Speaker 1 00:00:08 What's up, everyone. Welcome to the finance for physicians podcast. I'm your host, Daniel Raimi. Join me as we dig into what it looks like for physicians to begin using their finances as a tool to live better lives. You can learn more about our
[email protected] let's, jump into today's episode. Hey everyone, hope you're having a great day. I am looking forward to keep it on with these vitals checks. Um, today we're talking about going through a safety net check. And so I'm going to talk through what that looks like and why it's beneficial in that sort of thing. Um, just a quick recap on what we've gone through so far, if you're just jumping in at this point. So in the first part we talked about clarifying your values. What's most important, even goals and making that the first check, the second check was verifying where your money was going, you know, between spending saving, or giving and having kind of a good high level vitals check on that.
Speaker 1 00:01:15 What that looks like the third, which we talked about last time was net worth. And, you know, just have any quick snapshot of where you are there. All of these are great, kind of like vitals, you know, financial vitals to give you just kind of a quick snapshot of where things are. So today, like I said, we're going to be talking about safety net check. So just to start out, let's, let's clarify like what I'm talking about. So what is a safety net check? So what I mean by that is getting an idea of how well you're covered in the event of like a worst case scenario. So most of the time we talk about, you know, all the good stuff like ideal and having a plan and making sure you follow through with that and, you know, covering your bases in, hopefully that for the most part happens and is most of the time what life looks like, but inevitably for everyone pretty much is there's going to be some twists and turns and curve balls.
Speaker 1 00:02:19 And so life, you know, will always throw you curves and, and things are not going to go as planned. So what I'm talking about today is kind of like checking yourself in terms of how you would fare. How would you, how, how would you Ferris a situation in the event of a, kind of an unexpected, worst case scenario type of thing, things don't go as planned, you know, life there's your curve. Now the tendency is, you know, personal finances often can get, like, it's a, it's an easy thing to procrastinate to do, to look at any of these vitals we talk about. But I think especially with these safety net type things, it's really easy to start to think like, oh, well, you know, this, stuff's not going to really happen to me or not now at least I'll get around to it and you know, everything's good.
Speaker 1 00:03:10 So, but that's actually in, so that's how everybody tends to think, but that's, that's really the best time to actually address it when life is really good. And there's, you know, things are going as planned. That's, that's the optimal time to address or look at this type of planning is ideally. So if something does happen unexpected and maybe a lot of you have already have had things go on, you know, kind of not pan out how you thought they would. And so maybe some of you have recently been through this kind of thing, and if you've ever been through it, you know, like as soon as things kind of go off the rails, that's when you for sure. Think about it. Like, you're going to think about it in that, in that sort of situation. I talked about it in, uh, in one of the episodes a while back about how I had a, um, kind of a health scare a little bit.
Speaker 1 00:04:07 And, um, everything ended up working, you know, being okay or whatever, but for a minute it was touch and go. And so I definitely was thinking about those sorts of things in that moment, but, but the problem is that can be too late if you haven't done any, you know, good planning. So that's, that's the goal really for this is to help you guys think about it ahead of time, you know, fight the tendency to not address this kind of stuff and just kind of get it out of the way. And it minimum just kind of see where you're at and think through it. So the other thing too, I think clarify, or at least wrap your head around, is that the stuff we're talking about today, it's all pretty much out of your control. I mean, I guess some of it could be things you control, but for the most part, a lot of this stuff, especially the worst case stuff, it's totally out of your control.
Speaker 1 00:05:02 Like, you know, things we like to hang on to that control. That's just how humans tend to gravitate. But at the end of the day, we don't really have the control. We like to pretend like we do. And so things can just totally blow up and, you know, go the other direction. Also, you don't know the future, you know, we'd like to act like we everything's going to be good, but like at the end of the day, you don't know the future. So I think it's important to wrap your head around this idea that this, any one of these worst case scenarios could happen to you like today, or, you know, in the next moment or tomorrow or whatever it could happen like right now. And you might not you're well, you're really never going to see it coming. That's the thing about people that have it happen, like the worst case scenario, you know, they never say like, man, I saw this car, I guess some of them say that they saw it coming.
Speaker 1 00:05:54 But most of the time they're like, man that came out of left field. I totally didn't see coming or that totally shocked us or whatever. Nobody's planning for these kinds of things. You might be thinking like the odds are low. So like one of the scenarios we're talking about is unexpected death. So most of you are probably younger and you know, early stage, mid career, whatever. And so you're thinking, you're thinking, you know, the odds are pretty low of that sort of thing happening. I'm not going to die. Odds are. And that's probably, that is correct, actually like the odds are very low, but what are the odds? The odds are looking at massive groups of people and saying, okay, if I have like a hundred thousand people of the a hundred thousand people, how many of them pass away unexpectedly? So maybe that's like 10 out of a hundred thousand people are going to die in the next year, in your age group.
Speaker 1 00:06:43 So that's really low odds. But the problem with odds is that it's looking at a large group of people. It doesn't look at an individual and we're talking about something that like you can't control, like I said, and so your odds actually could be 100%. You could be one of the 10 people and you just don't realize it or don't know it yet. And so you kind of have to, it's hard to wrap your head around that you kind of have to work through that, but like you have to wrap your head around the fact that you could be, you know, in that for 1% dollar, you know, small percentage and it's just, you know, out of your control, it's just how it's going to play out. You know, a lot of you're in medicine. So you get to see it, you know, in your job, a lot of you.
Speaker 1 00:07:30 And so that can help, but really wrapping your head around. It could be you and you just, you just don't know. So I think the first thing to be thinking about is you gotta have gotta have a little bit of organization, like on where you are now or what you have in place. Um, we'll talk through this a little bit, but, um, you know, basically like what does your current stuff look like? So what I mean by that we talked about in like with the third vital, like last episode about your net worth. So part of it is just having your net worth documented. That's important to start to see what resources you have to kind of like cover you in the event of unexpected. But most of you won't be like, I mean, there's a point where you have enough of your, of a network to where you're kind of like already covered for most of these scenarios, but most people listening probably aren't aren't there yet.
Speaker 1 00:08:28 And, um, you can't just have rely on your assets to cover you as a safety net. Most of you are probably gonna be needing to rely more on insurances and that sort of thing to cover you as a safety net. And so the second part of that, so first part is having your net worth organized, uh, to some extent, like a high level snapshot of what all your assets are and you know, the balances and what are your debt is and the balances. But the second thing is, and this is especially important for the Vita, for the, uh, safety net is having an insurance inventory. So like, what that means is basically like a, I mean, you could use a spreadsheet or a piece of paper or whatever, however, you do things. But like we typically use like with our clients and keeping up with this stuff is like a spreadsheet.
Speaker 1 00:09:16 So it's like, you know, what disability insurance is. Do you have what health insurance? What's your health insurance look like? Life insurance policies, um, basically all your insurances like documented and you don't need to get like every single detail. Like there's a lot of details within those, but you're just looking for like that high level, like, you know, for life insurance, for example, like at minimum, you need to know that death benefit like it, in other words, how much does it pay if you pass away? But it's also good to know, like the policy number is sometimes helpful. What, what, what date you started it? Like the policy date, you know, if what type of policy it is like, is it a term life insurance or something else that's, that's important. The beneficiary designations are huge to have on there. So like who does the money go to if I pass away or who does the money go to if whoever the policy is under passes away.
Speaker 1 00:10:18 So that's another thing I didn't mention, like who is covered. Like who's the insured is what they call it, but who is covered, like in other words, is it me or my spouse? Like, is it, um, Daniel? Is it is the policy a hundred for Daniel as the insured? Um, and you might be thinking, especially if you just got this stuff, you're like, well, of course I'm going to remember that kind of thing, but like fast forward, 10 years and good luck. I mean, it's very difficult to keep up with all these things. So kind of have to pretend like you're going to forget all of it. Cause you probably actually are going to forget it. So, you know, documenting like who the policy is, life is on, is important too. And then who the beneficiary is, um, is extremely important. So like, if I'm the insured, in other words, if, if it's a policy on my life, I need to list that.
Speaker 1 00:11:07 And then who is the beneficiary? If I die, you know, a lot of times, you know, my wife would own on my situation. And then what about if we're, if my wife's not around or if we both pass away at the same time. And so that would be like the second beneficiary or they call it like the contingent beneficiary. Uh, so, you know, maybe it's a trust, maybe it's another person. And then I think the last piece of information I would encourage, uh, documenting would be like the agent. So like the insurance agent and then another little piece of information, like the annual premium might be helpful. I'm looking at mine right now just to kind of remind myself of, uh, everything. But the premium is and can be helpful, like how, and that's how much you pay for the policy per year, if you're paying for it.
Speaker 1 00:11:53 And if, and if it's a group policy that your company pays for you, you might just put zero there. Okay. So I think those are the biggies for like life insurance example. Now, if you're looking at like disability insurance, that's another thing that needs to go on this inventory. You need to track like, same thing. Like, what is the ultimate benefit or payout? So for disability, it's typically like a dollar per month is the benefit that they're providing. So like maybe it's $6,000 per month or 10,000 per month or whatever that's important. And then also the benefit period. So in other words, how long are they going to pay you? If you become disabled? Typically they pay off like till age 65 or 70 or something like that. And then another helpful piece of information for disabilities. Like at what point do they start to potentially pay me?
Speaker 1 00:12:41 So like, they call that like the waiting period. So like 90 days is common or 180 days. So like how long do I have to wait? And then the annual premium, you know, like I mentioned, that's, that's probably good to track on all these insurances, um, insurance agent as well. And then the last thing for disability that I like to add to the inventory is just like any notes, because disability can get a little more complicated or, you know, stuff to note. So like I might note that I had a exclusion for mental health or something like that. So in other words, they're not going to pay me. So like, this is important information that you really need to remember. I would throw that in like, just like the notes on the side, or maybe there's an additional purchase option. Like in other words, you can buy more in the future.
Speaker 1 00:13:26 Um, but any added notes, I think it's helpful to have like a note section on the far, right. Just to kind of remind yourself of those biggies. Um, so disability is a big one. Health insurance is, is, is good to keep on here. Maybe your deductible, your max out of pocket, whether or not it's qualified for nature. Say what the annual premium is. If you have an insurance agent, um, those sorts of things, the company that probably be good to track, um, and then home and auto insurance and umbrella, maybe that's, that's always good to kind of throw into this inventory. So with home and auto and umbrella, you know, some of the other things that I haven't mentioned, like your, uh, payout, like liability payout, like, um, so how much it pays in the event of a lawsuit that would be good to document in there or your deductible.
Speaker 1 00:14:22 In other words, like how much do you have to pay before they start paying? That would be good to track if you, you, if you have home and auto insurance, I'm sure, you know, like you get the, they call it a declaration page, but you get like a summary every six months or so it shows like here's the benefits and here's what it costs and it's should be like a one page summary. So that's the kind of thing you want to put on this spreadsheet is like the one-page summary kind of stuff would go into this kind of thing. And then if there's any other insurances that you have, maybe you have, um, you know, some, uh, rental properties with liability protection or business insurances or whatever. Um, I would throw that in there as well. The gist of it is you want to have all this documented and organized.
Speaker 1 00:15:05 And so second part of, or I guess the third part of this is having like your estate plan somewhat organized. So like if ideally all of you have an estate plan. I mean, let's, I'm not expecting all of you that let's be honest. I'm not going to expect all of you to have an estate plan. And the odds are that the minority of you have an estate plan in order. So go out and get an estate plan. That would be a good step. Um, but you know, for those of you out there that do have an estate plan, hopefully you do already have one. Um, especially if you have children, you want to have that kind of like summarize. So what I mean by that is like a listing of who the key people are in your state plan, like the guardian for your children and the executor, or in other words, the person that is responsible for taking care of things, if you pass away.
Speaker 1 00:15:57 So a listing of like the key people listed in your estate documents, that's important. The second thing is if you have any level of like trust or complexity, like it'd be good to have like a visual kind of overview of how things should be flowing if something were to happen so that you can know who, what to name his beneficiary. So I'll explain a little bit, um, what a lot of you will probably at some point in your life, you'll probably have a trust of some sort. If not, if you don't already, for various reasons, we talked about it in an episode, passed about estate planning, but most of you will probably eventually have trusts and maybe more than one trust. And so the idea of a trust is it's kind of like a bucket you can count, you can direct assets to that have like an, it has like an owner's manual with it.
Speaker 1 00:16:51 And it's really helpful for like post-death planning and making sure things do what they need to do. And so ideally you need, it gets confusing like, or remembering or knowing what, when the stuff needs to go to the trust. So like you have maybe you had a life insurance policy, so you're like you go to an attorney to create this estate plan and it's all, you know, kind of a process and then you get done with it. And you're like, thank God I finally finished my estate plan. Great. I'm good to go. But what happens is you forget that there's, these follow-up steps that you have to change. Beneficiaries are like, you have to direct your stuff to go into this trust you just created. So it's helpful to have like a visual overview of what the plan was basically. Uh, so it's, it's really easy to forget that.
Speaker 1 00:17:41 I mean, it's like instantaneous almost. It's like two seconds after you have a meeting, it's like, you know, you've, you've let it go. And so you gotta, you have to have that visual reminder ideally so that you can remember, okay, I need to name the trust as my contingent beneficiary on the life insurance policies, because it needs to go to my wife first. Um, and then it needs to go to the trusts. And so having that visual is this is especially helpful. It's more important if, you know, if you have a trust and especially if you have like more than one trust or start to get complicated, you kind of have to have that kind of thing, because it's just impossible to keep up with. So having that organize the three biggies, having your net worth, which was vital. And the third vital, uh, we talked about last episode, second thing is having an engine insurance inventory, just kind of a spreadsheet overview summary of all the insurances that you have.
Speaker 1 00:18:32 And then the third big thing is having a summary of your estate plan, which consists of like who the key people are you listed and what the flow of assets would look like if something were to happen to you and that's especially important if you have a trust already. So having all that organized, um, I know it sounds like a lot and I don't, you know, maybe it's probably unreasonable if you, if you don't have any of that stuff, it's probably unreasonable to expect you to have to do all this like immediately. So I think for, if you don't have any of this stuff, I think a good, like small step is just to do the insurance inventory. That's always a good starting point is just like, cause that everybody can do that. Like I'm sure everybody listening here has at least one insurance policy.
Speaker 1 00:19:22 So that's the best. I mean, if you're, if that's you like fantastic, they start now because if you just have one policy, it's like, your spreadsheet is going to be easy to put together so you can just get it done. And then in the future you can go back and reference it and build it out as you get more stuff. So with our clients, when we track it, we use a spreadsheet, like I mentioned before. And so we use tabs and we year date it. So like we have a 2017 tab, 2018 tab, you know, every year we make adjustments or updated, we're going to add a new tab. So that way we can refer back to what it used to be and have kind of a time standpoint. And the other thing is you forget, like when you updated it. So that's kind of a reminder of like what, when the last update was.
Speaker 1 00:20:05 And I w and it is a good thing to kind of think about updating annually. I think annually is a good, maybe every one every year or two kind of do a refresh on this, unless stuff changes. And then you can add stuff in as you change it. So small step for everyone have the insurance inventory adamant on. So the next thing to think about is like, what are these bad scenarios? And like, just to kind of just think through like, how, how are you on each? So the biggies I've already mentioned a few like death, unexpected death, unexpected disability lawsuit is always there, you know, job loss type stuff, global pandemic. We'll throw that one on the list. Now that that's a kind of one, everybody wasn't expecting, you know, an emergency situation, we'll call it. Those are the biggies, really any bad scenario, that's unexpected, that's going to cause some financial problems.
Speaker 1 00:20:56 So really the idea is just to go through each and think through, like, what is your safety net? Is it adequate? And that's what the gist of this vital check is, is like, what is your safety net? And is it adequate? Do you need to, if it's, if it's inadequate, do you need to increase coverage or, or insurance coverage, or do you need to maybe decrease coverage or do you not have enough cash reserves or, or do you need to update the estate plan or the idea though is to have kind of a quick vital that kind of, you can look at every so often and say, okay, I'm good. I'm not good. Um, but you have to, you have to be organized to kind of get to the point of doing this, this, uh, this, uh, quick review. So that spreadsheet, that insurance inventory summary is huge.
Speaker 1 00:21:42 You got to have that first, once you have that, then you can kind of say, okay, let's look at these worst-case scenarios and say, okay, unexpected death, unexpected disability. Think through that. And like, am I good at everything? Okay. Or do we need to make adjustments? So little side note, if any, any of the, you guys listen in our clients, in our planning firm, you really don't need to worry about this. I mean, it's good to think about this kind of stuff, but like we have your back already on this kind of thing. Like we're already tracking your insurance inventory and we're running through this like scenario check, um, every year or two and talking through it with you. So you don't have to necessarily worry about doing this yourself as much. Um, it is good. Like I said, to think through this every so often and feel free to throw out questions our way, but if you're working with us, you don't need to necessarily worry about doing this yourself.
Speaker 1 00:22:37 Now, if you're not working with us, especially if you're not working with a financial planner at all, um, this is really on you to do. And so it's, you kind of have, have to really make sure and have a reminder, you know, every year or two to, to think through these things and, and, and go through this exercise. So I'll, I'll throw it to throw out some, um, examples of what this might look like, or like what the vitals might be for the different situations. So let's say, so let's say we're looking at, uh, the disability scenario. Disability is pretty straightforward. The vital that you want to track for disability is like, what is the percentage of my income that's covered? Or another words, like, what is my take home pay if I'm disabled, uh, or what's our cash inflows to the household. If I'm disabled, that's really what you're after.
Speaker 1 00:23:35 So the typical young early in practice physician is like, let's see that be as high as it possibly. Ideally you have the max that's POS you know, you could possibly get, and you do that by getting as much insurances, the companies will offer you. They're not going to offer you more than a hundred percent of your income. They want you to have incentive to go back to work if you're disabled. So typically you're going to see like 70 to a hundred percent, a hundred percent at the most, but typically under a hundred percent. So 70 to 90%, sometimes it gets to a hundred in certain situations, but 70 to 90% of income coverage is what you typically will see. So what that translates to is like, if your take home pay is, uh, 10,000 a month, um, in a normal basis, you might be expecting to receive like 8,000 a month of take him disability benefits.
Speaker 1 00:24:26 That's kind of where the insurance company will typically want you to be. So that there's still a $2,000 gap. So that's, that's important to know that like in your, it seems simple to be, um, I mean, that seems simple on the surface, but what happens is your income is always changing and maybe you have a second source of income and maybe you have three different disability insurance policies. It starts to get complicated. And you're like, shoot, I don't, I used to be simple, but like in training, it's simple in training, you typically have work provided coverage and, you know, they provide 60% say of your cover of your, of your salary is disability benefits. The unique thing in training is that's the only time you can really go above a hundred percent coverage. These insurance companies will sell you more on top of that. That puts you like, well above a hundred.
Speaker 1 00:25:17 So you might be in that scenario, the exception where you were far above a hundred percent salary covered, but either way, like it's more straight forward when you just have a salary and a group policy to figure out that percentage. But then you start to get individual policies like multiple policies, your multiple income streams. And so it's much more difficult. So ideally you get in that routine of tracking what your percentage coverage is for your income. So what your disability, insurance coverage percentages for your income and you know, that percentage coverage a number. And so, you know, like I said, ideally, it's in that 70% at minimum range and preferably higher, but that that's the, so that's the vital for disability. Now, the second part of that is like, what do you do about that? So that that's where it gets starts to get a little bit more like, depending on situations.
Speaker 1 00:26:12 So like vitals are not in the all be all same thing in medicine. Like you can't just look at like blood pressure and be like, okay, I've got all the solutions. This is just one piece of the puzzle. So like, maybe you're like approaching financial independence already. So like maybe you don't need as much percentage-wise, or maybe you're early in on practice and you need as much as you can get. So like, that's where it starts to kind of come, but depending on your situation and your goals, and you know, that first vital, like what is most important? What are your values? What are your goals? So, but you gotta have that vital. You gotta know where you're at and then kind of look at your overall circumstances and take into consideration the other vitals. So that's an important side note. So another example of a big one is unexpected disability.
Speaker 1 00:27:04 Um, so maybe your, uh, at a minimum, you want to know like your death, total death benefit. So in other words, how much is going to get paid out if you were to pass away unexpectedly. And so a really simple, um, vital to keep track of is like how much, what multiple of my income is that. So here's simple examples. So like, let's say the total amount of death benefits you would get if you pass away is $2 million. So that's when you add all your individual insurance that, uh, life insurance policies, plus your group insurance, like all those totaled up is $2 million paid at your death. And let's say your income is 200,000 a year. So you're a multiple is 10 times. So like in other words, the vital there is like, your death benefit is 10 X income or 10 extra salary. So that's good to know.
Speaker 1 00:27:59 It's not same thing as disability. It's not going to like that in itself. Doesn't like, say your, you know, idea you're perfectly covered. Um, it's just more of like a starting point to know where you're at. Uh, 10 X, 10 times income happens to be kind of a general rule of thumb. A lot of people say like, is a good target target. Um, but we have clients that are quite a bit above that multiple. And then we have clients that are well below that, and that's going to depend more on circumstances. The other big vital, uh, scenario example would be like the job loss scenario, um, or really any unexpected CA kind of like blow up situation. So this scenario, um, the vital I would pay attention to is your cash reserve ratio. So like, in other words, if you look at all your personal cash and when I say cash, I mean, like in a savings account, not invested like easy access, no volatility, safe money.
Speaker 1 00:28:58 So ideally, you know, how many months of normal expenses could get covered from the cash that you have. So example there. So let's say you have $30,000, total cash reserves in your checking and savings, and let's say your normal spend, your normal lifestyle is 10,000 per month. So that, you know, you have three months worth of cash reserves there. So that's, that's the vital for your reserves. So same sort of thing here. Like it depends on circumstances like three times, three, three months is typically like a good point for most people, but like, it could, it varies a lot, depending on circumstances. Other thing is you gotta look at the, um, you got to look at the, all these kinds of, have to, you got to look at all the vitals, um, so that they all work together. So that's why it's helpful to have your net worth being tracked.
Speaker 1 00:29:58 Cause you're going to see like what your cash balances are there. It's also important to know, like the second vital saving versus spending versus giving, like ideally, you know, at minimum how much total you spend on average per month, you don't need to know like exactly where your money's going. But like the total number is helpful to know for these types of things, because you can know, like my number 10,000 a month and it, it all ties together here. So, um, ideally, you know, that lasts that, that, that, uh, kind of reserve cash reserve ratio and how long it might, or how many months it would provide for. So my question for you guys is where are you adding in all this stuff? It's all good, either way. Like don't no shame here and we want to take small steps. So as I mentioned earlier, if you have, if you're like, man, I don't have any of this stuff.
Speaker 1 00:30:48 Like that's a blot. And, um, you don't worry about it. Like start somewhere, start small, like just do the insurance worksheet, like do the insurance organizer, like document what you have insurance wise, even if it's just like a renter's policy for the place you're renting or your auto policy, um, just document like the high level points, put it in a spreadsheet, try to make it relatively organized. Don't overdo it. And then second part of that is put a reminder in your phone calendar or whatever, for once a year, you know, like a repeating annual task and then write in there, like update insurance worksheet. And you'll probably forget what that is. If you're like me and most people you'll probably forget like what, what even the insurance worksheet was or insurance tracker or whatever you want to call it. So I would, I that's, this is why I like using technology.
Speaker 1 00:31:42 Um, ideally you put it in a spreadsheet on your computer and then you link to it in the appointment. So, or if you're doing it on paper, put like a note in the event, like reminder, uh, it's in my whatever planner book and it's on page 22, that way you have a quick reference. And so when you get the reminder a year from now, you're going back and what was this about? And then you're like, oh, the notes, check the planner page 22. Good. And then you can just, it, if you do it that way, it's kind of like changing the filters in your house. Like that's like impossible to remember. At least for me, it is. So I have to have like a note or a reminder. Um, otherwise I'll totally forget about it until like the, uh, motor breaks on my, uh, unit.
Speaker 1 00:32:28 And they tell me it's because I didn't change the filter. And so you gotta, you gotta have a reminder on your calendar and once you get the reminder, you're like, oh, this is easy. Got it. You can knock it out. And if you do it routinely, it becomes easy just to kind of maintain this stuff. Also, it'll prompt you to think about it a little bit. So at a minimum, if you don't have any of this stuff, start with that little small step. And I think that's a great step to starting to move forward. That's all I got for today. I know this one went a little longer. I had planned to do it shorter, but there's a lot that encompass in this. I hope it's been helpful. And, uh, look forward to talking to you next time as always, thank you so much for joining us today.
Speaker 1 00:33:07 If you found this valuable, please give us a review on iTunes and share with a friend. Also check out our
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