A lot of doctors might think that bank accounts are easy, basic, or even boring. However, bank accounts are the foundation of any financial plan. They can be easily overlooked, which is a big mistake.
Bank accounts, when set up and used correctly, start the chain of efficiency you want throughout all elements of your financial plan. If you can keep your bank accounts that way, then they are the most efficient and most effective for you long-term. It's going to reduce stress, make things seem like they're on autopilot, allow you to focus attention on other things that are more important in your life.
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.
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.
In this video, Josh is talking about an alternative to the popular Public Service Loan Forgiveness (PSLF) program known as state-sponsored forgiveness.
These state programs offer various levels of student loan forgiveness and are designed to assist physicians and dentists in managing their educational debt. We've compiled a comprehensive resource consolidating information on these programs, making it easier for healthcare professionals to explore their options.
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.
