Financial Clarity Blog

I’m really good at contradicting myself and making sense (in my head) while doing it. For example, I am a big advocate of setting goals and creating a plan to achieve those goals. The simple process of creating a goal and an action plan to achieve it can help you accomplish a lot. I’m not a big fan of New Year’s resolutions because they are usually a half-hearted self-improvement “goal” that we bail on by February. For example, every year, I tell myself I will swear less, say more positive things, and less negative things. I don’t make much progress.

What a year 2020 has been. For some of you, this post may be an inspiration to drink away the memory that is 2020 and start fresh in 2021. I know I could go for a stiff drink this holiday season. Many of you probably saw this title and thought to yourselves, "Wow, Corey must be an alcoholic." Or, "Wow, Corey must have a lot of money if he can afford to blow $5,000 on booze." Or both. I have to confess, I didn't actually spend $5,000 on liquor, but I sort of did. Let me explain.

When it comes to debt, there are both financial and psychological factors at play. The financial ramifications of paying interest ultimately exacerbate the total cost of a purchase. The fixed cost that comes with a monthly debt payment limits your ability to do other things with your money.

As a parent and a financial advisor, I feel a duty and obligation to teach my kids about money. It will be embarrassing for me if my kids aren't knowledgeable about money and finances by the time they are adults. Many of you are probably curious to learn effective ways to teach your kids about money as well. We all want our kids to grow up to be successful adults who make smart decisions, financial and otherwise. Today, we will walk through 11 ways to teach your kids about money so you can get them started on the right foot.

An important aspect of financial planning is risk management. How we manage the financial risks that could affect us could mean the difference between achieving financial independence or not. When planning for your financial goals, consider what risks could hinder your ability to achieve those goals? What can you do to either mitigate them? Today we will discuss what financial risk is, why it arises, and how managing risks can impact your financial future.

It may make you happy now, spending money on the things you want today, but you will be miserable later when you realize you cannot achieve the real things you want in life. Or you can make some sacrifices now, knowing you will be happy and satisfied for the rest of your life.

One of the most overlooked components of financial planning is income protection. Income is the linchpin that holds your entire financial world together. Unless you are independently wealthy and don’t need to work anymore, you probably rely pretty heavily on your earnings. If this is the case, you should probably do everything in your power to ensure your income continues to flow, even if you are unable to work.

Many of you have had to endure a pay cut in 2020. Many of you have even been furloughed temporarily or laid off. While most of the people who read this blog work in healthcare, which is rumored to be “recession-proof,” 2020 has proved that even the most stable jobs aren’t 100% waterproof. Who knows what will happen to our world and economy the rest of this year, or in years to come? Today we want to write about ways to survive a pay cut so you can be prepared if you are ever faced with those circumstances. With that, let’s take a look at 7 ways you survive a pay cut. Start implementing them now, so you aren’t scrambling if it happens to you.

The 2019-2020 academic year is behind us, which means there are approximately 45,000 new doctors entering practice in America (according to the ACGME Data Resource Book). That's a lot of new doctors who have a fantastic opportunity to achieve financial independence if they get started on the right foot. Today we are going to dive into six ways to achieve financial success as a new attending physician.

With healthcare workers on the frontlines of this COVID-19 battle, many companies have stepped up to offer perks, discounts and freebies for healthcare workers.