One of my favorite financial quotes of all time comes from Carl Richards, CFP® professional, author, and financial planning industry thought leader. The quote comes from his book The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money, where Carl explains how our financial behavior and decisions can cause issues in our lives.
As new mandates and regulations emerge, there is a grand effort towards returning to normalcy after the height of the pandemic while also avoiding new outbreaks. Simultaneously, new fears and uncertainties about the economy are rising. Economists warn that a combination of government stimulus and economic resilience creates a current concern for inflation—or a general rise in prices.
Medical student debt creates a heavy burden for physicians. On average, physicians graduate with around $200 to 250k in total student loan debt. In contrast, the average student graduates with just over $35k in student loan debt—roughly six times less.
While the pandemic may have affected expenses and income streams, there are still ways to readjust and enjoy the slow return to the new normal. As you consider your financial situation, here are some tips to commit to your financial short-term and long-term goals while reacclimating to everyday life:
As more and more adults in the U.S. receive their COVID-19 vaccination, life is slowly returning to normal. As a healthcare professional, you probably have a good understanding of the science behind this. However, you may be wondering how best to move forward when it comes to your finances. After a year of financial uncertainty, what next steps should you take to ensure you stay on track to achieve your financial goals?
Most people assume that they will retire in their 60 or 70s, likely because that is when Social Security kicks in. However, there are no rules about when you can retire; you just need to be able to replace your income with another source.
That being said, it may be possible for you to retire at 55, 50, or even sooner. If this is a goal that you have, take these steps to begin funding your early retirement.
Although Social Security may not make up the bulk of your retirement income, maximizing the amount you receive can be key to creating the kind of retirement you are hoping for. Whether you are months or years from retirement, consider these three strategies from IMAFS, Boise’s top financial planning firm for physicians, to help you maximize your Social Security benefits.
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.