Many people avoid insurance because they believe it is a waste of money, or worst case, a big scam.  In this episode of Financial Clarity for Doctors Rachelle and Corey talk about some of the reasons you may need insurance, and others most people can avoid. First ask yourself:  If this happened, would it be financially devastating to me or my family?  If so, insurance is at least worth exploring. You pay an outside company to share a risk with you. Simple as that. Their goal is to make money. This is a business. Your goal is to waste the least amount of money possible, but als ..read more

In this episode, peek behind the curtain of Corey and Rachelle’s personal financial plans.  In social situations, it can be uncomfortable to pick your friend’s brains about how they approach financial planning, but on Financial Planning Basics for Doctors, we are an open book.  Here, and probably in our personal lives more than we should be! Rachelle and Corey will chat about how they approach: Emergency reserves Spending and cash flow planning Debt management Do they pay extra on their mortgages??? Insurances College savings Retirement savings and investing Tax planning Estate p ..read more

We often focus in life (and in this podcast) on the things that are constantly evolving.  In this episode of Financial Clarity for Doctors, Corey and Rachelle discuss some of the constants in finances – the things you can anticipate AND address. Some constants include: How much you save matters. The easier and more automated things are, the more you can do them consistently. Be prepared for the lazier aspects of the human personality! Discomfort can be a great tool for learning and improving. Diversification reduces risk. There is a trade off between risk and reward. Death and Taxes ..read more

In 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 contributi ..read more

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 mon ..read more

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 ..read more

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 competiti ..read more

The world is constantly in flux, sometimes in ways that are scary or violent.  This can sometimes cause us to reassess everything.  But it when it comes to your investments, that may not be the best strategy.  In this episode of Financial Clarity for Doctors, Corey and Rachelle chat about how to approach investing during times of geopolitical uncertainty. Reviewing your investments: Take a moment to review the reasons you are investing. Is it for retirement in 20 years?  A home down payment in two years? With a period of time like two years, ideally, you are protecting yo ..read more

For many folks, it’s open enrollment season!  In this episode of Financial Clarity for Doctors, Rachelle and Corey discuss the ins and outs of health insurance and how to decide which one is the best fit for you. Health insurance: Most importantly, make sure you have health insurance! Some plans have a higher deductible and a lower premium. Other plans have a lower deductible and higher premium. When it comes down to it, you want to estimate how much you may pay out of pocket for medical expenses over the year and compare that to the cost difference for your insurance premiums over the f ..read more

In this episode of Financial Clarity for Doctors, Rachelle and Corey talk about the hypothetical value of shares of stock.  Sometimes financial markets can feel very opaque and mysterious, and that’s for good reason!  This is confusing sometimes!  But when you buy a share of stock, you are buying something that is backed by tangible goods and services.  It’s real, but still very hard to determine its worth. The value of stock is: Driven by the goods and services provided by the company behind it. At any given time, the value is the price that a buyer and a seller can agree ..read more