How to View Investment Performance, Episode #57
The Physician's Guide To Financial Wellness
by Trent DeBruin, Andrew Musbach
3w ago
While it might not seem like it, understanding and contextualizing investment performance can be surprisingly difficult. In this episode, we share our framework for doing just that. We explain what makes up investment performance, how to have proper context around investing, the different ways to calculate investment returns, how to understand whether your investment return is “good” or “bad,” and how to tie it all together to the big picture and what matters for your situation. Resources & People Mentioned Download our guide: The Toolkit for Optimizing Your Finances as an Employed P ..read more
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Should I Buy or Lease My Car?, Episode #56
The Physician's Guide To Financial Wellness
by Trent DeBruin, Andrew Musbach
2M ago
In this episode, we tackle the question of whether it’s better to buy or lease when looking to get a new car. We start with a high-level overview, walk through some of the pros and cons of leasing, explain the pros and cons of buying, and based on that discussion tie it all together by sharing our overall thoughts on which option is best for which situations. As with most things in financial planning, there isn’t a universal “black and white” answer since there are both financial and non-financial considerations, but our goal is to help you understand which is right for you based on the specif ..read more
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The Pros and Cons of Target Date Funds, Episode #52
The Physician's Guide To Financial Wellness
by Trent DeBruin, Andrew Musbach
2M ago
Target date investment funds are an increasingly common option in many employer retirement savings plans (such as 401ks and 403bs). Yet despite their prevalence, not everyone understands exactly what they are and how they work, so this episode is dedicated to a deeper dive. We start out by explaining what target date funds are, switch gears to discussing the pros and cons of them, and finally wrap up by sharing our overall perspective on the people/situations for which they do and don’t make sense. Our goal is to provide a framework for evaluating whether or not target date funds may be right ..read more
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Year-End Financial Planning Checklist, Episode #55
The Physician's Guide To Financial Wellness
by Trent DeBruin, Andrew Musbach
2M ago
In this episode, we share our checklist of financial planning items we’ve found helpful to address (or revisit) as you approach the end of the year when managing your finances and looking to optimize the many moving parts. While it’s not an exhaustive list, we cover things such as confirming employer retirement account contributions, making backdoor Roth IRA contributions, confirming 529 plan contributions, checking FSA balances and HSA contributions, reviewing your investments, reviewing your charitable giving, and revisiting your overall goals and life situation. Our aim with this episode is ..read more
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Having a Plan for Long-Term Care, Episode #50
The Physician's Guide To Financial Wellness
by Trent DeBruin, Andrew Musbach
2M ago
While it’s not the most exciting topic to discuss, long-term care is an important one given how common long-term care events are and their ability to impact a retirement plan due to their potential cost. In this episode, we start out by providing some background and overview of long-term care and some of the numbers around frequency and cost. Based on that, we explain why it’s important to have a plan for how to protect against long-term care risks. We then wrap things up by talking about the different options for how to actually protect against this risk (which at a basic level is either buyi ..read more
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A Four-Step Process to Save for Any Goal, Episode #54
The Physician's Guide To Financial Wellness
by Trent DeBruin, Andrew Musbach
2M ago
Whether it’s a new car in a year, college for the kids in five years, or retirement in 10 years, we all have goals that are important to us. And while being aware of our goals is an important first step, there’s much more that goes into actually planning for and achieving a goal. In this episode, we share a four-step process for saving for any goal. From outlining the goal and its time horizon, to projecting the required savings, to planning and automating those savings and revisiting and adjusting over time, we walk through the entire process from start to finish and share helpful tips along ..read more
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How to Manage Your Retirement Paycheck During a Market Decline, Episode #53
The Physician's Guide To Financial Wellness
by Trent DeBruin, Andrew Musbach
2M ago
As much as we all like to see the stock market go up, periodic pullbacks and bear markets are inevitable. And while these periods don’t feel great for any type of investor, they can be especially stressful if you’re retired and are withdrawing from your investments to fund your lifestyle (what we call your “retirement paycheck”). With that in mind, this episode is dedicated to managing your retirement paycheck during such market declines. There are certain things to do and certain things to avoid doing, so we explain how to approach these periods and not just survive them, but also make the mo ..read more
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Lump Sum of Cash to Invest – All at Once or Gradually?, Episode #48
The Physician's Guide To Financial Wellness
by Trent DeBruin, Andrew Musbach
2M ago
It’s not uncommon to find yourself in a situation where you have a lump sum of cash (from selling a home, an inheritance, savings having built up in the bank, etc.) that you want to invest but are having trouble deciding whether to do it all at once or in a gradual manner. It can be easy to get hung up on this decision, especially if you don’t fully understand the pros and cons and each approach and how they apply to your situation. And in fact, the uncertainty can often become enough of a roadblock that it leads to inaction and that money just sitting there (or even continuing to pile up as y ..read more
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Making Sense of Your Retirement Projections, Episode #51
The Physician's Guide To Financial Wellness
by Trent DeBruin, Andrew Musbach
2M ago
While retirement (or financial independence) projections are a cornerstone of any comprehensive financial plan, not everyone understands what goes into them, the different ways to run them, or how to interpret and make sense of the output. In this episode, we start by providing a high-level explanation of retirement projections, then proceed to do a deeper dive touching on these different items. Our goal with this episode is to help you understand the ins and outs of retirement projections so that you can better leverage and interpret them within the context of your own financial plan. Resourc ..read more
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A Checklist for Reviewing Your Tax Return, Episode #46
The Physician's Guide To Financial Wellness
by Trent DeBruin, Andrew Musbach
2M ago
Your tax return contains a ton of valuable information that can be quite helpful with it comes to tax planning and managing your finances. The problem is it’s not the most intuitive document and extracting that valuable information can be difficult to do. In this episode, we walk you through a checklist for reviewing your tax return. We go line by line, explaining the key items, how to find and interpret the useful information, and some of the important things to check on your tax return as they pertain to your overall finances and potential planning opportunities. Our goal is to help you deci ..read more
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