Minnesota physician and financial planner Joel Greenwald helps medical and dental professionals reach their long-term financial goals. In this handout he walks through several financial planning scenarios for physicians and dentists that he often sees in his financial planning practice, Greenwald Wealth Management. If you would like to meet to discuss your financial situation, contact us at 952-641-7595 or www.joelgreenwald.com to schedule a no-obligation consultation. DISCLAIMER: This communication is strictly intended for individuals residing in the states of CA, FL, IL, MN, NJ, NY, OH, OR, PA, SD, TX, and WI. No offers may be made or accepted from any resident outside these states due to various state regulations and registration requirements regarding investment products and services. Securities and Advisory Services offered through Commonwealth Financial Network ®, Member www.FINRA.org/www.SIPC.org, a Registered Investment Adviser. Greenwald Wealth Management, Inc. 1660 South Highway 100, Suite 270 St. Louis Park, MN 55416. Please review our Terms of Use here: http://www.commonwealth.com/termsofuse.html.

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Case Studies in
Financial Planning
Joel Greenwald, MD CFP®
Greenwald Wealth Management
1660 South Highway 100, Suite 270
St. Louis Park, MN 55416
Telephone: 952 641 7595
joel@joelgreenwald.com www.joelgreenwald.com
Securities and Advisory Services Offered Through Commonwealth Financial Network,
Member FINRA/SIPC, a Registered Investment Adviser. Fixed Insurance products and
services offered by Greenwald Wealth Management are separate and unrelated to
Commonwealth. The following does not represent actual clients but a hypothetical
composite of various client experiences and issues. Any resemblance to actual people
or situation is purely coincidental.

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Meet M.J.
28 year old 1st year family practice resident
-Single
-$100,00 student debt,
with interest rates ranging
from 2.8% and 6.8%
-Salary of $48,000 per year
-Residency program provides:
A. $50,000 term life policy
B. Group disability insurance
C. 403(b) with match
This hypothetical report is not indicative of any security’s performance and is based on
information believed reliable. Future performance cannot be guaranteed and investment
yields will fluctuate with market conditions. This hypothetical example is for illustrative
purpose only and should not be construed as specific investment advice. Your individual
circumstances should be taken into consideration before any investment plan is implemented.

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Things to consider:
A. Should M.J. pay off debt or start investing?
B. Emergency Fund- What is it, and how much should I have?
C. How much should M.J. aim to save each year?
D. Investment Vehicles
403(b) vs. Roth IRA
Importance of signing up for 403(b)
E. How to invest?
Asset Allocation
F. Life Insurance- Does she need it?
G. Disability Insurance- What are the benefits of an individual policy
This hypothetical report is not indicative of any security’s performance and is based on
information believed reliable. Future performance cannot be guaranteed and investment
yields will fluctuate with market conditions. This hypothetical example is for illustrative
purpose only and should not be construed as specific investment advice. Your individual
circumstances should be taken into consideration before any investment plan is implemented.

4. Wealth Management
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Meet B.D.
29 year old 1st year family practice
resident
- Same resident program as M.J.
- Married to psychiatry resident
- Two children, ages 2 & 4
This hypothetical report is not indicative of any security’s performance and is based on
information believed reliable. Future performance cannot be guaranteed and investment
yields will fluctuate with market conditions. This hypothetical example is for illustrative
purpose only and should not be construed as specific investment advice. Your individual
circumstances should be taken into consideration before any investment plan is implemented.
Things to consider:
A. Life Insurance
B. Wills
C. Education Planning- 529
plans

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I ask myself…
• When should I start paying attention to this
sort of stuff?
• Should I work with a financial planner?
• How do I find the right financial planner?
• How is a financial planner compensated?

6. Wealth Management
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Investors’ Behavior
Undermine Their Goals
$-
$100,000.00
$200,000.00
$300,000.00
$400,000.00
$500,000.00
$600,000.00
Equity Investor S&P 500 Index
4.25% 8.21%
Source: DALBAR, Inc., Quantitative Analysis of Investor Behavior 2013
Average equity investor performance was used from the DALBAR study, Quantitative Analysis of Investor Behavior (QAIB), 2013. QAIB
calculates investor returns as the change in assets after excluding sales, redemptions and exchange. This method of calculation
captures realized and unrealized capital gains, dividends, interest, trading costs, sales charges, fees, expenses, and other costs,
annualized over the period. The Standard & Poor’s 500 Index (“S&P 500”) is an unmanaged index of 500 common stocks generally
representative of the U.S. stock market. You cannot directly invest in the S&P 500 index. Inflation is measured by the CPI index. Past
performance does not guarantee future results.
Annualized Returns January 1993 – December 2012
$229,891
$484,560
30

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Range of Investor Emotions
Hope, Optimism –
People are making
money in stocks; I
should invest too.
Confident –
I’ve already
made
money! This
is Great!
Thrilled – I should
put more money in
stocks!
Euphoric – This is easy!
It’s different this time!
Why do we invest in
bonds?!
Concerned – I didn’t
think it could drop
that fast!
Panic, Hopelessness, Fe
ar – My account is
down how much? I
think I might lose it all!
Surprised – I
think I lost a
little money.
It’ll come back.
Defeated/Capitulation
– Get me out! I can’t
take this anymore! It’s
different this time!
Encouraged –
Maybe I should
invest in the
market again.
Hope,
Optimism –
Maybe
everything
will be OK.

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9. Wealth Management
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Source: MPI Stylus and FactSet.
This example is for illustrative purposes
only. Performance data quoted
represents past performance. Past
performance does not guarantee
future returns. Investors should note that
diversification does not assure against
market loss and that there is no guarantee
that a diversified portfolio
will outperform a nondiversified portfolio.
The return and value of investment
products will fluctuate with market
conditions. Indices are unmanaged
and investors cannot invest directly in an
index. The above asset classes are
represented by the following indices:
Large-Cap – Russell 1000;
Mid-Cap – Russell Midcap; Small-Cap –
Russell 2000; World Stock – MSCI EAFE;
Emerging Markets – MSCI EM;
Intermediate-Term
Bonds – Barclays Capital U.S. Aggregate
Bond Index; Muni National Intermediate –
Barclays Capital U.S. Municipal Bond; Real
Estate – MSCI US
REIT; High-Yield Bond – BofA US HY Master
II; Money Market – BofA US 3–Month T-
Bill; Long/Short – DJ Credit Suisse
Long/Short;
Managed Futures – DJ Credit Suisse
Managed Futures; Market Neutral –
Morningstar Market Neutral; Commodities
– Dow Jones UBS
Commodity Index.