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Financial Advice for Physicians and Business Owners
Real planning. No pressure. Just clarity.
How to Save (VIDEO)
Video highlighting processes for making saving money simple and repeatable.
Read More457(f) Plans
Section 457 plans are forms of deferred compensation that allow employers to delay, or defer, current salary to a future date. Most active 457 plans are 457(b) plans, which fall in line with the limits and rules of normal 403(b)...
Read MoreRetirement Plan Contributions: Traditional vs. Roth - updated for 2026
Reposted from a previous post. Updated with 2026 Figures.Hospital Retirement Benefits and Understanding What's AvailableOne of the more fundamental financial decisions a person makes is contributing to a retirement plan. In most...
Read MoreTrump Accounts
What We Know So Far:What Are Trump Accounts?The One Big Beautiful Bill (OBB) made available a new kind of account type: Trump Accounts. Trump Accounts are new tax-advantaged accounts available to children born between January 1, 2025...
Read MoreA Guide to Hospital Benefits
A physician’s financial plan is often packed with benefits from hospitals. With so many benefits offered, decision fatigue can follow. How do you know what benefits to choose? Which one is right for you?
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High Earners May Face Surprise Tax Hike Under OBBB
A $600K income could now trigger a $14,800 tax hike under OBBB’s new SALT rules. The good news? With the right planning, that deduction isn’t gone for everyone.
Read More529 Plans: Pros and Cons (IMAGE)
529 Plans can be a useful tool for college saving, but they can also be a bit counter-productive. Here's a simple pros and cons list for looking at 529 Plans quickly and efficiently. Here are a few more resources: 529 Plans Pros and...
Read MoreChoosing a Retirement Plan for Your Medical Clinic
Choosing a retirement plan for a medical clinic is an important task, and there’s no shortage of options available. Physician businesses range from solo business owners to clinics with dozens of employees to multi-state mega hospital system
Read MoreChoosing a Retirement Plan for Your Medical Clinic (IMAGE)
Not sure which retirement plan fits your medical practice? This simple decision tree helps you choose between options like 401(k), SEP, SIMPLE IRA, and Cash Balance—based on your goals, employees, and contribution limits.
Read MoreAsset Protection for Physicians
Whether you're moonlighting, running a practice, or building wealth as a hospital employee, asset protection should be a key component to your financial plan. Malpractice insurance gaps, LLCs, and umbrella policies all play a role.
Read MoreFinancial Journey of Physician Practice Owners
Physician practice ownership offers freedom, impact, and long-term rewards—but it comes with risk. This article explores the financial journey, from managing overhead to the liquidity event, and how planning makes all the difference.
Read MorePer Stirpes Beneficiary Election (VIDEO)
Understanding how the per stirpes beneficiary election works may improve the overall estate plan for significant accounts. The per stirpes provision can protect families from unintentional unfair inheritance shares.
Read MoreFinancial Planning for Savers in a Down Market (Image)
A Saver's Guide: What to do in a Down Market
Read MoreTariffs, Volatility, and Opportunity
The best investors focus their efforts on the actions they can control and mute those they can't.
Read More2025 Retirement Contribution Limits Announced
The IRS announced changes to retirement plan contribution limits for 2025. These changes aren’t drastic, as expected; however, the modifications have a small impact on cash flow for the year. There are no changes for IRAs and Roth IRAs...
Read MoreHow to Create a Balance Sheet (VIDEO)
Where do you start in your financial plan? With a balance sheet, of course! A balance sheet may be the single most important financial report for individuals. Quickly learn what a balance sheet and how to make one!
Read MoreBackdoor Roth IRA Contributions (VIDEO)
How can you fund a Roth IRA if your income is too high? Utilizing a Backdoor Roth IRA Contribution strategy is a common way to get funds into a Roth IRA for high wage earners. Here is what you need to know to get started.
Read MoreIRA, Roth IRA, and Taxable Accounts (VIDEO)
What are the differences between IRAs, Roth IRAs, and taxable accounts? We'll dive into some of the basics with these accounts. This information is foundational to financial literacy.
Read MoreThe Physician Signing Bonus
When a physician signs on at a new hospital, a signing bonus is often included in the compensation package. The physician signing bonus can range anywhere from a nicety to a significant percentage of income, and the structure of the...
Read MoreUmbrella Insurance (VIDEO)
Kick your financial literacy up a notch with this short video about personal umbrella insurance. We'll explore the following: what is umbrella insurance, how do you qualify for umbrella insurance, and who should consider umbrella insurance?
Read MoreTerm Life Insurance (VIDEO)
Pump up your financial literacy by learning some of the basics about term life insurance policies!
Read MoreCredit Shelter Trusts (VIDEO)
This is a quick overview of how Credit Shelter Trusts work. I recently got to read a few credit shelter trusts, and I haven't seen them in a few years. They still have some utility, but they aren't as popular as they used to be.
Read MoreWhat is a Bond (VIDEO)
What is a bond? Bring your financial literacy up a notch with this quick video!
Read MoreCapital Gains Taxes (VIDEO)
How do capital gains taxes work? Use this quick video to enhance your financial literacy!
Read MoreWhat is a Stock (VIDEO)
What is a stock? Learn the basics and get your financial literacy up to par with this quick video!
Read MoreThe 4 Key Advisors Every Physician Needs in Their Financial Plan
Here are the four key advisors most physicians need: Financial Planner Accountant Attorney Insurance Agent
Read MoreWhy M Advisor Exists: A Mini Manifesto
As fiduciaries, our job is to listen and learn about your life. Until we understand our clients’ perspective, we have no advice to give.
Read More$2,000 = $1,000,000
“Good habits will make time your ally. Bad habits will make time your enemy.”From Atomic Habits by James Clear Depending on your life goals and financial goals, saving money early might be beneficial if accumulating a...
Read MoreAccount Types (Chart)
Use this chart to identify a few of the most common account types with a brief description about how they are taxed, how they can be used, and how they pass after death.
Read MoreUnderstanding Investment Account Types
Choosing the proper account type is a fundamental task in financial planning that shouldn’t be overlooked. If you can gather some basic knowledge on how each account works, and then pair that with your stated financial goals, you...
Read More2023 Roth IRA Updates
The basic rules of the Roth IRA haven’t changed too much from 2022 to 2023, but the contribution limits have been adjusted slightly.
Read MoreUnused 529 Plans can be Rolled to Roth IRAs
SECURE Act 2.0 paved the way for unused 529 college saving plans to be rolled into Roth IRAs. While this headline looks groundbreaking, there are some fine details that make this ruling less impactful than it sounds.
Read MoreRetirement Matching Contributions into Roth Accounts
Late last year, the SECURE (Setting Every Community Up for Retirement Enhancement) Act 2.0 was enacted, which brought about changes in many retirement plans. The actual bill is over 4,000 pages in length, so while the bill is...
Read MoreRetirement Plan Contributions: Traditional vs. Roth
One of the more fundamental financial decisions a person makes is contributing to a retirement plan. In most hospital systems, the retirement plan options are 403(b)s (and 457 plans, although 457 plans technically are not retirement...
Read MorePSA: Get Your "Stuff" Done (VIDEO)
What you choose to do -- or not do -- passes directly to the next generation, for better or worse.
Read MoreA Term Life Insurance Mistake
I feel like I downplay the importance of life insurance all too often, but the reality is that life insurance is an extremely important component to financial planning. Getting the insurance component correct can be the difference in a...
Read MoreBuy or Lease a Car?
Many cities in the US require cars to commute to work, get kids to school, and go explore. A car is an essential tool in our lives, and I often get asked if it’s a better decision to buy a car or to lease one. Here are some...
Read MoreBack to School with Your Finances
Put the "Back to School" in your financial planning by getting back to the basics in your savings plan. Your savings plan can elevate your future with a little structure.
Read MoreThe Media and Your Financial Plan
Have you ever read a news headline and immediately felt uneasy or even a sense of doom? Then after reading the article, the report barely fits with the headline! The headlines I see for financial markets are guilty of this tactic. It...
Read MoreInfographic: How to Apply for PSLF
An easy, step-by-step infographic chart showing the steps needed to apply for the Public Service Loan Forgiveness program.
Read MoreHow to Apply for PSLF
The steps for applying for Public Service Loan Forgiveness (PSLF) can be intimidating. Please use this guide as way to utilize potential benefits available to certain student loan borrows.
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Tax Consequences of Selling a Personal Residence
Selling your house is often an adrenaline rush of excitement, mixed with leaving behind the nest in which you’ve stored memories of friends and family. It’s such a weird mix of happy and sad. It’s such an emotional...
Read MorePSLF: Why Are Student Loans Being Forgiven?
Why are student loans being forgiven through Public Service Loan Forgiveness (PSLF)? Can we trust the student loan forgiveness program? Here's a quick opinion on student loans and the economy.
Read MorePros and Cons of W-2 Income vs. 1099
W-2 income and 1099 income each have benefits and drawbacks. Here is summary of a few of the pros and cons of each for the financial planning of physicians making job, income, and investment decisions.
Read MorePhysician Mortgages
Physician mortgages can be a great tool for physicians to purchase a home, but it's important to understand how a physician mortgage works.
Read MoreEstate Planning 101: What is a Trust?
Why is Estate Planning Difficult? Preparing an estate plan is often considered an arduous task. It challenges us to contemplate our own mortality by planning for our loved one’s lives without us. Estate planning can also feel a little...
Read MoreHow Good are Health Savings Accounts (HSA)?
Aside from funding an HSA and paying health expenses on a tax-free basis, HSAs have some additional benefits. Any leftover funds in an HSA are carried over to the next year, and the funds stay invested until utilized.
Read MoreYou're Not Bad With Money
Money is emotional, and many people don't fully understand their relationship with it. It's possible that mishandling money could be a sign of a deeper issue.
Read MoreYour Financial Plan in 2022
Make a new year resolution in 2022 to prioritize your financial plan. Here are a few tips to help!
Read MoreLooking Ahead: Are Roth Conversions Going Away?
Backdoor Roth contributions are going away in 2022. What else is changing with Roth IRAs in 2022?
Read MoreEnrolling in Benefits
It’s time to be thinking about enrolling in benefits. For many companies, benefit enrollment begins in October or November, so now is a great time to look ahead at 2022. Benefits enrollment gives you a chance to review what did...
Read MoreMaximizing Your Monthly Savings
Once you have identified your budget and minimum amount of savings you need to put back each month, your bank account should continue to grow accordingly. The next step is to determine the account balance you need for your cash and...
Read MoreYour New Budget
Knowing your basic expenses is a critical component to financial planning. To a certain extent, a budget helps to keep expenses down; however, at certain levels of income, depending on monthly overhead, a budget can become somewhat...
Read MoreA Guide to Understanding Capital Gains Tax
Understanding capital gains taxation is critical to success in financial planning. In its most basic form, capital gains tax is straightforward: where there is monetary gain realized, a tax is due. I think one of the more confusing...
Read MoreLife Insurance Decision-Making
September is Life Insurance awareness month, so to be festive, here are a few quick observations on decision-making and life insurance. 1. The amount of life insurance is more important than the type of life insurance: There are...
Read MorePublic Service Loan Forgiveness (PSLF)
Please share this with a resident physician! If you haven't already, you should consider applying for Public Service Loan Forgiveness (PSLF)! Here's the application. Feel welcome to reach out for help! The PSLF program allows certain...
Read MoreHow to Assign a Beneficiary
There are simple tasks you can do to practice some basic estate planning endeavors which can have a huge impact on your loved ones. One of the easiest and most fundamental tasks you can complete is to check your beneficiaries on your...
Read MoreTime Value of Money
Time Value of Money is an important concept. Here is a brief description.
Read MoreDifferences Between a Mutual Fund and an ETF
On the outside, mutual funds and Exchange Traded Funds (ETFs) look quite similar. Both mutual funds and ETFs are basically prepackaged groupings of stocks, bonds, and/or possibly alternative investments. In fact, a mutual fund and an...
Read MoreLife Insurance Dos and Don’ts
Why is purchasing life insurance so confusing and complicated? For many, purchasing a life insurance policy is an important decision. It’s often the first step taken in estate planning, and it involves a complex thought process...
Read MorePros and Cons of 457(b) Plans
There’s not a perfect financial planning vehicle in existence. Salary deferral plans, like many retirement plans and 457 plans, carry pros and cons. Many hospital systems have a combination of 401(k), 403(b), and 457 plans. The...
Read MoreA Financial Plan Prioritizing Children
I’ve had several conversations with physician families who wanted to make sure their children’s needs came first in their financial planning considerations. This is the case so much that the desire to create a savings...
Read MoreWhat House Can You Afford?
From online calculators to mortgage approval rates, there’s so much information published about how much you can spend on a house. With all this information available, I always get asked how much can someone spend on a new house....
Read MoreEvidence-Based vs. Case-Based Financial Planning
In medicine, evidence-based research is the standard by which the best care is achieved. Evidence-based information points to proof that something works in a given situation. When it comes to biological pathways, the human body often...
Read MoreShould You Max Out Your Retirement Plan?
Quite often, I get asked from physicians if they should max out their retirement programs through their respective hospital systems. With benefit elections right around the corner, it's a good question to be asking. Here's quick video...
Read MoreHow Should a Physician’s Financial Plan Adapt to the World Today?
Without question, 2020 has been tumultuous to say the least. There is still unknown fallout from the covid-19 pandemic, and there’s a great movement demanding social justice. The stock market has seen unprecedented volatility,...
Read MoreThe Importance of Vacations
For physicians specifically, a break from work, and having something to look forward to is an invaluable commodity. With covid-19 enforcing restrictions on both interstate and intrastate travel, the actual importance of physically...
Read MoreEnd of Life Discussions
In a topic that’s generally avoided at all costs by most people, my wife and I had a very deep discussion about our own end of life preferences a few weeks ago. For us, it’s never been uncomfortable to discuss this topic,...
Read MoreCovid-19. Now What?
It’s unreal how threatening germs can be; a single infection quickly escalates into a worldwide pandemic. Hospitals overflowed, economies halted, and markets cratered. We live in some crazy times. Stress continues to be a concern...
Read MoreFinancial Planning During Uncertainty
With covid-19 well underway and impacting everything from the economy to everyday life, here are a few financial planning strategies during a crisis. 1.Understand your budget. During uncertain times, spending usually reverts to a...
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It's All Just Chess Anyway
At my chess club in college (how cool is that?), we played each player for about 30 minutes or so in a blitz-style (quick game) format, so it resulted in playing about 2 games in each 30-minute round. One time I got paired up with a...
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The Most Important Aspect to Young Doctor’s Financial Plan
In a young physician’s life, financially speaking, the single most important aspect to financial well-being has nothing to do with money; it has nothing to do with investments; it has nothing to do with budgeting and saving. I...
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Think Differently of Your Emergency Fund
When it comes to doctors, having an emergency fund is nearly always a good idea. An emergency fund is a liquid – or accessible – reserve of money in the event a larger-than-normal sum of money is needed. Generally, these...
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"Too Much" is Just as Devastating as "Not Enough"
In medical school, residency, and fellowship, there’s really no such thing as too much, financially speaking. It’s all a grind to pay bills, feed your family, and make it to work on time. After training, there’s a...
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Happy Thanksgiving
With family and friends traveling to be together for the holidays, I think it’s important – at appropriate times – to understand what family members are doing with their money and estate planning. As the kids get...
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When to Hire a Financial Advisor
While nearly everyone could benefit from a financial advisor, not everyone is able or willing to use one at certain times. Additionally, not everyone who uses a financial advisor would use him or her at the same capacity as others....
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The Doctor’s Budget Remastered
About a decade ago I had my first doctor client, and part of what they wanted to discuss was budgeting in order to save more. They just got new jobs and wanted some general planning for the sake of making good decisions. Software for...
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5 Financial Mistakes Medical Residents Make and How to Avoid Them
Medical residents and fellows have always been in an interesting situation. It's a kind of "stuck between a rock and a hard place" type of situation. Residents and fellows are embarking on the foothills of their career and obtaining...
Read MoreAre You Working with a Salesperson or an Advisor?
Lately I’ve been introduced to clients with wildly unsuitable products and recommendations that have been implemented. It’s as if financial advice is solely intended to sell products, even if there is no need for products....
Read MoreHave You Ever Received Good Advice on Your Student Loans?
Most of the individuals I work with are young physicians, so I ofetn guide people through their student loans. I’ve spent months trying to understand the government student loan repayment logic (depending on the loan servicer,...
Read MoreFree Advice to Ask Your Car Insurance Agent – Try This!
One of the biggest secrets in the world of insurance is an “Umbrella Insurance” policy. It’s a secret for three main reasons: Consumers aren’t actively educated about it because the insurance marketplace is so...
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The Turtle and the Curb
I was driving home the other day and I saw a turtle on the side of the road. It had made it all the way across the street, only to be stopped by a curb. The turtle obviously couldn't jump the curb, so even though it completely crossed...
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