Remember that game “LIFE?” The child’s board game by Milton Bradley? In that game, the player with the biggest salary was the doctor. But in the game, there were no debt service expenses. There were no medical malpractice insurance premiums. And the government wasn't squeezing Medicare and Medicaid
Disability Insurance Is Too Expensive
When you think of purchasing a disability insurance policy, do you question if it’s too expensive? Can you really afford it? After all, those monthly payments could go towards a new car, new clothes, or a vacation, something that gives you immediate gratification. But consider the opposite: Can you
BANG. You’re disabled. What’s your plan, Doctor?
All the doctors we work with spend years becoming truly excellent at helping their patients deal with their own medical problems. But not all doctors really think through what would happen if they were to become disabled themselves! Instead, many doctors frequently put off serious disability
Physicians Should Buy Disability Insurance While Young
Many young physicians dream of the freedom of opening their own private practice, mid-career. But sometimes the ability to fulfill one’s dreams gets hampered by decisions you make in your 20s. Recently, we had a call from a young surgeon, 36 years old, who was planning to open up a new practice
Physicians Probably Need Tax Help
Few people would argue that taxes aren’t complicated. Even for the simplest of situations, taxes can be perplexing for no other reason than the rules keep changing. As your financial situation improves and your income increases, more rules apply and there are usually more steps that need to be
Managing Debt – A Financial Weight Loss Formula
Perhaps the most encouraging outcome of the latest recession is the increasing emphasis on debt reduction by most Americans. The average American has over $20,000 in debt and most have much more. We are borrowing less and saving more, and, hopefully, developing some more frugal habits
Budgeting Basics for the New Physician
After spending seven to 12 years in medical school and training, the idea of budgeting probably doesn’t hold much appeal for most new physicians. But, we all have a goal of improving our cash flow which is the essence of budgeting, and any business expert or professional athlete will tell you that,
A Winning Strategy for Saving Money while Reducing Your Debt
Save money or pay off debt, it’s a conundrum for new physicians. Both are important, but many physicians feel cornered by the decision because their budget only allows them to do one or the other. Instead of racking your brain to decide which to do, why not make it easy on yourself and just do