Articles & ideas

What Is a QLAC?

A QLAC lets you move part of an IRA or 401(k) into a deferred income annuity that starts paying later in life. Here's how it affects your RMDs, what you give up, and who it may fit.

Interest Rates: What We’re Watching Right Now

Hey everyone, Dave here. well, topic right now, as of the time I'm recording this video, interest rates have been moving higher and higher. And I think we're at like 5.15 or something on…

How Social Security Works

Hey everybody! I hope you're doing great. I wanted to make a quick video because I received an email from a client the other day. He knows who he is, and we were going…

2026 Q2 Market Update

Hey everybody, Dave Denniston here. Hey, just wanted to take a few minutes today to give you a quick 2026 Q2 update. Well, here we are, halfway through the year, and the market, of…

2026 Q1 Market Update

Hey everyone, this is Dave. Wanted to give you a quick update on what we've seen in the market so far here in Q1. I'm recording this right now on April 1st. So very,…

Don’t Fight the Feds – Or Should You?

“Hey everyone — Dave Denniston here. There’s a famous saying on Wall Street: ‘Don’t fight the Fed.’ And if you’ve heard it, you might think it means that when the Federal Reserve cuts interest…

Secure Act 2.0 – W2 Cap & Catch-up Contributions

Hey everyone, it’s Dave Denniston here with Centurion Financial Strategies . I want to take a few minutes to walk you through an important change coming in 2026 under the SECURE 2.0 Act —…

Q3 Market Update

Q3 Market Update Hey everyone, Dave Denniston with Centurion Financial Strategies. First, just want to thank all of my clients for trusting me with your money. Here today, I'm going to do a little…

Asset Map

Asset Map Hey, it's Dave Denniston with Centurion Financial Strategies, and as always, I'm here to help you navigate the next big financial decision. I've been tossing around the idea of creating a simple…

Managing Headline Stress

Managing Headline Stress Hey, it's Dave Denniston with Centurion Financial Strategies, and today, let's talk about staying focused. There's all this noise, all these headlines, all this new stuff—the news is so emotionally draining…

Bear Market? What’s the Plan?

Bear Market? What's the Plan?

The January Effect

The January Effect Hey everyone, Dave Deniston here with Centurion Financial Strategies. I've been getting a lot of questions about the market—concerns about interest rates, political uncertainty, and economic expectations. The big question is…

Mindset Shifts to Change Your Retirement

Mindset Shifts to Change Your Retirement Hi, I’m Dave Denniston with Centurion Financial Strategies. Let me ask you something: What if your current mindset could significantly alter your retirement future? Many people think their…

Financial Planning – Q4 2024 Update

Financial Planning - Q4 2024 Update Dave provides a detailed overview of market conditions as of November 2024, discussing stock and bond performance, interest rate trends, and investment strategies. He notes a strong year…

FOMO in Financial Planning

FOMO in Financial Planning Today, let's talk about something that might be keeping you up at night – FOMO, or the fear of missing out, and how it relates to what we call survivorship…

401K Rollover

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…

Bull Bear Market Thoughts

Bull Bear Market Thoughts Hey there, Dave Denniston with Centurion Financial Strategies. You've probably noticed if you've been watching your accounts lately that I've been rebalancing, you've seen a number of different trades and…

Last Minute Tax Tips

Last Minute Tax Tips Hi, I’m Dave Denniston with Centurion Financial Strategies, and it’s the middle of tax season. Preparing yourself to file taxes can feel like a daunting task, but there are actions…

Cryptocurrency

Cryptocurrency Hi, I’m Dave Denniston with Centurion Financial Strategies, and I’m here to help you understand some basics about cryptocurrency. Crypto is hot right now, people are excited, and they’re diving into this new…

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

End-of-Year Reflections: A Message of Gratitude and Growth As we near the end of the year, it’s a time for both reflection and looking forward. I wanted to take a moment to share my…

Headline Frenzy

Headline Frenzy Hi, I’m Dave Denniston with Centurion Financial Strategies, and I’m here to help you see past the headlines and use behavioral strategies to keep negative news from throwing you off. We're living…

My Why

My Why Why did I decide to start Centurion Financial Strategies, LLC? When I was growing up, my Great Uncle Phil and Aunt Margaret were my role models when it came to building wealth.…

3 Critical Business Mistakes

3 Critical Business Mistakes Hi, I’m Dave Denniston with Centurion Financial Strategies, and if you’re a business owner, I’m here to help you avoid some common pitfalls. As a financial professional, I work with…

Savvy Tax Planning

Savvy Tax Planning How Tax Planning Changes Through Four Stages of Retirement. During this presentation we will go through stories, data, and illustrations showing the importance of proactive tax planning. Including some "retirement surprises"…

Power In Uncertainty

Power In Uncertainty Embrace the fear and uncertainty. You’ll often hear folks like me say that investors or markets "hate uncertainty." And that causes market drops and volatility. Why do we hate uncertainty so…

Bear Market Perspective

Bear Market Perspective Opportunities might be hiding in the chaos. Hi, I’m Dave Denniston with Centurion Financial Strategies, and I’m here to be the antidote to uneasiness and uncertainty in a bear market. We’re…

Roth IRA Conversions

Roth IRA Conversions When is a good time for Roth IRA conversions?

Recession

Recession 3 Key Things to Keep in Mind During a Recession

Gratitude

Gratitude

Tax Loss Harvesting

Tax Loss Harvesting

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 documents for 2021 from the Pershing and Schwab websites.

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!…

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…

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…

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…

How To Create the Best Timing Strategy

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 months…

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…

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…

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…

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 choosing among them. This article focuses on…

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…

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…

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 one another. I get frozen in…

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…

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…

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…

Behind the Velvet Rope: My Financial Experiment

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.…

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…

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…

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…

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…

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…

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…

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…

“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…

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…

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…

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…

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…

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…

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…

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,…

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

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

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

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

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

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

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

12 Investment Opportunities in the Midst of Corona Virus - V ideo 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…

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…

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 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…

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…

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…

Taxes in Retirement Part 16 – Consider Roth IRA Conversions

Taxes In Retirement - Part 16 - V ideo Series- Consider Roth IRA Conversions

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

Taxes In Retirement - Part 15 - V ideo 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 - V ideo Series- Medicare Enrollment - Coverage Gaps and Late Penalties

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

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

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

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

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

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

Taxes During Retirement Part 9 – Different Approaches to Retirement

Taxes In Retirement - Part 9 - V ideo Series- Different Approaches to Retirement

Taxes During Retirement Part 8 – The Social Security Tax Torpedo

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

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

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

Taxes During Retirement Part 6 – Retirement Surprises

Taxes In Retirement - Part 6 - V ideo Series- Retirement Surprises

Taxes During Retirement Part 5 – The Four Stages of Retirement

Taxes In Retirement - Part 5 - V ideo 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…

Taxes During Retirement Part 4 – Developing A Solution

Taxes In Retirement - Part 4 - V ideo Series- Developing A Solution

Taxes During Retirement Part 3 – The Problem

Taxes In Retirement - Part 3 - V ideo Series- The Problem

Taxes During Retirement Part 2 – A New & Complex World

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

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

Taxes In Retirement - Part 1 - V ideo 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…

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

March 2020 Update War In The Market - Part 15 - V ideo 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 - V ideo 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 Market - Part 13 - V ideo 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 - V ideo 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…

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

March 2020 Update War In The Market - Part 11 - V ideo 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 10 - V ideo 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 - V ideo 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 - V ideo 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 - V ideo 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 - V ideo 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 - V ideo 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 - V ideo 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 - V ideo 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 - V ideo 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.…

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…

March 2020 Update: War In The Market – Part 1

March 2020 Update War In The Market - V ideo 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.…

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…

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…

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…

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…

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…

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…

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…

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 .…

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…

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…

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…

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…

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.…

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…

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,…

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…

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…

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…

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…

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

October 2019 - Financial Planning 1015 Part 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…

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.…

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 for the sole purpose of trying to increase your…

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…

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.…

[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…

Financial Planning 201: Part 6 – Social Security Wages

September 2019 - Financial Planning 201 Part 6 - Social Security Wages

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…

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

September 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…

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…

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…

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,…

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…

How Can Medical Residents Better Manage Student Loan Repayment

[Editor's Note: This is a guest post byAndrew 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…

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…

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…

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…

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?…

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…

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…

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, that’s…

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? I'm constantly reading and learning and growing. As a matter of fact, I…

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…

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…

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…

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…

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 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…

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. What about all…

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…

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…

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,…

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…

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…

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…

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…

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…

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…

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…

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. There was a general. He was leading his army into battle against the enemy…

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…

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

[Editor's Note: This is a guest post by Mark Huges, CPA, CFE, Partner at ShindelRock Accounting Firm. This post was placed with his permission (and suggested by him). Many of our tax clients are…

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…

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

[Editor's Note: This is a guest post by David Shindel, CPA, MFE. This post was placed with his permission (and suggested by him).] Question: Our physician practice is set up as an “S” corporation.…

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…

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…

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…

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…

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…

Are You Batman or Superman?

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…

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…

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…

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 her permission (and suggested by her). [ It was originally published here ] For medical…

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…

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…

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…

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.…

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…

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…