Money Minutes for Doctors

To learn more about these topics or access the previous episode Katherine mentioned, check out these hand selected posts:Roth IRAs for Doctors Podcast: https://mdfinancialadvisors.com/money-minutes-for-doctors/roth-iras-podcast?rq=Roth%20IRA 529 Plans Podcast: https://mdfinancialadvisors.com/money-minutes-for-doctors/529-day-podcast?rq=529SECURE Act 2.0 Article by Josh Lantz: https://mdfinancialadvisors.com/blog/secure-act-2?rq=529%20plan

Today Katherine Vessenes is joined by Ben Kirchner as they discuss financial planning FOMO.

To learn more about these topics or access the previous episode Katherine mentioned, check out these hand selected posts:Roth IRAs for Doctors Podcast: https://mdfinancialadvisors.com/money-minutes-for-doctors/roth-iras-podcast?rq=Roth%20IRA 529 Plans Podcast: https://mdfinancialadvisors.com/money-minutes-for-doctors/529-day-podcast?rq=529SECURE Act 2.0 Article by Josh Lantz: https://mdfinancialadvisors.com/blog/secure-act-2?rq=529%20plan

As we approach Tax Day, it's essential to ensure you've maximized your IRA contributions for 2023, so today we're tackling the intricacies of IRA contributions and tax rules. Let's dive into four crucial rules to consider when funding your IRA and filing taxes.

Welcome back to More Money Minutes for Doctors. Tax Day will be here before we know it! Today's discussion revolves around a topic that promises to ease your future burdens: organizing your 2023 tax-related documents and beyond.

Welcome back to More Money Minutes for Doctors. Today we delve into a crucial topic: determining the minimum effective financial dosage for doctors to achieve lasting financial security. In the realm of financial advice, countless articles offer tips for enhancing your finances. However, just as doctors prescribe the minimum effective dose for patients, should there not be a similar approach for doctors managing their finances? Let's explore this concept.

Managing personal finances can often take a back seat to a doctor's demanding schedules. However, overlooking key financial decisions in the early stages of a medical career can lead to long-term setbacks. Today we're discussing common financial mistakes made by young doctors and offer strategies to avoid them.

For medical professionals navigating the intricacies of finance and retirement planning, understanding the distinctions between retirement account options is crucial. Two popular choices, the Sep IRA and the Solo 401K, present distinctive benefits and considerations. Here, we break down the key elements of each, shedding light on their respective advantages and limitations.

Today Katherine Vessenes is joined by Josh Lantz as they discuss four numbers that are crucial for doctors wanting to retire with money in the bank.

In the landscape of modern medicine, the alarming rise of burnout among physicians has prompted critical discussions about how to sustain your careers and well-being. With the ever-increasing demands of medical practice, doctors find themselves facing unique financial challenges. In this episode, we delve into the insights shared by Katherine and Kristy who sheds light on the financial implications of burnout and offers practical strategies for physicians to embrace a life of abundance and create sustainable financial plans.

Today Josh Lantz is joined by Neil Surgenor, a Physician Loans Specialist at TD Bank, and our topic of conversation is Physician's Mortgages. Neil is going to tell us about the pros and cons of this doctor-targeted product.

We've come here today to ask the questions like, what credit card offers should we avoid, when should we utilize our cards, how do we truly take advantage of the various awards and points schemes available in this wide, plastic world?

We've come here today to ask the questions like, what credit card offers should we avoid, when should we utilize our cards, how do we truly take advantage of the various awards and points schemes available in this wide, plastic world?

Want to start building your investments and planning for retirement? Have no idea where to start the conversation about your personal finances? Well, you're not alone! Here are the top 10 questions to ask when comparing prospective financial advisors:

Want to start building your investments and planning for retirement? Have no idea where to start the conversation about your personal finances? Well, you're not alone! Here are the top 10 questions to ask when comparing prospective financial advisors:

We've recently touched on down markets, inflation, and how to protect yourself from their effects. While we typically say down markets are a great time to invest in the stock market, we also want to share options on more conservative/stable investment options when the market is anything but. Government bonds are a low-risk way to invest with a consistent, guaranteed interest rate.

In the famous words of Alice Cooper, “school's out for summer”! Yes, summer vacation is here, and the question is: how are you going to keep your kids from bouncing off the walls for the next three months? This could be the perfect time to teach your kids about money, and the importance of saving. Whether they're 4 or 16, there's never a bad time to teach them about the fundamentals of money and savings goals. How do we, as parents, help our children out financially? Of course we can start trusts, 529 plans, or brokerage accounts which helps their financial futures, but what will really impact their future is learning healthy financial habits. It may seem difficult to get this concept across to a child, but the root principle is one they are already learning. All actions and decisions we make have consequences. Spending now might mean you won't have the freedom to spend in the future.

We can finally let out a sigh of relief as we put tax season 2021 behind us! This means we have plenty of time to prepare for the 2022 tax season, and educate ourselves on the proposed tax changes. As we do every year, we are watching for any changes in federal and state tax law that will affect our doctors in the next year, and impact their retirement.

How will the state of our current geopolitical events impact your investments? It is nearly impossible to avoid the news and the speculation of what will come. While so much is uncertain, one thing we can prepare for is that our economy will most likely feel the effects of global unrest in the for of a market downturn. Today, we'll cover how we prepare, how we can take advantage of a down market, and share some statistics that might help you get to sleep at night.

April 2021 marked MD Financial's 10 year anniversary of working exclusively for doctors. In that time we've learned so much about what makes you doctors resilient, compassionate, and have also learned about where you need our help the most.

Love is in the air this month, but there's something familiar to us all that has the ability to turn that air sour. Money. Love and money are both something we'd consider human necessities, but they don't always mesh well. Studies have shown that roughy 40% of divorces occur because of how the other spouse handled money. Let's keep the love alive!Join us this week as Katherine and Kristy talk about love and money. Specifically how to broach the subject with your significant other before it has the chance to cause heartbreak.We invite you to join us this week as we talk about setting goals to improve your physical and financial health, and the pathway to achieving them!

Happy New Year! In the past, have you set sparkling New Year's resolutions, only to have them fizzle out by February? Now is the time to reflect on the past year, and to start new, healthy habits. What are the top resolutions for people every year? To get healthier and make more money, of course. We've found that both of those goals take a similar strategy to achieve.

Back in April of 2021 we talked about maximizing SAT and PSAT scores as a means to get maximum college funding; in this episode we'll be focusing on making your child more captivating to admissions boards and more qualified for scholarships.

Whether you are on the receiving end of an inheritance or are doing your own estate planning, today's podcast topic is something every doctor needs to be thinking about.

We mention financial wellness often, but what does that look like? Surprisingly, it looks a lot like wellness in every other part of your life; margins are necessary to make sure you account for the unknown and make space for what matters. You create margins for your mental, physical, and emotional wellbeing, and financial margins are just as important. They can even help bring you peace in other areas as well.

When things go wrong or when the unexpected happens (like all of 2020) we want our clients to feel that they're prepared. This is why we help our clients build a “Cascade Catastrophe Plan.” With this plan in place, our doctors are able to take financial obstacles in stride without throwing off their whole retirement plan.

We know your financial well-being isn't a game, so this week Katherine is interviewed by Brown University's Dr. Kristy McAteer as they discuss some strategies for climbing your investment ladders, and help you avoid some perilous financial chutes.

Today, we're covering some helpful tips on how to avoid 9 major landmines while gaining financial independence and saving for retirement.

If you're unfamiliar with the term, estate planning is the preparation of tasks to manage an individual's assets in the event of their death. This may seem like a far-off notion to some doctors, but you should be thinking about estate planning today!

Inflation occurs when the prices of goods and services increases steadily over time. This results in consumers buying fewer of these goods and services with every dollar saved. Can we predict inflation? How do we prepare for it? Can we rest at night with so little control over it?

This week Katherine interviews Jim Mangraviti, Jr, Esq. principal of SEAK. Founded in 1980, SEAK's purpose is to help doctors learn how they can supplement their income through non-clinical work. Today's conversation is focused mainly on consulting.

Planning and preparing for retirement takes time, so start planning early in your career! This week Katherine joins Dr. Kristy McAteer, from Brown University, to talk about what to expect leading up to, and transitioning into retirement.

How do you know that you are taking the right amount of risks in your investment portfolio? This is a common topic among our clients as we know that right amount of risk for you today can and will change in the future. Today we will cover some of the ways we assess doctors' “Risk Tolerance.”

May 29th is National 529 Day! In celebration, we will go over the 7 things doctors should know about 529 plans.

Graduation is just around the corner for many residents and fellows. Over the many years we've been helping doctors, we have identified 7 key points they should consider when transitioning to an attending position. These crucial points will protect their financial goals now and in the future. Today we will discuss these steps, and why they are so important.

Through the years, Katherine has seen certain mistakes repeated among physicians and dentists. To better understand and then correct these mistakes, Katherine joins Dr. Kristy McAteer, from Brown University, to discuss the biggest blunders she sees, and how to take actionable steps to correct them.

Contracts can be confusing with their legal jargon and dozens of pages. Often, our doctors know what to expect for income but are not so sure about how other benefits compare and which benefits they really need. One of the many services we provide our clients is a financial review of prospective employment contracts.

Special guest, Josh Lantz, CRPC®, Chief Investment Officer and Financial Advisor, joins Katherine Vessenes, JD, CFP® in today’s podcast about tax-efficient investing. With tax season upon us, you may be wondering what you could do differently to minimize taxes in retirement. Today’s episode is all about how we do this for our clients using 3 tax-efficient strategies. When it comes to investing, it’s not what you make, it’s what you keep. We want to help you plan, protect and prosper.

We have all heard of a Roth IRA account, but many of our clients have not heard of all of the benefits. You’ll remember in episode #5: The Tax Triangle, we mentioned Roth IRA accounts while talking about the “Tax-Free” bucket. Today, we’ll deep dive into Roth IRA accounts and list the top reasons to invest in one.

We love to celebrate our doctors every day. Throughout this last year, we have celebrated some awesome highs and seen some unimaginable lows alongside our clients and their families. We’ve come to think of many of our clients as family and find ourselves so privileged to work with them every day. For that reason, we wanted to take some time today to share why we started working with doctors and why we continue to assist them with achieving their financial goals.

Many of our doctor clients have inherited an IRA from a parent or other family member, and many have even more than one IRA. Because of this, there are 6 specifics that every doctor should know whether they have inherited one or are naming a beneficiary for their own.

In this week’s episode of More Money Minutes for Doctors, we’re going to discuss four of the most common reasons doctors take on a side gig. If you feel the same way as the doctors we are about to discuss, you are not alone. A side gig might just be the financial solution you are looking for.

Do you know your current credit score? Do you know what you have done today, this week, or even this year that has affected that score? Many doctors don’t realize that their spending habits as residents and fellows can affect them when it comes time to buy their dream homes later on. Today, we’ll cover seven tips to avoid a bad credit score and/or to help rebuild your score if you’ve already made some of these mistakes.

Is buying a new home on your to-do list for this year? It can be an exciting and monumental task. So where do you begin? Today’s episode of “More Money Minutes for Doctors” will cover everything you need to know to get started, including: creating a budget, finding the right loan, and what actually adds value to a home.

Next to funding your retirement, a home is most likely the biggest purchase a person or family will ever make. How do you know if it’s a good decision to purchase a home? In today’s podcast, we are covering 5 things to take into consideration when making this decision.