Blog

Secure Act 2.0 - W2 Cap & Catch-up Contributions

Dave Denniston breaks down the 2026 SECURE 2.0 changes that affect catch-up contributions for anyone earning over $145K in W-2 wages—and explains how to prepare.

Q3 Market Update

David Denniston shares his Q3 market update: markets remain strong but could be nearing a peak. Valuations are high and risks are rising, though AI growth and Fed rate cuts offer support. What are Dave’s plans for the months ahead?

Asset Map

Dave Denniston introduces a simple one-page Asset-Map tool to help simplify complex financial decisions, reduce stress, and provide clarity. He's inviting clients to try it out in a one-on-one session to explore big or medium financial goal

Managing Headline Stress

Feeling overwhelmed by negative news? Dave Denniston shares 3 strategies to stay focused: set limits on media, redirect energy to positive activities, and build healthy connections to protect your mindset and financial goals.

Bear Market? What's the Plan?

A bear market is when stock prices fall 20% or more from recent highs, often driven by economic downturns, investor pessimism, or major events, leading to widespread market caution and reduced confidence. What is the plan when this happens?

The January Effect

Dave analyzes the January Effect, showing how January’s performance predicts market trends. With 2025 starting slightly positive, he expects moderate growth but remains cautious. He emphasizes diversification and flexible strategies.

Mindset Shifts to Change Your Retirement

Shift your mindset, shift your future! Start with gratitude, stay curious, and visualize your ideal retirement. Small steps today can lead to big results. Ready to transform your financial future? Let’s connect!

Financial Planning - Q4 2024 Update

Dave discusses November 2024 market conditions, covering stocks, bonds, interest rates, and investor implications. He stresses understanding market cycles, the January effect, and advises cautious optimism as the bull market advances.

FOMO in Financial Planning

Let's talk about something that might be keeping you up at night – FOMO, the fear of missing out, and how it relates to what we call survivorship bias in investing. It's about making smart decisions with the information we have right now.

401K Rollover

If you’ve recently switched employers or have an older 401(k) account that’s not being actively managed, you may want to consider a rollover. This involves moving savings from one retirement plan to another.

Bull Bear Market Thoughts

My thoughts and actions on what I do in a Bull Bear Market.

Last Minute Tax Tips

One: Make your IRA contribution for 2023 by April 15 Two: Submit your first quarter 2024 estimated tax payment Three: Review your 2022 tax return.

Cryptocurrency

One: What exactly is cryptocurrency? Two: Why are people buying? Three: What do you need to watch out for?

End-of-Year Reflections: A Message of Gratitude and Growth

As we look ahead, my commitment remains steadfast. I am here to support your financial goals, offer guidance, and help you navigate the ever-changing financial landscape. THANK YOU!

Headline Frenzy

One: This is the simplest one: limit pings, push notifications, and news alerts. Two: Focus on doing something positive to refocus. Three: Reach out to someone reassuring.

My Why

My initial inspiration story driving my passion to try to give back to you however I can!

3 Critical Business Mistakes

One: Not knowing what kind of business structure is right for you. Two: Not planning for your ideal exit. Three: Not paying yourself the right way.

Savvy Tax Planning

#1: Know your savings BEFORE retiring. #2: "Tax traps" to plan for. #3: Plan how and when to use your assets efficiently. #4: Organize your assets for your family—estate planning still matters!

Power In Uncertainty

One: View it as a reality check. Two: Be grateful for what we have. Three: Embrace resilience.

Bear Market Perspective

Opportunity Number One: Hunting for opportunities amid the chaos. Opportunity Number Two: Using the buying opportunity. Opportunity Number Three: Learning the lesson of overconfidence.

Roth IRA Conversions

Roth IRA ConversionsWhen is a good time for Roth IRA conversions?

Recession

Recession3 Key Things to Keep in Mind During a Recession

Gratitude

Gratitude

Tax Loss Harvesting

Tax Loss Harvesting

The Opportunity of Tax Liens in 2022 - Part 2

The Opportunity of Tax Liens in 2022- Part 2 -

The Opportunity of Tax Liens in 2022 - Part 1

The Opportunity of Tax Liens in 2022- Part 1 -

The Opportunity of Land Flipping in 2022 - Part 2

The Opportunity of Land Flipping in 2022- Part 2 -

The Opportunity of Land Flipping in 2022 - Part 1

Th

3 Investment Strategies for Inflation in2022

War on the Market | 4 Investment Opportunities in 2022

Pershing and Schwab Tax Info for 2021

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

Adding Viewer Access - Charles Schwab

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

The 3 Methods to Utilize Social Security

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...

The ABCs of Financing College for Kids

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...

Why The Author Of Rich Dad, Poor Dad Is Wrong

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...

Physician Practice Managers: Mind your buckets

[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...

How To Create the Best Timing Strategy

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...

How IBR and PAYE Can Help Physicians Win the Debt Game

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...

7 Signs You Exhibit Cognitive Dissonance

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...

Physicians Should Follow this Checklist for a Healthy Office

[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...

9 Insane (But True) Aspects of PSLF for Doctors

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...

One Couple, Two Different Retirements?

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...

How To Slice Up The Pie of Asset Allocation

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....

Is Retirement Dead?

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...

The Real Cost of College

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...

Living Vicariously Through My Daughter

“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...

The Best Time to Do a Roth Conversion

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---...

What is a Roth Conversion?

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...

Is this your Missing Piece?

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...

Behind the Velvet Rope: My Financial Experiment

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...

When I Grow Up...

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...

Long Term Investment Returns - A Comparison

[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...

The Tale of Two Doctors (Case Study)

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...

7 Deadly Sins of Residents & Fellows

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...

Should I Wait For A Dip?

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...

Are You A Customer or a Client?

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...

3 Lessons From World of Warcraft Every Physician Should Know

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...

“Why Focus On Physicians?”

“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...

My Faith and My Finances - Part 2

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...

How to Hire Your Family to Create Tax Breaks

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...

6 Financial Resolutions for the New Year

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...

Savvy IRA Planning for Baby Boomers - The Basics

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...

Do You Have Financial PTSD?

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...

I Was Wrong

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...

How are You Voting with Your Dollars?

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...

12 Investment Opportunities in the Midst of Corona Virus - Part 4

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

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

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

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

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

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

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

5 National Parks To See This Summer

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...

5 Cheap Places to Take a Summer Road Trip

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...

The Bear Market - Opportunities in the Sub-Sectors of the Market

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....

The Bear Market - Opportunities in the Major Sectors of the Market

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...

The Bear Market - Information on the Current Status of the Market

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...

4 Steps to Take When the Coronavirus Affects Your Finances

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...

Taxes in Retirement Part 16 - Consider Roth IRA Conversions

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

Taxes During Retirement Part 15 - Retirement Tax Planning - What account do you spend first?

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

Taxes During Retirement Part 14 - Medicare Enrollment - Coverage Gaps and Late Penalties

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

Taxes During Retirement Part 12 - Working & Social Security - The Ugly

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

Taxes in Retirement Part 11 - Working & Social Security - The Bad

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

Taxes During Retirement Part 10 - Working & Social Security - The Good

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

Taxes During Retirement Part 9 - Different Approaches to Retirement

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

Taxes During Retirement Part 8 - The Social Security Tax Torpedo

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

Taxes During Retirement Part 7 - Know Your After-Tax Retirement Savings

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

Taxes During Retirement Part 6 - Retirement Surprises

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

Taxes During Retirement Part 5 - The Four Stages of Retirement

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

5 Ideas to Keep Your Small Business Afloat During the Covid 19 Pandemic

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....

Taxes During Retirement Part 4 - Developing A Solution

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

Taxes During Retirement Part 3 - The Problem

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

Taxes During Retirement Part 2 - A New & Complex World

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

Taxes During Retirement Part 1 - Do You Know How Your Retirement Will Be Taxed?

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

5 Ways to Manage Your Finances During the Coronavirus Pandemic

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...

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

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

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

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

March 2020 Update: War In The Market Part 13 - The MACD Strategy

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

March 2020 Update: War In The Market Part 12 - What didn't work - 200 Day MA Strategy/January Effect

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

5 Ways You Should Consider Investing Your Economic Impact Payment

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,...

March 2020 Update: War In The Market Part 11 - 200 Day MA Strategy & The January Effect

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

March 2020 Update: War In The Market Part 10 - Famous Market Timers & Frustrations w/ Buy and Hold

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

There is Hope...A Word of Encouragement

A Word of Encouragement...

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

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

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

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

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

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

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

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

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

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

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

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

March 2020 Update: War In The Market Part 4 - Timing The Market

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

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

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

March 2020 Update: War In The Market Part 2 - Market Data: Current 2020, 2019, & 2018

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

Top 10 Reasons to NOT Have a Financial Advisor

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...

Top 10 Reasons to Have a Financial Advisor

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...

March 2020 Update: War In The Market - Part 1

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

Top 10 Financial Reasons to Be Excited for the Corona Virus

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...

Top 10 Financial Reasons to Be Scared of the Corona Virus

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...

Types of Debt & Leverage...Continued

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...

Types of Debt & Leverage

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...

Debt vs. Equity and Examining Debt Structure

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...

Can You Have A Second Retirement Plan?

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...

Selling Your Business Part V - What's Next After Selling Your Business?

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...

Selling Your Business Part IV - Closing the Buyer & the Deal

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...

Selling Your Business Part III - Comparing & Contrasting Types of Buyers

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...

Selling Your Business Part II - How to Value Your Company & Find Buyers

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...

Selling Your Business Part I - Making the Decision to Sell or Keep

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,...

How to Reduce Your Taxes Part IV - Choosing the Right Entity for Your Small Business

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...

How to Reduce Your Taxes Part III - Having A Small Business

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,...

How to Start Planning and Protecting Your Life and Family

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...

How to Reduce Your Taxes Part II - Reducing Taxable Income

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...

How to Reduce Your Taxes Part I - Finding a Great Accountant

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...

Financial Planning 101: Part 10 - Income From Annuities

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

Financial Planning 101: Part 9 - Annuities

November 2019 - Financial Planning 101 Part 9 - Annuities

What Is the Owner Only 401k?

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...

Financial Planning 101: Part 8 - Life Insurance

November 2019 - Financial Planning 101 Part 8 - Life Insurance

Is Your Money Creating Freedom or Stress?

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...

Financial Planning 101: Part 7 - Disability Income Insurance

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

Get Out of Debt Step 5: Determine monthly spending and where you can improve

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....

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

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

Get Out of Debt Step 4: Determine payoff priorities

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...

Financial Planning 101: Part 5 - 10 Secrets to Financing College

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

Get Out of Debt Step 3: Create a road map

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...

Financial Planning 101: Part 4 - Online Tools

October 2019 - Financial Planning 101 Part 4 - Online Tools

Get Out of Debt Step 2: Understanding your liabilities

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...

Financial Planning 101: Part 3 - Asset Allocation

October 2019 - Financial Planning 101 Part 3 - Asset Allocation

Get Out of Debt Step 1: Prepare your net worth

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...

Financial Planning 101- Part 2- First Meeting with FA

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

Practical Financial Tips and Life Advice for Young People

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...

Financial Planning 101: Part 1 - How to Select a Financial Advisor

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

[CASE STUDY] Why You Should NOT Have a Side Hustle

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...

[CASE STUDY] Why You Should Have a Side Hustle

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...

Financial Planning 201: Part 6 - Social Security Wages

August 2019 - Financial Planning 201 Part 2 - Charitable Planning

5 Business Leaders that I Admire

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...

Financial Planning 201: Part 3 - 7 Ways to Protect your Spouse and Kids

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

Other Stuff Advisors Don’t Talk About Enough

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...

Financial Planning 201: Part 2 - Charitable Planning

August 2019 - Financial Planning 201 Part 2 - Charitable Planning

My Business is Losing Money

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...

Determine Your 10-Year Plan

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...

The First Step to Creating a Financial Plan

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...

Understanding Required Minimum Distributions (RMDs)

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...

How Can Medical Residents Better Manage Student Loan Repayment

[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...

Simple strategies to get retired

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...

It’s not about what you make

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...

What Is the Super Back Door Roth IRA?

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…....

Highway Robbery

“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...

Which Debt Do You Pay Off First

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...

The Five Year Rule

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....

A Day In The Life Of...

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...

3 Steps to Financial Freedom for Burned Out Physicians

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,...

Best 12 Pieces of Advice from The Advisor to Doctors

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...

I Can Retire When?

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....

Insane Advice from A Professional: Cadillac DI Policies

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...

Insane Advice from A Professional: “Independent” Advisors That Aren’t Independent

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...

Insane Advice from A Professional: Selling Cash Value Life Insurance as a Savings Vehicle

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...

Insane Advice from A Professional: Invest Don't Pay Off Your Debt

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...

Tips for Reducing Your Income Tax in 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...

4 Critical Ways Doctors Can Protect Themselves Against Malpractice Lawsuits

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...

Split Assets With Your Spouse as a Way to Protect Yourself Against Malpractice Lawsuits

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...

Pay Off Your Debt! to Protect Yourself Against Malpractice Lawsuits

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...

Max out those retirement plans as a way to protect yourself from malpractice lawwsuits

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...

WHAT NEEDS TO BE IN THE FINANCIAL PLAN?

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,...

The Tax Deduction with a Large Return: Being Charitable

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...

Managing Capital Gains & Dividends

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...

5 Ways to Reduce Your Income Without Taking A Pay Cut

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...

3 Ways To Create Ongoing Multiple Streams of Income

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...

10 Questions You Should Ask Your Advisor

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...

Will Debt Spoil Too Many Retirements?

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...

Why You Should Stay Invested Through Tense Times

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...

Which Financial Documents Should You Keep On File?

… 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...

The Pros & Cons of Roth IRA Conversions

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...

The Importance of Financial Literacy

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...

Tax Rules on Rental Property

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...

Talking to Your Kids About Your Wealth

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....

Managing Money Well as a Couple

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,...

Have a Plan, Not Just a Stock Portfolio

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...

Could Insurance Rescue You in Retirement?

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...

Building an Emergency Fund

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...

Little Things That May Help Your Retirement Savings

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...

Tax tips to remember when renting out your vacation home this summer

[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...

3 Answers to the Tax Questions Physicians Have Been Asking

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...

Secrets on Financial Success for Docs 1.0

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...

Combining Your Finances When You Marry

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...

Physician Practices Can Avoid Employment Tax Overpayment with “Common Paymaster”

[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...

Two Doctors Married, But Separated

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...

Q& A: Employee stock transfers and “S” Corporations

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...

Five Smart Ways to Slash Your Income Taxes in 2017

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...

Beware of Emotions Affecting Your Money Decisions

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...

Before You Claim Social Security

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...

5 Dumb Money Mistakes Smart Doctors Make

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...

Physicians Group Management - Protect Your Patients And Your Practice By Avoiding These 7 Critical B

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...

An Estate Plan or a Wealth Transfer Strategy?

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...

Active & Passive Investment Management

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...

Confessions of an Advisor

“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......

The Physicians Ultimate Guide to Back Door Roth IRAs

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…...

Are You Batman or Superman?

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...

The Physician Millionaire Mind

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....

Fifty Budget Busting Strategies to Save You Hundreds of Dollars

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...

Mind The Behavior Gap

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...

Red Flags of Employee Fraud in a Medical Practice

[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...

The Evolution of 3 Financial Stages of Physicians

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....

Avoiding the Cybercrooks

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...

3 Weirdly Aggressive Things to Invest Your Roth IRA In

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...

The Little Tax Free Secret for Physicians

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...

My Faith and My Finances

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...

Why I Won't Retire by 45 (Case Study)

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...

How This Doctor Can Retire by 45 (Case Study)

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...

Key Estate Planning Mistakes to Avoid (Too Many People Make These Errors)

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,...