One of the principal tenets of investing is that no one single investment is right for everyone. Every investment has certain characteristics, risks, and objectives that must match those of the investor, and annuities are no different. Although annuities have become more popular in light of the
How New Physicians Can Achieve Savings Success
One of the bigger financial challenges for fledgling physicians is staying motivated to keep setting aside a greater portion of their earnings for savings. Saving money, for the sake of savings, while noble and responsible, doesn’t always provide the inspiration physicians need to keep plowing away
Physicians Can Hire a Money Doctor to Cure Personal Finance Woes
You would probably never hear any of them tell you, but most physicians are awful at personal finances. We’re talking about the most basic aspects of day-to-day financial management – budgeting, bill paying, balancing the checkbook, staying organized and looking for ways to salt away some money for
Warning to Young Physicians: Credit Cards can be Hazardous to Your Health
Your credit cards could be killing you. Seriously, a recent poll of 1000 adults revealed that the weight of their debt is causing stress-induced health problems that could easily lead to death. We know that credit card users don’t have a death wish, but with the average household credit card debt
Designing a Good Life for Young Physicians
A common mistake that many new physicians make when their earnings increase is, instead of increasing their savings by the amount of increase, or at least a proportionate amount, they add their pay increase to their lifestyle. Typically, people who don’t have a “purpose” for the next dollars they
Financial Success for Physicians Begins with a Winning Attitude
You would think that the main thing that separates the financial winners from the losers is money. Obviously, the more money people have, the more things they can buy, but that doesn’t necessarily translate into happiness. Even physicians who make a lot of money can find themselves at its mercy if
Obstacles to Building Wealth: Not Running the Practice as a Business
The Bureau of Labor Statistic reports that, of the nearly 700,000 physicians currently in practice, one half are in private practice, meaning they’re in business for themselves. But, if you were to ask these sole practitioners how well they run their businesses, the vast majority would concede that
What’s the Best Life Insurance for Physicians? Term Vs. Permanent
With their unique financial needs, and with so much at stake, physicians need to have a thorough understanding of how the two primary forms of life insurance work. All of the various forms of life insurance – whole life, term life, variable life, universal life and the dozens of variations of each –