Financial Clarity Blog

Ask any entrepreneur what it was like in the early years. They will tell you stories about working 16 hour days, not seeing a consistent paycheck (even not seeing any compensation some months), and walking uphill in the snow both to and from work. The majority of new businesses fail within the first five years. The ones that make it have to fight an uphill battle to establish themselves. The same goes for financial advisors. Only about ten percent of people who start a financial advising career make it past five years (we have a much better record than that at Finity, knock on wood). Starting a business and succeeding is hard. If it were easy, everyone would do it. When I started this career, I laid out a mental game plan for myself. If I wanted to be my own boss and take vacations whenever I want to without requesting time off, I was going to have to put in the work. My plan was as follows:

Most people fear the unknown. For many of our clients, financial topics are a huge question mark in their lives, and getting the help they need is scary. There’s fear that they’re going to ask the wrong person and get the wrong answer, but there is also fear that someone will try to take advantage of them. The financial services industry doesn’t always have the rosiest reputation. There have been many well-intentioned laws passed in the last few years to protect consumers, but I think the pages of disclosures it takes to comply with those laws can sometimes make things even more confusing. The last thing we want is for people to not get the advice they need, because of fear.

A common question we will get from young professionals is whether or not they should refinance student loans. Over the last several years, with interest rates as low as they are and many people carrying student loans with interest rates above six or seven percent, a number of companies have entered the student loan refinancing game.

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.

Everyone wants to achieve financial independence, whether you are making large strides or taking baby steps. Not everyone has a plan to get there, but everyone would like to be in a position where working for a paycheck is optional. When it comes to getting on track for financial independence, there are two types of people: 1. The people who are on a mission from day one to become financially independent. They make a priority at the beginning of their career to live well below their means and set aside a significant portion of their paycheck for their future (sometimes over half of their take-home pay!). 2. Everyone else.

You have probably noticed that none of the books I recommend have get-rich-quick hacks or double-top-secret investment tips. You know why? Those types of books are useless and misleading. As it turns out, the best investment advice and tips for getting rich are quite boring. You don’t even need a full book to cover it all. It can be summed up pretty concisely – work hard, spend less than you earn, invest the difference.

Yes, life will be different, moving forward. No one ever expected to see what we have seen over the past three months. And no one knows how the next big life event will affect us. One thing we do know is that there will be more events like these. We need to plan, so our family has financial flexibility now and for what the future.

Finity Group is like the Netflix of financial planning firms – born into the age of internet and technology, full of both industry experience and fresh new developments; we are revolutionizing the way we provide our respective services. We aren't just the next generation of advisors; we're the advisors for today and the future. No matter your age, you deserve a financial professional who is as flexible, up-to-date, and savvy with modern technology.

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?

Which option is best? As you can expect, my first reply is always, “It depends!” And that is because the best option depends on WHY you are no longer able to contribute to your employer’s plan.