Podcast
Financial Clarity for Doctors
Hosted by Finity Group · EN
Corey Janoff and Rachelle Vanderzanden of Finity Group discuss pertinent financial planning topics affecting doctors and other medical professionals.
23episodes
Episodes
Newest firstAll episodes
When Property Values Decline
Oct 2700:30:05Tap to summarizeIn this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff discuss some potential complications of declining property values. Don’t panic! This may not even apply to you, but it’s good information to understand. If your home is worth less than you expect: If you purchased in the last couple of years and want to refinance, you may not be able to do so. Many banks require a certain percentage of equity to refinance your loan. Try to get the details of refinancing before you buy! You won’t be able to borrow against the value of your home unless you have enough equity. If you need to sell, you may end up actually paying money to get out of the house. For example, if you purchased a home for $900,000 and paid 10% down but your home is now worth $800,000, the proceeds from the sale may not be enough to pay off your mortgage and pay the closing costs on the loan. If you’re staying put, it may not be a big deal at all! Generally, the longer you plan to stay in a home, the less likely you will be hit with some of these problems. You probably will have much more equity in a home you’ve lived in for ten years than one you lived in for three years. For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes. 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.
Transcribe →What if I Mess Up?
Mar 4, 2024Tap to summarizeIn today’s episode, Rachelle and Corey talk about some of the scarier aspects of financial planning. As we approach tax filing, retirement savings, and investing, there is often the nagging worry in the back of our minds. We don’t want to mess up and get in trouble or derail our financial plan. With potential errors, there are often ways to avoid pitfalls and even make corrections when needed. A few examples of potential missteps: Taxes! Everyone is worried about this right now because it’s that time of year. For example, if you forget to record a Traditional IRA contribution for your “backdoor” Roth, you may end up paying taxes on an amount you shouldn’t have! BUT you can file an amended return. Many tax errors are fixable with an amended return, but depending on the error you may have some penalty or late payment taxes. If you’re really worried about it, it’s worth seeking the assistance of an accountant. Betting big on something risky or more volatile…. You can definitely lose money this way, and with riskier investments it’s a good idea to treat those like gambling. Maybe throw a little money that way for fun, but that’s about it. Not saving enough is probably the biggest risk here, but saving more is a great solution! House purchase gone wrong. Moving to a new city/job and buying a house immediately is risky. If you end up needing to move, you can sell the home, but likely at a loss. Or you can potentially keep it and rent it out. In the grand scheme of things, this is not ideal, but also something you can likely recover from. There are so many other examples in this episode! There are lots of errors we can potentially make, but also many ways to avoid or fix them when they happen. Listen to the full episode to hear more. 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.
Transcribe →Anatomy of This Bear Market
Oct 17, 2022Tap to summarizeIn this episode of Financial Clarity for Doctors, Corey and Rachelle chat about the whirlwind year we have had in the stock market so far. It’s easy to look back and explain stock market movement in hindsight, but much harder to predict in advance. But sometimes understanding the “why”, can help you avoid making poor choices – like selling when your portfolio is down 25%. Listen for a little bit of context. Why is the stock market down? Why is the stock market down? The dynamic duo – inflation and interest rates To try to bring inflation down, the Federal Reserve raises the federal funds rate, which leads to higher interest rates across the board Stock prices go down, because the market thinks it will be harder for companies to make a profit with rates higher, but also because higher rates can lead to a decrease in jobs and/or wages Geopolitical risk International conflict increases energy prices, and creates some fear in the stock market, which can lead to some indexes declining Affects international and emerging markets stock pricing more than domestic stock Bottom line, part of this is the stock market trying to predict things that have not happened yet What is down? – Everything, but in different ways Bonds are down, but not as much as stocks Domestic stocks are down, with growth companies and small companies being hit harder than the tried-and-true big companies Developed international and emerging markets are down more than the aggregate domestic stock index This is why you want to be diversified. A well-diversified portfolio is still down, but less than if you were to double down on some of the higher risk/potentially higher return indexes Keep in mind that nobody knows what will happen next in the stock market. Just because someone has been correct in the past, does not mean they will be in the future. If you are a long-term investor, it is important to stay focused on your long-term goals. Generally, that means being consistent, and not reacting too much to short-term performance. 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
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