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
7 Student Loan Management Tips For Young Doctors
Medical school pays off big for the vast majority of doctors who stay in medicine for their entire careers. But that doesn’t mean that medical school debt and student loan balances are fun. According to the New American Education Policy Program, the average medical school graduate begins his or her
How To Deal With Medical School Debt
In the long run, medical school is worth the investment many times over. But it sure doesn’t feel like it sometimes when you’re making those big payments! If you’re just starting out on your medical career, here are some things to keep in mind as you create a strategy to minimize the burden of your
How Much Disability Insurance Do I Need? A Guide For Physicians and Medical Students
How much disability insurance do I need? For most people, the need for disability income insurance is a pretty straightforward calculation: Nearly anyone with a whole career in front of them and relatively little in savings – the usual situation with workers in their 20s, 30s and early 40s – needs
Debt Reduction – A Guide for Doctors
First of all, the term ‘getting out of debt’ is a misnomer. Sure, most consumer debt is bad, incurred at ridiculously high interest rates, and something you want to pay off as soon as possible, with a vengeance. What we really want to do is increase your net worth. That means you want your assets