This past year, we have all been through unprecedented changes. Pay cuts, job loss, and remote work have changed the lives of people all over the world. And while we were homeschooling kids while working from home and ordering our groceries online, we were probably also trying to come to terms with the downward swings happening in the market.
As you start preparing to downshift your life to a slower pace — or at least a different pace — and enter your retirement years, you’ll want to consider the best way to make sure your money doesn’t run out.
While there are never any guarantees, proper retirement planning and careful money management will help you retire with confidence and enough assets to comfortably live for the rest of your life.
When it comes to finances, insurance certainly isn’t as exciting to talk about as how to accumulate enough wealth for retirement or the hottest new mutual fund or stock, but it is equally as important. After all, what good is a financial legacy, a business, or an elaborate plan to protect what you have if you lose it all to death, disability, or other issues?
That’s where insurance comes in.
An estate plan ensures that your assets and responsibilities will be properly handled after you pass on. Although it’s often difficult to talk about, establishing a plan is essential in ensuring your loved ones will be taken care of after you are gone. An effective estate plan will decrease your loved ones’ stress in the wake of your passing, minimize the effect of taxes, and ensure that they receive exactly what you want them to.
Times like these might make you want to pay your physician wealth management advisor a visit and tell them to take everything out of the market in the interest of avoiding volatility. Let me be very direct: DON’T! Almost without exception, it is better to stick with your long-term plan.
Because many physicians are compensated relative to the work they do, most have seen an immediate, substantial drop in income. Many are now living on a mere fraction of what they were making before. So, as a healthcare professional, what steps can you take to ensure financial stability for your business and your family? Consider these practical applications.
As you near retirement, the reality of exiting the accumulation phase and entering the distribution phase of life starts to set in. Everything is going to change; financial strategies during retirement vary drastically from the strategies you used during your working years. Are you prepared? Have you adequately planned and saved?
As an investor, it can be tempting to try to “beat the market.” In fact, many “active” investors assume they can do just that, even when evidence shows that market timing does not add value, on average.
So, why are so many people choosing active fund managers or, as amateurs, to actively manage their own funds? Here are some of the main reasons and mistakes that lead people to assume that their active management will be successful.
With tuition costs rising 2.6 percent every year, a rate that is nearly eight times the average growth in wages*, saving for your children’s college can be a daunting task. However, with proper planning and the help of your trusted wealth management advisor for doctors in Boise, ID, it is possible to be prepared to assist your children in their educational goals.
Mutual Funds and ETFs (exchange-traded funds) are popular investment vehicles, both for seasoned investors and those just starting to build a portfolio. By combining money with other investors, and either allowing the leadership of a professional fund manager (active investor) or the stability of larger indexes (passive) fuel growth, these funds can efficiently provide investors access to almost the entire investable world.