Blog

21 August 2019

What to Expect Financially When You're Expecting: Part III

Written by Nathan Snow, CFP®, Posted in Blog


In this series we will cover things you should consider financially as you prepare for your new bundle of joy.

PART III: Health Insurance and Life Insurance: what to know and what to do

What to Expect Financially When You're Expecting: Part III

Our third article in the What to Expect Financially When You’re Expecting series centers around important things to consider surrounding two of your most important insurance coverages i.e. health insurance and life insurance. As is often the case, there are other insurance coverages that are important in this overall discussion, but health and life are two of the most important and the ones that you should spend time looking into as you await your new baby.

12 August 2019

Are You Taking Advantage of “The Longevity Effect” to Get a Greater Return on Life?

Written by Barry J. Swaim, CFP®, Posted in Blog

This generation of retirees is going to live longer than any in history.
Are You Taking Advantage of “The Longevity Effect” to Get a Greater Return on Life?

Today’s seniors are healthier, more active, and receiving better preventative care. And on top of that, a growing group of scientists is trying to harness technology and modern medicine to slow down the aging process.

Experts call the cumulative effect of these changes to life expectancy “the longevity effect.” They project that extending our years of healthy living can have tremendous benefits both to individuals and to society as a whole.

Let’s look at some of the cutting-edge advances in slowing biological aging, as well as what experts recommend folks can do right now to stay more than just young at heart.

22 July 2019

What to do When One person has more Debt than the Other in a Relationship

Posted in Blog

What to do When One person has more Debt than the Other in a Relationship

You’ve met the one. You plan to spend your life with this person, but there is a problem, they have a lot of debt. If you’ve worked hard to avoid or get yourself out of debt, it’s understandable that the idea of taking on someone else’s would be unpalatable at best. At worst, it could be a deal-breaker, as financial conflicts are a major cause for divorce.

  • 47% of couples report being financially mismatched, where one is a saver and the other a spender.[1]

Talking about money can be difficult in the best of times, so even figuring out how to start a conversation about a partner’s acquired debt can be hard. It’s important to work on the debt together, and know that you are not alone, only 23% of Americans report being “debt-free” and 38% report finances being a major issue in their marriage.[2] In this article, we will go over some simple steps to help you and your partner manage the debt, as a team.

16 July 2019

What to Expect Financially When You're Expecting: Part II

Written by Nathan Snow, CFP®, Posted in Blog


In this series we will cover things you should consider financially as you prepare for your new bundle of joy.

PART II: Your Company Benefits Package

What to Expect Financially When You're Expecting: Part II

Our second article in the What to Expect Financially when you’re Expecting focuses on company benefits. While there are many benefits that could be highlighted, this article will focus on a few of the benefits that we think are important to review in light of the upcoming change of welcoming a new baby to your family. These topics are a review of your dependent care flexible spending account (FSA), Health Savings Account, and considering disability vs. FMLA.

Dependent Care FSA

First, regarding the dependent care FSA, this is a type of account where an employee can contribute on a pre-tax basis (similar to a 401k) and then use these funds to pay for certain eligible dependent care expenses. The maximum amount that someone can contribute to the dependent care FSA in 2019 is $5,000 and this account is a great way to save for future expenses like before or after school programs, etc.

21 May 2019

3 Financial Rules for Physicians and other High-Income Professionals

Written by Barry J. Swaim, CFP®, Posted in Blog

Intelligent high-income professionals tend to make the same mistakes when it comes to making a decision about their finances.
3 Financial Rules for Physicians and other High-Income Professionals

Here are 3 rules that all physicians can live by in order to make sure they avoid these mistakes and reach financial utopia.

Rule # 1 Focus on Saving a 20% Percent of Your Income

If you learn to live on 80% of your pre-tax income, then you will be in a good position for financial security for the long-term.  A big trap that many high-income professionals fall into is that they establish their standard of living on 100% of their income, leaving little to save or invest. Remember, this is paying yourself first and protecting your financial security. If you pay yourself first, the likelihood of getting into financial trouble is low.

24 April 2019

What to Expect Financially When You're Expecting

Written by David Klepeisz, CFP®, EA, Posted in Blog


In this series we will cover things you should consider financially as you prepare for your new bundle of joy. In this first installment we will cover estate planning documents.

PART 1: Review Your Estate Documents

What to Expect Financially When You're Expecting

You may be wondering why I would focus on estate planning first? According to a 2017 survey conducted by Caring.com, only 36% of adults with children under the age of 18 have a will. Which is understandable, who wants to sit around thinking about their inevitable demise?

With a child, a lot of things change financially, especially from an estate planning perspective. Prior to having children, you may have had a “sweetheart will” meaning everything would pass to your spouse or partner at your passing. Now, you have to think about what would happen to my child if something were to happen to me and my spouse or partner? Who would I want to raise him or her?

24 April 2019

Who’s In Your Corner?

Written by Barry J. Swaim, CFP®, Posted in Blog

THE BENEFITS OF WORKING WITH A FINANCIAL ADVISOR TO CREATE YOUR PERSONAL FINANCIAL LIFE PLAN
Who’s In Your Corner?

It is widely agreed upon that most of us don’t do our own plumbing, we don’t fill our own cavities, and we tend to bring our vehicles to the mechanic when they have problems. There are certain things in life where someone’s expertise is both valuable and a time saver. The same can be true of a good financial advisor.

In an age when so much information is a keystroke away, including investment advice, it can be challenging for an investor to know if they are making good choices or if seeking out a financial advisor is worth the expense. Compounding that is the fact that investing, especially for retirement, is a long-term game. It’s hard to look ahead, oftentimes literal decades, and know that you are making the right choices. But the difficulty of seeing far into the future is exactly why a financial advisor is crucial in navigating the complexities of taxes, social security, pensions, and investing; one can help you balance risk and return responsibly and effectively. Studies have shown that having financial confidence and a sense of long-term security improves your overall well-being. So, getting on track and staying on track toward your financial goals is a good thing and taking advantage of all resources and assistance can only help.

 

15 March 2019

Physicians' Disability Insurance: Three Aspects to Consider

Posted in Blog

For most high-income professionals, having disability insurance is one of the most important aspects of your financial life.
Physicians' Disability Insurance: Three Aspects to Consider

While most doctors place the emphasis and importance on having life insurance, in our opinion disability insurance is equally important, if not more so. For example, according to the 2013 U.S. Social Security Administration fact sheet, one in four of today’s 20-year-olds will become disabled before they retire.

The main risk that physicians face with not having adequate disability coverage is the potential loss of wages that would occur if they were to become disabled and unable to work. Given the time and financial commitment it requires to become a physician, it is prudent to hedge this risk with a disability policy that will help account for future lost wages in the event of a disability.

15 February 2019

4 Tax Breaks for High-Income Households

Written by Barry J. Swaim, CFP®, Posted in Blog

There are many tax deductions and opportunities designed specifically for low to middle earning households and they often have income limits built right in.
4 Tax Breaks for High-Income Households

In this article, we will look at some tax breaks for high-income households. First off, we will be defining high income as those in the 32% threshold tax bracket and up. A single filer reporting earnings of $157,500 or more and a married-couple filing jointly at or over $315,000. The new changes to the tax code could prove beneficial to everyone including high-income households in particular. In fact, families earning between $200,000 and $1 million will see their taxes drop an estimated 9%.[i] There are specific tax opportunities that are only available to higher tax brackets, for example lessening the influence of the AMT, alternative minimum tax, and changes to estate tax.  Below are 4 other tax breaks that high-income households will want to look into.

16 January 2019

Eight Things You Should Know About Your Digital Assets Before You Die

Posted in Blog

So, you've crafted a plan for how you want your wealth, possessions and other assets to be distributed after you pass. But what happens to your digital assets?
Eight Things You Should Know About Your Digital Assets Before You Die

Think about it. Our whole lives are online--bank and investment accounts, social media profiles like Facebook and LinkedIn, shopping sites like Amazon and eBay and the list could go on and on? Have you ever considered what happens to your frequent flyer miles or your shopping rewards points in your absence? 

Studies have shown that an average American has upwards of $17,000 in digital assets. This might include domain names, rewards points, unclaimed Groupon purchases, frequent flyer miles, credit card rewards, subscriptions, pictures, hotel points and more.

30 December 2018

Are You Eligible for Student Loan Forgiveness?

Posted in Blog

According to the latest statistics on medical student debt published by the Association of American Medical Colleges, it is estimated that 86% of graduates carry student loan debt.
Are You Eligible for Student Loan Forgiveness?

As a way to help with this large debt burden, the government created the Public Service Loan Forgiveness Program or PSLF for short. If you research PSLF to get an explanation on how the program works, you will get the following summary according to the Federal Student Aid website: 

“The PSLF Programs forgives the remaining balance on your direct loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full time for a qualifying employer”.

While it may seem easy on paper to meet the requirements--work for ten years, make payments every month, and the remaining loans are forgiven--there are common mistakes in qualifying for student loan forgiveness that can undo years of hard work and faithful on-time payments.

 

19 December 2018

The Tangible and Intangible Benefits of Charitable Giving

Posted in Blog

“Every good act is charity. A man's true wealth hereafter is the good that he does in this world to his fellows.”-Moliere
The Tangible and Intangible Benefits of Charitable Giving

Incorporating charitable giving and volunteering into daily life can be a great way to bring positives to both you and your community at large. This article will discuss the benefits of charitable giving, both for well-being and taxes, as well as encourage you to do your research on how best to incorporate giving into your family traditions.

Benefits of Giving

The simple fact of it is, giving makes us feel good. It may be hard to believe, what with the 24-hour news cycles and bleak news feeds, but kindness and generosity beget more kindness. Humans are social animals, and as such, learned long ago that helping one another, using sympathy and empathy to understand outside experiences, and sharing helped everyone in the group. Success means little if there is no one to share it with after all. In fact, giving can be more pleasurable than receiving and that good feeling can help us to manage our more selfish impulses. Practicing generosity and kindness can improve relationships, at work and in life.[1] Giving lights up the pleasure centers in our brain, leaving us with a feeling of satisfaction. Studies show that generous people tend to have better health. There are also data that shows altruism may improve life expectancy.[2]

 


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