal Student Loan BorrowersNew 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 affect physicians. Topics Discussed: COVID Forbearance: Extended again until Aug. 31 Change #1: End forbearance steering by not making forbearance easy Change #2: Eliminate the ability to opt-in to forbearance by text or email Links: Department of Ed...
2022-04-2819 minFinance for Physicians
Finance for Physicians5 Of The Most Overlooked Tax Breaks For DoctorsDo 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 Service (IRS). Topics Discussed: 5 of the Most Overlooked Tax Breaks for Doctors: Health Savings Account (HSA): Build wealth and avoid income tax Tax Loss Harvesting: Capital ga...
2022-04-2130 minFinance for Physicians
Finance for PhysiciansRenting Your Home Is The Key To Building WealthMore 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 buying and selling real estate Real estate prices can go up or down High-Cost Living Area: Too expensive to buy a home; renting is better Homeownership requires more time, money, an...
2022-04-1431 minFinance for Physicians
Finance for PhysiciansCan You Max Out Both Your 403(b) and 457(b) Plans?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), 403(b), and 457(b) retirement plans Maximum for Employees: 401(k)/403(b) is $20,500 combined per year 457(b) is $20,500 separate limit Retirement plans with mandatory and required con...
2022-04-0711 minFinance for Physicians
Finance for PhysiciansUsing Your HSA To Build WealthIf 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 difference? HSA Strategy: Rule #1: It’s best not to spend out of your HSA Rule #2: If using HSA to build wealth, make s...
2022-03-3127 minFinance for Physicians
Finance for PhysiciansUsing Financial Planning To Fight Physician BurnoutBurnout 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 Discussed: What is good financial planning? Goal is to get an ideal life Financial Vitals: Money can and does have a huge effect on how life turns out Burnout Causes: Job issues, pr...
2022-03-2428 minFinance for Physicians
Finance for PhysiciansHow Will The Russian and Ukraine War Affect Your PlanningHow 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% Inflation Rate: Changes associated with war do not play a role, yet Work: Inflation should not be too big of a deal for those with a job/income 8...
2022-03-1736 minFinance for Physicians
Finance for PhysiciansWhat Does The Bible Teach Us About MoneyWhat 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, and Proverbs. Topics Discussed: Lesson #1: Get your priorities in order, but money should not be first on the list Hope in Wealth: Does not equal happiness or sadness, but is te...
2022-03-1023 minFinance for Physicians
Finance for PhysiciansBefore You Buy Into Passive IncomeWould 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 passive income? How is it different from active income? Too Good To Be True: Why doesn’t everyone buy into passive income? Two Forms of Income: Ea...
2022-03-0327 minFinance for Physicians
Finance for PhysiciansWhat is Passive Investing?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? Own entire market with minimal expenses What is active investing? Beat the market by picking winners, avoiding losers Time Period Research: Passive strategy works better and yields better...
2022-02-2424 minFinance for Physicians
Finance for PhysiciansPlanning For A New BabyThere 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 Planning firm! Topics Discussed: Disclaimer: Having children should not be and is not a financial decision When is the right time financially to have children? Never Common Concerns: Education savings, m...
2022-02-1752 minFinance for Physicians
Finance for PhysiciansAre You Thinking About Investing In Real Estate SyndicationsDo 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, multifamily complexes, real estate syndications Why invest? Leads to passive income, but it’s not always as easy as expected Do you already own real estate? Aver...
2022-02-1044 minFinance for Physicians
Finance for PhysiciansAre You Saving Enough For RetirementAre 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 numbers! Topics Discussed: Retirement Rules: Follow percentages of income or gross income before taxes? False Assumptions: Everyone has same tax brackets, goals, values, priorities Starting Lin...
2022-02-0327 minFinance for Physicians
Finance for PhysiciansHow To Finance Big Home ProjectsYou 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 fund your home projects, renovations, additions, and improvements? Topics Discussed: Typical Thought Process: Be aware to avoid cultural pulls and temptations Reasons for...
2022-01-2743 minFinance for Physicians
Finance for PhysiciansAre You Saving Enough For EducationAre 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 education is a 529 plan. Topics Discussed: What is a 529 plan? Tax qualified, tax preferential plan created by the IRS Tax Benefits: Money...
2022-01-2037 minFinance for Physicians
Finance for PhysiciansFinancial Vitals Check Part 6: Taking ActionIf you don’t do anything or take action by following up on your financial vitals plan, it’s not of any value to you. The purpose is to make progress and improve sooner by staying on track and measuring success. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about steps to move forward by planning, checking, and tracking your financial vitals. Happiness is when your values are in alignment with your actions. Topics Discussed: Goal: Come up with a game plan based on an individual’s vitals and customize it Fin...
2022-01-1335 minFinance for Physicians
Finance for PhysiciansReal Life Story Of Public Service Loan Forgiveness SuccessConcerns over Public Service Loan Forgiveness (PSLF) continue. Will it pan out or not? Have you thrown in the towel already and refinanced to private student loans? It may be a big mistake to pull the plug on it completely. Do what you need to do to be approved and fully forgiven. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Indranil Sen-Gupta, a physician and faculty member for the University of California at Irvine School of Medicine. Indranil shares how he received PSLF. Now, he is done with PSLF and his balance...
2022-01-0634 minFinance for Physicians
Finance for PhysiciansFinancial Vitals Check Part 5: Investment PlanDo you have an investment plan in place? You may have more than one fund, such as for retirement or charitable giving. Maybe you want to save or invest money for college or a vacation home. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about having an investment plan (also known as an investment policy statement) that is organized based on a specific purpose or goal. Topics Discussed: What is an investment plan? High-level but simple summary/outline of goal What’s the benefit of working with a financial planner vs...
2021-12-3027 minFinance for Physicians
Finance for PhysiciansFinancial Vitals Check Part 4: Safety Net CheckLife doesn’t always go as planned. It’s full of twists, turns, and curveballs. Cover all your bases in the event of a worst-case scenario because it can come out of left field. You never see it coming or know when something could happen. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about performing a safety net check as part of your financial vitals. Topics Discussed: What is a safety net check? Checking coverage for worst-case scenario When to plan for unexpected, unplanned events? Now—before it’s too late Wha...
2021-12-2333 minFinance for Physicians
Finance for PhysiciansFinancial Vitals Check Part 3: Net WorthIf you have clarified your values and determined your saving, spending, giving ratio, the final financial vital to measure is your net worth. What is your net worth? What do you track with your net worth? How do you track your net worth? What can you use it for and why is it beneficial? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to calculate, track, and increase your net worth and decrease your debt. Topics Discussed: Net Worth = Total Assets - Total Liabilities Adding to assets or subtracting...
2021-12-1622 minFinance for Physicians
Finance for PhysiciansFinancial Vitals Check Part 2: Save, Spend, Give RatioOnce you clarify your values, financial vitals are used similarly to health vitals to quickly check if you are making progress toward your goals and what’s most important to live a better life. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to measure specific financial vitals based on your values. Topics Discussed: Save, Spend, Give Ratio: Percentage-wise, where is your money going? True Spending: Budget is always underestimated; total spending is more realistic Strategy: DIY vs. work with financial planners, others to calculate numbers Key to Success: Qu...
2021-12-0914 minFinance for Physicians
Finance for PhysiciansFinancial Vitals Check Part 1: Clarify ValuesPhysicians and their patients know that vitals are measurements of the body’s most important basic functions. Checking and tracking vitals indicate how your health is now and maybe in the future. Vitals are a progress check to prevent potential problems. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about checking your financial vitals. He discusses how medical vitals are similar to financial ones because they tell you how you’re doing and what goals to set to improve your health and well-being. Topics Discussed: Goals, Values, Priorities: Measuring medical/fina...
2021-12-0225 minFinance for Physicians
Finance for PhysiciansHow To Make The Right DecisionHow do you live out your values in day-to-day decision making, especially when you operate on autopilot? What standards and steps can you take to be more intentional? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to make the right decisions regarding finances and other aspects of your life. Align your values to guide your actions and decisions. Topics Discussed: Values: What is most important? Are you aware of your decisions and actions? Right thing to do? Is this a good decision? Consult values before decisions Good Decisions...
2021-11-2532 minFinance for Physicians
Finance for PhysiciansThe Power Of Building In Margin With Your FinancesBeing a perfectionist or analytical type of person works out well in some areas of life. However, when it comes to financial aspects, especially budgeting, life can become problematic, not predictable.  In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the power of building in margin with your personal finances. Don’t set yourself up for failure or disappointment because things change and life happens. Topics Discussed: Budgeting: What are you doing with your money? What are your day-to-day financial decisions? Building in Margin: What is it? How much should it...
2021-11-1824 minFinance for Physicians
Finance for PhysiciansShould You Combine Finances With Your SpouseWhen you’re married, should you combine your finances with your spouse? How you navigate money will either pull you together or push you apart. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about managing finances for married couples. Consider the pros and cons of couples combining (or not) their finances. Topics Discussed: Good and bad reasons to separate finances: To keep some stuff private from spouse (i.e., gift giving) To spend without scrutiny or criticism from spouse (no finger pointing) Unequal spending habits and/or unequal income causes di...
2021-11-1132 minFinance for Physicians
Finance for PhysiciansThe #1 Reason Physicians Make Bad Financial DecisionsPhysicians are super smart, work hard, and have tons of earning potential. Even more importantly, they are in a trusted profession that provides value and makes a difference.  In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about the main reason why physicians make bad financial decisions and how to avoid them to stay on track.    Topics Discussed: Financial Solutions: Best or worst place to start? It depends Home Buying Decision: Avoid being house poor and pressured to pay bills Financially Fine: Learn to live the ideal life that you hoped to l...
2021-11-0423 minFinance for Physicians
Finance for PhysiciansPotential Major Tax Changes & the PSLF WaiverThe wild economy is causing some unique changes to taxes and student loans. How can you take advantage of and benefit from loan forgiveness and proposed changes to the tax laws?  In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about existing and pending potential major tax changes, including the Public Service Loan Forgiveness (PSLF) Waiver.    Topics Discussed: PSLF Waiver: Who does it affect? Non-profit workers with federal student loans If you qualify: Make sure your loans are direct federal loans Make sure prior employment is certified/verified Proposed Tax Law Chan...
2021-10-2825 minFinance for Physicians
Finance for PhysiciansFinding Light In Life's Darkest TimesSuicide is a serious topic that most people don’t talk about, but we all know people who struggle with depression and have attempted or committed suicide. Take time to talk and tackle it head-on with scripture to save lives.  In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Matthew Sleeth, a speaker, author, and creation care leader. Matthew is a former emergency room physician and chief of hospital medical staff who resigned from his position to teach, preach, and write about faith and health. Matthew’s newest book is, “Hope Always: How to...
2021-10-2140 minFinance for Physicians
Finance for PhysiciansPSLF Limited Waiver Opportunity Huge Benefit For PhysiciansIf you have a federal student loan, are you aware of recent changes and the Public Service Loan Forgiveness (PSLF) Limited Waiver Opportunity? For a limited period of time, borrowers may receive credit for past payments on loans not qualified for PSLF. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about PSLF and other student loan changes regarding prior payments and loans. The federal government is trying to follow through on the promises of PSLF.   Topics Discussed: PSLF Refresher: Must have a qualified loan, payments, and employer PSLF Problems: Too mu...
2021-10-1428 minFinance for Physicians
Finance for PhysiciansHow Physicians Can Avoid Becoming House PoorBuying a home is a big decision. It’s one of the biggest purchases that you are ever going to make in your life, and it’s the #1 error or issue that causes financial challenges for people. Everyone is susceptible, including physicians.  In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to his colleague, Jennifer DeLorbe Quire, a Certified Financial Planner CFP®, about home-buying decisions.     Topics Discussed: Do’s and Don’ts: How to make sure you stay on the right side of the tracks Wrong Path: Approaching decision without big-picture plan in place ...
2021-10-0731 minFinance for Physicians
Finance for PhysiciansWhat's It Like Being Married To A DoctorWhat is it like being the spouse of a physician? You get to witness their journey from being an undergrad through residency and then being in-practice. Plus, it gives you a front-row seat to financial and non-financial issues that physicians experience.  In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Hugh Baker, a Certified Financial Planner or CFP® who is married to Kerry, a primary care physician in practice.     Topics Discussed: Passion or Pay? Most physicians become doctors as a calling/dream profession Medical School and Marriage: No better time than q...
2021-09-3058 minFinance for Physicians
Finance for PhysiciansThe Dangerous Pursuit of Financial IndependenceFor some physicians, achieving financial independence is the end-all-be-all to living the good life. Pursuing it can be fantastic when well-balanced and a key factor to reducing burnout. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Donovan Sanchez, a Certified Financial Planner (CFP) and founder of Skyview Financial Planning, about the pursuit of financial independence.    Topics Discussed: What is financial independence? Financially set for life Pursuit of Financial Independence: Be reflective, thoughtful, and understanding Does financial independence buy happiness and solve life’s problems? Physician’s Perspective: Achieve financial indepen...
2021-09-2347 minFinance for Physicians
Finance for PhysiciansImproving Medicine With VulnerabilityPhysicians feel the pressure to be perfect, and sometimes hide or fail to address their own mental wellness. Medicine’s intense focus on the quality of patient care is generally a good thing, but in some cases has unintended negative consequences. It takes courage for a physician to be vulnerable. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. John Budin, an accomplished physician, speaker, and blogger. John discusses why he chose to practice medicine and what he describes as the mental health closet.    Topics Discussed: John’s Case: Pressur...
2021-09-1647 minFinance for Physicians
Finance for PhysiciansBreaking Away From Traditional Primary Care to Start a Concierge Medical PracticeWhen you’re miserable or not satisfied with your traditional primary care position at a major hospital, it’s time for a big change to live your best life and values. Focus on your future goals and dreams. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Drs. Cady and Ryan Brown, who started their own concierge medical practice, Downtown Drs. Brown, located in Lexington, Kentucky.     Topics Discussed: Cady and Ryan’s concierge medical practice and career progression Primary Care Patient Load: From honeymoon period to fast track to burning out PTO Re...
2021-09-0941 minFinance for Physicians
Finance for PhysiciansWhen To Refinance Student LoansIf you are going for Public Service Loan Forgiveness (PSLF), it is not the optimal time to refinance your student loans. If you’re not sure, don’t refinance because you may qualify for PSLF. Never say never!  In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about when is the optimal time to refinance your student loans.   Topics Discussed: Refinance: Means getting new lender to pay off old loan to start new private loan Reasons not to refinance out of a federal student...
2021-09-0226 minFinance for Physicians
Finance for PhysiciansWhen to Hire a Financial PlannerHave you ever worked with a financial planner? Do you have enough money saved for a financial planner to help? When are you ready to hire a financial planner? Depends on the situation or preference. If you want help, the sooner the better. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about when to hire a financial planner.  Topics Discussed: Use Cases: When to start working with a financial planner Human Capital Habits: How do you accumulate your wealth? Income Life Transitions: Ge...
2021-08-2631 minFinance for Physicians
Finance for PhysiciansGetting Your PSLF Ducks In A RowAre you still curious about student loans? Wondering what you need to prepare and apply for Public Service Loan Forgiveness (PSLF)? It’s not as straightforward as you might think, so get all your ducks in a row. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about starting and progressing through the PSLF process.  Topics Discussed: Forbearance: What payment plans count for PSLF, but not COVID or others? 4 Income-driven Repayment Plans: Pay As You Earn (PAYE) Revised Pay As You Earn (REPAYE) Inco...
2021-08-2021 minFinance for Physicians
Finance for PhysiciansWhat You Need To Know About Estate PlanningIt’s important for everybody to get their estate planning done and done right, especially if they have others who depend on them. Anything you can do ahead of time reduces the pain and pressure of disputes and arguments among loved ones. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the basics of estate planning—how it works, what tools to use, and what documents to complete. Topics Discussed: 3 Essential Estate Planning Documents: Financial Power of Attorney: Durable, Springing, and other types Healthcare Records/Files: Living Will and Healthcare Agen...
2021-08-1245 minFinance for Physicians
Finance for PhysiciansNavigating High Inflation PeriodsInflation is happening, and there are a lot of different perspectives on it. Most people view it negatively, but it doesn’t have to be that way. It’s not as scary as they make it out to be. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about inflation—what it is, the backstory behind it, how it works, what to consider, and how to navigate the changing environment. Topics Discussed: What is inflation? When prices increase over time With or Without Inflation: Supply and demand to survive and drive up pri...
2021-08-0535 minFinance for Physicians
Finance for PhysiciansHow To Help Your Children Maximize Their College EducationCollege costs money, and it continues to increase. The actual price that you pay is difficult to understand because it has become progressively more expensive for those that have more financial resources—especially physicians who have or plan to have children in the future. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Joe Messinger about how college costs work and how to start planning sooner than later. Joe is a Certified Financial Planner, CFP®, and Founder of Capstone Wealth Partners and College Aid Pro. Topics Discussed: Tuition Costs: Different lev...
2021-07-2940 minFinance for Physicians
Finance for PhysiciansGiving Generously As Early Career PhysiciansPractice what you preach despite all the temptations and pressures of being a physician by shaping your finances around your priorities and values. You can only do three things with your money: Spend it, save it, or give it away—not always in that order. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Matt and Ashley Iles, a married couple who value their faith and giving to others. Both are approaching their three-year mark of being in-practice physicians. Topics Discussed: Conflicting, Competitive, Charitable Routes: Give 10% of money consistently Role Mo...
2021-07-2242 minFinance for Physicians
Finance for PhysiciansHow Physicians Can Negotiate Better Employment TermsKnowing the right way to negotiate is important in many people’s lives. It’s helpful in employment arrangements/contracts and has many implications, especially financial ramifications. Negotiating is a skill that can make or break your job. Happy physicians deliver better care and better outcomes. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Linda Street, a practicing physician and certified life coach who specializes in helping physicians negotiate better employment terms.  Topics Discussed:  Financial Ramifications: Learn how to negotiate well or deal with consequences Mistakes: Not knowin...
2021-07-1542 minFinance for Physicians
Finance for PhysiciansIt’s Ok Not To Be OkDoes the medical profession make you feel like you got to have everything together because everyone around you is perfect? Everything and everyone has flaws, including physicians who are far from perfect but pretend everything is all good all the time. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Christine Runyan, co-founder of Tend Health, which brings a team of clinicians to the intersection of clinical care, health professions, and technology. Christine understands and views clinician well-being through the lens of a psychologist. Topics Discussed: How perfectionism negatively affects...
2021-07-0846 minFinance for Physicians
Finance for Physicians Why Atomic Habits Are A GamechangerDo shiny objects grab your attention? Do you want to get rich quickly? Lose weight overnight? There are no shortcuts in life. Make tiny changes to achieve remarkable results and outcomes. Have you read the book, “Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones” by James Clear? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about why and how Atomic Habits are a gamechanger. Topics Discussed: Big Points from the Book: Bad habits are underlying root cause of results and outcomes Good daily habits lead to c...
2021-07-0153 minFinance for Physicians
Finance for PhysiciansThe Slippery Slope of Financing Your LifestyleIs there good debt and bad debt? What’s the difference? Is it good or bad to have debt?  It can be a slippery slope, so understand the psychology of debt before making big decisions to finance your lifestyle. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about debt. Buying things you can’t afford with money you don’t have just to impress people that you don’t know or like can be a big problem. Topics Discussed: Reasons why people finance things: Leverage low interest rates Increase efficiency and inves...
2021-06-2420 minFinance for Physicians
Finance for PhysiciansSpecial Needs Planning BasicsHow can special needs planning positively change your family’s life when you have a child or children with a disability? It really depends on their needs, so map out the plan for them. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the basics of special needs planning and available tools. Topics Discussed: Worst Case Scenario: Unexpected death or disability FAQs: Who is going to take care of my child or adult with a disability? How will they know how to take care of my child with a disability? Wi...
2021-06-1722 minFinance for Physicians
Finance for PhysiciansHow Laura Yost is Living a Richer LifeHow do you plan for a child who has a disability? Overcome the initial fear and concern for the unknown and focus on the positive blessing they are to your family. Learn to live a fuller and richer life by turning lemons into lemonade. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Laura Yost, who is married to an internal medicine physician. They have four children. The youngest, Scarlett, has Down’s Syndrome. Topics Discussed: Lemonade Stand: Where teamwork and kind people give back to the community Blessing or cr...
2021-06-1053 minFinance for Physicians
Finance for PhysiciansInvesting in Digital GoldHave you heard of digital gold? What is it? How does it work? What should you consider when investing in bitcoin and other cryptocurrencies? Proceed with caution because the excitement over it can be potentially dangerous. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Chase Branham from Kraken, a big player in the bitcoin industry that buys, sells, and trades cryptocurrencies. Topics Discussed: Cryptocurrency Timeline: How, when, what, and why Chase got hooked Basics of Bitcoin: Created in 2008 via anonymous white paper about Blockchain Blockchain: Computer network transfers money...
2021-06-0346 minFinance for Physicians
Finance for PhysiciansHow to Become a MillionaireWho doesn’t want to make lots of money and keep up with the Joneses? Build wealth by reading the book, The Millionaire Next Door: The Surprising Secrets of America’s Wealthy. In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about what his planning firm clients do to successfully yield results. Then, make your own adjustments accordingly. It’s not all and always about money.  Topics Discussed: The Book: Based on scientific research of actual and suspected millionaires The Timeframe: Released in 1996, authors’ definition of millionaire has changed The Profile: Optimal c...
2021-05-2732 minFinance for Physicians
Finance for PhysiciansTime to Refinance Your Mortgage… AgainIs it time to refinance your mortgage...again? Why should you think about refinancing, why it’s beneficial, and what recent changes save you money and interest on your mortgage loan? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about refinancing your mortgage. The ultimate goal is to pay your mortgage off and capitalize on paying the lowest amount of interest on such debts.    Topics Discussed: Why would you want to refinance now? Record low mortgage and interest rates What has changed recently? Home prices have increased significantly Why is that...
2021-05-2037 minFinance for Physicians
Finance for PhysiciansMo Money, Mo ProblemsDo you remember the late Notorious B.I.G.’s song, Mo Money Mo Problems? Physicians can probably relate to it. On the flip side, some people believe that having more money makes you benefit from fewer problems.     In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Jeff Wenger, a Certified Financial Planner (CFP®), about how making more money often leads to more problems. Topics Discussed: Does money make you happy? Depends on how you define problems $1 or $1 Million: More money makes simple things complex choices, decisions More assets means more ch...
2021-05-1337 minFinance for Physicians
Finance for PhysiciansThrow Out the Rent Versus Buy Rules of ThumbAre you buying or renting? What are the perks of being a homeowner? Think through and focus on both financial and non-financial reasons. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about the rules of thumb when deciding whether to buy or rent a home. Topics Discussed: Why buy? Live in it 3-5 years to break even and recoup upfront transaction costs Why rent? The best option if you plan to live there only a couple of months or years Numbers: Mortgage closing, realtor commissions, improvement costs, and ROI Taxes...
2021-05-0633 minFinance for Physicians
Finance for PhysiciansWhy is Permanent Life Insurance Such a Terrible Short Term InvestmentDoes permanent life insurance make sense or not? Is it the right or wrong short-term investment?  In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about what you should look for and avoid to navigate the purchase of permanent life insurance.   Topics Discussed: Permanent Life Insurance Components: Cash value and death benefit How does buying permanent life insurance compare to term life insurance? Agents: People who push, play with permanent life insurance costs/commission Worst Case Scenario: Buying permanent life insurance for one year Best Case Scenario: Worst year for investment alt...
2021-04-2934 minFinance for Physicians
Finance for PhysiciansWhat Type of Life Insurance Should You Own?Life Insurance: How does it work and do you really need it? Are you worth more or less alive or dead? What you need to know to protect yourself and your loved ones.   In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks about what type of life insurance you should own. When you are young and healthy, cover your life or earning potential because the risk of untimely death happening is extremely low, but the costs of income loss are extremely high. Topics Discussed: Life Insurance Recommendations: Understand conflicts, know what to...
2021-04-2251 min