Ep 018 – War in Europe and Your Finances

Summary: Russia Invading Ukraine – Implications [0:01:31] The Market Is Doing What It Always Does – Volatility [0:03:31] What’s Inside An Average Client Portfolio (It’s Not All S&P Index Fund) [0:04:05] Crisis In Europe Affects Gas Prices Which Affects The Stock Market [0:06:34] The Longer You Wait To Curb Inflation, The Worse It Gets [0:08:30]   Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make. Your hosts, Jon and Trevor, explore a different topic with each episode. Jon Solitro is a financial planner and certified financial education instructor. He’s been working with young physicians for the better part of the decade and lectures to graduate medical programs around the country. Dr. Trevor Smith is a board certified ophthalmologist with a full time practice and he has learned the ins and outs first-hand what it takes to make smart financial decisions as a young physician. And now here’s your hosts, Jon and Trevor.   Jon: Hey everyone! Welcome to the eighth episode of the Financial MD Show. Hope you’ve been having a good time listening through all the episodes and learning stuff. Today, we’ve got a fan favorite. This is a highly requested topic both through emails and correspondence, and after getting requests on podcast topics as well as just getting straight up questions in the webinars and lectures and things that we do. Disability insurance is what we’re talking about today, which is great, because I’m knowledgeable on it, Trevor is knowledgeable on it, and we’ve had some good and bad experiences, but there’s a lot of mixed information out there and we hoped to straighten some of that out today. We’ll give you some tips on how to buy it, how to shop for, what to look for, what not to do, and ultimately how do you feel you’ve done well and just protect your finances. Without further ado, here’s today’s show.     Jon: Welcome everybody to the Financial MD Show. We are here, your hosts, once again, Jon Solitro and Dr. Trevor Smith. How are you, doc?   Trevor: I’m good, I’m good. How are you?   Jon: I’m great. I’m, as you know, sunglass shopping. We’re trying this out. We’ll see. I’ve gotten some other good recommendations. Thank you, sir.   Trevor: Your welcome, your welcome. American Optical.   Jon: American Optics. Sponsoring today’s episode is American Optics. They don’t pay us at all but, we’re going to pick them certainly.   Trevor: Yeah, I think is it American? It might even be American Optical. Either way, it’s the Top Gun. It’s the famous Top Gun aviator but they make some other less enormous frames.   Jon: Well, I got to tell you coming from an ophthalmologist, that has to mean something.   Trevor: Yeah, they’re great. Super quality.   Jon: All right. Cool. Well, we want to just bring in a short episode today. We’re going to try to get this out as soon as possible and talk about it’s now February 28th, the last official day of 2 of 22. Hope you all did wonderful things on 2/22/2022 – that was pretty exciting. But lots happened this year. This has probably been one of the worst Januarys on record for a long time and from the stock market standpoint. Here at Financial MD, we had investors who were down, you know, 15 percent within a span of a month or two because we had some aggressive stock portfolios and the stock market just took a hit and there’s a lot of reasons for that.   Russia Invading Ukraine – Implications [0:01:31]   We’re going to talk about a few of them today just briefly but we’ve also got an uncertain future, frankly, and we’re not going to beat around the bush with Russia invading Ukraine. That’s a big deal and could be potentially the start of a World War III or could be, you know,