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Monday, April 25, 2022

 

Monday, March 28, 2022

 

Tuesday, March 22, 2022

In this video Dave explains how to get your tax information from Pershing's website investor.pershing.com

 

Thursday, February 24, 2022

In this video, Dave walks you through the steps to adding an authorized viewer to your accounts on CharlesSchwab.com

 

Wednesday, January 26, 2022

Have you been wondering how to maximize your social security? Are you struggling with the question of when, where, and how much you should take? If you are at full retirement age, act quickly! There’s a couple of strategies that...

 

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Wednesday, January 12, 2022

As many of you know, I’ve been blessed with having two children. Recently, as I sat holding the newest addition to our family, I thought of college. I could see the sky-high costs of college as I met with clients. How can I put...

 

Wednesday, December 29, 2021

Every so often I get a book suggestion from a client that they think I should check out. One of those books was, “Second Chance.” It’s a book by Robert Kiyosaki. He is the gentleman who wrote, “Rich Dad, Poor...

 

Wednesday, December 15, 2021

[Editor's Note: This is a guest post by Steve Wisinski CPA, CFE, MAFF. This post was placed with his permission (and suggested by him). When analyzing the cost of a physician practice for our clients, we normally segregate those costs...

 

Wednesday, December 1, 2021

How To Create the best Timing Strategy By Dave Denniston, CFD In the coming year, I am grappling with the following questions: What will happen in the next year? Are stocks safe? What am I doing to best position you in the next 12...

 

Wednesday, November 17, 2021

Last week, we looked at the nuts and bolts of federal loan-forgiveness programs available to physicians working for non-profit entities. This week, we take a closer look at 2 programs: the Income Based Repayment (IBR) Plan and the...

 

Wednesday, November 10, 2021

Have you ever been struggling inside your mind? Have you been dealing with conflicting thoughts? Like you know in your heart you should follow one particular path, but then you see some new info that pulls you in another direction and...

 

Wednesday, November 3, 2021

[Editor's Note: This is a guest post by Mark Hughes, CPA, CFE. This post was placed with his permission (and suggested by him). Many of our clients at our Midwest regional accounting firm are physician and physician groups, and helping...

 

Wednesday, October 20, 2021

9 Insane (But True) Aspects of PSLF for Doctors Many physicians have an extremely high level of student debt. Fortunately, many are eligible for several types of forbearance programs and debt-reduction programs. The difficulty lies in...

 

Wednesday, October 6, 2021

After many years together, some retired spouses may find their daily routines far apart. When you see online ads or TV commercials about retirement planning, do they ever show baby boomer couples arguing? No. After all, retirement...

 

Wednesday, September 22, 2021

Today, we’ll talk about the three basic principles to help you understand asset allocation, risk tolerance, and how you can go about creating a diversified portfolio that balances risk tolerance with a desired asset allocation....

 

Wednesday, September 8, 2021

My friends, I have bad news. RETIREMENT. IS. DEAD. Departed. Gone. Lifeless. Kaput. Defunct. Broken. But wait, that’s not all…. In past posts, I’ve given some examples of How This Physician Could Retire by 45 and...

 

Wednesday, August 25, 2021

It May Not Be What You Think... How much will your family end up paying for college? Your household’s income may have less influence than you think – and some private colleges may be cheaper than you assume. Private...

 

Wednesday, August 11, 2021

“Living Vicariously (Through My Daughter)” “Goalaaaaaaaaaaaaaaaa” Growing up in Southern California, soccer runs through my veins. Although, I have to be honest. I suck. My two left feet have a habit of crossing...

 

Wednesday, July 28, 2021

When’s the Best Time to Do A Roth Conversion? By Dave Denniston, CFA Now, you’re convinced! Now you know a Roth Conversion is a good thing to do… > So… Now what? The question becomes---...

 

Wednesday, July 14, 2021

One of the biggest conundrums regarding Roth IRA’s that I run into is either: “should I have money in a traditional IRA or Roth?” -- or “perhaps I shouldn’t use them altogether?” As a matter of fact...

 

Wednesday, June 30, 2021

Don’t Want to End Up Like The Doctor Whose Retirement Account is Cut in Half By Fees? Find Out How You’ve heard the horror stories of doctors getting taken advantage of. You’re shocked. You’re outraged. But...

 

Wednesday, June 16, 2021

May 8th, 2017 I’ve made references several times this year to a $1 million acquisition I made nine years ago. Now, I’d like to pass to you some of the lessons that I learned along the way. Let’s take you behind the...

 

Wednesday, June 2, 2021

It had to happen. You’re young & nervous. Eyes as wide as saucers. It’s the first day of residency. Your stomach quivers with a mix of excitement & anticipation. You feel the pressure. The real world closing in on you. Less...

 

Wednesday, May 19, 2021

[Editor's Note: This is a guest post by my friend, a radiology resident, first-time contributor and future collaborator... the one and only Future Proof M.D. You can follow more of his adventures at futureproofmd.com. This post was...

 

Wednesday, May 5, 2021

BOOM! Today my friends, we are talking about an explosion. We’re not talking about North Korea here- no nuclear explosions, but the kind that are under your control- a lifestyle explosion. In a recent presentation that I gave to...

 

Wednesday, April 21, 2021

Imagine this, picture this. The sun is shining brightly. A cool breeze sweeps over the brilliant green grass. Your body is filled with the warmth of the energy of the sun. You raise your face to the sky and drink in the moment. Silence...

 

Friday, April 9, 2021

Do you remember that time you had a squirmy feeling? Like you were uncomfortable and just want to sink down into your chair. You might grimace. You might cringe. That’s how I feel now when people ask me… should I wait for...

 

Wednesday, April 7, 2021

Have you ever purchased a service and you were so excited about it initially? Then, you felt like nothing more than a number? Have you ever felt like the service you received was as warm as ice? Image courtesy of ShutterStock In this...

 

Wednesday, March 24, 2021

Back about 8 years ago, I was knee-deep in this mystical realm, eyes glued on my computer every spare chance I had. Yes, I was an addict. There were many a time my wife wanted to throw my computer out the window, out of our balcony and...

 

Wednesday, March 10, 2021

“Why Focus On Physicians?” Have you ever looked into your child’s eyes, heard what they are going through, and saw yourself? Have you felt like you were re-playing your childhood? My family and I often sit around the...

 

Monday, February 15, 2021

Over 4 years ago, I wrote a blog post on My Faith and My Finances. A lot has changed for myself and my family over that time and it’s caused me to reflect and ponder on what I can share that may help other people who read my blog...

 

Monday, February 1, 2021

Here’s one of the top questions that I get… “How can I reduce my taxes???” It’s a great question to ask! I would ask you several questions right back. Are you paying yourself first and maxxing out your...

 

Monday, December 21, 2020

Do you feel like the year flashed before your eyes or crept by slowly? Oddly it feels like both somehow. But as this year draws to a close, have you been thinking about what your resolutions will be? Many people begin to make the...

 

Monday, December 7, 2020

When it comes to your IRAs and other retirement accounts, you probably have a lot of questions like: How much are my withdrawals taxed? When do I need to begin taking withdrawals? How much will I have to take? What happens to my IRA...

 

Monday, November 23, 2020

I remember that gripping fear. The fear squeezing my stomach so incredibly tight. Churning and churning. Is this the right move? Could I be wrong again? The fear causing me to hesitate. My mind swirling with the possibilities and the...

 

Monday, November 9, 2020

I remember feeling…. hardened. Hardened on the inside. That stubborn feeling that you don’t want to get rid of. Three of the hardest words to say. No, it’s not “I am sorry”, but that certainly comes up in...

 

Thursday, October 22, 2020

What do we value? Furthermore, how are we voting with our dollars on our values? I was recently reading this blog post on The White Coat Investor by Dr. Kelly Pham of Love, Success, and the Sock Drawer. First, props to her- it was...

 

Friday, July 24, 2020

12 Investment Opportunities in the Midst of Corona Virus - Video Series- Part 3

 

Thursday, July 23, 2020

12 Investment Opportunities in the Midst of Corona Virus - Video Series- Part 3

 

Wednesday, July 22, 2020

12 Investment Opportunities in the Midst of Corona Virus - Video Series- Part 2

 

Tuesday, July 21, 2020

12 Investment Opportunities in the Midst of Corona Virus - Video Series- Part 1

 

Monday, July 20, 2020

Are you a nature lover? If so, you may want to take your vacation this summer to view one of the many beautiful national parks the US has to offer! Fresh air, beautiful sunrises and sunsets, stargazing . . . all things that sound...

 

Monday, July 6, 2020

After all the craziness with the coronavirus pandemic have you been thinking about how great it would be to have a vacation or even just a road trip with the family? A lot of folks are still trying to save and prepare for the long haul...

 

Monday, June 29, 2020

Are you looking to take a bit more of a risk in the current market? In our last post, we talked about the major indices --- the S&P 500, the mid cap index, the small cap index. Mid caps and small caps could be great opportunities....

 

Monday, June 22, 2020

Did you check out our blog post last week where we covered a bit of information to familiarize you with and share the status of the current bear market? If not, go ahead and click the link and take a look. It may help to take a look at...

 

Tuesday, June 16, 2020

Have you been interested in the current market and how you can navigate through the maze of financial strategies out there? If so, this is the place for you! I want to provide you some of the best content that we have to help empower...

 

Monday, June 8, 2020

Recently we have seen many areas of the United States are beginning to open up and there seems to be a glimmer of hope that this pandemic will begin to let up at some point. We are all hopeful that soon we can resume life as usual, but...

 

Thursday, June 4, 2020

Taxes In Retirement - Part 16 - Video Series- Consider Roth IRA Conversions

 

Wednesday, June 3, 2020

Taxes In Retirement - Part 15 - Video Series- Retirement Tax Planning - What account do you spend first?

 

Tuesday, June 2, 2020

Taxes In Retirement - Part 14 - Video Series- Medicare Enrollment - Coverage Gaps and Late Penalties

 

Saturday, May 30, 2020

Taxes In Retirement - Part 12 - Video Series- Working & Social Security - The Ugly

 

Friday, May 29, 2020

Taxes In Retirement - Part 11 - Video Series- Working & Social Security - The Bad

 

Thursday, May 28, 2020

Taxes In Retirement - Part 10 - Video Series- Working & Social Security - The Good

 

Thursday, May 28, 2020

Taxes In Retirement - Part 9 - Video Series- Different Approaches to Retirement

 

Thursday, May 28, 2020

Taxes In Retirement - Part 8 - Video Series- The Social Security Tax Torpedo

 

Thursday, May 28, 2020

Taxes In Retirement - Part 7 - Video Series- Know Your After-Tax Retirement Savings

 

Thursday, May 28, 2020

Taxes In Retirement - Part 6 - Video Series- Retirement Surprises

 

Thursday, May 28, 2020

Taxes In Retirement - Part 5 - Video Series- The Four Stages of Retirement

 

Friday, May 15, 2020

If you’re a small business owner, you may be seeing some of the effects of Covid-19. Many small business owners all over America are seeing losses of sales and profits. Times are hard. Every day we are all hoping for good news....

 

Monday, May 11, 2020

Taxes In Retirement - Part 4 - Video Series- Developing A Solution

 

Monday, May 11, 2020

Taxes In Retirement - Part 3 - Video Series- The Problem

 

Monday, May 11, 2020

Taxes In Retirement - Part 2 - Video Series- A New & Complex World

 

Sunday, May 10, 2020

Taxes In Retirement - Part 1 - Video Series- Do You Know How Your Retirement Will Be Taxed?

 

Friday, May 8, 2020

If you’re struggling to keep your finances in order during the COVID-19 pandemic, you are definitely not alone! Millions of Americans are either struggling or completely unemployed and doing their best to make ends meet. Many are...

 

Thursday, April 23, 2020

March 2020 Update War In The Market - Part 15 - Video Series- The Forest Behind The Trees

 

Thursday, April 23, 2020

March 2020 Update War In The Market - Part 14 - Video Series- The MACD Strategy - What Didn't Work

 

Thursday, April 23, 2020

March 2020 Update War In The MThe MACD Strategyarket - Part 13 - Video Series- The MACD Strategy

 

Thursday, April 23, 2020

March 2020 Update War In The Market - Part 12 - Video Series- What Didn't Work - 200 Day MA Strategy & January Effect

 

Friday, April 17, 2020

You may have been reading and hearing about the stimulus package that’s passed recently and if you’re anything like me, you may be tired of hearing about the Corona Virus and all this crazy unusual volatility. However,...

 

Thursday, April 16, 2020

March 2020 Update War In The Market - Part 12 - Video Series- 200 Day MA Strategy & The January Effect

 

Thursday, April 16, 2020

March 2020 Update War In The Market - Part 11 - Video Series- Famous Market Timers & Frustrations w/ Buy and Hold

 

Wednesday, April 15, 2020

A Word of Encouragement...

 

Wednesday, April 15, 2020

- War In The Market - 4 Pockets of Financial Opportunity During The Corona Virus Pandemic

 

Wednesday, April 15, 2020

March 2020 Update War In The Market - Part 9 - Video Series- Opportunity Is Knocking

 

Wednesday, April 15, 2020

March 2020 Update War In The Market - Part 8 - Video Series- Dumb Mistakes Smart People Make W/ Investments

 

Wednesday, April 15, 2020

March 2020 Update War In The Market - Part 7 - Video Series- Determining Your Risk Tolerance

 

Wednesday, April 15, 2020

March 2020 Update War In The Market - Part 6 - Video Series- 5 Financial Reasons To Be Excited About Corona Virus

 

Wednesday, April 15, 2020

March 2020 Update War In The Market - Part 5 - Video Series- 5 Financial Reasons To Be Concerned About Corona Virus

 

Wednesday, April 15, 2020

March 2020 Update War In The Market - Part 4 - Video Series- Timing The Market

 

Wednesday, April 15, 2020

March 2020 Update War In The Market - Part 3 - Video Series- Bear Market = Opportunity

 

Friday, April 10, 2020

March 2020 Update War In The Market - Part 2 - Video Series- Market Data - Current 2020, 2019, 2018

 

Monday, April 6, 2020

In my last blog post, I discussed The Top 10 Reasons Why You SHOULD Have a Financial Advisor. However, having a financial advisor isn’t for everyone. Maybe you have an amazing financial background. Maybe numbers and money come...

 

Monday, March 30, 2020

I have to admit--- it sounds a bit odd to have a blog post titled here are “Top 10 Reasons to Have a Financial Advisor.” It’s a conflict of interest! However, I have to be honest --- having a financial advisor is NOT...

 

Friday, March 27, 2020

March 2020 Update War In The Market - Video Series- Part 1

 

Monday, March 16, 2020

In our last article, we mentioned how these are some very scary times that we are in right now. People are quarantined. People are stocking up on everything from beans to toilet paper. However, it’s not all bad and there are many...

 

Tuesday, March 10, 2020

These are some very scary times that we are in right now. People are quarantined. People are stocking up on everything from beans to toilet paper. Cruises have become traveling hospitals. The financial markets are dropping like a...

 

Monday, March 9, 2020

Last week’s post provided a few options for types of debt you could utilize for your business. This week we wanted to discuss a few more options for you to consider when trying to make the best decision for your business and its...

 

Monday, March 2, 2020

There are more flavors of leverage than there are ice cream flavors at Baskin Robbins. In this post we will address a few of them to help you examine your existing debt structure and to consider other options. Family Loans The first...

 

Monday, February 24, 2020

So many people – business owners and employees alike – have one crucial issue in their financial lives: debt. Debt is a wondrous and powerful weapon in your arsenal, and yet it is often self-destructive and can tear apart...

 

Monday, February 17, 2020

Have you ever wondered…. How can I pay less taxes??? How can I put away more money and get a tax deduction on it? Well good news my friend!!! There might be some options for you! First, there are a few long term strategies that...

 

Monday, February 10, 2020

You made it! You took all the steps, you checked all the boxes, and you’ve crossed your t’s and dotted your i’s. So now what are you going to do after you’ve sold your business? We feel this is the most...

 

Monday, February 3, 2020

Now that you have identified the type of buyer you would like to sell to, you want to attract them to your business and close the deal, right? Below we have identified a few helpful tips to attracting the type of buyer you have decided...

 

Monday, January 27, 2020

In the first two parts of this series we have covered making the decision to buy or keep your business as well as how to value your business and how to find buyers. At this point you may be feeling that you can really do this! You can...

 

Monday, January 20, 2020

After reading "Selling Your Business Part I - Making the Decision to Sell or Keep", you may be here because you decided selling your business may be something you’re actually interested in doing and you want an idea as to where...

 

Monday, January 13, 2020

The crisp winter air is stinging outside. The cacophonous clang of silverware and plates fills Richard’s ears. He sniffs deeply. The thick aroma of dark, black coffee is hanging in the air. Richard and Jon are sitting in a diner,...

 

Sunday, December 29, 2019

As we discussed in Part III of “How to Reduce Your Taxes”, starting a small business can be a great avenue for lowering taxes. But starting a business isn’t as simple as deciding on what your business will be and...

 

Thursday, December 26, 2019

As discussed in the first two parts of “How to Reduce Your Taxes,” working to lower your AGI, as well as finding a great accountant who diligently works to lower your taxes, were two great ways to reduce taxes overall. But,...

 

Monday, December 23, 2019

Are you starting to think more about your future? Whether you’re starting a family or beginning a new stage in life, planning for the future can help you get the most out of life. Knowing where to start, however, can be tricky...

 

Wednesday, December 18, 2019

Now that you have gathered all the related data to complete your taxes and found the right CPA to help as discussed in “How to Reduce Your Taxes Part I - Finding a Great Accountant,” let’s explore ways to reduce your...

 

Wednesday, December 18, 2019

How Do You Do Your Taxes? It’s getting closer to that time of year again. After celebrating the holidays and ringing in the New Year, tax season comes rolling in fast. For most Americans, tax preparation starts by bringing a box...

 

Monday, November 25, 2019

November 2019 - Financial Planning 101 Part 10 - Income From Annuities

 

Monday, November 18, 2019

November 2019 - Financial Planning 101 Part 9 - Annuities

 

Wednesday, November 13, 2019

What is the Owner Only 401k? Furthermore, why would you want one? You may have heard of this term. Or maybe… Solo 401k Solo-k Uni-K One-participant k They all point to the same kind of plan--- what I refer to as the Owner Only...

 

Monday, November 11, 2019

November 2019 - Financial Planning 101 Part 8 - Life Insurance

 

Wednesday, November 6, 2019

Gene should be happy. He has a beautiful family and a caring wife. He’s been in business for over 15 years and has amassed a substantial portfolio. He recently changed jobs and moved halfway across the country to Minnesota as a...

 

Monday, November 4, 2019

November 2019 - Financial Planning 101 Part 7 - Disability Income Insurance

 

Wednesday, October 30, 2019

The final step in our journey is to discover and strategize how much you can put toward debt without substantially changing your lifestyle. This can be very time intensive if you want to understand every nut and bolt on a weekly basis....

 

Monday, October 28, 2019

October 2019 - Financial Planning 101 Part 6 - Roth IRA's and Conversions

 

Wednesday, October 23, 2019

By now, you have made a balance sheet for yourself that includes all of your assets and liabilities. Also, you have established the framework for your tangible goals and when you want to achieve them. Here are a few basic ideas to...

 

Monday, October 21, 2019

October 2019 - Financial Planning 1015Part 5 - 10 Secrets to Financing College

 

Wednesday, October 16, 2019

Now that we have made your financial reality visible, we have a blank canvas on which to create a map. We know the names of the cities and the states you are going to travel to. Next, we need to figure out how you are going to get...

 

Monday, October 14, 2019

October 2019 - Financial Planning 101 Part 4 - Online Tools

 

Wednesday, October 9, 2019

These are the debts and loans that we are looking to eliminate. Before we figure out how to get rid of them, we need to identify the loans and make an inventory of them. I really believe that being organized is more than half the...

 

Monday, October 7, 2019

October 2019 - Financial Planning 101 Part 3 - Asset Allocation

 

Wednesday, October 2, 2019

STATEMENT: “PRODUCING” VS. “NONPRODUCING” ASSETS First, let’s understand the difference between producing assets and nonproducing assets. Producing Assets. Producing assets are investments that are made...

 

Monday, September 30, 2019

September 2019 - Financial Planning 101 Part 2 - First Meeting with a Financial Advisor

 

Wednesday, September 25, 2019

Leaving the family home and venturing out on your own for the first time is both exciting and terrifying. You have the freedom to live by your rules, but you also have a wealth of new responsibilities. It’s all too easy to damage...

 

Monday, September 23, 2019

September 2019 - Financial Planning 101 Part 1 - How to Select A Financial Advisor

 

Wednesday, September 18, 2019

In our last blog post, Why You SHOULD Have a Side Hustle, I laid out the case for why I personally have pursued the side hustle and why I think you should too. However, let’s be honest here. A side hustle isn’t for everyone...

 

Wednesday, September 11, 2019

Are you feeling like you are constantly behind the 8 ball? Maybe you’re saving every month in your 401k and saving some on the side, yet it just doesn’t seem enough. At the end of the day, you look at your bank balance and...

 

Monday, September 9, 2019

August 2019 - Financial Planning 201 Part 2 - Charitable Planning

 

Wednesday, September 4, 2019

When I want to grow up, I want to be like…. As a tyke and a young adult, I had absolutely no idea. NONE. ZIPPO. NADA. My dad is a great guy and a good family man and there’s many things I’ve learned and carried from...

 

Monday, September 2, 2019

August 2019 - Financial Planning 201 Part 3 - 7 Ways to Protect Your Spouse and Kids

 

Wednesday, August 28, 2019

Over the past few weeks, we’ve tackled so many of the largest issues including living within your means and your rate of return. Yet, there are a few other key areas that need to be considered before your retire. Inflation Taxes...

 

Monday, August 26, 2019

August 2019 - Financial Planning 201 Part 2 - Charitable Planning

 

Wednesday, August 21, 2019

Your business had been prospering and flourishing. You and your partners built a machine and the company grew and grew and grew. You became wealthy beyond most people’s standards. Suddenly, the revenue started slowing and the...

 

Wednesday, August 14, 2019

Once you know where you are now, the next step is to figure out where you and your company want to go. Write the story of your future life as if it has already happened. By adding in all the rich details, this vision will be real for...

 

Wednesday, August 7, 2019

Before you become a client of our firm or any other wealth management firm, it is vital to determine the stability of your financial foundation. A reputable financial advisor will analyze your income, spending, cash flow, tax situation...

 

Wednesday, July 31, 2019

Like many of our clients, you probably have an IRA. And there’s a real good chance that it is the largest financial asset you own. Yet we’ve found that when we meet with clients for the first time, they have a lot of...

 

Wednesday, July 24, 2019

[Editor's Note: This is a guest post by Andrew Rombach. This post was placed with his permission (and suggested by him).] All too often, student loan debt makes significant headlines. The typical college graduate can expect to leave an...

 

Wednesday, July 17, 2019

Physicians work incredibly hard. Many are constantly on-call and the demand and pressure gets ratcheted up and up. There are demands on your time with paperwork, patients, insurance, hospital administration, residents, and so much more...

 

Wednesday, July 10, 2019

One of my good friends, another financial advisor, often reminds me, “it’s not what you MAKE. It’s what you KEEP.” This is so ridiculously simple, yet it’s ridiculously true. Of course, being the smart...

 

Thursday, June 27, 2019

After reading this article on the Ultimate Guide to Back Door Roth IRAs & then reading this article on the 5 Year Rule for Roth IRAs, you may be salivating and can’t wait to contribute to a Roth IRA! You say to yourself…....

 

Friday, May 31, 2019

“Highway Robbery” Doctors are being robbed by Uncle Sam every year. He is stealing your hard earned dollars. Your money is being cut in half with every paycheck. The average doctor is being plundered, robbed, and stepped on...

 

Friday, April 19, 2019

Most young physicians—and some not-so-young ones—have a lot of debt, much of it from medical school. Now that you’re in your career, it’s time to start reducing your debt. But…. where do you start? Maybe...

 

Friday, April 12, 2019

I’m out on a date with my wife—we just enjoyed a delicious tuna dinner (paid with a gift card of course) at McCormick and Schmick’s followed by watching Captain Marvel saving planet earth from her evil Kree brethren....

 

Friday, April 5, 2019

Editor's Note: This article was inspired in part by the article "Want to Know Why Your Doctor is Late? Read This" by Sanaz Majd, MD. You can read that article here. In the infamous debacle of Dr. Tardy, we learned about the morning...

 

Friday, March 29, 2019

Imagine this, picture this. You’re stuck. You’re grinding through your day. One patient after another. You’re feeling numb, calloused to the world around you. You feel focused, but you’re losing your edge. But,...

 

Friday, March 22, 2019

Have you ever wondered, am I making the right moves? Have you ever worried, gnashing your teeth over a financial decision? Like most of my listeners and readers, maybe you've even made a few mistakes along the way. I'm constantly...

 

Friday, March 8, 2019

Physicians work incredibly hard. Many are constantly on-call and the demand and pressure get ratcheted up and up. There are demands on your time with paperwork, patients, insurance, hospital administration, residents, and so much more....

 

Friday, February 15, 2019

As an established physician, one of the questions I think you need to ask yourself, is how can I cut down on my costs in order to save for retirement? Back when you were a resident or a fellow, having good or even great disability...

 

Friday, February 1, 2019

My first full-time job in the industry was as an investment representative for a big name investment firm The people in the company were very kind and understanding folks. They were generous enough to help train me and assist me with...

 

Friday, January 18, 2019

Do you know what else drives me nuts? Pushy insurance salesmen that insist that cash value life insurance like Universal Life Insurance, Whole Life Insurance, and Variable Life Insurance are ABSOLUTELY necessary as part of a retirement...

 

Friday, January 11, 2019

Many physicians have had a hard road to get through residency and fellowship. They put themselves through undergraduate programs and medical school. Then, they barely have enough income in residency/fellowship and rely partially on...

 

Friday, January 4, 2019

Let’s explore several easy ways to reduce income taxesPaycheck- Contribute to 401k or 403bI have one basic rule, a mere three words, that I have spoken about in seminars at the Mayo Clinic and with the Minnesota Medical...

 

Friday, December 28, 2018

4 Critical Ways Doctors Can Protect Themselves Against Malpractice Lawsuits Trusts, Corporations, and Other “Fancy” Stuff We’ve now gone through MANY ways to protect your assets from creditors and malpractice lawsuits...

 

Friday, December 21, 2018

4 Critical Ways Doctors Can Protect Themselves Against Malpractice Lawsuits Split Assets With Your Spouse If you are married, another really easy fix to protect yourself is to make sure that ALL non-qualified assets are either jointly...

 

Friday, December 14, 2018

4 Critical Ways Doctors Can Protect Themselves Against Malpractice Lawsuits Pay Off Your Debt! If you have ever read any of my materials, you’ll know how passionate I am about debt reduction. I hate debt. I think it’s a...

 

Friday, December 7, 2018

4 Critical Ways Doctors Can Protect Themselves Against Malpractice Lawsuits Max Out Those Retirement Plans The BEST way to protect yourself from creditors is the tried and trued philosophy of… PAY YOURSELF FIRST Simply, every...

 

Friday, November 23, 2018

To help you increase, keep, and protect your money so you can live from its returns, several key issues need to be addressed. NET INCOME What is your net income? Net income is what you get to spend after taxes, payroll deductions,...

 

Friday, November 16, 2018

Some of the best, wonderful things I see clients do is give to others. They give their time, energy, effort and money to some great causes. Maybe it is to their church or to their alma mater to Big Brothers/Big Sisters or to a local...

 

Friday, November 9, 2018

I have a basic philosophy in life- control the stuff that you can. Understand it, learn about it to empower yourself with the best possible information to make quality decisions. Unfortunately, we don’t have power in many areas...

 

Friday, November 2, 2018

Let’s explore several easy ways to reduce income taxes. Paycheck- Contribute to 401k or 403b I have one basic rule, a mere three words, that I have spoken about in seminars at the Mayo Clinic and with the Minnesota Medical...

 

Friday, August 10, 2018

Multiple streams of income? You must think I’m a bit nuts! I know how compressed your time is already. You barely have enough time to breathe- let alone manage another financial asset. You may have heard the concept of multiple...

 

Friday, July 27, 2018

Let’s be real here for a sec… Not every physician (or anyone else for that matter) needs or wants a financial advisor. However, if you are sitting here reading this and you don’t enjoy spending time building your...

 

Friday, July 20, 2018

What pre-retirees owe could compromise their future quality of life? The key points of retirement planning are easily stated. Start saving and investing early in life. Save and invest consistently. Avoid drawing down your savings...

 

Friday, July 13, 2018

Crises pass, and markets eventually regain equilibrium. We have seen some uneasy times lately. Uneasiness impacts the financial markets. When it does, we all need to keep some long-term perspective in mind. Those who race to the...

 

Friday, July 6, 2018

… and for how long? You might be surprised how many people have financial documents scattered all over the house – on the kitchen table, underneath old newspapers, in the hall closet, in the basement. If this describes...

 

Friday, June 29, 2018

What are the potential benefits? What are the drawbacks? If you own a traditional IRA, perhaps you have thought about converting it to a Roth IRA. Going Roth makes sense for some traditional IRA owners, but not all. Why go Roth? There...

 

Friday, June 22, 2018

Too few Americans understand personal finance fundamentals. If only money came with instructions. If it did, the route toward wealth would be clear and direct. Unfortunately, many people have inadequate financial knowledge, and for...

 

Friday, June 15, 2018

The basics on capital gains & deductions. Buying or selling income property has definite tax consequences. A taxpayer should clearly understand them, whether he or she intends to acquire a property or put one on the market. A sale of...

 

Friday, June 8, 2018

Today we are going to be following up on “A day in the life of…” In that blog, I talked about a number of different of situations that I meet with physicians that come from a variety of different backgrounds. Dr....

 

Friday, June 1, 2018

What are the keys in planning to grow wealthy together? When you marry or simply share a household with someone, your financial life changes – and your approach to managing your money may change as well. To succeed as a couple,...

 

Friday, May 25, 2018

Diversification still matters. One day, this bull market will end. In the first quarter of 2017, the bull market seemed unstoppable. The Dow Jones Industrial Average soared past 20,000 and closed at all-time highs on 12 consecutive...

 

Friday, May 18, 2018

Certain kinds of coverage may help to sustain you financially in an emergency. You plan for retirement with expectations in mind. You hope to enjoy a certain quality of life, with sufficient income resulting from smart financial...

 

Friday, May 11, 2018

Everyone should aim to have a cash reserve. We all would love to have a little extra cash on hand for emergencies. Saving up that cash can be a challenge – but with a little effort, that challenge can be met. Imagine a...

 

Friday, May 4, 2018

Over time, these seemingly small factors could make a major difference. Saving for retirement takes decades and demands the investment of significant amounts of your income. As this major effort unfolds, you should recognize that some...

 

Friday, April 27, 2018

[Editor's Note: This is a guest post by David Shindel, CPA, MFE. This post was placed with his permission (and suggested by him). Summertime is vacation rental time, and if you’re the landlord of a property used for vacation...

 

Friday, April 20, 2018

Today, we’re going talk about taxes. Before we get into that, I wanna tell you a little story, my friends. Once upon a time... There was a general. He was leading his army into battle against the enemy 10 times the size of his...

 

Friday, April 13, 2018

Have you ever looked back at something you did and thought…. “Hmmm… I bet I could do this better!” It’s been nagging at me like an itch that I can’t scratch. It’s driving me nuts! Then, I...

 

Friday, April 6, 2018

Combining Your Finances When You Marry How separate (or intertwined) should your financial lives be? Provided by Dave Denniston, CFA Some spouses share everything with each other – including the smallest details of their personal...

 

Friday, March 30, 2018

[Editor's Note: This is a guest post by my friend, Mark Huges, CPA, CFE, Partner at ShindelRock Accounting Firm, first-time contributor and future collaborator.You can follow more of his adventures at futureproofmd.com*. This post was...

 

Friday, March 23, 2018

It’s the happiest day of your life! Your wedding day… Best. Day. Ever. Smiles, hugs, the white gown, the champagne, the first dance, the cake, and the limo. Laughter peels through the air. Fleeting memories of vows and...

 

Friday, March 16, 2018

Question: Our physician practice is set up as an “S” corporation. We’re considering transferring stock to a new physician-owner. What are the tax and related economic issues? Answer: The controlling IRS code section...

 

Friday, March 2, 2018

Today’s world is an incredibly unfriendly tax & regulatory environment for physicians. After all of the years of grinding hard work, being on call 24/7, and saving countless lives, you are likely getting paid a very handsome wage...

 

Friday, February 23, 2018

Today’s impulsive moves could breed tomorrow’s regrets. When emotions and money intersect, the effects can be financially injurious. Emotions can cause us to overreact – or not act at all when we should. Think of the...

 

Friday, February 16, 2018

A few things you may want to think about before filing for benefits. Whether you want to leave work at 62, 67, or 70, claiming the retirement benefits you are entitled to by federal law is no casual decision. You will want to consider...

 

Friday, February 9, 2018

Well, financial freedom- it isn't easy. What I'm about to tell you may shock & surprise you... In fact, if my hunches are correct, simply reading this article today may change your ideas of financial freedom. In the 10 years I've been...

 

Friday, February 2, 2018

Protect Your Patients - And Your Practice - By Avoiding These 7 Critical Billing Mistakes According to the CDC, there will be nearly 900 million visits to a physician’s office this year in the United States. Each of these visits...

 

Friday, January 26, 2018

Basic estate planning documents may not communicate your intentions. There are three degrees of estate planning: advanced, basic, and none at all. Basic is better than none, but elementary estate planning can still leave something to...

 

Friday, January 19, 2018

What do each of these terms really mean? Investment management can be active or passive. Sometimes, that simple, fundamental choice can make a difference in portfolio performance. During a particular market climate, one of these two...

 

Friday, January 12, 2018

“Confessions of An Advisor” Have you ever been in a position that your world was rocked? Have you ever found a shred of evidence that clouded your belief in yourself? Like deep down inside, you started to doubt yourself......

 

Friday, January 5, 2018

My friends, this article is the beginning of a tremendous undertaking- to provide you the ULTIMATE Guide to Back Door Roth IRAs for Physicians. There is no other subject that I get more questions from doctors about. For example…...

 

Friday, December 29, 2017

TRANSCRIPT It’s a bird…. It’s a plane… no… it’s a physician! Hahaha… yes, I’m corny. Whether you are dark and brooding or you are a scion of justice with a S on your chest, I would...

 

Friday, December 22, 2017

Have you ever wondered, what does it take to be a millionaire? I’ve found lately that BY FAR my favorite book have been on the topic of ‘The Physician Millionaire’ mind. I’ve been asking these questions....

 

Friday, December 8, 2017

One of the most basic blocks to become a multi-millionaire is to make sure that you have a surplus of cash each and every month. Simple formula, right? Income – Expenses= Surplus of Cash Much easier said than done though! I know...

 

Friday, December 1, 2017

Imagine waking up one day and you find out that you’ve lost hundreds of thousands of dollars. Poof! That million dollar portfolio just become $500,000. It’s gone… Burned up. Disappeared. Just thinking about that...

 

Friday, November 24, 2017

[Editor's Note: This is a guest post by Maria Montie, CPA, MST, CVA, MAFF. This post was placed with his permission (and suggested by him). [It was originally published here] For medical practice owners, dealing with an employee who...

 

Friday, November 17, 2017

As a young medical student, you cannot wait to graduate and get to residency. A huge paycheck awaits. Maybe you are sitting there reading this and you are now transitioned to practice. You’re struggling with financial decisions....

 

Friday, November 3, 2017

Avoiding the Cybercrooks How can you protect yourself against ransomware, phishing, and other tactics? Imagine finding out that your computer has been hacked. The hackers leave you a message: if you want your data back, you must pay...

 

Friday, October 20, 2017

Have you ever gotten bored with the ‘regular’ investments? You know the ones- where you can invest in the total stock market or the S&P 500 or in ‘boring’ bonds. However, you don’t like international...

 

Friday, October 13, 2017

Every so often, I hear something that makes my eyes get larger than saucers. Not too long ago… this happened. I got an email from a client recently and he wrote that you could convert an IRA into an HSA. No way…. I...

 

Friday, September 29, 2017

Saving and spending. They are two sides of the same coin. When is spending a good idea? Where does giving fall in? Is giving a form of spending? I’m going to tread dangerous ground. I’m going to get on a touchy subject...

 

Thursday, March 30, 2017

It had to happen. I was miserable. I knew it was time to move on. But, that’s not all. It cost me $1,000,000 to do it. Hold on a sec. Let’s rewind. In our last article, we examined the case study of PhysicianOnFire and how...

 

Tuesday, March 28, 2017

My jaw dropped. My heart stopped for a moment. I was heart-broken. I didn’t want to believe it. This couldn’t be true, but unfortunately a couple of days later I confirmed that it was true. Here’s what...

 

Monday, March 27, 2017

Provided by Dave Denniston, CFA Many affluent professionals and business owners put estate planning on hold. Only the courts and lawyers stand to benefit from their procrastination. While inaction is the biggest estate planning error,...