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.
If you are married or in a serious relationship, you likely have felt the toll that financial stresses can have on a relationship. Where to allocate money, who manages what, bills, paying off debt, one partner spending more than the other… the list goes on and on. Finances can be a touchy subject for many couples.
When it comes to preparing for the future, we are all told to save, save, save. But opinions differ as to how much you need to save in order to achieve financial independence. Additionally, every person deals with money differently; some tend to be more frugal while others have no qualms about spending freely. As the preferred financial advisors for doctors in Canyon County, we’re here to tell you about the 30% rule to help you save big.
Traditional, Roth, 401(k), IRA…each of these retirement account designations has its pros and cons. And when it comes to planning for retirement, you want to be sure you are getting the most out of your savings. The best choice for you will depend on your particular circumstances, and earnings.
Retirement planning is one of the most important aspects of any comprehensive financial plan. Individuals are encouraged to start saving early and to be consistent if they want to continue their lifestyle throughout their golden years.