If you own rental properties that generate a loss, those losses are typically classified as passive losses on your tax return. This means that they are only deductible against other passive income for that year, and you cannot take passive losses that exceed passive income. However, if your passive losses exceed your passive income, you…
WHAT IS A DONOR-ADVISED FUND? A Donor-Advised Fund (DAF) is a private investment account maintained by a third party, known as a sponsor, to manage charitable donations on behalf of an individual, family, or organization. Donor-Advised Funds offer a flexible way for donors to contribute cash and non-cash assets to the fund while also allowing…
Beginning your financial planning and wealth management journey can seem daunting. With so much to consider, like your current financial standings, future goals, and how your finances can change over time, it is often difficult to figure out where to start.
As the holidays approach, so does tax-planning season. Although tax planning is an ongoing process, the year-end is a great time to review your finances and implement strategies to reduce your yearly tax burden.
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.