It’s that time of year where you might have found yourself with some unexpected or additional income. While you may receive a bonus at any time throughout the year, now is the most common time when questions roll in about what to do with that money. Questions like: Do I pay down debt first? Do I save it for a family vacation? Do I spend it? Do I put it into my retirement savings?
If you missed part one of this series where Katherine discussed base pay, bonuses, restrictions, arbitration, and general tips, you can listen or read more about it here. Today we’ll cover common benefits in doctor contracts and what can be negotiated.
I'm going to ask you to wait, take a deep breath, and make sure this is a good deal for you. I've seen doctors sign contracts that were not in their best interest, which is why we review contracts for all of our financial planning clients.
Doctors, I'm sure you've looked at your employment contract and were probably taken aback with all the legal jargon. There are so many pages of information which can be so hard to understand. I find a lot of doctors, particularly young doctors, are exhausted and so burnt out that the first contract that comes their way, they just want to sign and be done with the pain.
I'm going to ask you to wait, take a deep breath, and make sure this is a good deal for you. I've seen doctors sign contracts that were not in their best interest, which is why we review contracts for all of our financial planning clients.
We have some exciting news! Recently we purchased Medical Group Management Association (MGMA) compensation benchmark data for our clients. MGMA is considered the gold standard for compensation data. They mostly put out information for physicians, but there is some data for dentists as well.
The last few years before you hang up your stethoscope can be critical to a doctor's successful retirement. In this episode of More Money Minutes for Doctors, Katherine Vessenes, CEO and founder of MD Financial Advisors, covers the five things every doctor should do before handing in their resignation.
Welcome back to More Money Minutes for Doctors. Today we delve into a crucial topic: determining the minimum effective financial dosage for doctors to achieve lasting financial security.
In the realm of financial advice, countless articles offer tips for enhancing your finances. However, just as doctors prescribe the minimum effective dose for patients, should there not be a similar approach for doctors managing their finances? Let’s explore this concept.
It is crucial for doctors to understand the differences in retirement accounts if they want to maximize their wealth. Two popular choices, the Sep IRA and the Solo 401K, present distinctive benefits, limitations, and considerations. Here, we break down the key elements of each, shedding light on their respective advantages and limitations.
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