Financial Residency

Today we're gonna talk about side gigs, how to protect your side gig or how to start a side gig. LINKS: www.ContractDiagnostics.com

Who wants to reduce their taxes? The first step requires educating yourself on the basics. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to David Glenn, a Certified Public Accountant (CPA) and founder of Glenn Advisory and the basics of how income taxes work. They also chat about some of the most common tax savings strategies that begin to appear when you start to understand how this all works. Topics Discussed: • Baseline Knowledge: ◦ How does the federal tax return work? ◦ What are progressive taxes? ◦ How does income flow through the tax return? ◦ What are itemized deductions and credits? ◦ How do tax withholdings, deductions and credits affect tax refund or payment? • Form 1040: Main section of your income tax return where everything comes together • Why compensation doesn't always equal federal taxable wages • Qualified dividends are preferred over nonqualified dividends • What to look for to avoid back-door Roth IRA taxation mistakes • Social Security: Can be taxed up to 85% • Capital Gains/Losses: Recognize sale of stocks, real estate, other capital assets • Adjusted Gross Income (AGI) Adjustments: HSA, self-employment, and others • Tax Deductions: Itemized or standard deduction(s) based on filing status • Use taxable income and tax tables to determine total tax due • Tax Credits are great because they directly offset tax due dollar for dollar LINKS: www.WrenneFinancial.com

Gonna cover a few quick topics today like PMI, Cash, Bogus Lender Offers. Link to website: https://dougcrousephysicianloans.com/

Today I have Jon Appino on. We are gonna talk about contracts that go beyond a year and how you can start building in clauses and phrases to make that contract really benefit you over a length of time. LINKS: www.ContractDiagnostics.com

Today I have Jon Appino on. We are gonna talk about contracts that go beyond a year and how you can start building in clauses and phrases to make that contract really benefit you over a length of time. LINKS: www.ContractDiagnostics.com

What does do-it-yourself (DIY) investment management look like? Taking this route isn't for everyone. It depends on your situation and personal interest. Just because you can do it, doesn't mean you should do it. If you want to do investment management yourself, learn how to do it right. In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Dr. Kris Roach, a financial planning client who talks about what it's like to take this on during his first year of practice. Kris has quickly and accurately implemented high-level investment advice. He's doing it for the right way for the right reasons. Topics Discussed: • Investing Knowledge and Experience: ◦ Before: Basic but vague understanding of the stock market ◦ After: Create and execute a financial plan to manage investments • Why follow the DIY vs. professional path? Interest, curiosity, and inherent satisfaction • Getting Started: Commit to learning portfolio process and motivated to achieve • Analysis Paralysis? Plenty of options makes picking perfect funds intimidating • Asset Allocation: Stick with active or passively managed funds, not both • Information Overload: So much, so sort and shortcut through invaluable sources • Time Investment: Takes a few months to set up accounts and select securities • Downturn Temptations: Buy and invest in different stocks? Stick to your plan • Ongoing Tasks: Fund accounts, rebalance, tax law harvesting, invest in the market • Suggestions: If not interested in DIY, find a fiduciary to dedicate time to finances • Fiduciary vs. Financial Advisor: Watch out for wine-and-dine opportunities LINKS: www.WrenneFinancial.com

Today we're talking about verbal promises. LINKS: www.ContractDiagnostics.com

Have 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: Get finances right in the beginning by planning for the future • Finances and Investments: What are your options? Inefficiencies? • Backdoor Roth IRA: Involves all different facets of financial planner tasks • Reasons to Hire a Financial Planner: ◦ Don't have time to handle your finances. ◦ Unsure if things are getting done correctly. ◦ Complexity of your finances is intimidating. ◦ Struggling to keep finances organized. • Ways to Engage a Financial Planner: ◦ 95% of the industry has a sales/commission component. ◦ Verify terminology given by business to know if it is misleading. ◦ Pay for financial planner's advice. ◦ You're not locked in to work with the same financial planner forever. • When to Seek Help from a Financial Planner: ◦ Educate yourself to make the best decision. ◦ Know the pros and cons of finding a financial planner. ◦ Figure out if now is the right time or not. LINKS: www.WrenneFinancial.com

Today we talk about interest rates and how they are slowing down and not going down. Link to website: https://dougcrousephysicianloans.com/

Today I have invited Daniel Wrenne back to kind of give us some guidance on whether our investment techniques or habits, should change as we possibly move towards a recession. LINKS: www.WrenneFinancial.com https://us02web.zoom.us/webinar/register/WN_Z7CuDhFYSVaoKm8Pa29rAA Just as the right advice helps you thrive financially. The right support team allows you to excel professionally. Weatherby Healthcare's locums experts will match you with the best jobs, prepare you for success and provide 24/7 support. https://weatherbyhealthcare.com/