During the summer of 2024 stock markets were in the news. The Standard and Poor’s 500 (S&P 500) fell about 6% between July 31st and August 5th of this year. The news media was quick to panic—they always do.
Financial Plan, Income
We all like the feeling of getting a good deal. For some people it becomes a game. The idea of getting the same goods or services for slightly less is appealing to most. Let’s go through 15 ways to save on items you might already be spending on today.
Asset Protection, Insurance, Services Offered
Most of the doctors that I meet with don’t jump for joy when I bring up the topic of insurance. This is understandable, as it’s one of the few items you pay for and hope to never use. In many ways, it’s simply a piece of paper with a promise, and that sounds as thrilling as watching paint dry. However, like a house, a financial plan needs a solid foundation, or life can get interesting in the worst kind of ways. The foundation of any financial plan is income and it’s vital that it doesn't go away. Protecting the specialized income you make as a doctor, is fundamental for developing a good wealth building strategy. This is done by putting in place a quality disability insurance policy. Let’s look at how to do this successfully.
Contracts, Services Offered
By far a doctor’s largest asset is their income. However, often this asset is neglected. Your income is what allows you to realize wealth over time.
Let’s assume a doctor goes into practice at age 35 and retires at age 65. That provides them 30 years of earnings. To keep things simple, I’m showing numbers before adjusting for inflation, earnings growth, and taxes.
