ThimbleberryU

In the fourth of our six-part series specifically for Healthcare Professionals, Amy Walls of Thimbleberry Financial gets into the tax complexities facing those in this field.  These factors can include higher income, sometimes from multiple sources (and across borders), capital gains, and even taxes on tuition benefits for those at teaching hospitals.

Amy walks us through the hurdles of having separate business entities, sometimes earning income in different countries with different rules.   Regardless, its critical to keep good records and often advantageous to work with  a Certified Public Accountant, or CPA.   This can be helpful with understanding deductions and what you are eligible for.

Amy's specialty is retirement planning.  Because traditional retirement plans have dollar limits, those limits can often represent a smaller percentage of income for higher wage earners.    These individuals may want to look into other retirement vehicles, such as 457 plans and saving into nonqualified, taxable investmets.  We dive into the latter.

Amy and Jag wrap up, we cover a few other tax strategies, including tuition benefits, student loan forgiveness, and chartiable giving.

For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.

To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

The ThimbleberryU Podcast is produced by JAG Podcast Productions - https://jagpodcastproductions.com/

In this episode of ThimbleberryU, Amy Walls and Jag delve into the intricacies of preparing for a six-month break between jobs. Amy's insights shed light on assessing financial situations, emphasizing the importance of building a solid foundation based on savings, investments, debts, and monthly expenses.

We cover the financial considerations of taking a six-month break. Amy's practical approach navigates the complexities of maintaining financial stability during a career transition. The discussion also delves into the intricate balance between staying for vested equity and pursuing a career break.

Benefits, equity, and health insurance are dissected as critical components of career transitions. Amy and JAG explore the nuances of leaving a current job, considering the impact on benefits, equity compensation, and insurance premiums. The hosts examine the financial implications and practical aspects of these decisions.

Non-financial aspects are also explored, including the potential impact of resume gaps and the significance of planned time usage during a break. The hosts delve into the long-term considerations of career breaks and sabbaticals, inviting listeners to approach these decisions thoughtfully.  Keep in mind, you'll likely spend more every week and month when you're not working!

As always, It's important to place an emphasis on the significance of intentional decision-making tailored to individual circumstances. 

For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.
 

To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

The ThimbleberryU Podcast is produced by JAG Podcast Productions - https://jagpodcastproductions.com/

In part 3 of our 6-part series for Healthcare workers, Amy Walls emphasizes the importance of diversification and asset allocation in building a well-rounded portfolio. This is especially true for those in the medical profession who may have higher-than-average salaries.  There are many tax complications that come with them!

Risk tolerance is also a key factor to consider, as it determines an individual's comfort level with market fluctuations. Jag points out that your "theoretical" risk tolerance may not translate to what you actually feel when the market becomes volatile.

Amy explains the tax implications of different investment options, such as retirement accounts and tax-free investing. She also addresses the concept of ethical and social investing, highlighting the need to align investments with personal values. That said, beware the idea of "emotional investing."  If you have particular companies you believe in, consider a smaller "fun" investment account, as opposed to betting your retirement on them.  

We conclude by discussing the costs and fees associated with various investment options and the importance of adjusting investment strategies over time.

For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.

To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

The ThimbleberryU Podcast is produced by JAG Podcast Productions - https://jagpodcastproductions.com/

Creating a budget can seem like an insurmountable task, but today Amy Walls of Thimbleberry Financial introduces us to a basic concept that can get you started:  The 50-30-20 rule.   50% of your budget goes to necessities, 30% goes to wants, and 20% goes to savings.

Naturally, the first step is to categorize your needs vs your wants. Needs include housing, transportation, and utilities.  Wants are more discretionary, like entertainment, hobbies, and dining out.   But it is important to know that a want can become a need.  For example, a vacation home may be a want, but after you buy it, the monthly bills become a need.

Saving 20% of your income can make a major difference in your financial future.  This can be done through retirement plans, emergency savings, and more.

Finally, we talk about how to overcome some common challenges faced by busy professionals when they try to create a budget.

For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.

To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

The ThimbleberryU Podcast is produced by JAG Podcast Productions - https://jagpodcastproductions.com/

In this episode, Amy Walls discusses retirement planning for healthcare professionals, specifically physicians. She highlights the need for smart money management skills, as many physicians are not saving enough for retirement. Amy explains the different retirement plans available to healthcare professionals, such as 401(k), 403(b), and 457 plans, and how employer benefits and matches play a role in retirement planning. She also emphasizes the importance of tax efficiency in savings and the challenges of balancing competing financial goals. Amy concludes by stressing the significance of starting early and seeking personalized advice for successful retirement planning.

Key Takeaways:

• Smart money management is a skill that can be developed, and physicians need to prioritize saving for retirement.
• Healthcare professionals have access to different retirement plans, such as 401(k), 403(b), and 457 plans, which offer tax advantages and employer matches.
• Tax efficiency is crucial in retirement planning, considering physicians' higher incomes.
• Balancing competing financial goals, such as paying off student loan debt and saving for children's education, requires personalized strategies.
• Starting early and investing money for growth are essential for successful retirement planning.

For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.

To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

The ThimbleberryU Podcast is produced by JAG Podcast Productions - https://jagpodcastproductions.com/

More and more often, we are hearing about data breaches and hacks in the news. Often times, your personal identifying information, or PII, may be compromised or leaked through no fault of your own.  And while this can be a serious matter, Amy Walls and Jag are going to have some fun today - explaining how you can be your own super hero in the event of a data breach.

Recently, the Oregeon DMV was hacked, compromising the drivers' licenses, photo, birth date, addresses, and last 4 social security digits of up to 3.5 million people.  In another example, an software employee stole 33,000 credit reports and sold them for $30 each, netting anywhere from $50-$100 million for scammers.

First, we explain how these hacks happen, through data breaches, your own online activity, and even just plain theft of your wallet or phone.  Amy shows us what these bad actors can do with your information.

Now, it's time to be your own super hero, by doing the following:

• Unmask the Invisitble Intruders - use AnnualCreditReport.com
• Ice Out The Enemy - by freezing or locking your credit (Amy explains the differences)
• Shield Your Secrets with Two Factor Armor - by enablying two-factor authentication (2FA)
• The Power of the Unbreakable Code - creating strong and unique passwords
• Dodge Digital Phantoms - identify and avoiding phishing scams.
• Fortify Your Digital Fortress - use only secure Wi-Fi networks, and make your own safe!

Through these strategies, you can fight "the never ending battle against cyber villains."

For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.

To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

The ThimbleberryU Podcast is produced by JAG Podcast Productions - https://jagpodcastproductions.com/

Jag is back and joins Amy Walls of Thimbleberry Financial for the first of a 6 part series on finances for healthcare professionals.

Today they focus on three key areas: cash reserves, debt management, and cash flow. Healthcare workers often find it more stressful to manage their finances compared to the general population. Amy emphasizes the importance of having a cash reserve for emergencies and opportunities. She recommends having three to six months' worth of expenses set aside. Many healthcare professionals have lower cash reserves due to their higher incomes, but it is crucial to have a sufficient amount to cover unexpected expenses. Amy also highlights the significance of managing debt, including student loans, mortgages, and credit card debt. She suggests strategies such as paying off the highest interest debt first, or alternatively, using the snowball method. Additionally, Amy discusses the importance of cash flow and living within one's means. She explains that healthcare professionals often struggle with wealth accumulation due to factors such as the cost of education, late start in earning, and societal pressure to maintain a certain lifestyle. Amy encourages healthcare professionals to seek financial advice and education to better manage their finances.

**Key Takeaways:**

- Healthcare workers find it more stressful to manage their finances compared to the general population.

- Cash reserves are important for emergencies and opportunities. Aim for three to six months' worth of expenses.

- Healthcare professionals often have lower cash reserves due to their higher incomes, but it is crucial to have sufficient funds for unexpected expenses.

- Strategies for debt management include paying off the highest interest debt first or using the snowball method.

- Cash flow is about finding balance between current lifestyle and future goals. Seek financial advice and education to better manage finances.

For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.

To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

The ThimbleberryU Podcast is produced by JAG Podcast Productions - https://jagpodcastproductions.com/

This might be one of the most important episodes of ThimbleberryU. Amy Walls with her vast experience will discuss how to conduct a beneficiary review focusing on  the importance of designating beneficiaries for your accounts to ensure the smooth transfer of assets upon the account holder's death. She’ll have a step-by-step guide as well as the best practices for maintaining beneficiary designations, such as keeping records in a secure location, informing loved ones about the designations, and reviewing beneficiaries.  

For more information you can reach Amy and her staff at 503-610-6510 or email Thimbleberry Financial at https://thimbleberryfinancial.com/

To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

The ThimbleberryU Podcast is produced by JAG Podcast Productions - https://jagpodcastproductions.com/

 In this episode Amy Walls talks about the S&P 500, the stock market index that measures the performance of 500 large companies listed on the US stock exchanges. She’ll break down how diversification reduces investment risks and increases returns compared to solely relying on the S&P 500, and the risks of relying solely on one index for investment growth. Plus, she will discuss fees associated with investing solely in an S&P 500 fund compared to fees associated with more diversified investment strategies.

And as always, she and her staff can be reached at 503-610-6510 or email Thimbleberry Financial at https://thimbleberryfinancial.com/

To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

The ThimbleberryU Podcast is produced by JAG Podcast Productions - https://jagpodcastproductions.com/

This time Amy helps us understand Roth IRAs and executing a backdoor Roth. She explains how they work, who the strategy is for, and the steps needed to properly execute a backdoor Roth IRA. More importantly she discusses the need for Form 8606 filing, and some of the pitfalls someone may find themselves in when implementing this strategy. 

For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.

To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

The ThimbleberryU Podcast is produced by JAG Podcast Productions - https://jagpodcastproductions.com/