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Doctors: How to Use Debt to Your Advantage

When to Use Leverage as a Means for Growth
Wednesday, 02 September 2020

Doctors: How to Use Debt to Your Advantage

For many people, doctors included, the word “debt” has only negative connotations. After all, most of us took out considerable student loans to finance our educations. However, debt can also be used to your advantage when you leverage it for growth.

Investing for Growth Versus Paying Down Debt

Some doctors are quite comfortable with excessive debt, choosing to invest more of their income in tax-advantaged accounts, while others eschew investing at all in order to throw every available dollar toward erasing their debt. Most doctors, though, fall somewhere in the middle and are constantly asking themselves how to best balance investing in tax-advantaged accounts versus paying down debt.

If you find yourself in this middle ground, here are a few basic recommendations, in order of financial importance:

Five Tips for Retirement Planning in Your 50s

How to Move Smoothly into Your Next Chapter of Life
Wednesday, 19 August 2020

Five Tips for Retirement Planning in Your 50s

Many people find that their 50s are an eventful decade, full of milestones like children leaving the nest and mortgage loan amounts finally dwindling to zero. It can also be the time in life when you find yourself earning more than ever, while also seeing your retirement looming close on the horizon.

All of these things make this decade of life a great time to make financial tweaks to ensure you’ll be on track for the retirement you’ve always dreamed of. Here are five tips to take in your 50s to help you achieve your retirement goals:

1.     Give Your Savings More Attention

Once you hit your fifties, it pays to boost your savings. That’s because the IRS allows you to take advantage of “catch-up” contributions to your tax-advantaged accounts. Even if you’ve already been maxing out your 401(k) contributions, you can contribute an additional $6,500 once you turn 50. You can also begin contributing an extra $1,000 per year to your Roth IRA.

If you’re interested in going above and beyond catch-up contributions, you may find benefits in a deferred annuity, too.

Have You Built Your Business Succession Plan?

Here’s How to Get Your Road Map in Place Right Now
Tuesday, 21 July 2020

Have You Built Your Business Succession Plan?

If you own your own business, you have most certainly considered that someday you will leave the company, whether to retire or for another professional pursuit. If you were working for someone else, it would be as easy as announcing your retirement or giving two weeks’ notice, but it’s much more complex for business owners. You’ll need a road map for the continued success and financial viability of your company, and one that provides a sense of certainty for your employees and your clients or customers. This road map is called a business succession plan.

Your business succession plan should plot out everything from leadership transition, to how ownership will be transferred, to the price and terms, to how to avoid disputes during this process. It should also be a means to ensure you will have enough money to retire. It is meant to be an all-encompassing plan that will allow you to make your exit confidently, knowing that you have prepared everything necessary for the business to continue to thrive, and for you to take your next step.

Naturally, a plan of this magnitude requires thoughtful strategy. If you’re just beginning to build your business succession plan, this is how to begin.

Small but Important Ways to Prepare for the Unexpected

Here’s a little reminder from the year 2020: anything can happen.
Monday, 22 June 2020

Small but Important Ways to Prepare for the Unexpected

If you’re like most people, you never envisioned that this year would bring a global pandemic, economic uncertainty, or monumental transitions in the way people live and work. However, this is where we find ourselves and, though there is much to be anxious about, there’s a silver lining, too. We’re all facing challenges that remind us just how important it is to prepare for the unexpected and to avoid complacency and procrastination when it comes to our priorities in life.

One of the most important aspects of financial advising – and the most fulfilling one – is helping people determine how to protect their families in the event of an unexpected life change like death or disability. These aren’t comfortable topics to discuss, which causes too many people to put off planning for another day. For most people, though, protecting family is their number one priority and recent world events provide the important perspective that we need to be prepared for whatever might lie ahead.

Here are a few steps you should consider taking now if you haven’t already:

Financial Planning in Your 40s: Six Moves to Make

This is the decade that sets the stage for your long-term goals.
Tuesday, 02 June 2020

Financial Planning in Your 40s: Six Moves to Make

Your forties can feel like a momentous decade for several reasons, one of which is that it may be the time in your life when you truly begin to feel financial pressure. Your retirement could be looming in the distance, you may be sending children to college soon, and you might begin focusing more on building your net worth. With the economic fallout and market volatility caused by the novel Coronavirus, you may be feeling the pressure even more than expected.

As you navigate this consequential decade, here are six steps to take that are designed to help you prepare for your financial future.

Retirement Planning: How to Determine Your Personal ‘Enough’ Number

Do the Math Now to Set Clear Goals for Your Future
Tuesday, 19 May 2020

Retirement Planning: How to Determine Your Personal ‘Enough’ Number

Retirement planning forces you to think about lots of different numbers: annual investment returns, your debt to income ratio, your net worth, and more. Perhaps the most important number, however, is your personal “enough” number.

Your “enough” number is that magic figure that defines exactly how much you need in order to have the retirement you desire. It’s the number that helps you set financial goals that are tied to your lifestyle goals. Identifying it is a necessary step in setting your retirement savings goals and in understanding whether you’re on track to meet them. At this stage of life, while you’re still working, your “enough” number includes the amount you need to fund your basic needs, as well as the wants that make your life enjoyable and the savings-plan required for you to meet your retirement goals.

In a time when many of us are re-evaluating our personal finances as we ride out economic uncertainty, long-term financial planning becomes even more imperative. So, how do you determine your personal “enough” number?

Scams Abound Amid Pandemic Panic

Protecting yourself from internet fraud during the COVID Crisis
Thursday, 02 April 2020

Scams Abound Amid Pandemic Panic

Sadly, as is the case in any crisis, there are those among us who are looking to capitalize on cruelty and take advantage of heightened vulnerabilities. Hackers are trying to lure victims to click on COVID-19 related hyperlinks that contain malicious software and other computer viruses. In some cases, these scams look like official messages from the government and they send people to fake websites where their sensitive information can be stolen. 

The following guidelines can help you protect yourself from these digital scams and stay clear of suspicious links you may come across in your internet travels.

CARES Act Signed into Law –Brings Relief to Millions of Americans

On March 27 the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to address the unprecedented public health and economic crisis related to COVID-19.
Saturday, 28 March 2020

CARES Act Signed into Law –Brings Relief to Millions of Americans

This $2 trillion bill is meant to impact both individuals and businesses and contains significant tax-savings measures. It could affect prior tax years while also creating immediate cash-flow.

Impact on Individuals

Stimulus Checks

Perhaps the most impactful provision for American citizens is the CARES Act’s promise of cash payments of up to $1,200 per single individual and $2,400 for a married couple. Parents will also receive an additional $500 per qualifying child. Payments are phased-out for individuals with incomes greater than $75,000 and for married couples filing jointly with income greater than $150,000.

Take a Pandemic Mental Health Break

Social Media and Viral Laughs are Important for Self-Care, Doctors Say
Tuesday, 24 March 2020

Take a Pandemic Mental Health Break

As we continue to live in uncertain times, self-care is more important than ever. With 24-hour news coverage of the COVID-19 pandemic and growing concerns about how far-reaching novel coronavirus will be in the United States, there are more than a few of us with heightened anxiety. Unfortunately, gone are the days when we could give ourselves a mental break from all the doom and gloom by grabbing a drink with a friend after work or hitting the gym for an intense workout session. Guidelines recommending social distancing and state-mandated lockdowns have made it difficult for many of us to manage our stress in typical ways, and this is concerning for our individual and collective mental health.

Enter social media. 

In an age when we are sometimes connected to our digital devices to a fault, social media is now providing us with much-needed feelings of connection to one another. There are bright spots in any time of darkness, and several feel-good stories and videos have gone viral thanks to Facebook, Instagram, Twitter, and Snapchat. These outlets are allowing people to share smiles, laughs, and breaths of fresh air from the constant, worrisome news coverage on the global health and financial crises.

Positive Viral Stories and Videos

If you’re in need of an optimistic story in these trying times, take a moment to check out each of the smile-inducing links below:

Tax News: IRS Announces Extended Deadline for 2019 Tax Returns

Americans Can Defer for 90 Days
Friday, 20 March 2020

Tax News: IRS Announces Extended Deadline for 2019 Tax Returns

As we continue to face uncertain times, the IRS has made a welcome announcement.

Treasury Secretary Steven Mnuchin has announced that the IRS has decided to extend the filing and payment deadline for 2019 tax returns, allowing taxpayers to defer until July 15. Mnuchin indicated this move will put $300 billion into the economy during a time of great economic concern over the consequences of the COVID-19 pandemic.

The payment deferment is subject to certain caps, however. Individuals may defer tax payments of up to $1 million, while corporations may defer up to $10 million. The limits were purposefully selected to benefit small businesses that report income through S corporations, partnerships or other pass-through entities.

How to Remain Hopeful and Keep Perspective During the COVID-19 Outbreak

Tuesday, 17 March 2020

We are facing something we have never faced before in our lifetimes. That is a fact and, in a time, when the news of the pandemic spreading and the recommendations on social distancing getting broader by the day, it can be hard to feel certain or safe about anything. 

As troubling as it is to watch the unprecedented market decline and hard it is to tune out the fact that you know you are losing a lot on your investments, we need to maintain our health and the health and safety of our family, friends and neighbors as the number one priority. Covid-19 which emerged late in 2019 in China has spread rapidly worldwide since then and is a global pandemic. The measures taken by leaders around the globe have been strong leaving most children without a classroom to go to, parents working from home or without a job altogether and investors panicking about what is to come.

This disruption to daily life and to our psyches is substantial and it’s terrible. The coming weeks will not be easy, but these measures are practical and prudent.

Coronavirus: What the Viral Epidemic Means for Investors

Volatile Markets and the Ongoing Spread of the Virus are Causing Economic Uncertainty
Tuesday, 03 March 2020

Coronavirus: What the Viral Epidemic Means for Investors

Last week saw the worst week on Wall Street since 2008, as the Dow fell into correction likely due to the outbreak and spread of COVID-19, commonly called novel coronavirus. A market correction is a nerve-wracking event for investors, but the current uneasiness in the markets is no cause for panic.

Market Impact

While the spread of COVID-19 is atypical, market correction is not. In fact, it’s an entirely normal process, and not altogether unexpected after experiencing the longest-running bull market on record. There have been 22 market corrections since 1974, and they are aptly named because the market usually “corrects” itself and returns prices to their longer-term trends. While the coronavirus is likely to cause economic impact into at least the second quarter of 2020, historically, Wall Street’s reaction to these types of epidemics has been short-lived, including in the recent past.

Baby Boomers Are Making History with a Significant Transfer of Wealth – Here’s How to Do it Properly

These five tips will help Boomers safeguard their legacies as they transfer their assets.
Monday, 24 February 2020

Baby Boomers Are Making History with a Significant Transfer of Wealth – Here’s How to Do it Properly

We’re in the midst of a wealth transfer the likes of which our country has never seen before, with Baby Boomers preparing to pass down more than $30 trillion to their heirs. These are hard-earned, well-managed assets that Boomers are excited to share with their loved ones, yet many have not adequately prepared to address the challenges they may encounter.

It’s difficult to face your own mortality, and it keeps many people from properly preparing their financial legacies. As uncomfortable as it may be, though, strategic planning is the only way to ensure your estate will be handled according to your wishes. Keep in mind that many of your heirs may be Millennials who are skeptics when it comes to professional financial services. Their reliance on DIY digital financial tools could jeopardize the long-term viability of your hard-earned money if you don’t take the time to put the necessary safeguards in place.

Countdown to Retirement

A Five-Year Plan to Prepare for Retirement
Friday, 10 January 2020

Countdown to Retirement

For decades, you’ve been focused on building and maintaining your career. Your eventual retirement was always looming in the distance, but it seemed far off and not like something that required much of your attention – until, that is, it suddenly dawns on you that you’re just a few years from the finish line.

Are you prepared to retire? Are your finances in line? Is your estate plan in order? Questions like this can keep you up at night once you reach your late 50s or early 60s and realize you don’t have much time left to get your retirement ducks in a row. However, this borderline panic can actually be a good thing. The final five years before retirement may be crucial to setting yourself up for the retirement of your dreams, so using this time for focused action and decision-making can substantially improve your next phase of life.

In the following guide, you’ll learn where to concentrate your energy during your “final five” before retirement so that you can turn panic into productivity and sail into retirement worry-free

Tax Planning for Those with High Net Worth

Essential Strategies for High Net Worth Individuals
Tuesday, 07 January 2020

Tax Planning for Those with High Net Worth

Tax planning is an essential task for high net worth individuals, and it requires a carefully developed strategy. Without one, you could easily miss out on tax benefits that could be key to maintaining your net worth in the long-term. Since many tax law changes took effect in 2018 with the passage of the Tax Cuts and Jobs Act, it’s an ideal time to revisit your tax planning strategies and ensure you understand the impact of the changes, as well as the opportunities they may present with regard to tax savings.

Below, we’ll review the most important topics to discuss with your tax professional.


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