Financial Residency

Today I have one of my very favorite people in the world, Dr. Amber Boros with me, she is my hero. She took medicine, which was kind of how we all feel about medicine these days. And she turned it into her passion.

How 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? ◦ Will my child have enough financial support for lifetime care? ◦ How do I save for my child with a disability? • Tools: ◦ Will is a legal document that names a guardian and outlines care needs ◦ Letter of Intent (LOI): Document that outlines key components of care ◦ Special Needs Trust: Direct funds to child's care; get government benefits ◦ Change beneficiary designations to reflect the special needs plan ◦ Communicate plan with identified and designated beneficiaries ◦ Create ABLE account to save for qualified expenses for disabled children LINKS: www.WrenneFinancial.com

Today Kathryn Sarnoski going to be talking about the collections model, to end the three part series on compensation models. LINKS: www.ContractDiagnostics.com

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: www.WrenneFinancial.com

Today I want to talk to you briefly about interest rates. I wanna talk to you a little bit about where interest rates are determined and what affects them. Link to website: https://dougcrousephysicianloans.com/

I've had several requests lately to do a podcast on how to live frugally. And that got me thinking, that living frugally can mean so many different things to different people. It made me look back on my own life and forgive me if I share too much information about myself during this podcast.

Today we are doing part 2 or the 3 part series with Kathryn Sarnoski. Kathryn is going to be talking about the RVU model. LINKS: www.ContractDiagnostics.com

Today I'm excited to talk with Doug about some of this craziness that's going on with the mortgage industry in mortgage rates in particular in the past few months, if you hadn't been paying attention rates have been skyrocketing. We're gonna talk a little bit about what's going on there and what you might expect in the future. We're also gonna get into primarily talking about the pros and cons of a physician loan. LINKS: www.WrenneFinancial.com

Today we have Kathryn Sarnoski filling in for Jon Appino. Kathryn is doing a 3 part series on more common compensation models that out there. LINKS: www.ContractDiagnostics.com

Are you a physician looking to buy a second home? Join us today as I am joined by Doug Crouse and we talk about how physicians can buy a second home. Link to website: https://dougcrousephysicianloans.com/