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
Financial Tips for Young Doctors
We’re always scouring the web for good articles and studies about doctors and financial tips – and we were particularly pleased to come across this fine piece from Kevin Liu at KevinMD.com. Aiming his advice at young physicians who have just completed residency, or advanced fellowship training, and
Protecting the Small Medical Practice Against Disaster
On top of the terrible human toll on individuals inflicted by disasters such as Hurricane Harvey – that affected millions in Texas and Louisiana in 2017 – disasters take a terrible toll on small businesses as well: According to data from the Federal Emergency Management Agency (FEMA), some 40
Young Doctors Need To Step Up Savings and Financial Planning Efforts
The American Medical Association released its Report on Resident Physicians’ Financial Preparedness in 2017 and things weren't and still aren't looking great. Researchers surveyed over 50,000 residents and got 1,573 responses from residents in a variety of medical specialties from across the
6 Investing Mistakes Doctors Make Too Often
For a bunch of smart people, doctors are notorious for being bad investors. But bad investment decisions are preventable. Understanding the common mistakes physicians make when it comes to investing their money can pay big dividends in the future. 6 Investing Mistakes Doctors Make Failure
Young Doctors: Run – Don’t Walk – To Fund A Roth IRA
Young physicians – especially those about to enter residency or still in residency, have a unique tax planning opportunity that’s almost unmatched by any other profession: The opportunity to contribute to a Roth IRA (or Roth 401(k)) while earning an income far, far below their likely income brackets