As a financial planner for doctors, I recognize the unique financial challenges and opportunities that come with a career in medicine. The integration of Artificial Intelligence (AI), particularly tools like GPT (Generative Pre-trained Transformer), can significantly enhance your financial planning
Prescribing Prosperity: The Financial Roadmap Every Doctor Needs
Doctors, the extraordinary individuals who dedicate their lives to the service of others, carry with them a unique responsibility. While they touch lives, heal wounds, and inspire hope, there's an area where even they must pause and reflect: their financial future. For it's not what we get that
Physician Side Hustles that Can Increase Your Income
Doctors almost always make good money once they leave residency and enter practice as an attending physician – and can reasonably expect to make $200,000 per year and much more in short order, once they get into the swing of things. But not everyone wants the daily grind and stress of patient care
Disability Insurance: Don’t Count on Uncle Sam if You’re Disabled
If you’re ever disabled, don’t be relying on the federal government for help. Federal disability benefits were never intended to cover more than very basic needs. The average Social Security Disability benefit is just $1,358 per month. And now it’s taking even longer to get approved. In prior years,
Estate Planning Basics for Young Doctors
As much as none of us want to admit it, we’re all going to check out one of these days. The time to lay the groundwork for our eventual deaths is now. Accident, illness or violent crime can strike any of us at any time. Most of these steps for estate planning have to be taken while we are still in
Year-end Tax Tips for Doctors and Dentists
November is upon us, and that means it’s time to make your end-of-year tax moves to make sure you minimize your overall business, income and capital gains tax liability, while maximizing your personal and business cash flow. Maximize retirement plan contributions While you have until next
Study: Financial Literacy Lacking Among Young Physicians
Unlike the great singer Sam Cooke, young physicians actually do know a lot about biology and the science book. Some of them even know something about the French they took. But they don’t know much about money. That’s not just us talking. That’s the result of a 2017 study recently published in
What If You Lose a Partner or Key Person?
This could happen to you: You are a successful physician in private practice, living your dream. You have a terrific bunch of partners, and a skilled and diligent office manager who keeps the whole practice humming along. But early one morning you get a call from distraught family member: There’s