Financial Literacy Series: What I Wish I Knew

The financial literacy series presented by University of Wisconsin School of Medicine and Public Health medical student Rufus Sweeney features the financial wellness course he developed with a grant from the Wisconsin Medical Society Foundation.

The rule for retirement planning – never raid your retirement account

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health

Even knowing how much to save for retirement can be complicated.

In this eleventh and last podcast in the series, UW School of Medicine and Public Health medical student Rufus Sweeney and former Wisconsin Medical Society COO Peter Welch discuss the ins and outs of saving for your retirement. Timing is everything and Rufus explains how you can make the right choice at the right time. If you want to learn what you need to know about the investment vehicles and contribution strategies you can choose from, this podcast is for you.

Resources:

White Coat Investor®

• Percentage of Current Income Needed In Retirement
• How to Retire Early as a Doctor
• Retirement Archives

Taxes & deductions – don’t overpay

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health

You can significantly impact your finances with just some strategic tax planning.

In this tenth podcast in this series presented by WisMed Assure and the Wisconsin Medical Society Foundation, medical student Rufus Sweeney and former Wisconsin Medical Society COO Peter Welch discuss how to avoid overpaying income tax. They explain why it is important for you to understand the difference between marginal and effective tax rate and this single piece of knowledge can save you hundreds of thousands of dollars over the course of your career.

Resources:
White Coat Investor® – Tax Strategists
Physicians Practice® – 5 critical tax planning strategies for physicians

Insurance...maybe not as boring as you think

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health

Insurance can help mitigate the stress that an injury or illness will prevent you from supporting your family or maintaining your quality of life.

In this ninth podcast in the series presented by WisMed Assure and the Wisconsin Medical Society Foundation, medical student Rufus Sweeney and former Wisconsin Medical Society COO Peter Welch, give you a quick overview of why insurance is, in fact, a sexy subject. They discuss why you would want life insurance and how much you need. They also discuss disability insurance and how getting it early can save you a lot of money long term. Plus, why it’s a no brainer to get umbrella liability insurance.

Reach out to WisMed Assure, the Society’s insurance agency, with questions about your insurance.

Resources:

You Need an Emergency Fund!

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health

An emergency fund can be thought of as personal insurance for unexpected expenses.

In this eighth episode in the series, UW School of Medicine and Public Health medical student Rufus Sweeney and former Wisconsin Medical Society COO Peter Welch, explore why you need to set up an emergency fund, how to go about doing it and when to use it.

Resources:
Allied Bank: Savings and Term Deposits
9 Best High-Yield Online Savings Accounts of July 2020 – nerdwallet

Public Service Loan Forgiveness

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health

For those who qualify, Public Service Loan Forgiveness (PSLF) may be a way to help repay student loans. However, there are many factors to consider when determining whether this is a viable option.

In this seventh podcast in the series presented by WisMed Assure and the Wisconsin Medical Society Foundation, medical student Rufus Sweeney and former Wisconsin Medical Society COO Peter Welch, discuss the ins and outs of PSLF. Specifically, they explore reasons to pursue PSLF or not and how to qualify for PSLF.

For details about Public Service Loan Forgiveness, click here.

Income driven repayment plans

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health

Choosing the best plan for repaying your federal student loans depends on your ability to pay and your financial goals.

In this sixth podcast in the series, medical student Rufus Sweeney and former Wisconsin Medical Society COO Peter Welch discuss the commonalities and differences of the various types of Income Driven Repayment plans available.

How Different Interest Rates Work: A Doc. Jekyll and Mr. Hyde Affair

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health

Knowing the difference between simple and compound interest as well as loan capitalization is critical to understanding how to manage your debt and maximize your savings.

In this fifth podcast in the series presented by WisMed Assure and the Wisconsin Medical Society Foundation, medical student Rufus Sweeney and former Wisconsin Medical Society COO Peter Welch discuss the various types of interest and when it might work for or against you.

Resources:  

• The White Coat Investor
• The Physician Philosopher

Different Kinds of Debt

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health

Amassing a considerable amount of debt during medical school is standard for the majority of medical students. Even though debt is rarely seen as a good thing, there’s a difference between good debt, bad debt and debt to be avoided at all cost.

In this fourth podcast in the series, medical student Rufus Sweeney and former Wisconsin Medical Society COO Peter Welch discuss the various types of debt students accumulate and how choosing wisely now makes paying off your debt much easier.

Resources:

• When in doubt, talk to your financial aid officer.
• Emma Crawford at University of Wisconsin School of Medicine and Public Health.
• The White Coat Investor is also a source for great guidance on how to acquire and manage the “good” forms of debt.

Buy or Rent a Home

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health

There are many factors to consider when deciding whether to buy or rent a home, especially during residency. Additional expenses such as closing costs, maintenance and repairs and the potential for declining home values may make home ownership much more costly than anticipated. Additionally, residents won’t know where they’ll be practicing once becoming an attending.

Third-year medical student Rufus Sweeney and former Wisconsin Medical Society COO Peter Welch discuss the financial implications of buying versus renting a home as well as why emotions might sway someone to make decisions against financial advice.

Live Like a Resident

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health

After scrimping for years of medical school and residency, it’s completely understandable to want to enjoy your hard-earned salary once you become an attending. But, how you manage your money will determine how big your payback will be for all those years of hard work.

In this second podcast in the series, third-year medical student Rufus Sweeney and former Wisconsin Medical Society COO Peter Welch explore how living like a resident can help you become financially independent in 10 to 12 years.

Financial Wellness for Physicians

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Rufus Sweeney, third year medical student at UW School of Medicine and Public Health

After being talked into buying an insurance product that did not fit his financial needs and goals, third-year medical student Rufus Sweeney decided to do something about it. Funded by a grant from the Wisconsin Medial Society Foundation, he developed a financial wellness course that is being offered to students at the School of Medicine and Public Health at the University of Wisconsin-Madison. He also recorded a series of podcasts about each course module.

In this first podcast in the series, Rufus and former Wisconsin Medical Society COO Peter Welch discuss why the course is important and how to identify and achieve your most important financial goals.

Balance Sheets and Income Statements

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Robert Foulks, retired Wisconsin Medical Society Chief Financial Officer

Bob and Peter discuss the basics of business accounting—Balance sheets and income statements. Learn more about how these tools work and why they’re critical to managing your business finances and planning for the future.

Budget Basics

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Robert Foulks, retired Wisconsin Medical Society Chief Financial Officer

Bob and Peter discuss budgets. Learn more about how creating a budget can help organize your finances—to alleviate stress and pave the way for a sound financial future.

Buy vs. Lease a Car

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Robert Foulks, retired Wisconsin Medical Society Chief Financial Officer

Bob and Peter discuss the pros and cons of buying versus leasing a car. Learn how each method works, which one may be more suitable for you depending on your individual situation and how to protect yourself when entering into a lease agreement or purchasing your automobile outright.

Employment Contracts

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Tom Shorter, JD, FACHE, the Public Vice President of the Wisconsin Medical Society Foundation Board

Host John Rather, JD, and Tom Shorter, JD, FACHE, discuss what physician employment contracts are, how they are prepared, what you can expect to see and what to look out for when seeking your first job as a physician.

Managing Student Loans

Presented by WisMed Assure and the Wisconsin Medical Society Foundation

Guest: Darren Martin, former student services coordinator for the Office of Student Financial Aid at UW-Madison

Host John Rather, JD, and Darren Martin discuss student loan basics, what kinds of student loans there are and the best strategies to manage them.