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Financial Clarity Blog

Helping people make smart financial decisions.  

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8 Passive Income Streams for Doctors

Everyone would prefer to make their money work for them rather than working for their money. Working takes effort – it is exhausting! What if we could sit back, kick our feet up, and watch the cash flow in? Well, you can! It's called "passive income." Passive income is money you earn that you don't directly work for (as opposed to active income). Want to know how to make passive income as a doctor?

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Impact Investing and How to Easily Get Involved

When you mention SRI, ESG, and Impact investments, too many people, including investment advisors, get this idea of liberal progressive types trying to save the environment or promote some socialist ideas. When in reality, the SRI movement spans a broad political and religious spectrum.

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The Fear of Bad Advice

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.

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6 Secrets to Investing

People are constantly looking for double-top secrets to investing success because spending less than you earn and investing the difference in a diversified portfolio isn't appealing. There must be a better way to greater riches! As it turns out, there's not. However, you can implement some additional tips and tricks to enhance your probability of optimal success.

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Should I Refinance My Student Loans?

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.

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7 Ways to Survive a Pay Cut

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.

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The Dangers of Not Monitoring Your Portfolio

Ultimately, knowing that hovering too closely over your investments has been shown to have adverse consequences. The most straightforward choice can be to go long stretches without combing through your statements. While I am not advocating for day trading, left unchecked, your investments will not behave as you might like them to. Let’s take a closer look at some potential pitfalls.

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6 Ways to Achieve Financial Success as a New Attending Physician

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.

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Baby Step Your Way to Financial Independence

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.

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Financial Reading List 3

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.

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