Helping people make smart financial decisions.
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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.
For most doctors buying a house, especially early in their careers, a mortgage is a necessity. A common question you may be wondering is, do doctors get better mortgage rates?
How much money does a doctor need to retire? It depends. That being said, there are some general guidelines that doctors can follow to know what to shoot for when it comes to retirement planning.
People assume that doctors are rich, because being a doctor is a considered prestigious job and most prestigious jobs pay good incomes. However, having a good income and being rich are two different things.
While most of you reading this don’t earn anywhere near $1M/year, it may seem crazy to think that you would find yourself going broke if you earned that much. However, I have seen enough people’s finances to tell you that there are people out there earning $1M/year living paycheck to paycheck.
