Doctor’s Rounds™

*The views expressed by the authors below do not represent the views or opinions of MD Preferred Services.


7 Tough Questions You Will Hear at the Interview (And Tips to Answer Them)

Thursday, March 09, 2017

You’ve made it through the application screening and onto the interview process—good work! But now comes the tough part—having to prove that you are the right candidate for the practice.

While standard interview questions should be expected (and can easily be searched online), interviewers also want to avoid hiring the wrong candidate, which can ultimately cost them time and money they don’t necessarily want to spend.

Because of this, your interviewer will likely ask you questions that are a little more unique in order to gain better insight into your mindset, and to see if you will mesh well with the practice.  READ MORE

 

Home Inspections For Doctors

Thursday, March 09, 2017

Ricardo Roberts, President
Doctor Loan USA

As you search for the perfect home, your real estate agent may suggest that you get a home inspection before you close on a property. A professional home inspection can help you negotiate a better price, but it can also be expensive: the average cost of a home inspection is $315, a fee the most homeowners are required to pay upfront.

Despite the cost, home inspections provide borrowers with valuable information about their property before closing. This article covers the basic elements of a home inspection and provides practical advice that will help you find a certified home inspector, navigate the inspection process, and negotiate a fair price.

Trust us. You need a home inspection. And you need a good inspector to ensure you get the job done right.  READ MORE

 

FHA To Reduce Annual Insurance Premiums on Most Mortgages

Monday, January 16, 2017

Thanks to Cyndi Carver for sending this article over to us.

As the nation's housing market continues to improve, U.S. Housing and Urban Development Secretary Julian Castro announced this week the Federal Housing Administration (FHA) will reduce the annual premiums most borrowers will pay by a quarter of a percent. FHA's new premium rates are projected to save new FHA-insured homeowners an average of $500 this year. FHA is reducing its annual mortgage insurance premium by 25 basis points for most new mortgages with a closing date on or after January 27, 2017. "After four straight years of growth and with sufficient reserves on hand to meet future claims, it's time for FHA to pass along some modest savings to working families," said Secretary Castro. "This is a fiscally responsible measure to price our mortgage insurance in a way that protects our insurance fund while preserving the dream of homeownership for credit-qualified borrowers." 

Full Story...  https://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2017/HUDNo_17-003  READ MORE

 

Home Prices Skyrocketing

Friday, December 09, 2016

By Cyndi Carver

Home prices have been skyrocketing in the Puget Sound area these past few years, rivaling the increases seen in California prior to the boom. Now with the interest rates edging upward (we knew this would happen), home buyers will be finding out they are losing buying power. What they qualified for in 2016 and did not buy because they couldn't find what they wanted. These same buyers will find that they lost buying power with the interest rate going up.

With 4.25% for a 30 year loan with $2000 a month payment, they qualify for a $400,000 loan. At 4.5%, they now only qualify for a $388,359 loan, a loss of $11,641 in buying power. at 5.25%, they will only qualify for a $356,347 loan, a loss of $43,653 in buying power.

This article from the Seattle Times gives a summary of the price increases in the Puget Sound area. The map is great for showing how each area around the sound for the month of November.

www.seattletimes.com/business/real-estate/panicking-seattle-home-buyers-spooked-by-rising-interest-rates-rush-to-buy  READ MORE

 

If You’re So Smart, Why Aren’t You Rich?

Friday, September 02, 2016

By: Anthony J. Ogorek, Ed.D., CFP
Ogorek Wealth Management LLC
www.ogorek.com

As we slide into the Labor Day holiday after the summer of summers in Buffalo, NY, the presidential election cycle is shifting into high gear. The bromide that ‘people don’t pay much attention to the race until after Labor Day’ may not hold true today with seemingly blanket coverage of the major party candidates. There is one major story or insight that has gone unreported until now. Let me share it with you.

The singular qualification that Republication presidential nominee Donald J. Trump cites in his quest for the Oval Office is that he is rich. Further, he extrapolates that since he is rich, he must also be smart; and by extension being a billionaire – he is very smart. Hence, only a very smart individual can straighten out the problems that so many of us view as intractable. 

I am not trying to rag on Mr. Trump, but his candidacy does bring up an interesting point that deserves further exploration. How many of us accept the precept that you have to be smart to have a lot of money? That many people may talk a good game about their smart ideas, but only the really smart are able to convert ideas into net worth. Is money the ultimate IQ test?  READ MORE

 

Residency to Retirement: A Physician’s Guide to Financial Health

Monday, May 16, 2016

Here is a great article brought to our attention by Stephanie Arcelay of SunTrust Mortgage.  As the title suggests, it really goes through the process of being a student to retiring in your twilight years.  

Click to be taken to Nashville Medical News' site.
Residency to Retirement: A Physician’s Guide to Financial Health  READ MORE

 

Life Insurance is not a Retirement Plan

Friday, May 13, 2016

By David I. Katz, AAMS®, COO, CFO Financial Planner

Recently I was asked, to weigh in on life insurance policies in general and more specifically, their place in the retirement planning process.  While at first the topic might not seem directly on point for a retirement planning, many life insurance policies are sold under the guise of saving for retirement.

Should life insurance be a key part of your retirement plan? Life insurance should be a vital part of your overall financial plan, specifically, if people depend on your income (e.g. your children and your spouse). A sizable income tax free life insurance death benefit payment is the best way to maximize the chance that your dependent's standard of living is not dramatically reduced due to your untimely demise. In fact, income replacement is the number one factor couples site as a reason for purchasing life insurance.

Then the question becomes, what type of insurance should you purchase and is it a good idea to use insurance as an investment for retirement. If you listen to Suze Orman, Rick Edelman or other self proclaimed financial gurus the answer you will get is that there is no reason to buy anything other than term insurance and that permanent insurance helps no one except the agent/advisor that sold the policy. Others will argue that term insurance is a temporary fix and since in generally offers no equity it is like renting an apartment versus buying a home and that you are throwing you money away. Insurance industry legend Bob Castigione, creator of the LEAP selling system, will posit that every investment dollar that you have should be invested in permanent whole life insurance. The truth actually is somewhere in between.

When you purchase life insurance to protect your family, you'll want to be sure you buy adequatecoverage.  First and foremost, you want to make sure that if you die there is adequate funds available to take care of your family financially. For many people, that means purchasing Term Insurance which is the most affordable type of life insurance.  Others may still consider permanent insurance (Whole Life, Universal and Variable Universal) because they are drawn to the cash value (equity) that the policy builds over time. The problem is that purchasing the cash value insurance, however well intentioned may leave the family at risk. Let’s take an example of a male age 35 that is in good health and purchases a $1,000,000 whole life insurance policy from a (A+) rated insurance company. His premium as a select preferred rating will be approximately $10,960 per year. The policy will build cash value on a guaranteed basis and may build additional cash value based on what the policy owner chooses to do with any non-guaranteed dividends the company may pay each year.  Over time, the policy will build cash value in excess of the actual premiums that were paid. But what if he dies? As Shakespeare so aptly put it, “there’s the rub”. The family will still receive only the death benefit portion (which may increase over time if dividends are paid and used to purchase additional insurance) and not the cash value/savings portion.   READ MORE

 

Why is long term care insurance important for you?

Monday, May 02, 2016

No retirement plan is complete if it has not addressed long term care.  We work so hard to accumulate assets for a secure retirement. Too many of us fail to build a fence around those assets so that health care events won’t needlessly erode our family’s lifestyle.

What is long term care?
Think of how you started your day.  You bathed, dressed, had breakfast, drove to work or used public transportation.  What if you couldn’t do these every-day activities for yourself whether as the result of an accident, an illness or just the frailty of old age?  Who would be there to help and how would you pay for it?  What would the consequences be to you and your family if you were to require care for an extended period of time?

Some people think they have enough assets to self-insure the risk of requiring care but fail to understand the extensive costs that can result from the extended need for long term care support.

The best way to address this important financial issue is to ask some basic questions:  READ MORE

 

Medical Office Location Analysis

Tuesday, April 26, 2016

By Ernie Anaya, MBA 

Location for a medical office is of the utmost importance to the success of the practice it supports. Due to changes in regulations and the market, healthcare providers are now seeking locations near where their patients live. This trend has resulted in a “retailization” of care. Medical office seekers can learn a lot from the retail industry, which has made site selection a science.

The following are factors that need to be taken into consideration when selecting a location for your medical office:  READ MORE

 

Presidential Candidates Tax Plans

Monday, April 25, 2016

By Scott W. Cody, MBA, CFS
Partner, Latitude Financial Group

With both the Republican and Democratic debates heating up now, it is probably a good time to attempt to separate fact from fiction when it comes to the future plans of the nominees on how they will change the tax code.  With our national debt soaring to 19 trillion dollars, it is certain we will need a way to balance our budget and right the ship of the financials in this country.  As a finance and accounting guy, I full well know that you cannot run a negative debt situation in perpetuity.  It just doesn’t work.  So, here are the cliff notes to some of the tax plans being bandied about by the front-runners.  READ MORE