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.

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.

Have you ever thought about FOMO, that fear of missing out? There is both good FOMO and bad FOMO. Today, Katherine sat down with Ben Kirchner, one of our Financial Advisors, for a Q and A about how to ignore the bad FOMO (like wishing you had invested in Apple 20 years ago) and embrace the good FOMO that can help build an incredibly solid foundation for the future.

Tax Day will be here before we know it! Today's discussion revolves around a topic that promises to ease your future burdens: organizing your 2023 tax-related documents and beyond.

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.

Managing personal finances can often take a back seat to a doctor’s demanding schedules. However, overlooking key financial decisions in the early stages of a medical career can lead to long-term setbacks. Today we’re discussing common financial mistakes made by young doctors and offer strategies to avoid them.

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.

Today Katherine Vessenes is joined by Josh Lantz as they discuss four numbers that are crucial for doctors wanting to retire with money in the bank.

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.

Do you own your own practice and/or make 1099 income from your side gig? Do you have children? Well this tax tip is for you:

Hire your children!