Advising physicians to build wealth, manage taxes, and make great life decisions. Host of A Good Problem to Have
Hartford, CT
Joined September 2011
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This is a safe place to learn about finance.
Every question is valid!
#MedTwitter #MedStudentTwitter #financialplanning
Aaaaand this is yet another reason why the "AUM = BAD" voices are not ones you should be listening to.
Everything and I mean everything in personal finance is nuanced.
Good for you AJ : )
I run a small, state-registered advisory in Louisiana called @ToceFinancial
With an average household size of $135,000, 1% AUM is a really great deal for our 140ish households. Our blended average fee is currently around .82%-.85% and we build full financial plans.
If you want to pay more taxes, don't listen to this episode.
Doctors, Are You Tipping Uncle Sam? Avoid These Common Errors, Ep# 34
Many physicians don’t realize they’re leaving extra money on the table by “tipping” Uncle Sam through simple, avoidable tax mistakes.
Backdoor Roths, 1099s, and more! 😬
Now live ➡ physiciancents.com/links
Tyler Olson, EA retweeted
Independent physicians: What do you do with patients that don't pay their bills? Collections? Write it off?
My approach has been to forgive their debt, but discharge them from my office. Keeps the bad reviews down, and just not worth the hassle of sending bills to collections. You loose about 50% of the account anyway and usually earn a 1 star review which you can't defend due to HIPAA
Docs -
Michael knows what he's talking about in the realm of mortgages, particularly the physician mortgage.
A good follow, an even better mortgage banker.
This might sound nuts.
But I'm beginning to think that physicians in many (maybe not all) specialties MUST learn how to skillfully use AI if they want to have a successful career.
It's an efficiency arms race.
Hard to believe how much has changed with the student loan landscape over the past 7 years.
If you were here in 2020 and we talked about student loans at that time, say hello would ya?
You’ve already delayed retirement saving for years
Don’t keep delaying it as an attending
You've got plenty of opportunities
- 401(k) or 403(b)
- 457(b)
- Backdoor Roth
- HSA
Max out what you reasonably can
Today’s new episode out now
Listen on Apple or Spotify
Outside of the box thinking:
Hi, I'm Dr. Nancy Yen Shipley, an orthopaedic surgeon in Portland.
I help people keep their joints healthy for the long haul, without rushing to surgery. Joint preservation, regenerative medicine, and care that treats the whole person, not just the painful joint.
You don't need to be a pro athlete to get pro-level care. Getting back to work, lifting your grandkid, your Saturday hike: whatever you want to do with your day is your pro sport.
I started in orthopaedics when only 6% of us were women. I've been doing it my way ever since.
Some great news.
Financial independence, recreational employment (FIRE) secured for one of our GI doc clients.
She's 53 and intends to keep on working.
It's amazing to be able to work simply because one wants to.
Guess whose admin has zero quality bonus leverage now?
The public cannot (and likely will never) understand the unique financial and career problems physicians face.
Docs -
Chad is one of the tax-only advisors I'm talking about.
One of the biggest values I provide to medical professionals isn’t necessarily tax savings.
It’s accountability.
Physicians, dentists, and other medical professionals are busy taking care of patients and running their practices.
Tax planning isn’t always top of mind.
That’s where I come in.
I remind them to make estimated payments, follow up on retirement contributions, revisit projections when income changes, and make sure planning recommendations actually get implemented.
Sometimes the strategy isn’t complicated.
The challenge is execution.
A good tax advisor doesn’t just tell you what to do.
They help make sure it gets done.
That’s an underrated part of proactive tax planning.
Doctors need a tax advisor 1000% more than they need an investment advisor.
Sometimes you can get both in one person/firm.
But an investment advisor that "can't give tax advice" does not merit your energy or money.
Doctors - Do you need to hire a financial planner?
If so, let me know and I can refer you to a few that do great work.
(I am not taking on any new clients the remainder of this or next year who aren't already in our queue)