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.
Going into practice is a busy time in the career of a young physician or dentist. We get lots of questions about what they can do during this time to start off on the right track. One key to success is reviewing the data behind the decisions we make. In medicine, this could mean recognizing that your blood pressure is too high, therefore you change your\habits or medications to improve your overall health. Similarly, doing a “financial check-up” can ensure long-term success with money. The most pivotal time for a checkup is during the transitionary period of going into practice. We’ve broken the financial check-up into six key categories:
Now that summer is coming to an end and students are headed back to school, it’s time to start thinking about year-end finances. Make a plan to finish these five items before mid-November. Reach out to our team with any questions or to make sure you’ve completed all that applies to you.
Hope you’re all having a great holiday season. Towards the end of December, Congress passed a large omnibus bill. Included within the bill are some minor changes to the retirement landscape.
Here is a quick summary to what’s being called the SECURE Act 2.0. The first SECURE Act changed some retirement benefits back in December 2019.
We continue to stress to our doctors the importance of funding as much as possible into their tax-free accounts. Not only is this “tax insurance”, meaning you will not have to pay taxes on these accounts in the future, but it can also have a huge impact on how much money you will have in retirement. The amount of funds you have in tax-free investments can even make a difference on how soon you reach financial independence. The more funds doctors have in a tax-free account could mean retiring sooner, or, unfortunately, it could push out retirement for those doctors who have not planned ahead.
We could be looking at some changes to this strategy in 2022 due to some proposals on Congress’ docket. Here’s an overview of both current and possible changes to the backdoor Roth conversion strategy.
Inflation is all the buzz lately. We hear it all over the news. It’s a hot topic. Yet, it’s amazing how little information is out there on what you can do about it in your daily life.
I read a dozen articles or so on this topic, and to be honest it was a lot of fluff. So, the list below is meant to be to the point. This article is advice doctors can take action on today.
Are you ready to take the next steps in securing your financial future? Click here to book a complimentary consultation with one of our team members.
