Physician Finance Minute

If you're feeling financially frisky, check out all of our resources on www.financialresidency.com/tip

This show is brought to you by Larry Keller of Physician Financial Services. Need help navigating your term or disability insurance. Let Larry help. Find him here: www.financialresidency.com/pfs 

I think it’s safe to say there are lots of opinions out there when it comes to personal finance. For every person that suggests you should be doing something one way, there are even more telling you to do the complete opposite. When it comes to disability insurance for physicians, there are a few things we can almost all agree on, especially when it comes to cancelling your coverage.

Physicians have a unique relationship with money, and it’s not an easy one to always understand. A lot of your perspective on money will come from the environment in which you were raised in and how your family handled their finances. The influence money has over a physician’s life can be huge—in either a positive or negative way. A resident starts in a position of physical and mental stress where every goal is a high-stakes event.

Joined our FB community yet? Let’s get you over there! www.facebook.com/groups/physicianfinance

We’ve seen a trend of physicians asking about home loans, but they’re aren’t sure who to go to for help. Doug Course helped my family get into our home. Find him here: www.financialresidency.com/dc   

You’ve probably heard there are few things in life that are certain other than death and taxes. While that’s a rather depressing thought, unfortunately there is truth to it. And if you know you have to pay taxes - and as a physician you could have to pay quite a bit - then it stands to reason you need to hire a professional for tax help. Often times I’m asked the difference between a CPA and a financial advisor. It’s simple really.

Many of you are in the early stages of your medical career but hopefully you’ve already started to take advantage of an employee sponsored retirement plan. Perhaps you have access to setting aside funds in either a 401k or 403b account too. Generally speaking, a 401k is the type of account when you work with a for-profit company, whereas the 403b is for those of you working with a non-profit organization. But some of you may even have access to an additional retirement account called a 457 Plan.

Have you bought our book yet?! No? Learn how to build your own financial plan without paying thousands of dollars for a professional. Go to www.financialresidency.com/book

Need a home loan? Let us help you find the right person to help! We know, like, and trust Doug Crouse. Connect with him here: www.financialresidency.com/dc 

If you have started researching someone to handle your financial planning for you, then you’ve probably come across the word “Fiduciary” - but what exactly does this mean? A fiduciary is a professional financial advisor who has a stated and legal responsibility to dispense sound financial advice that is in your best interest as the client. Not all financial planners are fiduciaries. These types of fiduciaries will continually follow your investments and ensure they are meeting your needs.

There are multiple steps to building wealth, especially when you’re a physician and you’re able to command a higher than average salary. But the road to wealth can suddenly become confusing and even overwhelming when you stop to think about the responsibility that comes with a bigger salary. So what if you take a step back and approach wealth building the way you approach a treatment plan for a patient? 

You want to be better at managing your money. We’re here to help! Please go to www.financialresidency.com/tip for interesting information on how to keep your good habits going!

You want a home but you also need a lender. Doug Crouse, one of our recommended mortgage loan experts, can help. Find him here: www.financialresidency.com/dc