This past year, the COVID-19 pandemic threat has upended lives around the globe. It’s left few things unchanged—especially when it comes to jobs and income. And even with the extra workload that COVID-19 has brought to some segments of the medical system, many doctors have suffered financially.
According to an October 2020 survey, almost half […]
As the saying goes, forewarned is forearmed. And for the family physician looking to buy disability insurance, there are several things you need to know before speaking with an agent.
To start with, buying disability insurance is different from buying home, car, health insurance or long-term care insurance. Not only are all products not created […]
Do you have a financial emergency fund put aside?
Many physicians don’t. They often think that they’re too busy to focus on their financial situation. Or they’re making enough money so that they don’t have to worry about keeping to a budget. And they believe that their jobs are secure. That’s not surprising given that […]
Life changes. Once you graduate from medical school and complete your residency, the rate of change only seems to escalate. New job opportunities and business decisions can mean more income, while marriage, children and owning a home lead to more spending.
As these changes occur, ask yourself: What happens if I die and am not […]
You know the importance of helping your patients enjoy optimal health. But what about you? Specifically, what are you doing to help ensure your financial health?
Debt management, tax planning, estate planning, children’s college fund, retirement planning, and the legacy you want to pass along to your family—these are just a few of the areas […]
A MoneyWatch article asked, “Is becoming a doctor a million dollar mistake?” They were referring to the high cost of a medical degree, plus the lost decade of earnings at the beginning of a doctor’s career.
While certainly provocative, the question deserves an answer. It depends on how well you prepare for:
The financial burden […]
While the experts talk about the need to lower the financial burden associated with attending medical school, the reality is that student loan debt is higher than ever. Add together undergraduate loans with medical school debt, and some have calculated the total average student loan debt for graduating physicians to be as high as […]
In their many years of schooling, physicians rarely if ever touch on the issues of financial management and investments. Often they begin careers saddled with debt. Working long hours, medical professionals have little time to devote to learning about finances. Plus, once they are finally earning money, they are apt to want to live […]
The most important aspect of a life insurance policy is that it’s in force on the day you die. Owning a permanent policy ensures that happens. Given that it’s called permanent “life insurance” it’s not surprising that most people think it’s a one-trick pony. It can, however, play multiple roles in your financial portfolio.
So […]
You may wonder how much money you need to make sure your retirement years are your golden years.
As usual with financial questions, there is no one-size-fits-all answer. However, there are steps you can take to figure out how much money you will require, and some financial protections you can invest in to add some […]
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